Eezy plc (EEZY:HEX), a Finland-based staffing firm, reported fourth-quarter revenue increased by 3% when compared to the same period a year ago.

Revenue increased by 2% in the staffing service area. In the professional services area revenue increased by 27% both due to organic growth and the Leidenschaft/Siqni acquisition in April 2022. In the light entrepreneurship service area revenue decreased by 3%.

The impact of higher sick-leave costs was €0.4 million more in Q4 2022 than in the Q4 2021 period. Non-recurring costs related to change negotiations and the CEO change were approximately €0.7 million.

The group said general economic conditions have weakened clearly during the second year-half, which affected some of its businesses. Growth has slowed in most of its business areas, and the revenue has even decreased in some businesses.

Eezy added that workforce availability is still an important factor for its customers, but the role of staffing services as a provider of flexible workforce has grown again.

During the year, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland.

In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd and Leidenschaft Ltd on 1 April 2022. The companies will become part of Eezy Flow Ltd, which offers management, strategy, research and change management services.

Leidenschaft is Finland’s first business culture agency, whose mission is to develop business culture into real competitive advantage. The Siqnificant Company’s product, Siqni, is the world’s first tool for gaining employee understanding and measuring employee experience.

Eezy also made an investment of €0.2 million in minority shareholding of VeggArt’s Oy that offers services for immigrants.

Revenue by service

Full-year results

Looking ahead Eezy expects revenue to be approximately €250 million and EBIT to grow in 2023.

Pasi Papunen, interim CEO, said, “The clear number one priority for 2023 is to improve profitability. We focus on active sales work, increasing the skills and efficiency of our employees and on sensible money spending. We focus on developing the current businesses, but not forgetting possible acquisitions. Thanks to our committed and professional personnel, we can increase our EBIT-% during the year 2023.”

Eezy shares last traded at €3.36, down 0.30% on the day and 11.63% above the 52-week low of €3.01 set on 21 December 2022. The company has a market cap of €84.41 million.