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Grupo Norte, the provider of multiple services from temporary employment to security and cash transports, has announced a three-fold increase in pre-tax profits for the year 2009 in spite of a -15% fall in revenues.
Revenues fell to 133 million Euro due to negative growth of -46% to 37 million Euro of the Group's temporary staffing agencies Forsel Grupo Norte and Barna Work Grupo Norte.
The Group was, however, able to generate a pre-tax profit of 1.1 million Euro in 2009 compared to 330,000 thousand Euro in 2008 due to a 6% turnover growth in cleaning and maintenance and +23.1% growth in outsourced services.
Chief Executive, Miguel Calvo, said "2009 was frankly complicated but we had a reasonably good year in an adverse environment."
Calvo estimates that revenues will grow by +15% in 2010 and will reach a 168 million Euro in 2011, almost 25% more than in 2009. It is unlikely that much of this growth will come from temporary employment.
In 2009 the Group embarked on a serious reduction in the fixed-costs basis. For the future Calvo does not plan any great investments in diversification or internationalisation apart from the operations in Chile because Grupo Norte wants to concentrate on its core market Spain.