Work Service with H1 loss due to one-offs

WSE-listed HR consultancy Work Service had a PLN 70.67 million net loss in H1, compared to PLN 8.01 million profit last year. The result was affected by several one-offs, as without them the company would have posted a PLN 6.98 million, the company said in its financial report. The one-offs included selling stakes in subsidiaries. “As part of the company's transformation, the sale of shares in IT Contract and Proservice Group was completed in the first half of the year, which resulted in a non-cash accounting write-off that once reduced the consolidated net profit for the first half of 2017. Without the disposable disposals, net profit amounted to nearly PLN 7 million,” according to the company. EBIT amounted to PLN 27.26 million against PLN 18.56 million year earlier. Consolidated revenues from continued operations amounted to PLN 1.2 billion compared to PLN 1.08 billion last year. “We have been very active for half a year, during which we improved key operating results, and once again confirmed that achieving our strategic goals is delivering the results we want. Our business is growing at a double-digit pace and growth is linked to a good job market across the CEE region. Thanks to proper management, our revenues are growing faster than costs and we have managed to reduce our debt levels, Work Service CEO  Maciej Witucki said.