Italian recruitment firm, Openjobmetis SpA (OJM:MIL) reported revenue for the first quarter ending 31 March 2016 of €97.3 million, a 2.2% decrease compared with €99.5 million last year.

According to Openjobmetis, the decrease was due to an unfavourable working calendar and a decrease of the tax relief for indefinite term employment from 1 January 2016. Despite this, there was an increase in the first contribution margin on revenue, which reached 13.32% from 13.18% in the first quarter of 2015. The contributions by business lines were unchanged.

EBITDA was €2.6 million for the first quarter of 2016 compared with €3.1 million in the first quarter of 2015, an 18% decrease which the company says is due to an increase in structural costs related to the opening of new branches and new specialised divisions, and the strengthening of some corporate functions made necessary by the listing.

“The first quarter ends with increased profits and a substantial decrease of net debt as a result of the appropriate financial policy adopted by the company. The company continues to focus on new business areas such as Family Care and Agriculture and we believe that the positive results of our effort will become evident in the next few quarters,” Rosario Rasizza, Managing Director, Openjobmetis, said.

Looking ahead,  the company says that despite the first quarter of 2016 being in line with the first quarter of 2015, revenue had already started recovering in the months of April and May 2016.

In trading Friday Openjobmetis traded at €6.94, up -0.07% on the day and 8.36% above its 52-week low of €6.40, set on 11 February 2016. Based on its current share price, the company has a market value of €95.09 million.