All services not only improved significantly compared to the pandemic-affected previous year in the first nine months, but also all outperformed the pre-pandemic year 2019. The organic growth rates, excluding the new subsidiary GFN which was included for the first time, are also very positive.

The Amadeus FiRe Group increased its operating gross profit by 44.8 percent to EUR 148.7 million in the first nine months of 2021. The operating gross profit margin increased slightly by 3.3 percentage points to 54.1%.

In addition to the increase in revenue and gross profit, the Amadeus FiRe Group was able to significantly increase operating EBITA by around 75 percent to EUR 49.4 million. The operating EBITA margin was 18.0 percent, an improvement of 4.1 percentage points on the previous year.

The performance in the first half of the year was far more successful than originally expected. As of June 30, 2021, this was reflected in an improved outlook. This positive momentum continued in the third quarter. In the half-year report, the Management Board revised its expectations significantly upward and expected an increase in operating EBITA of at least 50 percent to more than EUR 60 million. Now that nine months of fiscal year 2021 have passed, the management board is raising its earnings expectations once again. The Amadeus FiRe Group now expects to outperform the earnings threshold of EUR 65 million for operating EBITA for the full year 2021.

The nine-months operating result before interest, taxes and goodwill amortization (EBITA) more than doubled from EUR 20.8 million in the previous year to EUR 44.9 million.

After financial expenses of EUR 4.9 million, mainly as a result of the acquisition financing, the net result for the first nine months of 2021 amounted to EUR 27.3 million (+ 139 percent).

Earnings per share, based on the net profit for the period attributable to ordinary shareholders of the parent company, more than doubled to EUR 4.73 in the first nine months of 2021, compared with EUR 2.12 in the previous year.

In the Personnel Services segment, the temporary staffing order volume returned to the pre-crisis level at mid-year for the first time. As a result of the above-average order development, the order volume rose to a new all-time high in the third quarter 2021.

As in previous quarters demand for permanent placement remained strong. Companies remain willing to invest in new employees. The increase of a good 28 percent compared with the pre-crisis level in 2019 clearly shows that the shortage of specialists is once again the dominant factor and that Amadeus FiRe has built up a strong market position out of the crisis.

The development of the interim and project management was unchanged positive and robust with an increase in revenue of just under 32 percent.

The Personnel Services organization is once again in an expansion phase in the meantime, in order to take advantage of the improved market environment and expand its own market position further.

Overall, the Personnel Services segment generated gross profit of EUR 86.4 million in the first nine months of 2021, with a gross profit margin of 48.5 percent. Both gross profit and gross profit margin are significantly higher than the previous year and also the last pre-pandemic year 2019. The operating segment result of EUR 31.0 million is a good 58 percent higher than the previous year. In addition, after nine months, it has already been possible to exceed the record earnings year 2019 by 8 percent.

With organic sales growth of a good 25 percent after the first nine months, the Training segment continues to show a clearly positive year-on-year trend. However, the pace of growth slowed from the middle of the second quarter.

Driven by lower unemployment, increased competitive pressure and a renewed slowdown in the processing of training vouchers by the authorities, demand for publicly funded training was less dynamic from the middle of the year onwards. At present, there are signs of an initial seasonal improvement in the demand situation.

As in previous quarters demand for training courses and seminars for private end customers was positive. Newly offered online formats have led to the development of new customer regions.

Business with corporate customers remains noticeably impacted by the effects of the pandemic. Initial improvements are emerging but volumes remain significantly below the level of the pre-pandemic fiscal year 2019.

Despite the effects of the pandemic still being felt in some areas of the Training segment, continued expansion activities and substantial investments in IT and infrastructure, the Training result increased significantly in the first nine months of 2021 by 114 percent to EUR 18.4 million, and the profit margin by 4.9 percentage points to 18.9 percent.

The full report is available on our homepage.

Amadeus FiRe AG
Jan Hendrik Wessling
Investor Relations
Phone: +49 (69) 96 876-180
Investor-Relations@Amadeus-FiRe.de