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View All NewsDedicare Q3 revenue rises 16.5% with growth boosted by Norway and Denmark
Dedicare (DEDI: SS), a Swedish staffing firm, reported revenue today for the second quarter ending 30 June 2023 of SEK 524.5 million (€45.0 million), an increase of 16.5% compared with the same period last year. The company noted organic growth amounted to 13.5%.
| (SEK millions) | Q3 2023 | Q3 2022 | Change | Q3 2023 (€ millions) |
| Revenue | 524.5 | 450.0 | 16.5% | 45.0 |
| Operating Profit | 36.7 | 41.1 | -10.7% | 3.1 |
| Operating Margin | 7.0% | 9.1% | - | - |
| EBITDA | 43.7 | 45.9 | -4.8% | 3.7 |
| Profit for the Period | 29.2 | 28.9 | 1.0% | 2.5 |
“Dedicare continued to grow and the third quarter was in line with both our growth and profitability targets,” CEO and President Krister Widström said. “The growth is driven by Norway and Denmark, while Sweden was affected by several regions' restrictions on the hiring of healthcare personnel.”
Revenue in Norway increased by 22.6% during the quarter, and adjusted for currency effects, net sales increased by 25.5%. The group said its medical and nursing businesses continue to gain market share.
Revenue in Sweden amounted to SEK 108.6 million (€9.3 million) in the third quarter, a decrease of 17.8% compared to the same period last year. The decrease is attributed to continued restrictions in several regions regarding the hiring of healthcare personnel. To compensate for the loss in these regions, Dedicare Sweden continues to redirect operations towards existing and new customers in other regions, to municipalities and to private healthcare providers.
In Denmark, revenue during the quarter amounted to SEK 63.5 million (€5.4 million), which is an increase of 51.9%.
The New Markets segment with operations in the UK, Dedicare UK, saw revenue for the quarter amount to SEK 14.0 million (€1.20 million) with the group stating that the segment was developing well.
Dedicare created the New Markets segment to coincide with its acquisition of Templars Medical Agency in October 2022. This segment consists of its business in the UK. The UK operation also provides doctors to clients in Ireland, and in the UK’s non-European territories.
The company also reported revenue of SEK 1.50 billion (€129.4 million) for the nine-month period, up 18.7% over the same period last year.
Dedicare shares last traded at SEK 88.30 (€7.59), up 8.74% on the day and 11.07% above the 52 week low of SEK 79.50 (€6.83) set on 17 October 2023. The company has a market cap of SEK 613.12 million (€52.7 million).