Italian recruitment firm, Openjobmetis SpA (OJM:MIL) reported revenue for the first nine months ended 30 September 2019 of €415.8 million, a decrease of 6.2% compared with last year.

Openjobmetis engages in employment services and focuses on the provision of specialist recruitment activities.

Temporary work revenue was down, in line with the market, but was offset to some extent by significant growth in revenue from personnel recruitment and selection, which increased by 31.1% compared with the same period in 2018.

The group reported an impairment loss on trade receivables and other assets in the first nine months of 2019 which was higher than the previous year’s impairment loss.

Managing Director Rosario Rasizza commented, “The results of temporary work in September are in line with our forecasts and with the trend of the reference market. Recruitment and selection improved by more than 31% compared to the first nine months of last year, almost always with double-digit growth for 8 consecutive quarters”.

During the period, Openjobmetis established Family Care S.r.l, an employment agency which focuses on elderly care.

Looking ahead, Openjobmetis stated, “The company will continue to focus on services with the highest added value and on monitoring the margins of temporary work again in the last part of the year. The economic scenario envisaged for the remaining part of 2019 should be slightly more favourable to the temporary work market than in the first months of the year.”

In trading yesterday Openjobmetis shares closed at €7.67, up 0.92% on the day. Based on its current share price the company has a market value of €105.58 million.