Swedish staffing firm Dedicare (DEDI: SS) reported turnover today for the fourth quarter ended 31 December 2022 of SEK 499.3 million (€44.5 million), up 40.9% compared with the same period last year. Organic growth was 33.9% with all countries achieving organic growth over the period.

Krister Widström, CEO and managing director, said, “Dedicare is reporting growth for the eighth consecutive quarter. The fourth quarter featured continued high demand on all our markets.”

Revenue by Geography

In Sweden, revenue growth was boosted by the acquisition of H&P Search & Interim AB. Apart from the acquisition, the turnover gains are sourced from increased nurse and social worker staffing. H&P Search & Interim AB was acquired on March 2022.

“The process of integrating and developing Life Science, through our acquisition H&P Search & Interim, is going to plan. We’ve hired more staff, and are developing business in Norway and Denmark. Branding will be changed to Dedicare Life Science in autumn 2023,” Widström said.

In Norway, the revenue increase was due to high demand for services across all segments.

In Denmark, the group saw the highest turnover the Danish operation has ever achieved. The increase is mainly sourced from doctor staffing.

Dedicare created the New Markets segment to coincide with its acquisition of Templars Medical Agency in October 2022, and at present, this segment consists of its business in the UK. The UK operation also provides doctors to clients in Ireland, and in the UK’s non-European territories.

The group said the integration is going to plan, and it is currently investing in functions like IT, digitalisation and marketing, which are supporting and developing existing business. Dedicare will be changing Templars Medical’s branding to Dedicare UK in spring 2023.

Dedicare also reported net sales for the full year increased by 41.5% to SEK 1.76 billion (€157.16 million). Organic growth was 37.3%. All countries achieved organic growth in the period, with the Norwegian operation reporting the highest growth.

Dedicare shares last traded at SEK 121.80 (€10.87), down 5.87% on the day and 11.74% below its 52-week high of SEK 138.00 (€12.32), set on 9 January 2023. The company has a market cap of SEK 977.0 million (€87.2 million).