Interim report 01-03/2019



January–March 2019 in brief

  • The Group’s revenue was EUR 38.2 million (EUR 28.0 million in January–March 2018). Revenue increased by 36.3%.
  • The Group’s EBITDA was EUR 3.7 million (2.0). EBITDA increased by 81.9%.
  • The Group’s adjusted[1] EBITDA was EUR 2.6 million (2.4). Adjusted EBITDA increased by 8.3%.
  • The Group’s earnings per share (EPS) was EUR 02 (-0,06[2]). The result was impacted by amortizations of goodwill amounting to EUR 2.2 million[3].
  • VMP strengthened its position in the retail industry by acquiring Henkilöstöratkaisu Extraajat Ltd.
  • VMP focused on HR services and divested Alina care services business to Norlandia Care Oy.

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 specified1–3/20191–3/2018Change %2018
Adjusted EBITDA2.62.48.3%10.2
Adjusted EBITDA margin, %6.7%8.4%8.2%
Earnings per share, EUR0.02-0.062-0.20[4]
Net debt / Adjusted EBITDA (net leverage)1.5 x5.0 x[5]1.2 x
Operative free cash flow2.32.26.3%9.5
Chain wide revenue554622%204

Juha Pesola, CEO

“Our revenue for the first quarter of 2019 increased significantly and totaled EUR 38.2 million (28.0). 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 3.7 million (2.0), which included a capital gain of EUR 1.2 million from Alina divestment. Adjusted EBITDA also increased from the corresponding period and amounted to EUR 2.6 million (2.4).

During the first quarter, we continued active development of group according to strategy. The acquisition of Henkilöstöratkaisu Extraajat Oy was completed. Thanks to the nationwide service concept of Extraajat, our position as a provider of retail personnel services strengthened significantly. We believe that the retail business will provide stable growth also in the future, and has relatively low cyclicality for personnel services.

We sharpened our strategy by focusing on the HR service business and divested Alina Hoivatiimi Oy. After the review period, the Group has strengthened its position with the acquisition of Corporate Spirit Oy, a top expert in organizational and leadership development, which enables us to provide our customers with an even wider selection of services. VMP’s nationwide network serves as a natural distribution platform for new services.

Because of the acquisitions carried out in the staffing service area, the proportion of services of higher added value of the revenue has diminished, which is visible in the Group’s profitability figures in the period. We will 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 producing higher added value to customers can be produced in the customer interface. After the review period, we have initiated a Group-wide cost savings and efficiency program, targeting annual savings of approximately EUR 2.5 to 3 million. A significant part of the savings are expected to start to materialize during 2019.

Our goal is to have a significant role in producing private employment services, and we believe that through cooperation between the public sector and private service providers, these services can truly be reformed. The discontinuation of the social and healthcare service reform slowed down the implementation of ongoing employment service pilot projects as well as the initiation of new projects. However, the need for service reforms still exists, both at a national and local level. Different and diverse actors, for example training service providers and third sector parties, are needed for the reform.

The industry and working life are facing interesting times. I strongly believe that VMP’s way of operating and our comprehensive service offering enable profitable growth also in the future.”

Result publication event

A press conference for analysts and media will be held on Wednesday, May 22, 2019 at 11.00 a.m. Finnish time as an audiocast at . The conference will be held in Finnish. The conference will be hosted by Juha Pesola, CEO, Hannu Nyman, CFO starting from May 13,2019 and Pauliina Soinio, who was appointed as Interim CFO of the Group for the beginning of 2019. During the presentation, there will be an opportunity to ask questions.

The presentation material will be available at company website before the conference at

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


VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organizational development, and self-employment services. VMP’s 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 January–March 2019, a capital gain of EUR 1.2 million from Alina divestment and EUR 0.1 million in personnel expenses relating to severance payments have been entered as items affecting comparability.

[2] In the calculation of earnings per share, the number of shares is 7,854,557 (registered number of shares as of May 29, 2018). Earnings per share has been adjusted to take into account the free share issue, which was made on May 29, 2018. Earnings per share has been adjusted also with the share exchange arrangement executed on May 29, 2018 as a result of which VMP Plc owns the whole share capital of Forshire MidCo Oy and the shareholders of Forshire MidCo Oy are shareholders of VMP Group.

[3] The financial statements and interim reports of VMP Plc are made pursuant to Finnish Accounting Standards (FAS).

[4] In the calculation of earnings per share, the number of shares is 14,799,198 (registered number of shares as of December 31, 2018).

[5] The last 12 months’ adjusted EBITDA, EUR 10.0 million, has been used as adjusted EBITDA. The adjusted EBITDA for the last 12 months has been calculated by combining the adjusted EBITDA of Varamiespalvelu-Group between January 1 and October 31, 2017, with the adjusted EBITDA of VMP Plc between August 28 and December 31, 2017, from which the adjusted EBITDA of Varamiespalvelu-Group between January 1 and March 31, 2017, has been subtracted and to which the adjusted EBITDA of VMP Plc between January 1 and March 31, 2018, has been added.