First-quarter revenue at Sweden-based staffing provider Pion Group (PION B:STO) amounted to SEK 428.7 million (€36.5 million), a fall of 19.4% when compared to the prior year. Currency effects negatively impacted revenue by 0.1%.

The group said, despite continued challenging macroeconomic conditions, it has begun to see results from measures it implemented in 2023.

EBITA amounted to SEK 1.7 million (€144,899) compared to a loss of SEK 9.9 million (€0.85 million) the year prior. This corresponds to a margin of 0.4% in Q1 2024, compared to a margin of -1.9% the year before.

Pion’s operations are divided into the segments Qrios, Poolia and Uniflex. Earlier this year, the group appointed Gabriella Edberg as the new CEO of its subsidiary Qrios.

Revenue by segment

During the first quarter of 2024, the group said it continued the work of creating margin enhancement by partly moving up the value chain and partly through an increased focus on recruitment services. In a market characterised by uncertainty with a certain measure of cautious optimism, Poolia said it has continued to gain market share in recruitment.

During the quarter, Poolia Executive Search, part of the Poolia segment, saw 54% of top management positions filled by women, well above the industry average, according to the group.

During the first quarter, HR tech firm Whippy, acquired in 2023, continued to gain ground in the public sector in Sweden and signed agreements with two major municipalities.

The company stated, “During the quarter, Pion Group continued the work of creating an organisation that is cost-effectively ready to gear up when demand starts to pick up. The business areas Uniflex, Poolia and Qrios overall reported an improved margin, which combined with a number of new customers in strategically important areas are clear signs that we are on the right track.”

Pion Group shares closed yesterday at SEK 7.32 (€0.62), down 5.9% on the day. The company has a market cap of SEK 286.55 million (€24.4 million).