Shanghai-based ManpowerGroup Greater China (2180:HKG), a workforce solutions provider in  China, announced its financial results for the full year ended 31 December 2020. Revenue increased by 6% to RMB 3.22 billion (USD 491.7 million) when compared to the same period last year.

The largest shareholder of ManpowerGroup Greater China Limited is ManpowerGroup Inc. (NYSE: MAN). Following the Global Offering and Capitalization Issue in 2019, Manpower Group Inc (through its wholly-owned subsidiaries, Manpower Holdings and Manpower Nominees) and CM Phoenix Tree were interested in approximately 38.25% and 36.75% of the company’s issued share capital, respectively

“Despite the difficult market environment, with the great effort of the management team and all employees, the group’s business continued its growth trend both in revenue and in net profit, and recorded strong growth in the flexible staffing business especially in Mainland China for the reporting period, which demonstrated the successful strategy and execution of the “All-in-Staffing” strategy,” the company stated.

The increase in revenue was attributable to the increase in revenue generated from flexible staffing primarily due to the increase in number of associates placed during the reporting period.

In 2020, the group derived its revenue primarily from workforce solution services, including flexible staffing, and recruitment solutions, including headhunting and RPO; and other HR services, including HR consultancy services, training and development, career transition, payroll services as well as government solutions.

Revenue by business line

The group operated in the Greater China Region with China contributing the largest part of the group’s total revenue. Revenue in China was up 16.7% while revenue in Hong Kong and Macau fell by 11.2%. Revenue in Taiwan increased slightly by 0.9%.

In December 2020, the group completed the acquisition of 45% of the equity interest in ZhongRui FESCO Outsourcing. The group believes the acquisition will generate a strong synergy in its flexible staffing business and accelerate the development of the group’s all-in-one workforce technology platform and provide more comprehensive digitalised solutions to enterprises and employees by integrating ZhongRui FESCO’s profound knowledge and the group’s information technology development capabilities.

Looking ahead, the group’s strategic focus in 2021 will remain on flexible staffing in Mainland China driven by organic growth, strategic investment and potential mergers and acquisitions.

ManpowerGroup Greater China also announced today that Yuan Jianhua has decided to step down from his role as executive Director, chief executive officer, and president of the company with effect from 31 March 2021, after 18 years of dedicated service with the group, due to his desire to devote more time to his family and personal interests and to pursue personal health.

Following his resignation, Yuan will serve as a senior advisor to the group for a period of one year commencing from 1 April 2021.

Following the resignation of Yuan, the Board announced that Cui Zhihui, the chief financial officer of the company, has been appointed as an executive director, the chief executive officer of the Company and the authorised representative with effect from 31 March 2021.

Shares in ManpowerGroup Greater China closed at HKD 9.88 (USD 1.27), down 3.14% on the day and 25.86% above the 52 week low of HKD 7.85 (USD 1.01) set on 7 May 2020. The company has a market cap of HKD 2.12 billion (USD 272.68 million).