14% Sales hike for Acorn parent company

Synergie, the majority shareholder in Wales' leading recruitment and training company Acorn, has continued to post strong gains with half-year operating income advancing 28% (24% like-for-like) and sales growth of 14% (12% like-for-like).

In the six months to September the Paris-based group recorded total sales of 566m Euro (£385m) with its subsidiaries registering strong expansion - with 30% increases in Northern and Eastern Europe, 22% in Southern Europe and 16% in Canada.

In addition, the North West England subsidiary Advance, which was acquired in April 2007 by Acorn and has since been successfully integrated in the Group, grew 25% in the period.  As a result, the Group's network in the UK has expanded significantly.

Synergie said its financial position further improved in the 2007 first half with net gearing declining to 3% versus 29% at the end of the previous period.  "On this basis, Synergie has the resources necessary to pursue its strategy of acquisitions," said a spokesman.

International operations now account for 30% of Group revenue, a percentage expected to increase in the months ahead.

"Based on business volume in the second half, Group management remains confident about prospects for achieving full-year sales guidance of €1.2 billion (£820m) and its strategic objectives of international expansion. 

"Given this trend, international operations should account for 50% of Group revenue in three years," the spokesman added.

Meanwhile, Acorn has grown its business to circa £65m per annum up from £41.5m in 2006.

The latest analysis of the UK recruitment industry's top companies, 'The UK Top 100 Recruitment Companies', published last week says of Newport-based Acorn, "For many years Acorn has been the leading agency in Wales and one of the fastest growing across the UK.

"Built on a reputation of integrity, exceeding customer expectations and unparalleled client retention, feedback from both clients and candidates alike is testament to Acorn's consistently high service levels with 98% of candidates stating they prefer Acorn to other agencies they have used, and 95% of clients saying they would happily recommend Acorn to others."

Dan Langford, Group Marketing Director of Acorn, said, "We are delighted that here in the UK, Acorn is reflecting Synergie's continuous growth and achievement elsewhere across Europe and in North America.

"Our growth in 2007 in particular has been very considerable, via acquisition, organic development and the opening of new branches. Most parts of the business are performing at their highest ever levels, including Advance, which we acquired in April.

"We have exciting plans for the next 18 months, which we hope will see us achieve our objective of achieving £100m turnover by the end of next year."

Synergie is listed on Eurolist Compartment B of Euronext Paris (ISIN FR0000032658), and has more than than 470 branches in Europe and Canada.  The Group is included in the CAC Small 90, CAC Mid and Small 190 and SBF 250 indices. www.synergie.fr