Danish job board Jobindex A/S (JOBNDX: CPH) reported net sales for the first quarter of DKK 82.5 million (€11.0 million), an increase of 0.7% compared with the same quarter in the previous year.

Jobindex’s advertising products reached a turnover of DKK 57 million (€7.6 million) in Q1 2019, up from DKK 56 million (€7.5 million) the year before. Jobindex stated that the job market in Denmark is on the rise with an early labour shortage in certain job types and the increase expected to continue.

Recruitment products reported a turnover of DKK 7.5 million (€1.0 million) in Q1 2019 against DKK 8.2 million (€1.1 million). The company added that recruitment products remain an important part of the strategy, despite the slight fall in revenue.

Jobbsafari had a turnover of DKK 2.7 million (€0.3 million) in Q1 2019, up from DKK 2.5 million (€0.3 million) in Q1.

Computerworld had a turnover of DKK 7.5 million (€1.0 million) in Q1 2019 against DKK 6.7 million (€0.9 million) last year.

IT jobbank reported a turnover of DKK 4.4 million (€0.5 million) in Q1, down from DKK 5.0 million (€0.6 million).

StepStone reported a turnover of DKK 3.2 million (€0.4 million) in Q1 down from DKK 3.5 million (€0.4 million).

Jobindex also announced that it would move offices to Copenhagen next year. The relocation is expected to result in a one-off relocation cost of DKK 10 million (€1.3 million).

Last week Jobindex downgraded its full-year 2019 forecast due to increased costs.

According to Jobindex, the total number of online job advertisements has not increased presumably due to the job market having been negatively impacted by uncertainty surrounding Brexit as well as the US-China trade war.

Jobindex added that they expect that the job market will improve when there is a clarification on Brexit and the on the trade war, but it will probably only happen after the summer holidays.

Against this background, Jobindex downgraded expectations for the entire 2019 to a net turnover of approximately DKK 330 million (€44.1 million) against DKK 350 million (€46.8 million) previously expected and an operating profit before interest and tax of around DKK 90 million (€12.0 million) against the previously forecasted DKK 100 million (€13.4 million).

Jobindex last traded yesterday 20 May 2019. Shares closed at DKK 1,160 (€155.32), no change on the day. Based on its current share price, the company has a market value of DKK 1.04 billion (€139.2 million).