NGS Group AB (NGS:STO), a provider of healthcare and education staffing, reported net sales fell 14.5% year over year in the third quarter to SEK 118.0 million (EUR 10.2 million). The decline came amid a reduction in the hiring of healthcare personnel in the region. The Stockholm-based company also announced that it began a restructuring programme in the quarter.

EBIT for the third quarter was affected by a goodwill write-down of SEK 107.5 million (EUR 9.3 million) and a restructuring reserve of SEK 4.7 million (EUR 408,000).

NGS Group CEO Erika Rönnquist Hoh said in the third-quarter report that the business situation has been challenging, but the restructuring program will create a cost reduction of SEK 12 million (EUR 1.0 million) on an annual basis.

The group announced results on 9 November.

Recently, NGS Group promoted Thomas Plate to CFO from his previous role as interim CFO.

Share price and market cap

Shares in NGS Group closed down 3.26% to SEK 5.34 (EUR 0.46) on 14 November in Stockholm; they were 19.73% above their 52-week low. The company had a market cap of SEK 49.81 million (EUR 4.3 million).