Half-Year Financial Report 2022

Frankfurt/Main, 26.Juli 2022. The Amadeus FiRe Group was able to close the first half of 2022 with increased results and confirmed the outlook for the whole year.

The Group’s consolidated revenue increased by 12.7 percent to € 201.1 million compared to the previous year. The operating EBITA of € 29.8 million slightly exceeded the previous year by 1 percent

Revenues in the business segments developed as follows:

Like in the first quarter, the Personnel Services segment developed significantly positively over the entire first half of 2022. The development in Permanent Placement was also particularly dynamic in the second quarter. The operating EBITA increased by excellent 65.1 percent or € 10.3 million to € 26.0 million compared to the previous year. The high demand continues unbroken due to the shortage of skilled personnel. Companies continue to invest in the procurement of new employees, despite existing uncertainties regarding the economic development. The branch organisation is continuing to be in an expansion and growth phase therefore.

In the Training segment, the companies of Steuer-Fachschule Dr. Endriss were able to increase revenue by 9.6 percent compared to the previous year with training courses and seminars for private end customers. Demand here continues to be at a strong level. The total revenue of the segment, on contrast, decreased by 8.3 percent, due to the ongoing distortions in the market for publicly funded training. In the first half of 2022, this was significantly behind the years 2020 and 2021, which were already marked by the Corona crisis. The expenditure behaviour of the Federal Employment Agency remained 13 percent behind the level of the previous year overall. The result in the Training segment is influenced by lower revenues in the market for publicly funded training and, with an operating EBITA of only € 3.8 million after € 13.8 million in the previous year, is noticeably impacted. This is significantly below the level of the very strong first half of 2021.

The Management Board currently continues to assume that the operating Group result will develop in the year 2022 on the basis of forecasts made. For the Group’s operating EBITA, growth of around 7 to 9 percent compared to the previous year is forecasted.

Driven by the continued success in the Permanent Placement segment, the Personnel Services segment should exceed original expectations for the rest of the year. Even taking into account the current economic developments, which are difficult to predict, the shortage of skilled personnel and the associated high willingness of companies to hire should continue to play a significant role. The outlook for the second half of the year is therefore fundamentally positive.

In the Training segment, the submarket of publicly funded training is expected to be constrained in the second half of the year as well. However, due to the strengthening of the regional location and product presence as well as the increasing expenditure of the employment agencies, the number of participants should increase from August onwards. Overall, the expectations for this submarket had to be corrected downwards after the course of events so far. In the continuing education business with private end customers, sales revenues are expected to remain above the previous year, although the current economic upheavals could slow down this development.

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