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Dutch staffing company AamigoO Group NV (AMIGO:AEX) reported on Wednesday that gross sales in the first nine months of the year increased to €299.8 million from €106.4 million a year ago, helped by a recent acquisition.
But the firm said that pressure on margins continues despite “high demand” for flexible HR solutions. The company has put together a cost reduction programme to improve operating results. The cost saving scheme will be fully implemented next year.
“Quieter” summer months combined with difficult economic conditions have also had an impact on profits.
Gross profit may have risen to €6.2 million from €3.4 million a year ago, but the firm made an EBITDA loss of €1.7 million compared to a profit of €1.3 million last year. This was due to restructuring costs related to the acquisition of Corso and starting up a new business in the US. Financial charges at the end of September amounted to €2.5 million, up from €0.4 million a year ago.
AamigoO Group NV is a venture capital company specialising in owning minority shares in non-listed companies and the firm offers staffing services in Europe and the US.