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Synergie records 205.5 million first quarter growth

Acorn partner Synergie records 205.5 million first quarter growth for 2009

Global recruiter Synergie Group, whose UK subsidiary is multi-regional based Acorn Recruitment, has reported earnings of 205.5 million for the first quarter of 2009.

In the first three months of this year, Synergie has witnessed a consolidation in sales across its operations in Europe and Canada, and is well-placed for the anticipated recovery and to achieve further gains in market share.

Despite particularly challenging conditions for the start of the year, the Group reported revenue of 205.5 million, compared with 291.9 million for the same period last year.

Steady first quarter sales of 139.1 million in France were boosted by revenues of 66.4 million in the rest of Europe and Canada, including Acorn in the UK.

With economic trends in other markets comparable to those in France, Synergies international operations have demonstrated the same level of resilience.

A Synergie spokesman said: Strategic measures including tighter control of fixed costs, grouping of agencies, rigorous management of trade receivables and acceleration of business diversification has focused the efforts of all employees on preparing for the anticipated recovery and laying the groundwork for achieving further gains in market share.

The Group has a solid financial structure and positive net cash. This reinforces its ability to take advantage of potential external growth opportunities that will allow it to pursue its development as a leading provider of Human Resources Management solutions.

Matt Southall, Group Managing Director of Acorn, said: We are delighted that here in the UK, Acorn and Concept Staffing are well-positioned to continue making a significant contribution to the ongoing achievements of Synergie.

Synergie, listed on Eurolist Compartment B of NYSE Euronext Paris, is a leading independent provider of global human resources management services with a network of 550 agencies in Europe and Canada. Synergie is included in the CAC Small 90, CAC Mid and Small 180 and SBF 250 indices.


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