Eezy plc (EEZY:HEX), a Helsinki, Finland-based staffing provider, reported second-quarter revenue fell 13.5% to €58.1 million. Diminished economic conditions resulted in decreased workforce demands from customers, according to the company. It also noted the economic outlook seems unclear through the end of the year.

Profit for the period fell 80.2% to €363,000. The company had announced a profit warning on Monday and removed guidance for 2023.

“Weakening economic situation affected especially the business development of staffing services in the second quarter,” CEO Siina Saksi said in a press release. “We will start a wide profitability program to adjust our business to [the] weak economic outlook and will renew our strategy to ensure our competitiveness in [the] future.”

Eezy is aiming for €3 million in annual savings in the profitability programme.

Looking at earnings by segment, Eezy’s staffing revenue fell 16.0% year over year. The company provides staffing through both company-owned and franchised offices.

However, Eezy did see revenue rise 5.9% in its “professional services” segment. It cited progress in employment services, which serves the public sector. Also, Eezy’s personnel services and leadership coaching have been of interest to Finnish firms, the company said.

Professional services at Eezy includes recruitment, aptitude testing, training and executive search services. Eezy also provides consulting for organizational development, cultural design, personnel surveys training and coaching to the public sector as well as entrance examination courses for upper secondary school students in the segment. Lastly, the professional services segment includes services to private persons so they can operate as independent contractors without establishing a company of their own.

Share price

Shares in Eezy closed down 2.54% to €2.30 on Tuesday, and they hit a 52-week low during trading on Tuesday when they reached €2.29.