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Germany – Allgeier reports Q3 growth

14 November 2013

Munich-based IT staffing and software firm Allgeier SE (AEI: GER) reported revenue for the third quarter ending 30 September 2013 of €122.2 million, an increase of +13% compared with €107.7 million during Q3 2012.

The company’s EBIT reported growth of +106% during the third quarter to €6.1 million, up from €3 million last year. Net income for the three months rose by +98% to €3.2 million compared with €1.6 million in 2012.

For the nine months since the start of 2013, Allgeier has achieved revenue of €349.5 million, a +17% increase compared with €297.8 million for the same period last year. EBIT for the nine months rose by +96% to €12.4 million up from €6.3 million last year. Net income for the year-to-date rose to €2.3 million from €1.6 million last year.

As outlined in their preliminary results, the increased revenue is as a direct result of increased operational growth and revenue contributions following corporate acquisitions in recent years. In October 2012, Allgeier announced its acquisition of a Turkish recruitment provider, Oxygen Consultancy. A precise breakdown of each business segment was not provided, however the majority of Allgeier revenue is derived from segments other than its recruiting business.

Allgeier SE is a holding company that operates in the information technology (IT) services sector. The company divides its activities into four business segments: IT Solutions, IT Services, IT Recruiting, and Project Solutions. The company operates more than 90 websites in the German-speaking region, and across Europe, as well as in India, Mexico, and the USA.

In trading today, the company’s share price rose by +2.49% to €16.45, an increase of +74.6% compared with a year ago. Based on its current share price, the company has a market value of €145.8 million.  

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