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Germany — Amadeus FiRe third quarter results show a mixed picture

22 October 2009

Amadeus FiRe AG (AADX:GER), the temporary and permanent staffing agency group, has today published their financial results for the third quarter of 2009 ending 30 September.

Revenues were down from 30.8 million Euro in the third quarter of 2008 to 27.8 million Euro in the same period of 2009. Gross profits were down from 13.4 million Euro in 2008 to 11.1 million Euro in the same period of this year.
Profit before tax was down from 5.9 million Euro in 2008 to 4.6 million Euro in 2009. Head count was reduced by -6.7% from 2,116 to 1,975.

During the first nine months of 2009 ending 30 September 2009 temporary employment revenues were up by 3% from 56 million Euro in 2008 to 57.7 million Euro in 2009. Interim and project management revenues were up by 16% from 9.5 million Euro in 2008 to 11 million Euro in 2009.

However, recruitment revenues for the first nine months of the year were down by -41% from 8.6 million Euro in 2008 to 5.1 million Euro in 2009.

Amadeus FiRe says in a statement, "temporary employment has been a stable business so far this year. We anticipate a slight improvement in the general economy, which makes it unlikely that temporary employment will go down."

"The high-margin recruitment sector is still at a low level and we are not expecting an upturn in the short-term. The board of directors anticipates total revenues for the year of 105 million Euro.

In early trading Amadeus FiRe's shares were up by 5.08% to 13.87 Euro.



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