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Spain — Improved profitability at Eulen despite board room drama

25 May 2010

Privately owned multi-services company, Eulen Group yesterday announced a +23% increase in consolidated net profits to 27 million Euro in 2009 compared to 2008.

The growth in profits is entirely due to efficiency improvements in the operational business since revenue levels have hardly changed at all over 2008 and were reported to amount to 1.3 billion Euro, roughly the same as in the previous year.

The announcement comes only months after 82 year old President and Founder, David Alvarez spectacularly kicked five of his seven children off the board due to "differences of opinion."

As well as temporary staffing, Eulen provides cleaning, security, socio-sanitary, ancillary (logistics, general, tele-marketing), maintenance and environmental services.
Eulen Flexiplan, the temporary staffing part of the business, generated 62.8 million Euro in 2009, which is equally on a par with 2008. Excluding revenues generated outside Spain Eulen Flexiplan's national revenues amounted to 58.9 million Euro.

After the board room drama earlier this year Jorge Gonzalez Seoane was appointed new Managing Director of Eulen Flexiplan Spain. Seoane previously worked for Adecco Spain.

Eulen employs 82,000 people in Spain, Portugal, Mexico, Costa Rica, Argentina, Chile, Nicaragua, Panama, the Dominican Republic, Uruguay, Peru and the US.



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