Synergie (SDG:PAR), a Paris-based staffing firm, released final results on 25 September for the first half of this year, including profit. While revenue rose 2.9% to €1.56 billion, net profit fell 23.1%. Synergie reported a market downturn in its main countries served, though revenue was up outside of France. The company announced results after close of market on 25 September; it had previously released second-quarter revenue numbers on 24 July.

Looking ahead, the company said it remains confident about its ability to generate higher revenue, but “remains very cautious about its capacity to improve operational profitability.”

EBITDA fell 16.5% amid the economic slowdown in some countries along with Synergie’s continued investment efforts to support growth and digitalisation.

Net profit also fell 23.1% to €31.7 million in the first half of the year.

Revenue

While the company previously released revenue information, it noted in the 25 September release that international revenue rose 7.1% year over year in the first half, with the increase driven by organic growth and its May 2023 acquisition of Runtime Group in Germany.

Revenue from Northern and Eastern Europe rose 9.8% despite economic slowdowns in these countries.

On the other hand, French staffing revenue fell 2.6% in the first half amid a decrease in staffing market volumes and a significant downturn.

Synergie said it also plans to pursue acquisition both within and outside of France.

The company operates in 17 countries and has 800 branches. Its internal employees number 5,600.

Synergie - H1 2024

*Recurring EBIT before amortisation and impairment of intangible assets.

Share Price

Shares in Synergie closed up 2.51% on 25 September to €32.70; they were 11.14% below their 52-week high.