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Finland – VMP Group Q1 revenue rises with boost from acquisitions

22 May 2019

Finnish HR services firm VMP Plc reported revenue today of €38.2 million for the first quarter ended 31 March 2018, an increase of 36.3% compared to the same period last year.

VMP offers staffing, recruiting and organisational development and self-employment services.

(€ millions) Q1 2019 Q1 2018 Change
Revenue 38.2 28.0 36.3%
EBITDA 3.7 2.0 81.9%

In February 2019 VMP divested its Alina care services business to Norlandia Care Oy. The group reported a capital gain of €1.2 million from the Alina divestment and €0.1 million in personnel expenses relating to severance payments have been entered as items affecting comparability. This resulted in adjusted EBITDA of €2.6 million and an increase of 8.3% from last year.

Juha Pesola, CEO of VMP, commented, “Revenue increased particularly due to the business acquisitions carried out at the end of last year and the beginning of this year.”

At the end of 2018, VMP acquired Helsinki-based staffing and recruitment services firm Henkilöstövoimalo Voima (Personnel Work Force) in November 2018.

At the beginning of the year, the company acquired HR services company Extremely Nice Job Oy which operates under the Enjoy brand, in January 2019.

In February 2019, VMP acquired Personal Care Extraajat Oy, a company based in Helsinki that offers staffing services including temporary work and flexible employee leasing for the retail industry.

More recently, in April 2019 VMP announced that it had acquired Corporate Spirit, a Finland-based company specialising in employee management, expert surveys and organisational development.

Revenue by segment

(€ millions) Q1 2019 Q1 2018 Change
Staffing 25.7 15.9 61.6%
Recruitment and Organisation Development 2.0 2.2 -12.0%
Self-Employment 10.5 9.9 6.6%

As of last trade VMP traded at €5.15, up 0.98% on the day and 11.21% below its 52-week high of €5.80, set on 9 August 2018. Based on its current share price the company has a market value of €75.48 million.

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