Pion Group (POOL-B:STO), previously known as Poolia, reported revenue today for the third quarter ending 30 September 2023 of SEK 476.7 million (€40.8 million), a fall of 6.6% compared with the same period last year. The currency effect has affected revenues positively by 0.2%, the group noted.

Despite an uncertain and weaker market, Pion said it noted stable demand for its services.

In July 2023, Pion Group named Nils Carlsson as the new group CEO. Carlsson took up his new role on 1 November 2023. Interim CEO, Mats Kullenberg, has remained with the company as a senior adviser.

Kullenberg said, “Profitability is not yet in line with our long-term goals, but we see that we are on the right track.”

In July 2023, the group also named Christine Kjellvard as its new CFO.

Pion Group's operations are divided into the segments Qrios, Poolia and Uniflex. The group’s Germany operations have been discontinued.

Revenue by segment

Uniflex saw a revenue decline mainly due to the fact that the group actively selected a number of accounts with ‘too low profitability’. Pion Group said it has worked hard to adapt and has raised prices and is investing more in recruitment.

Poolia reported growth of 3.8%. Growth in revenue was driven by a continued investment in sales and business development. During the period, the segment won several new framework agreements.

Qrios reported an increase in revenue during the period. “Solid work with efficiencies and liquidation of unprofitable units has yielded results.” During the third quarter, Qrios launched a new HR tech company, Qrios HR Solutions, which helps organisations implement and execute their HR strategies using various technical platforms.

Pion Group also reported revenue for the nine-month period of SEK 1.53 billion (€131.1 million), down 1.1% over the year.

“The market feels relatively stable and with the focus we now have on continued efficiencies, increased focus on sales and with the new management in place, we are ready to face the market regardless of the economy. Pion is ready to face an exciting future,” Kullenberg said.

Pion Group last traded at SEK 6.49 (€0.56), up 6.57% on the day and 10.94% above the 52 week low of SEK 5.85 (€0.50) set on 31 Oct 2023. The company has a market cap of SEK 227.23 million (€19.48 million).