Half-Year Financial Report 2023

Frankfurt/Main, 25 July 2023: By the end of the first half of 2023, the Amadeus FiRe Group was able to continue the positive development of the first quarter and convert it into a significant  increase in revenue and earnings. In the second quarter, the training segment was once again very successful.

Overall, consolidated group revenue increased by 7.8 percent to € 216.7 million compared to the previous year. The operating EBITA at the end of the first half of 2023 was 10.3 percent above the  previous year at € 32.9 million.

The revenues in the segments developed as follows:

In the Personnel Services segment, the picture of the first quarter continued in the second quarter. While permanent placement marked a new record quarter, temporary staffing and interim management services declined slightly. Overall, demand from companies for specialists and managers remains at a good level.

The results of the permanent placement service increased again compared to the excellent previous year. At the end of the first half of 2023, revenue of € 41.2 million was achieved, a growth of 12.3 percent. The temporary staffing service achieved total revenues of € 87.6 million, a decrease of 3.7 percent compared to the previous year. The continuing shortage of available candidates for temporary work remains the main driver. On the demand side, the preference of customers to retain employees through direct hiring also plays a role.

Due to the high demand for skilled workers and in order to be able to use the market opportunities in the best possible way, the sales organisation has been strongly expanded in the last quarters. As expected, the growth in personnel has led to diluted productivity in the course of the first half of the year. In the Personnel Services segment, an operating EBITA of € 22.4 million was achieved in the first half of 2023. Compared to the previous year, this represents a decline in the EBITA margin of 2.7 percentage points to 15.7 percent, which is explained by the effects of the growth of the branch organisation.

In the Training segment, revenues clearly exceeded the previous year with a growth of 25 percent. In total, revenue of € 74.7 million was generated.

In addition to the significant expansion of the network of locations and the continuous development of the product portfolio, Comcave has succeeded in transforming the positive market development into revenue and earnings. Revenue increased by 22.2 percent at the 2023 half-year mark. GFN, in its third year as a member of the group, will clearly enter the profit zone for the first time, with sales growth of 42.2 percent, and will exceed its own expectations. The revenues of the companies of Steuer-Fachschule Dr. Endriss also increased sustainably by 12.7 percent.

Overall, the operating results in the Training segment increased significantly. The operating EBITA of 10.4 million is 174.4 percent up on the previous year and above expectations.

The Management Board assumes that the second half of 2023 will develop positively and within expectations. The Management Board thus confirms its current forecast for the consolidated result of the Amadeus FiRe Group. The target remains to achieve an operating EBITA in the range of € 73 to 79 million by the end of the year, thus clearly exceeding the € 68 million operating EBITA achieved in 2022.

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