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France — Synergie's revenues up by 18% in Q1 2010

22 April 2010

Synergie SA (SDG:PAR), the staffing and training services group, has announced annual results for the financial year of 2009 and quarterly results for the first three months of 2010. Annual revenues were down by -21% from 1.2 billion Euro in 2008 to 947.7 million Euro 2009.

Annual operating profits were down from 43.7 million Euro in 2008 to 15.9 million Euro in 2009. Annual net profits were down from 22.6 million Euro in 2008 to 8.7 million Euro in 2009.

In France, annual revenues were down by -23% compared to an overall contraction of -26% in the French staffing industry during the same period (source: PRISME).

Outside France annual revenues were down by -17% assisted by more positive developments in H2 2009 in Northern Europe and Canada.

In the first three months of 2010, however, revenues were up in all geographies where the Group is present but in particular in Italy, Belgium and the UK.

Overall, revenues were up by +18% in the first three months of 2010, up by +9% in France and up by +36% outside France.

The Group says in a statement "business is picking up again and we have made 13 million Euro of structural cost-base reductions. This will enable Synergie, which is now the number four Human Resources services provider in France, to strongly improve operating profits and look positively into the future."

In early trading Synergie's shares were up by +6.87% to 21.15 Euro.



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