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We are going to make the global Top-25

 

BUSSINESS TALK

We’re going to make the global Top-25

I have heard that Work Service people can be seen in several European cities?

Tomasz Hanczarek: We have just completed a series of IPO road shows to present our new subscription offer to potential investors. We have visited a number of places, including Frankfurt, London, Paris and Vienna. Altogether we’ve held more than 60 meetings.

Would it be worth going to other continents as well? The US or China?

Paul Sofianos: All the major funds – and this is the group we are targeting here – have offices in Europe, e.g. Germany or the UK. Apart from that, our shares have aroused a great deal of interest in Europe, including Poland, so we are not planning to do any road shows outside Europe at present.

How much do you expect to raise with the new subscription offer?

Tomasz Misiak: We’re issuing approx. 6 million new shares. This adds up to more than PLN 110 million at current prices.

What are you going to spend it on?

Tomasz Hanczarek: We’ve been focusing on two things from the outset: we want to ensure the organic growth of our business and we place a lot of stress on managerial cooperation across all management levels, especially when it comes to decision-making. We want to follow through with the policy we have adopted - to become the largest organization in the Berlin-Moscow-Istanbul triangle. The capital raised by the new offering has been earmarked for further growth – to consolidate our position on current markets and make inroads into new ones.

Tomasz Misiak: We’re going to follow this up with acquisitions. We are watching a whole group of companies and keeping a close eye on a few of them. We are interested in acquiring organizations that can instantly improve our competitive position and balance of payments. We have clearly identified goals. We’re not waiting for bargains or bankruptcies.

What made you choose this strategy? Wouldn’t it be better to invest in developing your own brand?

Paul Sofianos: The specifics of the personnel services market makes it highly fragmented. None of the big players enjoys a significant market advantage or holds the dominant market share. Consolidation is the only effective way forward. So long as we retain full control over the growth of the company and stick to our values, we have every chance of becoming one of the 25 leading companies in the sector.

In Europe?

Tomasz Misiak: In the world. We are in the global top 70-80, but compared to the competition - companies that have been recognized brand names for decades and which have major market shares – we are growing at the fastest rate. We have a plan to be in the top 25 in 3-5 years’ time. Or maybe even sooner. We have been striving to achieve a revenue of around PLN 2 billion by 2017, but we might be able to get there in the next few months.

Wouldn’t it be easier to conquer Western European markets?

Tomasz Hanczarek: We have bridgeheads in those Western European countries that are crucial to our business, but we are committed to implementing the strategy we have adopted to press ahead in the Berlin-Moscow-Istanbul triangle. Right now, there’s no reason to veer from the path we’ve been following for years.

Establishing a joint venture between Work Service and Fiege Group gained a lot of publicity. Wasn’t that a westward step?

Paul Sofianos: Fiege is our dream partner. We have an excellent working relation- ship and the prospects for the future are promising, but as my colleague says, Eastern Europe, i.e. in the triangle we mentioned, is the place to be for rapid growth for the foreseeable future.

What might sway a foreign investor who’s undecided about buying shares in Work Service?

Tomasz Misiak: We realized that we would be competing against Western companies when we decided to internationalize our shareholder base. But we have one big advantage – low costs. This, combined with the sort of rapid growth we’ve managed to achieve over the past few years, as well as our acquisition experience, transparent business model and development strategy, should make us a powerful capital magnet.

INTERVIEWED BY: Piotr Gozdowski

 

 

WORK SERVICE
ул. 2-ая Хуторская, д. 38А, стр. 23, 4 этаж 127287Москва,
Телефон:8-495-662-10-68, Телефон:8-800-505-10-50, Телефон:8-800-505-07-07, Электронная почта: contact@workservice.ru