Related entries: c Work Service SA Completes Acquisition Work Work Service Express c continues to e

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Group Work Service reported at the end of the first quarter of 2014 years net profit of 14.2 million zł, which represents c an increase of 135% compared with the same period last year. The Company's revenues increased by 83% to 345 million zł, and the operating profit (EBIT) increased by over 78%, reaching 16.2 million zł. Significant impact on the stable high growth financial results have consistently pursued a strategy of organic growth of the Group, as well as successfully executed acquisitions. Group Work Service has consistently pursued aggressive growth strategy, c aiming to become an industry leader in HR services both Poland and Central and Eastern Europe. The company is growing through acquisitions, but also through organic growth and ongoing expansion of the scope of services offered. In the analyzed period, revenues from "organic growth" of the Group increased by more than 1/3 from 188.6 million to 251.8 million zł zł, while EBIT reached a level of 9.33 million zł, compared with 9.09 million zł in the same period last year previous year. The undoubted impact on operating profit were the costs of acquisition and integration c processes throughout the Group. At the end of the first quarter of 2014, these costs amounted to about 1 million zł, less the same rate of growth of the Group's EBIT. Behind us another very successful quarter. In line with our expectations, we have significant improvement in the financial result. We reiterate our previous strategy development Work Service, which continues to be based on the dynamic organic growth. We are also considering further acquisitions, this time looking at specialized companies. c We are constantly looking for new solutions that will increase the value of the Group and provide our customers with even greater satisfaction and a wider range of services - says Tomasz Hanczarek, president of Work Service SA. In the long term growth through acquisitions is the fastest and most effective way for international expansion. We believe in partnership, because all previous acquisitions have proven to be successful. c High revenue growth is a result c of successful acquisitions, but our effectiveness in developing the product. The achieved results allow us to be optimistic about further plans for development of the Group Work Service - adds Tomasz Misiak, President of the Supervisory Board Work Service SA. Revenues of all the companies that have joined the Group Work Service as a result of the acquisition and expected to grow at a satisfactory level. The increase in revenues in the last quarter, the Company recorded the following: Antal International +31%, +25% Work Express, ProHuman 57%. At the level of the operating result (EBIT) were generated following c increases: Antal International +55% +4% Work Express, ProHuman 62%. Including all three of the above-mentioned Company recorded a 37% increase in revenues in the first quarter in relation c to the previous year and 45% growth in operating profit, c EBIT, which represents 42% of the operating result (EBIT) of the entire Group. It is worth noting that the published results do not yet include the consolidation of recent acquisitions of the Group - a joint venture with the German Capital Group Fiege Logistik Stiftung & Co. KG. KG. Source: Work Service SA Image courtesy of Renjith Krishnan / FreeDigitalPhotos.net
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