Mplus achieved record revenue of 1.35 billion kuna in 2022, new breakthrough partnership with Manpower in the region

Last year, Mplus recorded a revenue increase of 69 percent to 1.35 billion kuna (179 million euros). EBITDA increased by 32 percent compared to the previous year, to 197 million kuna (26.1 million euros), while adjusted EBITDA rose by 38 percent to 220 million kuna (29.2 million euros), according to the statement.

The growth of Mplus as a global BPTO (Business Process and Technology Outsourcing) player based in Zagreb was driven by market expansion and investments in new technological solutions, the statement said. The strategic decision to generate growth through market consolidation of acquired companies has brought Mplus organic growth of over 20 percent of the revenue achieved in 2021, or about 160 million kuna. The remainder of the growth is attributed to acquisitions made during 2022.

At the end of 2022, Mplus entered into a partnership with the management of a group of companies that manage the American brand Manpower in the Southeast European region, a leading global name in human resources. The partnership, which awaits regulatory approval, builds a new HR vertical for Mplus, which will encompass 15 companies in six countries under the umbrella brand “Workplace,” which had a total revenue of 90 million euros in 2021. With the implementation of new technologies and market consolidation, Mplus expects that revenues from the HR vertical will grow materially over the next three years.

– The success of Mplus’s business in the past year is the result of a series of investments that include expanding and raising the professionalism of our team, introducing new technologies, and strengthening the profitability of our German companies. In 2023, we continue to implement the same strategy, and we are particularly focused on market expansion, optimizing operations, and raising the quality of services. Our commitment to investments for the future has also been confirmed by last year’s business results – said Darko Horvat, CEO of Mplus.

In 2022, Mplus issued the first Croatian ESG bond on the Zagreb Stock Exchange, a security whose interest rate for investors will depend on the issuer’s success in achieving environmental, social, and governance goals. This is the third successful issuance by Mplus in the domestic capital market after issuing new ordinary shares in 2019 and a secondary public offering in 2021, during which 300 million kuna was raised from institutional, private, and individual investors.