Danish job board Jobindex A/S (JOBNDX: CPH) provided an update yesterday ahead of its first quarter results.

The company said it completed the preliminary accounting figures for the first quarter of 2019. The group had net sales of DKK 83 million (€11.1 million) in Q1 2019, an increase of 1% compared to DKK 82 million (€11 million) in the first quarter of 2018. However, Jobindex has increased costs in anticipation of an increase in revenue of approximately 10%. The operating profit before interest and tax has therefore fallen to DKK 22 million (€2.9 million) compared to DKK 29 million (€4 million) in Q1 2018.

 “The job market is still showing signs of weakness and has not yet risen as we expected at the beginning of the year, probably partly due to continued uncertainty about Brexit and trade war,” the company stated.

Against this background, Jobindex downgrades 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).

The new forecast assumes that there will be an increase in the job market after the summer holidays. 

First quarter results are set to be published on Tuesday, 21 May 2019.