Announcement • Aug 22
Gi Group Poland S.A. to Report First Half, 2025 Results on Sep 25, 2025 Gi Group Poland S.A. announced that they will report first half, 2025 results on Sep 25, 2025 Announcement • Jul 25
Gi Holding S.r.l agreed to acquire remaining 4.98% stake in Gi Group Poland S.A. (WSE:GIG) for PLN 16.9 million. Gi Holding S.r.l agreed to acquire remaining 4.98% stake in Gi Group Poland S.A. (WSE:GIG) for PLN 16.9 million on July 24, 2025. A cash consideration valued at PLN 2.16 per share will be paid by Gi Holding S.r.l. As part of consideration, an undisclosed value is paid towards common equity of Gi Group Poland S.A. Before acquisition, Gi Holding S.r.l held 95.02% stake in Gi Group Poland S.A. and after completion, Gi Holding S.r.l will 100% stake in Gi Group Poland S.A.
The expected completion of the transaction is July 30, 2025. New Risk • Jun 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł44m free cash flow). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). New Risk • Jun 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł44m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł44m free cash flow). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł329.9m market cap, or US$88.7m). Announcement • May 28
Gi Group Poland S.A., Annual General Meeting, Jun 23, 2025 Gi Group Poland S.A., Annual General Meeting, Jun 23, 2025. New Risk • May 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł37m free cash flow). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (zł337.8m market cap, or US$89.6m). New Risk • Apr 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (zł284.1m market cap, or US$75.6m). New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (zł276.2m market cap, or US$71.5m). Reported Earnings • Dec 03
Third quarter 2024 earnings released: zł0.04 loss per share (vs zł0.03 loss in 3Q 2023) Third quarter 2024 results: zł0.04 loss per share (further deteriorated from zł0.03 loss in 3Q 2023). Revenue: zł127.3m (down 8.1% from 3Q 2023). Net loss: zł4.04m (loss widened 86% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. New Risk • Aug 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-zł183k). Earnings have declined by 7.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł266.7m market cap, or US$69.0m). New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł38m free cash flow). Negative equity (-zł183k). Earnings have declined by 7.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (zł147.3m market cap, or US$36.0m). Announcement • May 25
Gi Group Poland S.A., Annual General Meeting, Jun 19, 2024 Gi Group Poland S.A., Annual General Meeting, Jun 19, 2024. New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (zł153.1m market cap, or US$38.5m). Announcement • May 20
Gi Group Poland S.A., Annual General Meeting, Jun 16, 2023 Gi Group Poland S.A., Annual General Meeting, Jun 16, 2023, at 10:00 Central European Standard Time. Announcement • Feb 15
Gi Group Poland Announces Intention to Delist from LSE The directors of Gi Group Poland S.A. (the "Company") gave notice of their intention to request the Financial Conduct Authority to cancel the standard listing of the Company's shares(the "Shares") on the Official List of the Financial Conduct Authority, and to request the London Stock exchange to cancel the admission to trading of the Shares on the main market for listed securities of the London Stock Exchange (together, the "Cancellation"). The Company has decided to request the Cancellation following a significant change in the ownership structure of the Company in August 2020, whereby the majority stake in the Company, which was previously held by four different entities, was acquired by Gi Group SpA, through its wholly-owned subsidiary Gi International S.r.l. (the "Majority Investor"). Since acquiring this majority stake in the Company, the Majority Investor has been taking active steps to acquire the remaining issued share capital of the Company and has stated their intention to delist the Company from the Warsaw Stock Exchange and London Stock Exchange, as it considers these public listings to no longer align with the strategy of its global operations. Under Polish law, a shareholder may request that a resolution be proposed at a general meeting to withdraw the company shares from trading on a regulated market. Where such resolution is proposed, the proposing shareholder is obliged to announce a tender offer to acquire the company shares from all other shareholders. Following a request from the Majority Investor, being the shareholder of 75.17% of the share capital of the Company, on 21 January 