During the session on Thursday, May 2nd, Work Service shares are recording the strongest gains. The company has presented its financial results for 2018.

In 2018, the Group recorded a net profit of PLN 10.3 million from continuing operations. The positive result is attributed to recognizing the profit from the sale of Exact System shares. However, the operating loss amounted to PLN 65 million, while revenues reached PLN 2.08 billion (down 2.5% y/y).

Funds raised from the sale of Exact System were used to repay part of the debt to the banking consortium in the amount of PLN 104 million.

"Last year, we continued the process of selling companies, mainly foreign ones, to raise funds for debt repayment. Thanks to this, we are able not only to ensure the Group's continued operation but, above all, to develop our business activities. Further restructuring efforts are, of course, ahead of us. This year, we concluded an installment agreement with ZUS [Social Insurance Institution], thanks to which we have spread the payment of liabilities towards this institution over the entire year of 2019. We have also reached an agreement with the banks, and foreign assets will continue to be sold. Subsidiaries in Hungary, the Czech Republic, and Slovakia are to be sold by next year at the latest," says Iwona Szmitkowska, President of Work Service.

On March 22, the company announced the commencement of a strategic options review. As part of this process, Work Service plans to analyze areas related to divestment activities involving the sale of some foreign companies, possibilities for debt refinancing, and obtaining alternative sources of financing.

In the current year, the company intends to focus greater attention on the development of operational activities in Poland and Germany.