Pion Group (PION B:STO), a Sweden-based staffing provider previously known as Poolia AB, reported revenue for the fourth quarter ending 31 December 2023 of SEK 484.3 million (€43.2 million), a fall of 8.9% compared to the previous year.

The group said demand for its services stabilised during the fourth quarter and it continues to work on streamlining its cost base and increasing sales efforts in more profitable segments.

In November 2023 Poolia appointed Nils Carlsson as the new group CEO

Carlsson said, “Significant streamlining work was initiated at the end of 2022 in many of our companies and we assess that this will have positive effects in the coming business year. At the same time as the streamlining work, we see that our customers, in these challenging times, have also become more restrained with recruitment and investments.”

In the Uniflex business, the group said its results were impacted by its active strategy of selecting accounts with too low profitability.

“Our customers, in construction, vehicles and logistics, have during 2023 reduced staff, but as the business situation stabilizes, Uniflex can very quickly establish a presence again, through its very broad and local presence geographically,” Carlsson said. “We see continued strong demand in parts of the market. The defence industry is an example where we are very well positioned within Uniflex.”

The group said its Poolia segment faced a challenging market. During the quarter, the Poolia segment accepted several new customers.

In the Qrios business, Pion Group said it saw more stable results during Q4 compared to the whole of 2023. “This shows that the strategies to make the company more efficient are successful,” Carlsson said. “We also see that more customers are showing interest in HR Solutions, our new unit, which streamlines and digitises HR departments.”

In January the group appointed Gabriella Edberg as the new CEO of Qrios with effect from spring 2024.

The group also reported revenue of SEK 2.02 billion (€180.5 million) for the year ended 31 December 2023, down 3% compared to the prior year.

Carlsson said, “Our talented and dedicated employees have met economic challenges in 2023 with restructuring and innovative initiatives. Our new customers prove that our strategies and investments help them and their growth. We continue to deliver towards our vision, a world where people matter – powered by tech.”

Pion Group shares last traded at SEK 6.47 (€0.58), down 7.17% on the day and 11.17% above the 52 week low of SEK 5.82 (€0.52) set on 13 November 2023. The company has a market cap of SEK 260.06 million (€23.2 million).