Pensum Group's Revenue Up, Net Profit Down in 2022

Pensum Group Plc., a human resources services provider, saw its revenue rise by 40% to HUF 3.7 billion in 2022, while its profit after tax was HUF 33 million, a 57% year-on-year decline, the company told MTI on Thursday.

According to the statement, revenue was also boosted by price increases implemented by the company as a result of higher wages for its employees. Last year, Pensum Group continued to expand its partner base, which led to an increase in the amount of outsourced labor.

However, the result was negatively impacted by a number of mainly one-off factors in 2022. One example cited was the sudden tax changes in the second half of the year, which were unfavorable for the labor market and which the company was unable to pass on to its partners immediately.

In addition, the company launched several investments and improvements that will lay the foundations for growth in the coming years. Most notably, in the third quarter of last year, Pensum obtained the necessary license to operate as a qualified temporary employment agency. This allows the company to hire and lend workers from third countries, including from the Asian region, to its partners. The acquisition of the license and the related market development have led to a number of one-off or new costs (IT upgrades, legal costs, new internal staff) that have had an impact on profitability.

The company was founded in 2012 and its main owners have more than 20 years of experience in the field of human resources services, mainly in temporary employment. Pensum aims to provide its clients in Hungary, Austria and Germany with the full spectrum of human resources services. Its portfolio of services includes, among others, domestic and international temporary employment, recruitment and placement services, as well as qualified temporary employment services.