Press Release

Amadeus FiRe AG:Quarterly statement nine months 2023

Frankfurt/Main, 24 October 2023. The Amadeus FiRe Group's performance in the first nine months of 2023 remained positive despite the negative development of the German economy. The training segment in particular was able to continue the very successful development achieved in the first half of the year. By September, a total of € 331.5 million in consolidated revenue was achieved, thus exceeding the previous year's figure by 8.4 percent. The operating EBITA also increased by 8.4 percent and reached a new all-time high of € 54.5 million. The profit for the period increased significantly by 14.3 percent to € 32.7 million.

Revenues in the segments developed as follows:

In the personnel services segment, revenue remained almost at the previous year's level with a slight increase in gross profit. While the negative sentiment of the companies shows barely any impact on the development of permanent placement, the services temporary staffing as well as interim and project management slightly declined, although temporary staffing was able to reach the previous year's revenue level again by the third quarter. Based on a very good previous year, the permanent placement service once again achieved double-digit growth in revenue of 11.7 percent to € 63.0 million.

As a result of the shortage of skilled workers and the expected high market demand, the sales organisation has been strongly expanded in terms of personnel until the middle of 2023. Only marginal further organisational growth was recorded in the third quarter of 2023 compared to the previous quarter. In addition to the weaker economic development, the personnel related investments dilute the productivity, which should constantly improve with increasing seniority of the sales staff. The segment result is noticeably affected by these factors and is 11.5 percent lower than the previous year for the first nine months of the year.

The training segment was able to continue its successful development and significantly increase its revenue by 25.2 percent to € 113.7 million in the first nine months of 2023. The weak development of the previous year has been sustainably compensated with an achieved EBITA of € 15.8 million and a significant increase of 141 percent. Overall, a positive development could be achieved in both publicly funded training as well as in the business with private and corporate clients.

During the first nine months of the year, the operating result of the personnel services segment was overall below the original planning, while in the training segment expectations have been exceeded so far. Overall, the Amadeus FiRe Group's results in the first nine months remained within the forecasted range of expectations. Against the background of the overall economic situation in Germany, which is certain to remain weak until the end of the year, the Management Board expects growth in operating EBITA of 7 to 9 percent for the 2023 financial year. The growth in earnings achieved so far would thus be continued further and the corridor of earnings forecasted at the beginning of the year would be reached in lower range of the bandwidth.

The full report is available on our homepage.

Amadeus FiRe AG
Jan Hendrik Wessling
Investor Relations
Tel: +49 (69) 96 876-180
[email protected]