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Vmp Plcs Half-Year Report January 1 June 30, 2019: Strong Growth Continued

08:00 VMP PLC -- COMPANY ANNOUNCEMENT -- AUGUST 21, 2019 AT 8.00 VMP PLCS HALF-YEAR REPORT JANUARY 1 JUNE 30, 2019: STRONG GROWTH CONTINUED AprilJune 2019 in brief * The Groups revenue was EUR 44.4 million (EUR 32.4 million in AprilJune 2018). Revenue increased by 36.8%. * The Groups EBITDA was EUR 3.0 million (2.5). EBITDA increased by 20.2%. * The Groups adjusted1 EBITDA was EUR 3.2 million (2.7). Adjusted EBITDA increased by 22.1%. * The Groups earnings per share (EPS) was EUR -0.02 (-0.26). The result was weakened by amortizations of goodwill amounting to EUR 2.3 million2. Earnings per share excluding amortizations of goodwill was EUR 0.14 (-0.13). * VMP strengthened its recruiting and organizational development business area and expanded its service offering by acquiring Corporate Spirit Ltd. * VMP initiated a cost savings and efficiency program, targeting annual savings of approximately EUR 2.5 to 3 million. JanuaryJune 2019 in brief * The Groups revenue was EUR 82.6 million (EUR 60.5 million in JanuaryJune 2018). Revenue increased by 36.6%. * The Groups EBITDA was EUR 6.6 million (4.5). EBITDA increased by 48.0%. * The Groups adjusted3 EBITDA was EUR 5.8 million (5.0). Adjusted EBITDA increased by 15.6%. * The Groups earnings per share (EPS) was EUR 0.01 (-0.29). The result was weakened by amortizations of goodwill amounting to EUR 4.4 million2. Earnings per share excluding amortizations of goodwill was EUR 0.31 (-0.05). * VMP strengthened its position in the retail industry by acquiring Henkilöstöratkaisu Extraajat Ltd. Outlook for 2019 VMP expects adjusted EBITDA to grow significantly during the financial period ending December 31, 2019 compared to the financial period ended December 31, 2018. Key figures EUR million, unless otherwise specified 46/ 2019 46/ 2018 Change % 16/ 2019 16/ 2018 Change % 2018 Revenue 44.4 32.4 36.8% 82.6 60.5 36.6% 124.9 Adjusted EBITDA 3.2 2.7 22.1% 5.8 5.0 15.6% 10.2 Adjusted EBITDA margin 7.3% 8.2% - 7.0% 8.3% - 8.2% EBITDA 3.0 2.5 20.2% 6.6 4.5 48.0% 9.8 Earnings per share, EUR -0.02 -0.26 - 0.01 -0.29 - -0.20 Earnings per share excluding amortizations of goodwill, EUR 0.14 -0.13 - 0.31 -0.05 - 0.27 Net debt / Adjusted EBITDA (net leverage) - - - 1.9 x 1.5 x - 1.4 x Operative free cash flow 1.1 2.2 - 3.4 4.4 - 9.5 Chain wide revenue 63 54 17% 118 99 19% 204 Juha Pesola, CEO Our revenue for JanuaryJune 2019 increased by 37% and totaled EUR 82.6 million (60.5). Revenue increased particularly due to the business acquisitions carried out at the end of last year and the beginning of this year. EBITDA was EUR 6.6 million (4.5). Adjusted EBITDA amounted to EUR 5.8 million (5.0). In the second quarter, our revenue grew by 37% to EUR 44.4 million (32.4). EBITDA was EUR 3.0 million (2.5). Adjusted EBITDA amounted to EUR 3.2 million (2.7). During the first half of the year, we have continued active development of our operations and the Group according to our strategy. We have increasingly focused on our core business and divested Alina Hoivatiimi Oy. We have strengthened our expertise by acquiring Henkilöstöratkaisu Extraajat Oy, in addition to acquiring Corporate Spirit Oy, a top expert in organizational and leadership development, at the beginning of the second quarter. The Corporate Spirit acquisition expands our service portfolio and enables us to provide our customers with an even wider selection of employee-related services. We can also utilize Corporate Spirits know-how especially in analyzing customer needs and thus develop new services. Eezy, our self-employment service, has also developed positively. During the review period, we increased the marketing investments for the service, which led to a significant increase in the number of registered users. The revenue of the unit has also grown from the previous year. Due to the acquisitions carried out in the staffing service area, the proportion of higher added value services of the revenue has decreased, which is visible