Finnish HR services firm Eezy Plc reported revenue of €41.5 million, a fall of 21% when compared to €52.8 million the year prior.

Revenue fell due to a sharp drop in demand for staffing services. In the staffing services segment, demand weakened most in the construction and industrial sectors. These sectors account for nearly half of the group’s revenue in the staffing services business area. 

Eezy also noted that orders are shorter, for the time being, its customers are reluctant to commit to long contracts, the group stated.

Siina Saksi, CEO, said, “Demand for staffing in our main sectors, construction and manufacturing, remained weak for the first part of the year. Revenue increased for our professional services, which is a great achievement in a difficult market.”

“The yearly savings of €3 million, as planned in our profitability program, show in lower fixed costs,” Saksi said. “Our strategy progresses as planned. We have made significant progress in our new technology roll-out as well as in co-selling our vast service portfolio to our clients.”

EBIT for the first quarter was €0.5 million, a decrease mainly explained by the decline in the revenue of staffing services and the industry focus in its clientele, which the group said was unfavourable amid market conditions.

Revenue by service area

Eezy did not provide guidance for 2024.

Saksi said, “The economic cycle has been exceptionally difficult throughout my time as CEO. However, I still see strong opportunities for growth and productivity gains over this strategic period. Our competitive advantages include the largest national network, a strong and responsible brand, satisfied customers, and a broad client base. We can also offer our customers the widest range of services within the market. We will revolutionize the staffing service industry with our AI-enabled technology. By focusing together with the Eezy team on what we do best in the country, we will achieve our strategic goals.”

Eezy shares last traded at €1.30, down 2.62% on the day and 23.81% above the 52 week low of €1.05 set on 7 March 2024. The company has a market cap of €33.44 million.