Spain-based Eurofirms recorded revenues of €543 million in the full year 2023, down 2%, reports Expansión (paywall). The company improved its operating profit by 8% to €4.8 million. Eurofirms, which is focused on the human resources sector, closed the last financial year with a net attributable profit of €1.16 million, almost 64% below the figure recorded in 2022, according to the company’s consolidated accounts.

The firm based in Girona had already anticipated a slight decline in turnover to €543 million, which Eurofirms attributed to the ‘significant impact’ of the country’s labour reform on its business. Most of the income came from its activity as a temporary employment agency, with €477 million, a figure almost identical to that of 2022. Outsourcing services, on the other hand, reported a decrease of 27% to almost €42 million.

The fall in profit was mainly due to the increase in financial expenses, which reached almost €2.4 million, 242% more than in 2022, as a result of the rise in interest rates and the negative effect of the exchange rate.

This year, Eurofirms expects to increase revenue by more than 10% and improve profitability compared to 2023, according to sources from the company. Last September, Miquel Jordà, owner and sole director of Eurofirms Group, handed over his executive duties to Daniel Jiménez, a former executive of Vodafone and Telefónica, who has become the new CEO.

The company operates in Spain, Portugal, Italy, France, Chile, Peru and Brazil.