Reply To: Veteranpoolen AB (Ticker: VAPB B)

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Tommy Kristiansen


A great read!

What’s interesting is that they maintain great margins for a recruitment agency. It’s really a crowded industry and, if I’m not mistaken, the three largest players globally have something like 17% market share combined. More impressive is that Veteranpoolen have managed growth and somewhat stability in 2018 and 2019, whereas several competitors have pointed out the tough market conditions. And, not at least, how they’ve managed to get through the hardest year of them all – 2020.

It’s probably not fair to compare Veteranpoolen with Adecco, Manpower or Randstad, as they operate across several business areas and are global players. However, it’s worth pointing out that temporary recruitment (which I’d guess describes VAPB the best) is a low-margin segment with high volumes for these players. So. again – being able to have gross margins in the range of 45 – 50% is damn good!