Half-Year Financial Report 2021

Frankfurt/Main, July 22, 2021. The Amadeus FiRe AG was able to close the first half of the fiscal year with a very positive development. In both segments, Personnel Services and Training, the company found its way out of the crisis with a significant increase in revenue and earnings and has already clearly outperformed the pre-crisis level in 2019.
Consolidated sales compared to 2020 increased by 29.8 percent to €178.4 million in the first 6 months.

With operating EBITA (excluding depreciation and amortization from purchase price allocations) of €29.5 million, an increase of 69.9 percent on the previous year and 68.0 percent on the first half of 2019 was achieved. Net profit for the period more than doubled in the first six months, increasing by 122.4 percent to €15.5 million. The resulting earnings per share rose to €2.68, compared to €1.33 in the previous year.

The organic growth rates, not including the new subsidiary GFN that was consolidated for the first time, were 20.0 percent for revenue and 67.4 percent for operating EBITA.

Sales in the segments developed as follows:

Business performance in the Personnel Services segment continued to be impacted by the effects of the Corona pandemic over the first half of the year, with a noticeably positive trend in all services.

The temporary staffing saw order numbers return to pre-crisis levels for the first time at the end of June, with revenue in the first half of the year up by 8.8 percent year-on-year and by 3.9 percent compared to 2019.

Permanent placement achieved a significant increase in revenue of 43.4 percent compared to 2020. It is notable that the former record revenues achieved in the first half of 2019 were likewise outperformed by 26.0 percent. The willingness of the companies to invest in employees and their recruitment has increased noticeably. Amadeus FiRe expects to have gained further market share over and above the fundamentally positive market environment.

The positive trend of the first quarter continued in interim and project management, and sales rose by 27.6 percent year-on-year and by 95.1 percent as against 2019.

With growth of 61.3 percent to segment sales of €65.1 million, the start to the year in the Training segment was also brilliant. Organic sales growth amounted to 27.9 percent.

All units contributed to this positive development. Increased demand for state-subsidized training in conjunction with the improved processing of training vouchers by the payers led to a higher number of participants entering the state-subsidized trainings. There was also a positive effect on demand for the training products offered to private customers in the first half of 2021, just as demand from corporate customers is now showing a slight recovery. Companies are able and willing to invest in the training of their employees again.

The economic upturn, in combination with rising vaccination rates and the resulting relaxations of civil liberties, has had a noticeably positive impact on Amadeus FiRe’s business situation.
Virtual training, induction in the home office and manifested hygienic procedures are now common practice and no longer represent a fundamental restriction on business operations at Amadeus FiRe AG and its customers.

Overall, the developments in the first half of the year were significantly above the own expectations.

Based on last year’s operating EBITA of €41.1 million, the 2020 annual report forecasted growth in operating profit of a good 15 percent for 2021 as a whole, with improving business momentum from the middle of the year.

The Management Board is increasing its forecast and expects significantly more dynamic growth in 2021. It is expected to increase the previous year’s result by at least 50 percent. After €29.5 million in the first half of the year, the threshold of €60 million for operating EBITA should be clearly exceeded for the year as a whole. The basic assumption is that there will be no renewed economic disruptions as at the beginning of the 2020 pandemic.

The full report is available on our website.