workforce solutions and expertise today announced its third quarter (Q3) 2021 results.
Key points Q3 2021
- Revenue increased by 10% to EUR 227 million;
- Gross Profit increase of 15% compared to Q3 2020;
- Gross margin increased by 1.1 percentage points to 23.9%;
- All operating segments were profitable, with total EBIT increasing by 34% to 13.6 million.
Key points YTD 2021
- Gross margin increased by 2.2 percentage points to 23.1%;
- Cost savings of
EUR 4.9 million contribute to EBIT growth, up 68% toEUR 31.9 million ; - Strong cash position maintained at
EUR 138.4 million .
Outlook
Continued growth in Q4, resulting in:
- Full year revenue between
EUR 880 million andEUR 900 million (2020:EUR 893 million ) - Full year EBIT between
EUR 43 million andEUR 45 million (2020:EUR 28.8 million )
Jilko Andringa, CEO of
“The month on month revenue growth over the past period has now resulted in strong growth for the year to date. Our revenue, gross margins and EBIT are improving fast, driven by our strategic focus on higher added value for our clients. The multi-year performance indicators in our markets show positive momentum, and our positioning leads to revenue growth in almost all regions, with the
Whilst we continue to expand our business in our strategic verticals, we also continue to develop our capabilities. Some examples of new types of services we delivered in this quarter are a recruitment solution (RPO) for a large mining site in
Now that COVID-19 restrictions are getting lifted in most regions, the return to topline growth provides the fundament for high single digit growth in the years to come."
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 227.2 | 207.1 | 10% | a | 654.3 | 683.2 | -4% | b | |
Gross Profit | 54.3 | 47.1 | 15% | 151.1 | 143.1 | 6% | |||
Gross margin | 23.9% | 22.8% | 23.1% | 20.9% | |||||
Operating costs | 40.7 | 36.9 | 10% | c | 119.2 | 124.1 | -4% | d | |
EBIT | 13.6 | 10.2 | 34% | 31.9 | 19.0 | 68% | |||
EBIT % | 6.0% | 4.9% | 4.9% | 2.8% | |||||
Average directs | 9,994 | 9,599 | 4% | 9,636 | 10,464 | -8% | |||
Average indirects | 1,299 | 1,395 | -7% | 1,303 | 1,481 | -12% | |||
Ratio direct / Indirect | 7.7 | 6.9 | 7.4 | 7.1 | |||||
a 9 % like-for-like | |||||||||
b -3 % like-for-like | |||||||||
c 10 % like-for-like | |||||||||
d -3 % like-for-like | |||||||||
Q3 2021 results by division
P&L amounts in EUR million
Summary:
Revenue | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | |
DACH region | 55.6 | 54.6 | 2% | 164.7 | 177.0 | -7% | |
44.4 | 45.5 | -2% | 136.6 | 142.7 | -4% | ||
27.7 | 26.7 | 4% | 77.6 | 85.0 | -9% | ||
25.7 | 25.0 | 3% | 75.9 | 88.7 | -14% | ||
25.4 | 18.2 | 40% | 69.2 | 69.5 | 0% | ||
Rest of world | 48.4 | 37.1 | 30% | 130.3 | 119.5 | 9% | |
Unallocated | 0.0 | 0.0 | 100% | 0.0 | 0.8 | -100% | |
Total | 227.2 | 207.1 | 10% | 654.3 | 683.2 | -4% |
Gross Profit | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | |
