Swedish recruitment services firm Hedera Group (HEGR:SS) reported revenue today for the fourth quarter ended 31 December 2023 of SEK 166.6 million (€14.8 million), an increase of 14.5% compared to last year. Organic growth was 11.1%.

CEO Johan Sandström said the last quarter was characterised by continued positive growth, but also by lower margins and uncertainty in the market.

In its operating and adjusted operating results, the group said the margin change is explained for the most part by a decline in volume in the staffing business during the period, while the seasonal effect of the group’s assistance segment also impacted margins during the quarter.

Revenue for the full year period stood at SEK 678.3 million (€60.2 million), an increase of 49.4% over the prior year with organic growth of 30%. The acquisition of Libra Assistance, a care company focused on organising assistance, contributed with a full-year effect in 2023 compared to 2022.

Hedera Group set a new 52-week low during today's trading session when it reached SEK 5.98 (€0.53). Over this period, the share price is down 35.77%. The company last traded at SEK 5.98 (€0.53), down 20.27% on the day. The company has a market cap of SEK 116.23 million (€10.3 million).