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Germany – Amadeus FiRe expecting above-average results for 2012

26 April 2012

German staffing firm Amadeus FiRe (AAD:GER), one of the largest commercial services companies in the country by market capitalisation, increased revenues by almost +9% in the first quarter of 2012 to €33.3 million compared to €30.6 million in Q1 2011. The firm also said it expects “higher than average” financial result for 2012.

In its quarterly report published today, the firm said that all service segments reported an increase in revenue as temporary staffing was up by +7%, interim and project management by +16%, and permanent placement by +10%.

Operating profit amounted to €5.2 million, up from €4.5 million a year ago, an increase of +16.5%. Year-on-year, the EBITA margin was also higher at 15.7% compared to 14.7%.

In the quarter, the firm achieved a gross profit of €14.2 million, up from €12.9 million a year ago. The gross margin also improved to 42.5% from 42.0%, which was due to the an extra working day  and to the slightly increased share of permanent placement.

In the first quarter selling and administrative expenses increased to €8.9 million from €8.4 million, an increase of +6.3%.

Looking ahead, the firm said that “Due to the current economic projections and their effect on demand for Amadeus FiRe services and on the basis of the current order situation, the management board of the Amadeus FiRe Group anticipates a positive result for fiscal year 2012 that will be higher than the industry average for specialist personnel service providers.”

Amadeus Fire AG provides speciality staffing services for business professionals and executives. The firm is active in the provision of temporary staffing and management services, permanent placement and recruitment services, interim and project management for accounting, office, banking and information technology (IT) services, as well as training in the area of finance and accounting. The group operates in Germany and the United Kingdom. According to Staffing Industry Analysts, Amadeus FiRe is in the top 20 of the largest staffing firms in Germany.

In early trading this morning, the company’s share price was down by -1.33% at €35.52, up +10.28% from a year ago and +2.2% below its 52-week high of €36.33 set on 14 March 2012. The company has a market capitalisation of €160.6 million.  

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