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Synergie Group - Strong growth in 2010

Synergie Group - Strong growth in 2010

Turnover: 30.1 %
Current operating income (1): 163.6 %
Net earnings: 80.0 %
32.4% improvement of the turnover in the 1st quarter of 2011

"We're particularly proud of our earnings in 2010 and of our
continuing strong growth in this early part of the year: they
clearly show the relevance of our strategy during the crisis, and
they have made it possible for us to maintain our strength and
our ability to rebound. These performances have helped us to
strengthen our position as the leading independent French
human resources management group, and to advance on the
road to the TOP 5 in Europe."
Daniel Augereau, Chairman and Managing Director of SYNERGIE

A record turnover in 2010 of 1,232.7 million

In 2010, SYNERGIE generated a record turnover of 1,232.7 million, an increase of 30.1% with the current perimeter and 24.2% with constant perimeter relative to 2009. In keeping with the internationalization strategy of the Group that is now present in 13 countries, the business generated in Europe and Canada has increased by 54.2% to 493.7 million, representing 40% of the total turnover.

Very strongly climbing profitability
Supported by its strong business increase and rigorous control of general expenses, the current operating income(1) has increased by 163.3% to 38.6 million, versus 14.6 million in 2009. Excluding the incidence of the Added Value Levy on Companies (CVAE, replacement for the professional tax and restated as a tax charge), the current operating income doubled in 2010.
The net earnings hit 15.6 million, an 80% increase relative to that of the previous fiscal year, while the Group share of net earnings is equal to 15.4 million, versus 8.6 million in 2009.

A solid financial structure
The business performances in 2010 allowed the SYNERGIE Group to continue strengthening its financial structure: The shareholders equity increased by 8.2% to 182.7 million while the net cash stands at 59.4 million, providing the Group with the means to continue the deployment of its network of agencies, and to carry out new acquisitions throughout Europe.

Continuing strong growth in the 1st quarter of 2011
Building on sustained growth both in France (30.1%) and abroad (36.0%), the Group's overall business is up by 32.4% in the 1st quarter of 2011, amounting to 323.7 million versus 244.5 million for the same period in 2010.

Very favourable prospects
Based on this high level of business in the 1st quarter of 2011, the Group is looking ahead to a new year of strong growth.
Considering the high comparison effect after the excellent performances in 2010, SYNERGIE is announcing an objective of a business increase of at least 15% (excluding acquisitions) for 2011. Moreover, SYNERGIE is continuing its negotiations for external growth operations in Europe, notably in Germany, in order to accelerate its international development.


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