DACH region | 21.0 | 19.6 | 7% | 58.2 | 55.2 | 5% | |
14.3 | 12.4 | 16% | 40.3 | 37.9 | 6% | ||
2.9 | 2.4 | 21% | 7.9 | 7.2 | 10% | ||
4.2 | 4.1 | 3% | 12.3 | 14.5 | -15% | ||
3.4 | 2.2 | 55% | 9.1 | 7.9 | 15% | ||
Rest of world | 8.6 | 6.5 | 31% | 23.4 | 20.5 | 14% | |
Unallocated | 0.0 | 0.0 | 100% | 0.0 | 0.0 | 100% | |
Total | 54.3 | 47.1 | 15% | 151.1 | 143.1 | 6% |
EBIT | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | |
DACH region | 7.4 | 6.8 | 9% | 16.8 | 10.2 | 64% | |
4.4 | 3.0 | 48% | 11.6 | 7.8 | 48% | ||
0.3 | 0.1 | 114% | 0.5 | -0.2 | 429% | ||
2.2 | 2.0 | 10% | 6.7 | 7.1 | -6% | ||
0.2 | -0.5 | 142% | 0.3 | -1.9 | 114% | ||
Rest of world | 2.2 | 1.1 | 103% | 5.1 | 3.0 | 70% | |
Unallocated | -3.1 | -2.3 | -33% | -9.0 | -7.0 | -28% | |
Total | 13.6 | 10.2 | 34% | 31.9 | 19.0 | 68% |
In Q3 2021, the Group’s revenue increased 10% or
PERFORMANCE BY REGION
DACH region (unaudited) | |||||||||
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 55.6 | 54.6 | 2% | 164.7 | 177.0 | -7% | |||
Gross Profit | 21.0 | 19.6 | 7% | 58.2 | 55.2 | 5% | |||
Gross margin | 37.8% | 35.8% | 35.3% | 31.2% | |||||
Operating costs | 13.6 | 12.8 | 6% | 41.4 | 45.0 | -8% | |||
EBIT | 7.4 | 6.8 | 9% | 16.8 | 10.2 | 64% | |||
EBIT % | 13.3% | 12.4% | 10.2% | 5.8% | |||||
Average directs | 1,972 | 2,019 | -2% | 1,936 | 2,200 | -12% | |||
Average indirects | 371 | 432 | -14% | 378 | 475 | -20% | |||
Ratio direct / Indirect | 5.3 | 4.7 | 5.1 | 4.6 |
Revenue in DACH increased by 2%, mainly driven by a higher rates and a higher productivity, partially offset by a 2% lower average headcount over the quarter. The higher rates and productivity lead to a 2.0 percentage points increase in gross margin.
The number of specialists in short-time working reduced from 9 in Q2 2021 to 5 at the end of Q3 2021.
Headcount as of
Working days
Q1 | Q2 | Q3 | Q4 | FY | |
2021 | 63 | 60 | 66 | 65 | 254 |
2020 | 64 | 59 | 66 | 65 | 254 |
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 44.4 | 45.5 | -2% | 136.6 | 142.7 | -4% | |||
Gross Profit | 14.3 | 12.4 | 16% | 40.3 | 37.9 | 6% | |||
Gross margin | 32.1% | 27.2% | 29.5% | 26.6% | |||||
Operating costs | 9.9 | 9.4 | 5% | 28.7 | 30.1 | -5% | |||
EBIT | 4.4 | 3.0 | 48% | 11.6 | 7.8 | 48% | |||
EBIT % | 9.9% | 6.5% | 8.5% | 5.5% | |||||
Average directs | 1,687 | 1,844 | -9% | 1,713 | 1,919 | -11% | |||
Average indirects | 269 | 327 | -18% | 282 | 346 | -18% | |||
Ratio direct / Indirect | 6.3 | 5.6 | 6.1 | 5.6 |
Revenue in
Headcount as of
Working days per Q 2021 / 2020:
Q1 | Q2 | Q3 | Q4 | FY | |
2021 | 63 | 61 | 66 | 66 | 256 |
2020 | 64 | 60 | 66 | 65 | 255 |
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 27.7 | 26.7 | 4% | a | 77.6 | 85.0 | -9% | b | |
Gross Profit | 2.9 | 2.4 | 21% | 7.9 | 7.2 | 10% | |||
Gross margin | 10.5% | 9.0% | 10.2% | 8.4% | |||||
Operating costs | 2.6 | 2.3 | 13% | c | 7.4 | 7.4 | 0% | d | |
