Ma Foi clocks 73% CAGR

India’s largest Staffing and HR services provider, Ma Foi Management Consultants Ltd. declared a bottom line growth of 109% for the FY ended December 2006. The Company closed the year with gross revenue of Rs 337.39 crores as against Rs. 212.58 crores for the same period last year, registering a growth of 59% and a CAGR of 73%. Net revenue was at Rs 103.70 crores as against Rs. 62.31 Crores for the corresponding period last year.

India entry businesses contributed to the bottom line with as many as 19 Green field projects in IT, BFSI, Manufacturing and Life sciences.

It was an outstanding year for Ma Foi Search which registered a 100% growth in top line and over 279% growth in bottom line compared to last year In 2006, Ma Foi Search has provided 112 top level placements of which 21 were CEO/COO placements in Manufacturing, Consumer Retail Services, Energy and Infrastructure..

The Search division will spearhead the expansion of Ma Foi into Hong Kong this year. Hong Kong is a major hub for financial services. This strategic move will strengthen the overseas network and contribute significantly to cross border recruitment across levels .This will help the Company tap into the movement of human capital across the UK- Middle East, Singapore- India and India –UK corridors.

With renewed focus on specialist staffing, Staffing business maintained its leadership by taking the total number to 119961 (from 77709 in FY ended Dec 2005). A total of 12954 permanent placements were made in 2006 of which 7587 were through Turnkeys and rest through Selection database mode. Flexi staffing business consolidated its Deputee count in India with the number rising from 17961 in Jan 2006 to 22199 in Dec 2006.

Assessment practice gained ground with India entry business finding new applications for the offering. Notable among these was an assignment to screen Dealers for a leading automobile manufacturer.

Ma Foi Academy trained 8190 students across 26 locations, with Srilanka being their first overseas centre. The plan is to expand to 50 more centres across the country in 2007.

The permanent staffing business completed a turnkey recruitment sign up with Government of Madhya Pradesh. Corporotisation being the mantra, the year saw Ma Foi Consulting Solutions consolidate their share in Public Systems Practice, with as many as 8 new assignments beings signed on in 2006.

Ma Foi’s Overseas Operations have shown promise, and contributed 13.27% to the top line, successfully placing 1074 professionals all over the world, and 466 deputees across Malaysia, Lanka, Singapore and Oman This year saw Ma Foi clearly deepening its Middle Eastern presence, signing up joint venture operations in Abu Dhabi and Bahrain, taking its total number of offices in the Middle East to six, including three in the UAE, two in Oman and one in Bahrain. Ma Foi expects to consolidate its presence in the Middle East in the first half of 2007 with clear focus on Energy, IT, and BFSI verticals.

About Ma Foi:
Ma Foi is a 15-year-old public limited company. Having started in 1992 at Chennai with a focus on recruitment services, Ma Foi has grown to become the largest HR services provider in India. Ma Foi is committed to offer people and people related services, enhancing the net worth of human capital. Currently Ma Foi has a presence in 9 countries worldwide, operating through 94 offices in India, the UAE, UK, Singapore, Sri Lanka, Malaysia, Oman and the US, and has over 1668 clients, including 194 Fortune 500 Companies. Ma Foi had posted revenue of Rs.327.72 Crores for the year ending December 2006.

For further details on Ma Foi, visit www.mafoi.com




About Vedior:
Vedior NV, Ma Foi’s Global partner, is the world’s leading specialist staffing major, and the third largest staffing company with annual 2005 sales of Euro 6.85 billion. Vedior has a diversified portfolio of brands targeting a broad range of sectors, and from its global network of offices spanning Europe, America, Australasia, Asia, the Middle East and Africa, offers temporary and permanent recruitment as well as a number of complementary employment-related services, such as outplacement, HR Outsourcing, payrolling and training. Vedior offers temporary staffing in traditional administrative, light industrial and specialist sectors, such as information technology, healthcare, accounting, engineering and education, under different brand names. Vedior is listed on the pan European Euronext Stock Exchange.

For further details on Vedior, visit www.vedior.com