Swedish staffing firm Ogunsen AB (OGUN B:STO), formerly known as SJR in Scandinavia, reported fourth-quarter revenue fell 7% year over year to SEK 129.6 million (€11.6 million). The group’s profits also declined during the quarter.

“When we look back at 2023, we can state that the generally lower demand during the year, compared to 2022, continued at roughly the same level during the fourth quarter of 2023,” Managing Director Kent Sangler said in a press release.

Revenue for the consulting hire business amounted to SEK 116.1 million (€10.4 million), a decrease of 6.0% compared to the corresponding period last year.

Meanwhile, revenue for the recruitment segment during the fourth quarter amounted to SEK 13.5 million (€1.2 million), a fall of 18.1% compared to the same period last year.

Sangler said during the year, the company expanded to cover all of Sweden. “The business is developing well, and we have now received our first assignments and customers in previously unworked parts of the country.”

Sangler continued, “As I look ahead, there is still some uncertainty on the horizon. The beginning of 2024 has started with a similar demand to 2023. Hopefully, the economy will turn around in 2024. Whether that will be the case, however, we do not know, although it seems likely. Regardless, we will do as usual, that is, focus on what we can influence.”

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Share price

Ogunsen shares closed on Friday at SEK 38.50 (€3.44), up 6.80% on the day and 34.15% above its 52-week low set on 27 October 2023. The company has a market cap of SEK 349.0 million (€31.2 million).