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Acorn partner Synergie records continued growth for 2008
Global recruiter Synergie Group, whose international operations include Acorn, Advance Personnel and Concept Staffing in the UK, has reported continued growth in sales for 2008.
In the first nine months, Synergie has seen an increase in sales of 5.5% over the same period last year to €929 million.
Strong international sales accounted for more than 32% of the total revenue during this period, with sales of €102 million in the third quarter boosted by the addition of Concept Staffing – part of South Wales-based Acorn Group – and the acquisition of the Swiss-based Interactif business.
The expansion is consistent with forecasts and will contribute to Synergie’s goal to increase the share of international operations in the revenue mix to 50 per cent within three years.
Outplacement and Human Resources Management Consulting activities achieved 50 per cent growth overall in the third quarter, maintaining the mid-summer momentum of the business.
“These performances, achieved while maintaining margins at existing levels, contributed to further gains in current operating income in a contracting economic environment for the first nine months,” said a Synergie spokesman.
A positive cash balance that continued to show a surplus made it possible for Synergie to finance the acquisition for €35 million of ADR in the Netherlands, whose geographical positioning and business mix with 11 offices reinforces Synergie’s strong coverage in Benelux.
The spokesman added: “With a significant presence in 12 European countries and Canada, the Group confirms its commitment to pursuing expansion through external growth, particularly in Germany and Spain, by closely monitoring the economic environment to identify potential targets.
Synergie, listed on Eurolist Compartment B of NYSE Euronext Paris, is a leading independent provider of global human resources management services with a network of 550 agencies in Europe and Canada. Synergie is included in the CAC Small 90, CAC Mid and Small 180 and SBF 250 indices.
Matt Southall, Group Managing Director of Acorn, said: “We are delighted that here in the UK, Acorn, Concept Staffing and Advance Personnel, are continuing to make a significant contribution to the ongoing growth and achievements of Synergie.”
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