Work Service : reports record third-quarter sales

Q3 2015 was another period when Work Service Group reported distinct growth on the revenue side. From July to September 2015, the Group posted the highest revenues during the year totalling PLN 548 million. The trend accounted for more than 12% growth compared to the corresponding period of the year 2014. The sound quarterly result translated into record consolidated revenues after the three quarters of 2015 in excess of PLN 1,525 billion.

Revenue growth by 1/4 y/y provides the best confirmation that we continue to grow and expand the scale of our business operations consistently with the adopted strategy. We reported the year's highest sales in the third quarter, which found reflection in the record consolidated figures. After the three quarters of 2015, we can boast the revenues almost matching those recorded at the end of the year 2014 - comments Tomasz Hanczarek, CEO of Work Service S.A. Continued business growth and geographic expansion present the Group with new opportunities for identifying prospective customers.During the last quarter, we entered the permanent recruitment services market in Hungary and Germany. The Group continues to implement the recruitment and contracting strategy for IT specialists in such countries as the Czech Republic, Slovakia, Hungary, Germany and Switzerland and simultaneously develops cross-border recruitment.Those efforts are already reflected in the Group's revenues that are generated in nearly 44% by our foreign subsidiaries.This represents a major shift compared to the preceding year where their percentage share amounted to 38%.Our continued impressive growth to be observed over the subsequent quarters was made possible, among other things, by our international operations - adds Tomasz Hanczarek.

In the third quarter alone, Work Service Group generated net profit of PLN 13,815 million (growth by 26% y/y) and operating profit of PLN 25,295 million, which eclipsed last year's result by 19,8%. Also, consolidated EBITDA after the three quarters was reported at PLN 66,801 million (growth by 11,5%). Net profit (net of one-off cost items) amounted to PLN 41,045 million, whereas the overall net profit stood at PLN 27 million. It is worthwhile to note that the Group continues to maintain 12% organic growth through effective development of existing business and territorial lines.

A clear growth path and the ensuing consistent expansion of the scale of operations of the entire Group have both contributed to a very good quarter for Work Service. In strategic terms, we have attained our objectives earlier than planned. We are the undisputed leader of HR market in Central Europe (CEE TOP-5: Poland, Russia, the Czech Republic, Slovakia and Hungary) with a market share of 13.1% in value terms. Also, our share in the tendering market for international and regional projects is expanding. The potential of such contracts currently exceeds EUR 100 million. Additionally, we finalized acquisitions of CRS Group's companies during that quarter, which consolidated our position in the Polish and Belgian markets both in the short- and long-term - sums up Tomasz Misiak, President of Supervisory Board of Work Service S.A.

Key financial figures for Group Service S.A. Group, covering the period from 1 July 2015 to
30 September 2015, in comparison to the same period of the previous year

Data (PLN)	3Q 2015	3Q 2014	% Increase
Revenue	548 770	488 302	+ 12,38%
EBITDA (operating profit before amortisation and depreciation)	28 296	23 634	+19,72%
Gross profit on sales	22 812	21 523	+5,98%
EBIT (operating profit)	25 295	21 113	+19,80%
Headline net profit (after one-off costs)	13 815	10 898	+26,76%

Key financial figures for Group Service S.A. Group, covering the period from 1 January 2015 to
30 September 2015, in comparison to the same period of the previous year

Consolidated data (PLN)	3Q 2015	3Q 2014	% Increase
Revenue	1 525 886	1 224 159	+ 24,65%
EBITDA (operating profit before amortisation and depreciation)	66 801	59 903	+ 11,52%
Gross profit on sales	51 365	54 149	- 5,14%
EBIT (operating profit)	58 186	53 501	+ 8,76%
Net profit (before one-off costs)	27 025	30 364	- 11,00%
Headline net profit (after one-off costs)	41 045	30 364	+35,18%

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Work Service Group was established in 1999 and is a top supplier of end-to-end HR services across Central Europe. It operates through its extensive branch network present in 11 CEE countries, including Poland, Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia. The Group specializes in HR consulting services, as well as HR restructuring processes, permanent and temporary recruitment, and employee outsourcing. More than 3000 companies have trusted Work Service as their business partner, and with the help of the Company, 50,000 persons find a job in Poland and abroad every month. Work Service is the first HR services company quoted on the Warsaw Stock Exchange.

For further information:

Krzysztof Inglot

Representative of the Management Board,

Press Officer Work Service

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Andrzej Kubisiak

Head of Press Office Work Service

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Magdalena Kowalska

Bridge Sp. z o.o.

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