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Poland – Work Service grows in profits and acquisitions

14 November 2013

Polish contract, RPO, and outsourcing company Work Service reported revenue for the third quarter ending 30 September 2013 of PLN 238.9 million (€56.8 million), an increase of +27.9% from PLN 186.7 million (€44.4 million) for the same period last year.

The company reported a gross profit of PLN 6.2 million (€1.5 million), up by +100% from a gross profit of PLN 3.1 million (€736,915) last year. Net profit for the period rose by +79.3% to PLN 5.2 million (€1.2 million) from PLN 2.9 million (€689,370) last year. 

For the nine months to the end of September 2013, Work Service achieved 78.6% of its revenue from its Polish operations, down from 79.7% of total revenue for the same nine month period last year. Revenue from Poland increased from PLN 430.5 million (€102.3 million) in 2012 to PLN 510 million (€121.2 million) this year.

The company’s second largest revenue stream was Russia with 9.5% of Group revenue, Russia accounted for 12.4% of total revenue last year. Revenue for the region fell by -8.1% from PLN 67.1 million (€15.95 million) in 2012 to PLN 61.7 million (€14.7 million) in 2013.

Revenue increased in all of the other countries in which Work Service operates. In the Czech Republic revenue rose to PLN 25 million (€5.9 million) from PLZ 15 million (€3.6 million), representing 3.8% of total revenue, up from 2.8% last year. In Slovakia revenue for 2013 was PLN 23.6 million (€5.6 million) up from PLN 16.4 million (€3.9 million) a year ago, representing 3.6% of total revenue, compared with 3% last year.

Revenue in Germany was PLN 27.1 million (€6.4 million) this year, up from PLN 11 million (€2.6 million) last year, equating to 4.2% of company revenue compared with 2% a year ago. Turkish revenue for 2012 was PLN 119,278 (€28,355) rising to PLN 1.6 million (€380,340) in 2013, equating to 0.2% of total company revenue.

Work Service announced in October 2013 that they had acquired two businesses. Work Service has signed a deal to acquire the Polish business operations of recruitment consultancy Antal International. Work Service will take over the management of Antal International operations in Warsaw, Wroclaw, and Kracow.        

Work Service will also acquire Work Express an HR advisory and temporary employment agency, for the sum of PLN 42 million (€9.95 million).

Work Service CEO Tomasz Hanczarek is quoted by the Warsaw Business Journal as saying: “This is just the beginning of our ambitious Central and Eastern Europe expansion plans. We are fulfilling a promise made in January that we will grow quickly and dynamically.”  

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