Olympia Flexgroup AG / Half Year Results
27.08.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Highlights
First four franchise branches in Germany get off to a successful start
Strong growth continues in core market Netherlands
Consolidated sales almost unchanged at EUR 187.3 million
Q2 EBIT shows improvement on Q1/2008 and on previous year
Positive outlook for full year
(Düsseldorf, 27 August 2008) Olympia Flexgroup AGs consolidated sales in
the first half of 2008 were stable at EUR 187.3 million (H1 2007: EUR 187.6
million). Revenues were increased in the Netherlands, Italy, Poland and
Switzerland.
In the Netherlands, Olympia Flexgroups largest and most successful market,
Olympia reported record first-half results, with sales up 8.1% to EUR 111.4
million. In Spain the negative economic trend led to a fall in revenues.
Consolidated earnings before interest and taxes (EBIT) fell by 17.3 % to
EUR 5.2 million in the first half of 2008. EBIT in the second quarter,
however, showed an improvement on Q1 2008 and was also higher than in Q2
2007.
The EBIT margin fell by 0.5 percentage points to 2.8% of Group sales. It
was adversely affected by lower sales in Spain and Germany and by the lower
gross yield margin in Germany in the first quarter of 2008.
Olympia Flexgroup CEO Marcel Slaghekke said that 'in spite of a downturn in
the overall Dutch market for temporary employment we succeeded in boosting
sales in our core market and in gaining further market share in the
Netherlands. In Germany we are continuing to optimise our front- and
back-office processes. The sales decline in Germany partly resulted from
the loss of a major customer who has transferred production to Eastern
Europe. The result in Germany was further burdened by the implementation to
the BZA wage agreement at the beginning of 2008.'
Rebranding completed
Preparations for rebranding were completed in the first half of 2008, and
as of 1 July Olympia Flexgroup presents itself in the European market as a
large, strong temporary employment brand with a uniform corporate identity.
In addition, the Olympia franchise concept was adjusted to national
statutory requirements in Spain, Italy and Poland. Measures to improve
efficiency were initiated in all countries.
Network of branches across Europe grows to a total of 195
Olympia Flexgroup opened eight new branches in the first half of 2008. In
Germany four new branches were opened, of which three by franchisees. In
Poland the Group was further strengthened with the opening of a new branch
in Wrocław and another in Poznań. The first franchise contracts
were signed in Spain. New branches will be opening accordingly in the
second half of the year. In Italy and Poland Olympia will start in the
third quarter with the recruitment of franchisees.
Slight increase in equity
Boosted by earnings the companys equity capital rose by EUR 1.4 million to
EUR 46.8 million compared with 31 December 2007. As of 30 June 2008, equity
capital amounted to 29.4% of total assets (31.12.2007: 29.8%).
Outlook
Olympia Flexgroup will continue in the second half of 2008 to concentrate
on implementing its corporate strategy, which along with improved customer
orientation will involve implementing the franchise concept by recruiting
more franchisees. In spite of cyclical uncertainties Olympia expects a
positive business development for the financial year and an operating
result at least equal to last year.
About Olympia Flexgroup AG
Olympia Flexgroup is a European temporary work company with activities in
seven countries, around 200 branches and over 18,000 employees. Our
services comprise general temporary employment as well as in-house
services. Olympia Flexgroup has special know-how in logistics, production,
telecommunications, call centre services and waste management, facility
management, finance and administration. With the entrepreneurial spirit
derived from its franchise concept, Olympia Flexgroup is a dedicated
partner for their employees and customers. Our aim is to become one of the
fastest organically growing temporary employment agencies in Europe.
DGAP 27.08.2008
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Language: English
Issuer: Olympia Flexgroup AG
Zollhof 4
40221 Düsseldorf
Deutschland
Phone: +49 (0)211 86 29 86-0
Fax: +49 (0)211 86 29 86-99
E-mail: ir@allbecon.de
Internet: www.allbecon.de
ISIN: DE000A0LBKV8
WKN: A0LBKV
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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DGAP-News: Olympia Flexgroup publishes half-yearly report for 2008
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