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Germany – Amadeus FiRe warns of challenging year

07 February 2013

Frankfurt-based recruiter Amadeus FiRe (AAD:GER) reported total revenues of €137.0 million for the 2012 fiscal year, a +5% increase from the €130.1 million in 2011. The increase was driven by the firm’s temporary and permanent recruitment business.

The German staffing company posted sales of €100 million in its temporary staffing unit, the first time revenues exceeded the €100 million mark. But sales in interim and project management were below the prior year. Last year, the gross profit margin fell to 42.5%, compared to 42.9% in 2011.

The firm warned that a difficult year lies ahead.  “Due to the current economic situation, the latest GDP projections and new collective labour agreements the executive board expects a challenging year 2013,” it said in a brief trading update on Wednesday.

Recent collective agreements in Germany have increased pay rates for agency workers in a number of sectors, thus increasing costs for staffing companies and their clients. The German government last month slashed its forecast for 2013 economic growth to 0.5% from a previous estimated 1.0%.

In early trading, the company’s share price was down -0.7% to €42.20, up +36.4% from a year ago. The firm has a market value of €220.82 million.

Amadeus FiRe is among 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.

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