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Germany – Amadeus FiRe profits rise

25 October 2012

Frankfurt-based recruiter Amadeus FiRe (AAD:GER) reported on Thursday that revenue in the nine months to September rose by +6% to €102.18 million compared to €96.32 million a year ago with the firm seeing a rise in profits.

The staffing provider said that hiring remains at high levels although companies’ willingness to recruit is declining. It cautioned that new collective agreements will increase costs in a number of industries including metal & electrical, chemistry, rubber/plastics and railway/transport sectors.

Gross profit in the period was up by +5.5% to €43.54 million from €41.27 million last year. However, the gross margin declined from 42.9% to 42.6%. Operating profit increased by +4% €16.82 million.

Pre-tax profits rose by +5% to €17.0 million. Profit after tax, attributable to shareholders, increased by +4% to €11.35 million.

Temporary staffing continued to grow in the period with sales rising +6% to €76.34 million while permanent placements were also up +8% to €9.76 million in the nine months to September. Sales declined in interim and project management by -3% to €5.22 million.

Looking ahead, the staffing provider expects “moderate” growth in its temporary staffing business in the fourth quarter of the year. “Given the general economic and industry-specific outlook, the Amadeus FiRe group’s business prospects for the rest of the financial year still remains positive,” the company said.

Amadeus FiRe is in the top 20 of staffing firms in Germany based on revenue. The firm provides specialist staffing services for business professionals and executives into banking, accounting, IT and office sectors.

In early trading, the company’s share price was up +1.3% at €34.45, a +26.8% increase from a year ago and 39.3% below its 52-week high of €39.09 seen in May this year. The firm has a market value of €181.94 million. 

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