in the Groups profitability figures for the period. We constantly pay special attention to achieving synergy benefits. In the short term, synergies can be created by, for instance, combining purchases and office premises. In the medium term, more services as well as solutions generating higher added value to customers can be produced in the customer interface. We initiated a Group-wide cost savings and efficiency program in May, targeting annual savings of approximately EUR 2.5 to 3 million. At the first stage, we have completed the personnel reductions related to the program, which will generate approximately EUR 2.1 million in annual savings, of which approximately EUR 1.0 million will materialize already this year. We will continue other savings and efficiency measures related to the program during the autumn, but their effects will mainly be seen later. Immediately after the review period, on July 5, we announced the merger of VMP and Smile. The new combined company will be a significant player in the staffing services market and aims to become the market leader. We have convened an Extraordinary General Meeting for August 22 to decide on the acquisition. It has also been proposed that the EGM would decide on an extra dividend and equity repayment, totaling approximately EUR 3.5 million. As part of the transaction, Sami Asikainen will replace me as the CEO of the combined company. The transaction is expected to be completed in the third quarter. It has been great to serve as VMPs CEO in a period of significant developments. The company has been listed on the Nasdaq First North and has completed several acquisitions that have significantly strengthened VMPs position. I believe in the continuing success of the company, as an even larger and stronger player in the continuously developing HR services market. Result publication event A press conference for analysts and media will be held on Wednesday, August 21, 2019 at 11.00 a.m. Finnish time as an audiocast at https://vmp.videosync.fi/2019-q2 . The conference will be held in Finnish. The conference will be hosted by Juha Pesola, CEO, and Hannu Nyman, CFO. During the presentation, there will be an opportunity to ask questions. The presentation material will be available at company website before the conference at http://www.vmpgroup.fi/en/investors/reports-and-presentations/ https://www.globenewswire.com/Tracker?data=HZQUB7eyd1g_6zGpuYTMvH4QCQrbm6vN9Me3cgTV_XX6twCEqSXfNPCsUDl5xpF_LRHpYU14NCCvwhIGvWHF7q_EW2ZXPLFZtqaRG1KxRkMHtw2VKg26pRWLfsNvCkrWjfuPAYVBPFwsoVNU4_nRuKqltyO3K9fxCVGQbXJPVkZ27qeRRtcAA4yuKJHxoTBPn3c6DqSkBl7xF17B1IaMTA== A recording of the audiocast will be available at the same website later on the same day. More information: Juha Pesola, CEO tel. +358 (0)40 307 5105 Hannu Nyman, CFO tel. +358 (0)50 306 9913 Certified Adviser: Danske Bank A/S, Finland branch, tel. +358 10 546 7934 Attachments: VMP Plc Half-Year Report JanuaryJune 2019 VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organizational development, and self-employment services. VMPs vision is to help both employers and employees succeed in the changing world of work. We serve customers in Finland and Sweden, and we have a recruitment hub for staffed employees in Romania. VMP Group consists of VMP Varamiespalvelu, Voima, Enjoy, Extraajat, Personnel, Corporate Spirit and Eezy brands. ------------------------------------------------------------------------ 1 In AprilJune 2019, EUR 0.3 million in personnel expenses relating to severance payments have been entered as items affecting comparability. 2 The financial statements and interim reports of VMP Plc are made pursuant to Finnish Accounting Standards (FAS). 3 In JanuaryJune 2019, a capital gain of EUR 1.2 million from Alina divestment and EUR 0.4 million in personnel expenses relating to severance payments have been entered as items affecting comparability. Attachment * VMP_Q2_2019_interim_report_EN https://ml-eu.globenewswire.com/Resource/Download/ea07b945-1f08-4c1d-bfd3-e728d0c197c3 © GlobeNewswire
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