2022 the Company held a general meeting at which a resolution was passed to withdraw the shares in the Company from trading on the Warsaw Stock Exchange. Additionally, in accordance with Polish law as set out above, the Majority Investor announced a tender offer under which it intended to acquire the remaining 24.83% of the Company's shares and therefore hold the entire issued share capital of the Company. The Tender Offer was open to all shareholders of the Company until February 9, 2022, and on February 14, 2022, transactions made under the Tender Offer was settled. Pursuant to Listing Rule 5.2.8, the Company is required to give at least 20 business days' notice of the intended Cancellation. Therefore, it is intended that the Cancellation will become effective from 8.00 a.m. (GMT) on March 18, 2022, such that the last day of trading of the Shares on the London Stock Exchange would be March 17, 2022. Announcement • Mar 17
Work Service SA to Be Delisted GI International S.R.L. is bidding for the remaining 32,329,628 shares of Work Service S.A., or a 49.29% stake, at PLN 1.45 per share, offer manager BM mBank said in a statement. GI International seeks to increase its stake to 100% and delist the company. Subscriptions will be held between April 2, 2021 and May 4, 2021, shares should be bought on May 7, 2021 and the transaction settled on May 10, 2021. Is New 90 Day High Low • Mar 16
New 90-day high: zł1.44 The company is up 18% from a price of zł1.22 on 16 December 2020. Outperformed the Polish market which is up 6.0% over the last 90 days. Exceeded the Professional Services industry, which is up 8.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.68 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: zł273.8m (down 24% from 3Q 2019). Net income: zł17.6m (up zł40.2m from 3Q 2019). Profit margin: 6.4% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 30
New 90-day high: zł1.31 The company is up 8.0% from its price of zł1.21 on 01 September 2020. The Polish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 21% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: zł0.73 The company is down 38% from its price of zł1.17 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is down 30% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of zł123.1m, with earnings decreasing by zł201.9m from the prior year. Total revenue was zł1.42b over the last 12 months, down 33% from the prior year. Announcement • Oct 02
GI International S.R.L. completed the acquisition of additional 0.0006% stake in Work Service S.A. for PLN 310. GI International S.R.L. made an offer to acquire additional 15.3% stake in Work Service S.A. on August 25, 2020. The offer price is PLN 0.62 per share. Offer period is from September 14, 2020 till September 28, 2020.
GI International S.R.L. completed the acquisition of additional 0.0006% stake in Work Service S.A. for PLN 310 on October 1, 2020. GI International acquired 500 shares as a part of tender offer. Announcement • Sep 24
Work Service S.A. to Report First Half, 2020 Results on Sep 30, 2020 Work Service S.A. announced that they will report first half, 2020 results on Sep 30, 2020 Announcement • Aug 25
GI International S.R.L. acquired 20.91% stake in Work Service S.A. (WSE:WSE) from Pinebridge Capital Partners, Inc. GI International S.R.L. acquired 20.91% stake in Work Service S.A. (WSE:WSE) from Pinebridge Capital Partners, Inc. on August 24, 2020.
GI International S.R.L. completed the acquisition of 20.91% stake in Work Service S.A. (WSE:WSE) from Pinebridge Capital Partners, Inc. on August 24, 2020. Announcement • Aug 22
Work Service Announces Management Changes Work Service appointed Thibault Lefebvre as CEO to supersede Iwona Szmitkowska, who on her part will be appointed deputy CEO. Lefebvre currently works as a regional director at Gi Group International's CEE arm. Announcement • Jul 30
Work Service S.A. (WSE:WSE) acquired 55% stake in APT Resources & Services, APT Human Resources, APT Broker and APT Finance Broker from APT group from APT group. Work Service S.A. (WSE:WSE) acquired 55% stake in APT Resources & Services, APT Human Resources, APT Broker and APT Finance Broker from APT group from APT group in July 2007.
Work Service S.A. (WSE:WSE) completed the acquisition of 55% stake in APT Resources & Services, APT Human Resources, APT Broker and APT Finance Broker from APT group from APT group in July 2007. Announcement • Jul 05
Work Service S.A. Auditor Raises 'Going Concern' Doubt Work Service S.A. filed its Annual on Jun 30, 2020 for the period ending Dec 31, 2019. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 