Daily News
View All NewsEezy Q4 revenue falls 16.2% as it reports losses
Eezy plc (EEZY:HEX), a Finland-based staffing firm, reported fourth-quarter revenue decreased by 16.2% when compared to the same period a year ago.
Revenue fell due to the sharply weakened demand for staffing services during the period.
| (€ millions) | Q4 2023 | Q4 2022 | Change |
| Revenue | 52.1 | 62.2 | -16.2% |
| EBITDA | 3.6 | 4.6 | -21.7% |
| Operating Profit | -0.7 | 2.7 | - |
| Profit before taxes | -1.4 | 2.2 | - |
| Profit for the period | -1.2 | 2.1 | - |
The group’s operating profit for the quarter includes an impairment of €2.3 million for trademarks and customer relationships.
| (€ millions) | Q4 2023 | Q4 2022 | Change |
| Staffing services | 42.7 | 53.7 | -20.4% |
| Professional services | 9.6 | 8.6 | 11.6% |
| Common functions and eliminations | -0.1 | -0.1 | - |
The group said the decline within staffing services occurred across all industries, but it was particularly strong in the construction and industrial sectors, where labour demand saw a significant reduction.
“Weakening economic conditions in 2023 have clearly decreased the workforce needs of many of our customers. The impact has been most prominent in the construction and industry sectors, where volumes have been clearly below last year,” the group stated.
Revenue growth in professional services was driven by rehabilitation and integration services provided by Eezy Employment services, as well as employee surveys, and consulting and coaching services related to management development.
Eezy also published revenue for the full year 2023 of €219.0, down 11.5% over FY 2022.
In April 2023, the group announced the appointment of Siina Saksi as CEO.
“Eezy's year 2023 is characterised by an economic downturn and a significant decrease in labour needs in the Staffing services business area,” Saksi said.
“We succeeded in our profitability program and are entering 2024 with a lower cost level and a clear plan following our new strategy,” Saksi added.
“For the strategic period extending to 2028, the goal is to grow faster than the market in the company's largest business area, staffing services, and to double the revenue of the Professional services business area,” Saksi added.
Earlier this week Eezy announced the appointment of Joni Aaltonen as its Chief Financial Officer and a member of the group management team effective from 1 February 2024.
Eezy set a new 52-week low during today's trading session when it reached €1.36. Over this period, the share price is down 58.36%. Eezy last traded at €1.40, down 1.76% on the day. The company has a market cap of €37.32 million.