(Boursier.com) — The temporary work and recruitment group Mare Nostrum saw its operating profit deteriorate to -0.7 ME in the first half of 2023 after 0.5 ME a year earlier. The Group’s share of net income is negative at 1.9 ME (-0.8 ME in the first half of 2022).
Mare Nostrum announces that the 4% increase in turnover over the period is accompanied by an increase in operating expenses mainly linked to temporary staff costs (+2.6 ME) and permanent staff costs in different professions (+ 0.7 ME), as well as the increase in the 3-month Euribor which weighs on financial services by more than 0.2 ME.
The group has finalized its discussions with its main creditors, notably obtaining depreciation exemptions and the implementation of new schedules. As of June 30, 2023, the Group’s cash assets amounted to 17.6 ME and net financial debt to 14.8 ME for 8.1 ME of equity.
Mare Nostrum confirms that it will continue the implementation of its strategic plan which should result in a gradual improvement in results from the second half of 2023 and over the following years. Thus, the grouping of agencies and the gradual cessation of around fifteen commercial leases should notably make it possible to achieve, from June 2024, nearly 0.24 ME in annual savings. Likewise, the legal/accounting optimization of the group, the implementation of a new policy for the provision of company vehicles and the digitalization of professions are supposed to contribute to better management and fine control of operating costs. exploitation.
Mare Nostrum confirms its ambition to restore its net profitability by the end of 2025 with a target turnover of 190 ME and a floor EBITDA rate of 3%.
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