Impel S.A., the leader among the Polish companies specializing in outsourcing for business, achieved a 15% increase in its revenue for three quarters of 2012, in comparison with 2011, i.e. PLN 1,047.3 million. In the third quarter of 2012 the revenue totalled PLN 358.2 million and the operating profit reached the level of PLN 19.6 million.
The closure of three acquisition processes (Climbex, Ad Akta, Brink's) was the most important event as at the reporting day. The signing of the final agreement with Brink's C.L. Polska depends on the favourable decision of the Consumer and Competition Protection Office concerning the possibility of taking over the company. In 2011, the above companies earned the total revenue of PLN 80 million.
Danuta Czajka, Vice President of Impel S.A. emphasised that ‘acquisitions represent an essential growth factor in the Impel Group's strategy. The finalised acquisitions will enable us to increase our growth dynamics, and, what is more important, the profits. The acquisition of Climbex, which will join the Facility Management Segment, will make it possible to offer modern and highly specialised services in the area of industrial installation cleaning in Poland and abroad. The takeover of Brink's C.L. Polska will strengthen our market position in the CIT and counting sector, thus bringing us closer to the leadership position. Owing to this acquisition we will enhance the potential for further growth and we will be able to ensure a more effective service provision. We hope for good cooperation with new Clients and expect measurable benefits for both parties. The acquisition of Brink's C.L. Polska and Ad Akta forms an important step towards the security market consolidation and provides further growth prospects for the Security Segment. We are proceeding with subsequent acquisition processes, which will strengthen the Impel Group's portfolio.'
We are extremely satisfied with a 200% increase in our foreign operations, and in particular with the growth dynamics recorded by the Business Process Outsourcing - BPO (Accounting, HR, IT) Product Line. In comparison with the previous year, this highly specialised line increased by 68%. Our BPO service package is of great interest to the market, because of Impel's very effective practices offered to the Clients, which are based on its own experience gained in this segment. Over the last three quarters, the Facility Management traditionally comes out as the best segment, with the revenue from sales of over PLN 500 million, at the margin of 5.4%, followed by the Security with the revenue of over PLN 334 million and a 2.9% margin. The Distribution Business Unit recorded the revenue of PLN 211 million and achieved a 3.8% margin. However, an increase in sales in this segment, at the level of almost 40%, should be emphasized.
Wojciech Rembikowski, Vice President of the Management Board of Impel S.A., pointed out that, ‘We are contented with the fact of maintaining our good results, in spite of the adverse changes in the legislation. The fact that the provisions of the Public Procurement Law are not adapted to the rapid changes affecting the real costs of rendering services in 2012, results in decreasing the profitability. Other significant factors which have an adverse impact on the profitability include an increase in the social security (ZUS) contributions by 2%, an increase in VAT by 1%, a reduction in subsidies by 20% and an increase in the minimum wages by 8%. The results achieved despite the impact of numerous negative factors confirm that the "dynamic sales growth" strategy has been properly implemented. The undertaken restructuring activities equally contributed to maintaining of the results. The effects of our actions, reflected by the financial results, evidence that we are credible to our investors and to the capital market. Our revenue increases, which means that we enjoy the confidence of our clients and that is of utmost importance to us.'
Following the examination of the achieved results the market analysts were able to determine the value of our company as exceeding by 20% its current stock exchange valuation, with the BUY recommendation.
Wojciech Rembikowski, Vice President of Impel S.A. added that ‘it is for us a good signal for the future. The dynamic growth strategy adopted by the Impel Group is aimed at preparing the largest possible revenue base for the "better time" for the Polish market, which should come in 2-3 years. Our company's history shows the recurrent relationship: a dynamic increase in revenue during the period of slowdown in the Polish economy results in a decrease in profitability, however, when the trend reverses and the macroeconomic conditions improve, the profitability will increase owing to the large sales volume. Therefore, the strategic announcements of the Impel Group aim high: the revenue of PLN 2 billion at the end of 2014. Furthermore, we are convinced that the increasing share of highly specialised services will strengthen our market position and confirm our role of the leader of changes in the company management on the Polish market.'