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Acorn partner Synergie records 32% third quarter growth for 2010

Acorn partner Synergie records 32% third quarter growth for 2010

Global recruiter Synergie, whose UK subsidiary is leading multi-regional recruitment and training company The Acorn Group, has reported greatly increased earnings of 341.7 million for the third quarter of 2010.

In the third quarter of this year, Synergie witnessed a 31.7% increase in sales across its operations in Europe and Canada compared to the same three months of last year, and is perfectly poised to achieve further gains in market share.

The Group reported revenue of 341.7 million for July, August and September compared with 259.5 million for the same period last year.

Cumulatively, sales in the first nine months of this year increased to 890.2 million, compared with 689.3 million in the first three-quarters of 2009 an increase of 29.2% and outperforming in all of its markets.

Third quarter sales in Europe and Canada soared by 62.3% and by 36.2% respectively this year compared with last, with southern Europe performing particularly well fuelled by a very sustained recovery in Spain and Portugal.

International revenue for Synergie maintained a high growth rate of 60.8% during July, August and September and has already reached the initial 40 per cent target set for the end of this year. Over the first nine months of 2010, revenue earned in Europe (excluding) France) amounted to 337.7 million, up by 57.4%.

Prospects for the Group are highly favourable for the remainder of 2010. A 32.9% October increase in assigned personnel heralds the continuation of strong growth in the fourth quarter, which means that over the whole of this year Synergie will return to the high business levels it experienced in 2008.

With available cash exceeding 50 million at the end of September, Synergie is ready to seize opportunities for external growth operations in Europe in order to continue its development.

Daniel Augereau, Chairman and Managing Director of Synergie, said: After a strong first half of this year, our business continued to grow strongly in the third quarter, validating the relevance of our strategy during the crisis and our positioning, which can now take full advantage of the recovery of our activities.

With a 60.8% increase in our international revenue over the period, we are therefore confirming our ambition to be one of the top five European leaders in Human Resources Management by 2012.

Matt Southall, Group Managing Director of Acorn, which has its headquarters at Newport in South Wales, said: We are delighted that here in the UK the Acorn Group, including our subsidiaries Concept in the South West of England and Exxell in the South East, are continuing to make a significant and growing 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 552 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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