runner ignores --working-directory setting

I am using gitlab-ci-multi-runner version 0.6.2 (3227f0aa) and installed the service using

gitlab-ci-multi-runner install --user=buildbot --working-directory=/local/buildbot/gitlab-runner

It has generated the following systemd service file

[Unit]
Description=GitLab Runner
After=syslog.target network.target
ConditionFileIsExecutable=/usr/local/bin/gitlab-ci-multi-runner

[Service]
StartLimitInterval=5
StartLimitBurst=10
ExecStart=/usr/local/bin/gitlab-ci-multi-runner "run" "--working-directory" "/local/buildbot/gitlab-runner" "--config" "/etc/gitlab-runner/config.toml" "--service" "gitlab-runner" "--user" "buildbot" "--syslog"

Restart=always
RestartSec=120

[Install]
WantedBy=multi-user.target

The proposed working /local/buildbot/gitlab-runner belongs to the user buildbot and has sufficient rights:

i10test7:/local/buildbot/gitlab-runner # ll -a .
total 8
drwxr-xr-x 2 buildbot i10build 4096 Oct 24 11:13 .
drwxr-xr-x 6 buildbot i10build 4096 Oct 23 18:11 ..

For some reason when I trigger a build the builds directory is created in the HOME directory of user buildbot instead of the specified working directory.