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Acorn partner Synergie records

Acorn partner Synergie records 244.5 million first quarter growth for 2010

Global recruiter Synergie Group, whose UK subsidiary is multi-regional based Acorn Recruitment, has reported earnings of 244.5 million for the first quarter of 2010.

This represents an increase of 19% (14.1% on a like-for-like basis) and reflects the recovery in business anticipated by the group.

Synergie achieved first quarter sales in France of 150.9 million, up from 139.1 million in 2009, an increase of 8.5% in a market that grew by just 5%. Measures adopted in the first half of 2009 and the strategy of maintaining operational strengths, enabled the company to pre-empt the recovery and outperform business which grew with the increased outsourcing of HR services.

And in a more favourable business environment, Synergie also witnessed significantly increased turnover in international business in the first three months of this year to 93.6 million, up 41% on 2009 (26% on a like-for-like basis).

The integration of the Spanish network Olympia from January 1st, 2010 also went smoothly and strengthened Synergies position in the Iberian peninsula.

The upturn in the groups business in the first quarter continued in April with an overall increase of 30% in outsourced workforce (20.5% in France, 47% internationally) and the trend has continued in May which should enable the group to return excellent figures for 2010.

International business now accounts for 40% of the groups consolidated turnover, reinforcing its objective of achieving 50% of turnover outside of France by the end of 2011.

The acquisition of the Swiss-based Global Jobs and Services SA was finalised at the beginning of May, enabling the group to increase its number of branches in French-speaking Switzerland. And with its strongly positive cashflow and healthy financial structure, the group continues to explore every opportunity for external growth, particularly in Germany and Belgium.

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

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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