Daily News
View All NewsSweden – Dedicare Q3 operating profits sink, expansion in Finland
Dedicare (DEDI: SS), a Swedish staffing firm, reported revenue for the third quarter ending 30 September 2018 of SEK 220.6 million (€21.3 million), an increase of 13.0% compared with the same period last year.
| (SEK millions) | Q3 2018 | Q3 2017 | Change | Q3 2018 (€ millions) |
| Revenue | 220.6 | 195.1 | 13.0% | 21.3 |
| Operating Profit | 14.9 | 16.4 | -9.1% | 1.4 |
| Operating Margin | 6.8% | 11.2% | N/A | N/A |
| Profit for the Period | 11.6 | 12.5 | -7.2% | 1.1 |
In the third quarter, operating profit decreased by 9.1% which Dedicare says was due in part to the lack of doctors and nurses as well as increased competition in the market which had led to higher salary costs for the company’s consultants.
In October, the group announced the appointment of Eva Jonbacker as Chief Financial Officer, with effect from 7 January 2019. To cover the period until Jonbacker takes office in January, the group has hired Lars Ericsson as interim CFO. Jonbacker is currently CFO of Abilia, a company that develops, manufactures and sells medical supplies.
During the quarter, Dedicare also announced that it would expand its business in Finland and have opened an office in Helsinki.
| SEK millions) | Q3 2018 | Q3 2017 | Change | Q3 2018 (€ millions) |
| Sweden | 134.4 | 133.0 | 1.1% | 13.0 |
| Norway | 86.2 | 62.1 | 38.8% | 8.3 |
In Norway, the group posted an increase of 38.8% with growth mainly attributable to nurse staffing activity.
As of last trade Dedicare traded at SEK 57.80 (€5.58), up 0.70% on the day and 7.04% above its 52-week low of SEK 54.00 (€5.22), set on 14 May 2018. Based on its current share price the company has a market value of SEK 404.30 million (€39.0 million).