EBIT | 0.3 | 0.1 | 114% | 0.5 | -0.2 | 429% | |||
EBIT % | 1.1% | 0.5% | 0.6% | -0.2% | |||||
Average directs | 981 | 936 | 5% | 948 | 1,012 | -6% | |||
Average indirects | 95 | 80 | 19% | 88 | 82 | 8% | |||
Ratio direct / Indirect | 10.3 | 11.7 | 10.7 | 12.4 | |||||
a 3 % like-for-like | |||||||||
b -12 % like-for-like | |||||||||
c 14 % like-for-like | |||||||||
d -2 % like-for-like | |||||||||
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 25.7 | 25.0 | 3% | a | 75.9 | 88.7 | -14% | b | |
Gross Profit | 4.2 | 4.1 | 3% | 12.3 | 14.5 | -15% | |||
Gross margin | 16.3% | 16.2% | 16.2% | 16.3% | |||||
Operating costs | 2.0 | 2.1 | -5% | c | 5.6 | 7.4 | -24% | d | |
EBIT | 2.2 | 2.0 | 10% | 6.7 | 7.1 | -6% | |||
EBIT % | 8.6% | 8.0% | 8.9% | 8.0% | |||||
Average directs | 2,068 | 2,089 | -1% | 2,056 | 2,435 | -16% | |||
Average indirects | 125 | 130 | -3% | 125 | 139 | -10% | |||
Ratio direct / Indirect | 16.5 | 16.1 | 16.5 | 17.5 | |||||
a 1 % like-for-like | |||||||||
b -10 % like-for-like | |||||||||
c -5 % like-for-like | |||||||||
d -21 % like-for-like | |||||||||
In
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 25.4 | 18.2 | 40% | a | 69.2 | 69.5 | 0% | b | |
Gross Profit | 3.4 | 2.2 | 55% | 9.1 | 7.9 | 15% | |||
Gross margin | 13.5% | 12.2% | 13.1% | 11.3% | |||||
Operating costs | 3.2 | 2.7 | 19% | c | 8.8 | 9.8 | -10% | d | |
EBIT | 0.2 | -0.5 | 142% | 0.3 | -1.9 | 114% | |||
EBIT % | 0.8% | -2.7% | 0.4% | -2.8% | |||||
Average directs | 816 | 689 | 18% | 801 | 771 | 4% | |||
Average indirects | 104 | 103 | 1% | 102 | 109 | -6% | |||
Ratio direct / Indirect | 7.8 | 6.7 | 7.8 | 7.1 | |||||
a 35 % like-for-like | |||||||||
b 3 % like-for-like | |||||||||
c 15 % like-for-like | |||||||||
d -7 % like-for-like | |||||||||
Revenue growth in the
Rest of world (unaudited) | |||||||||
P&L amounts in EUR million | |||||||||
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||||
Revenue | 48.4 | 37.1 | 30% | a | 130.3 | 119.5 | 9% | b | |
Gross Profit | 8.6 | 6.5 | 31% | 23.4 | 20.5 | 14% | |||
Gross margin | 17.7% | 17.6% | 18.0% | 17.2% | |||||
Operating costs | 6.4 | 5.4 | 19% | c | 18.3 | 17.5 | 5% | d | |
EBIT | 2.2 | 1.1 | 103% | 5.1 | 3.0 | 70% | |||
EBIT % | 4.5% | 2.9% | 3.9% | 2.5% | |||||
Average directs | 2,471 | 2,022 | 22% | 2,182 | 2,107 | 4% | |||
Average indirects | 273 | 261 | 5% | 266 | 267 | 0% | |||
Ratio direct / Indirect | 9.0 | 7.7 | 8.2 | 7.9 | |||||
a 34 % like-for-like | |||||||||
b 16 % like-for-like | |||||||||
c 16 % like-for-like | |||||||||
d 7 % like-for-like | |||||||||
Rest of world includes
Cash position
The cash balance at
Outlook
We expect the current trends to continue in Q4 2021, supported by the lifting of COVID restrictions in most regions. The economic outlook for our sectors remains strong. Based on this, we expect revenue for the full year to be between
Attachment
- Press Release Q3 2021
© OMX, source