Page 13 - Restamax Plc Annual Report 2017

13

LABOUR HIRE OPERATIONS:

REVIEW BY THE CEO

Strong growth organically and through expect employers to be more and more understanding
corporate acquisitions and flexible with their changing life situations. For us in
the staffing service business, this is a great opportunity
The spectacular growth of Smile Henkilöstöpalvelut – and a responsibility. Although the staffing service
continued in the 2017 financial period. The company’s sector in Finland is still young and developing, its
turnover reached MEUR 75.6, increasing by more than growth potential appears rather bright. In 2017, labour
121 per cent, EBITDA was MEUR 6.6, increasing by hire was one of Finland’s strongest growing industries.
nearly 92 per cent, and operating profit was MEUR 3.8, In 2017, the 20 largest companies in the staffing service
increasing by 140 per cent from the previous year. In sector reached a total turnover of MEUR 1,281, with an
2017, our profitability was among the best in the sector increase of approximately 18 per cent from the previ-
and our growth was clearly stronger than the general ous year. Of this group, the companies concentrating
growth. in labour hire reached a turnover of MEUR 1,077, with
an increase of 22 per cent from the previous year. As
The comprehensive labour needs and growth of our much as over 80 per cent of the turnover of the leading
current customers and our successful acquisition of new players in the staffing service sector comes from labour
customers spurred on our growth. In addition to organic hire services, which is why it is fair to say that labour
growth, corporate acquisitions played a significant role hire nearly defines the direction of the staffing service
in this: for example, Banssi Henkilöstöpalvelut, Job sector.
Services One (now Smile Job Services Oy) and Active
People became part of our company. Our position Growth boost from stock exchange listing
strengthened especially in the fields of construc-
tion, industry and logistics. In addition to these fields, Our journey together with Restamax has been great.
we supply professionals for hotels, restaurants and The labour hire business became part of Restamax
catering, events and promotions and medical services in August 2014, when Restamax acquired a majority
– currently for more than 400 companies around holding in Staff Invest Oy. In 2015, the turnover of the
Finland. In 2017, we employed approximately 9,000 labour hire business was MEUR 24.2, and in 2017 the
professionals on a monthly basis, which is twice the turnover reached MEUR 75.6. In addition to the restau-
amount of 2016. We also established Smile Education rant sector, business operations have scaled diversely
Oy (Smile Edu), which provides training services with to different sectors.
the mission of improving the availability of manpower
in collaboration with educational institutes. Our new In March 2018, Restamax announced that it had decided
direct-recruitment service Smile Rekry also started its to review and evaluate the listing of the labour hire
operations at the beginning of 2018. business comprising Smile Henkilöstöpalvelut Oy
and its subgroup on the Nasdaq Helsinki Ltd Stock
During the 2017 financial period, we became one of Exchange. The evaluation process will be carried out
the largest players in our field. The cornerstones of during spring 2018, and we will communicate on its
our success have been expertise of various fields and progress later.
a diverse growth strategy. Internally, we have focused
on the integration of the acquired companies. We have The potential listing enables us to strengthen our
invested in marketing and brand work. Our slogan balance sheet and to grow even more quickly into one
“Ilon kautta töihin” (Joy at work) can be seen in the of Finland’s largest labour hire companies. In accord-
streetscape and our daily activities. At the core of our ance with our renewed strategy, we will be targeting a
operations is a uniform operating system. With its turnover of MEUR 220 by the end of 2020. This is the
implementation, our operations will be harmonised, way forward.
automated and more efficient than ever. We invest
in our personnel’s well-being at work actively, and in
2017 the Motivire program was introduced to improve
personal well-being.

Joining the change in the labour market
There is clearly a cultural change taking place in the Sami Asikainen
labour market, and we want to be part of it. Employees CEO, Smile Henkilöstöpalvelut Oy

Annual Report 2017