Swedish staffing firm Wise Group (WISE: SS) reported revenue for the first quarter ending 31 March 2015 of SEK 154.4 million (€16.7 million), an increase of 18.6% (15% on an organic basis) compared with SEK 130.1 million (€14.1 million) during the same period last year. 

Wise Group’s Q1 2014 operating profit included a SEK 1.4 million (€151,564) impairment attributed to the company’s acquisition of employee engagement and change management firm Netsurvey Sweden.

Roland Gustavsson, CEO of Wise Group, commented: “Last year ended on a very positive note and we entered 2015 with great force and energy. The positive trend that started last year is expected to continue. During the quarter we recorded growth of 19% and profit of SEK 7.1 million. Demand for our services remains good and our capacity utilisation is generally very good.”

“Our three business segments; Recruitment, Consultant Services, and HR Services, all reported revenue growth and improved margins compared with the previous year. All of our recruiting activities, which were weighed down in 2013 and also at the start of 2014, have shown growth for six consecutive quarters and improved profitability. The segment has grown by 42% compared with the same quarter in 2014.”   

“Our HR Services segment reported growth of 25% and improved margin compared with last year. The Consultant Services segment showed growth, albeit at a slightly lower level compared with the other segments. Growth for the quarter was 4%, while margins improved.”

“Our two newly established businesses; Capacitet and EQonomy, are developing well and in line with our expectations. It is with excitement that I follow these investments; with faith that both operations, in a few year, will be really strong brands and leaders in their respective markets.”

“This is the second quarter in which we have had operations in Finland. The business is on track and K2 Search Oy reported positive results for the quarter, in line with expectations. In Denmark, our HR Services business continued to grow. The recruitment segment, however, unfortunately reported negative growth. Because the business is relatively small, revenues fluctuate from month-to-month, and during the last quarter of last year placement rates were high, which negatively impacted subsequent months. Our belief is that the second quarter will look better.”

“The start of the year has been positive and, at present, my assessment is that our business will continue to evolve in the same direction in future. I am very much looking forward to the remaining three quarters of 2015,” MR Gustavsson added.

Revenue broken down by business segment during Q1 2015 was as follows:

Geographically, revenue during the first quarter was broken down as follows:

Wise Group also announced that it has decided to apply for listing on the Nasdaq Stockholm Small Cap. The company hopes its application will be accepted before the end of the year.

In trading today, the company’s share price rose by 0.5% to SEK 1.98 (€0.21), an increase of 61.2% compared with a year ago. Based on its current share price, the company has a market value of SEK 300.1 million (€32.5 million).