Frankfurt/Main, 22 April 2021. The Amadeus FiRe Group's business performance was very successful in the first quarter of the 2021 fiscal year. In the first three months, consolidated revenue increased by 14.7 percent from € 76.4m to € 87.6m. Operating EBITA (excluding amortisation from purchase price allocations) rose by 39.3 percent to € 14.8m, compared to € 10.6m in the previous year. Amadeus FiRe AG's EBITA grew by 53.0 percent to € 12.4m in the first quarter. The resulting earnings per share rose by 43.8 percent to € 1.38, compared to € 0.96 in the previous year.
Revenues in the business segments developed as follows:
Temporary staffing 37.3 € m - 6.8 % Permanent placement 12.5 € m + 26.1 % Interim-/project management 5.9 € m + 16.1 %
Segment Personnel Services 55.7 € m + 1.0 %
COMCAVE 20.0 € m + 20.6 % SFS Endriss 5.4 € m + 14.2 % GFN 6.6 € m n/a Segment Training 32.0 € m + 50.3 %
Organic growth rates excluding the new subsidiary GFN, which was included for the first time, were 6.0 percent in revenue and 36.8 percent in operating EBITA.
In the Personnel Services segment, despite the ongoing Corona crisis, all services had a good start to the new financial year compared to the previous quarters, which were affected by the pandemic. The sales organisation was led through the Corona crisis with unchanged personnel strength and an improving market environment could be taken advantage of.
A further recovery of the temporary staffing services was slowed down by the renewed lockdown in January. Since February, however, the positive momentum has returned. The sickness rate, which is usually high in the first quarter due to waves of flu and colds, was lower this year due to the pandemic. This led to improved capacity utilisation in temporary staffing during the reporting period.
The coronavirus pandemic recently no longer had a negative effect on the demand for permanent placement services. With an increase in revenue of 26.1 percent, permanent placement services made a significant contribution to the good start to the year, with particular emphasis on the exceptionally strong March with a new revenue record. In view of the expected economic recovery in the second half of 2021, the willingness of companies to invest in new employees seems to have increased.
Interim and project management also developed significantly positively again in the first quarter of 2021 after an already positive and robust performance. Revenue increased by 16.1 percent.
The Personnel Services segment as a whole was able to generate a 9.2 percent higher operating EBITA of € 8.2m in the first quarter of 2021.
The Training segment started the year successfully with a 50.3 percent increase in revenue to € 32m. Organically, the revenue growth was an excellent 19.2 percent.
The demand for subsidised training (B2G) increased due to the escalating situation on the labour market compared to the previous year. The processing of continuing education vouchers on the part of the cost units has improved compared to the previous quarters, but overall expenditure for subsidised training is below the previous year. In this market situation, COMCAVE was able to start the year very well with a 20.6 percent increase in revenue and grows stronger than the market.
GFN also benefited from the increased demand for subsidised training (B2G) and the successful digitalisation of the teaching operations. Expectations for the first quarter were exceeded with € 6.6m in revenue. At the same time, demand from corporate customers (B2B) continues to be severely limited due to the pandemic.
There was a positive effect on demand for courses and seminars for private end customers (B2C), which are mainly offered by the companies of Steuer-Fachschule Dr. Endriss. Revenue increased by 14.2 percent despite business with corporate customers (B2B) continuing to be weakened by the effects of the pandemic. The successful digitalisation of teaching operations has temporarily led to an overall lower cost base. This will be partially reversed as soon as face-to-face teaching will be possible again.
Overall, the earnings in the Training segment more than doubled. The operating EBITA increased by 112 percent to € 6.6m in the first quarter of 2021.
The significant increases in Group sales revenues and operating results achieved in the first quarter of 2021 exceeded the company's own expectations. At this point in time, the Management Board of the Amadeus FiRe Group expects to complete the full year stronger than previously projected. So far, it has been expected to exceed the previous year's operating EBITA by a good 15 per cent.
Facing the "third wave" in Germany with potentially even stricter lockdown measures and considerable uncertainty about the progress of the vaccination, expectations for the further economic recovery process are associated with a high level of intransparency. The Management Board is continuously monitoring the market and the development of the coronavirus pandemic. By mid-year, the situation should be more transparent and forecasts more reliable. At that time, the management board will concretise its increased expectations with a new forecast.