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France - Synergie's Q3 revenues up +11%, seeks further acquisitions

27 October 2011

Group revenues were up by +10.8% from 341.8 million Euro in Q3 2010 to 378.7 million Euro in Q3 2011 at Synergie SA (SDG:PAR), the staffing and training services group.

Interim results for Q3 and the nine months ended 30 September 2011 reveal that revenues generated in France were up by +11.5% from 199.6 million Euro in Q3 2010 to 222.6 million Euro in Q3 2011.

Revenues generated outside of France (Europe and Canada) were up by +9.8% from 142.2 million Euro in Q3 2010 to 156.1 million Euro in Q3 2011.

During the nine months ended 30 September 2011 group revenues were up by +20% from 890.2 million Euro in 2010 to 1.07 billion Euro in 2011.

Nine-months revenues generated in France were up by +20.3% from 534.5 million Euro in 2010 to 643.1 million Euro in 2011.

Nine-months revenues generated outside of France (Europe and Canada) were up by +19.3% from 355.8 million Euro in 2010 to 424 million Euro in 2011.

The group says in a statement "our Southern European operations have performed particularly well with strong revenue growth in Italy, Spain and Portugal."

"Our Northern European operations have now consolidated the first contribution from GMW, which we acquired for strategic reasons on 30 August 2011. GMW operates in one of the most dynamic industrial regions of Germany and will enable us to develop further in Europe's largest labour market, which is still experiencing solid growth."

"During the first two weeks of October our revenue growth was in excess of +10%, which leads us to believe that revenue growth for the total financial year of 2011 will be, at least, +15%."

"Our results show, once again, that our business model is working. We are still on the lookout for acquisitions and we intend to become one of Europe's top five staffing agencies by 2012."

In early trading Sygnergie's shares were up by +0.12% to 8.62 Euro.

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