Finnish HR services firm Eezy said its estimates of development during late summer and early autumn have weakened, which has created uncertainty in reaching its previously announced guidance.

The group had previously forecasted revenue of €110.9 million and EBIT €2.4 million. Eezy is no longer providing guidance for 2023. The company had previously reported 2022 annyal revenue of €48 million and an operating profit of €10 million.

To adjust to the current economic situation and outlook Eezy announced the launch of an extensive profitability program. The company is targeting annual savings of approximately €3 million.

In the profitability programme, Eezy evaluates the efficiency of the processes and service portfolio. The majority of the savings are expected to arise from personnel costs. For this reason, Eezy plans to initiate co-operation negotiations in the group companies.

It added that this may lead to terminations, part-time work and other similar changes, that might cause non-recurring costs.

“We also aim to improve productivity through increasing automatisation,” the group stated.

Eezy said it will renew its strategy and update the long-term financial targets during end of 2023. As part of the strategy process the current business portfolio and focus areas will be evaluated.

Eezy is removing guidance for 2023 because of impacts of the profitability programme and the uncertainty related to the economic situation.

The company provides staffing services within the following sectors: industrial, construction and logistics; office clerical, healthcare and pharmaceuitical as well as a division specialising in the employment of athletes and coaches. In addition to its staffing services, the company also provides research, training and development services for companies’ personnel as well as management consulting and coaching services

CEO Siina Saks said,”Revenue of the end of the summer has been a disappointment to us. Economic situation towards the end of the year is not encouraging. We will adjust our business to downturn and renew our strategy during the remaining part of this year.”

“The profitability program will be implemented in such way, that we are competitive and prepared when economic growth starts again,” Saks said. “Our industry’s business typically grows strongly in upturn when the demand for workforce increases.”

Eezy set a new 52-week low during today's trading session when it reached €2.29. Over this period, the share price is down -50.31%. The company last traded at €2.41, down 13.31% on the day. The company has a market cap of €69.63 million.