Letter from the CEO
FINANCIAL PERFORMANCE AND POSITIONING
The economic-financial results of Gi Group Holding in 2021 were the best in our history, with double-digit growth in revenue, which reached more than Euro 3.2 billion, +30.4% compared to the previous year, and positive performance across every foreign country, particularly in the temporary staffing business. Our international dimension is also confirmed by the contribution to revenue from foreign countries, which accounted for roughly 51% of the total.
Profitability was also up, with a Gross Profit of Euro 423 million, +37% compared to 2020, EBITDA of Euro 115 million, +43% compared to 2020, and a Net Profit of Euro 40 million, +15% in the comparison with the previous year. We achieved healthy growth while maintaining a limited level of debt.
The results for 2021 represent the latest step on a path of growth that began long ago and which has brought the Group to 5th place at European level and 16th globally – considering its 2020 revenues – amongst staffing companies, giving us the confidence to continue to conquer even more ambitious goals in the future.
GI GROUP HOLDING AND THE NEW CORPORATE BRAND
In the course of 2022, the launch was announced and completed of Gi Group Holding S.p.A., underlying the new corporate structure renewal process linked to the need
to align with the Group’s development and the desire to respond with organisational efficiency to the growing size of the business.
In line with its strategy of enhancing its global identity and visibility, the Group has also launched the new corporate brand designed to represent all of the Group’s Business Lines, Countries and People.
Sustainability is a fundamental prerogative within the Group’s development, an element for the creation of value and a competitive lever for differentiation in the market, as well as of attention to the identity of the company and the brand and its relations with the community and stakeholders.
Therefore, and in light of the constant attention placed on sustainability by the financial and other markets, Gi Group Holding has established bodies specifically dedicated to defining and disseminating the CSR strategy, to guarantee its integration at the governance and business level, supporting its implementation and guiding its development.
This approach, and the awareness of the intrinsic social impact of our Group, has given rise to Our Sustainable Work Manifesto, which expresses our position on sustainability. It also represents our guide to the achievement of the CSR goals with respect to which we assume a development and reporting commitment.
FUTURE STRATEGIES AND M&A
Gi Group Holding, strong from its new organisational structure, positive economic and financial performance and a strategy based on internal and external growth, looks to the future with determination to further boost its positioning in the global market. The business model meets the organisational and structural requirements of the current job market through a complete offering and the use of innovative solutions that exploit the technologies required of workers, helping them to develop their careers and their potential. The Group will work to strengthen and improve its core business, temporary staffing, and in parallel its Professional Staffing service, which has considerable potential as it grows its relationships with key customers.
International growth will be based primarily on the M&A strategy, which in the 2020-2021 two-year period made it possible to carry out 7 acquisitions and arrive on US shores. In particular, in March 2021, 100% of the share capital was acquired of Jobtome, a Job Aggregator headquartered in Switzerland and operating worldwide within a rapidly expanding sector linked to the development of digital technologies and innovative services that have become of primary importance for both candidates and companies. The transaction represents an important step in the Group’s digital development and the strengthening of candidate attraction.
As at the end of June 2021, 100% of the shares of a bundle of companies related to the Axxis brand and operating in the temporary employment and training market throughout France, based in Marseille, were acquired by the Onet Group in France. With this transaction, the Group strengthens its presence in such an important market as France, expanding its territorial presence.
Over the next three years, Gi Group Holding will therefore concentrate on consolidation within its reference markets and acceleration in countries with high opportunities for development by making further acquisitions, with a view to surpassing turnover of Euro 6 billion in 2024.
CEO, Gi Group Holding