Swedish recruitment firm Hedera Group (HEGR:SS) reported revenue for the first quarter ended 31 March 2017 of SEK 41.3 million (€4.3 million), an increase of 151% compared to SEK 16.4 million (€1.7 million) last year.

Hedera Group provides staffing and recruiting within niche professions. Through subsidiaries, Medical Resource, Swedish Medical Service, All Care semaphore and Pridoc, the company offers medical staffing for primary care and hospital care throughout Sweden.

“The beginning of 2017 has started well with a turnover of EUR 41.3 million (€4.3 million) and the rolling twelve months, we have increased sales from SEK 167 million (€18.0 million) to SEK 175 million (18.1 million), an increase of 5%,” Hedera Group President Bertil Haglund said.

Hedera Group states that it plans to grow organically by at least 20% per year, as well as actively seeking new acquisitions to increase sales. The acquisitions will primarily focus on companies in medical staffing.

“There are several exciting companies in the industry and we are actively looking for acquisitions. Our goal is to have to make at least one transaction during 2017,” Haglund said. “With continued focus on growth, we are well positioned to increase our targets of 20%. We have a good booking situation in 2017 and there is still a lot to people. Now we need to deliver results and turnover for 2017.”

As of last trade Hedera Group AB traded at SEK 24.90 (€2.59), down 11.07% on the day and 13.24% below its 52-week high of SEK 28.70 (€2.98), set on 28 April 2017. Based on its current share price the company has a market value of SEK 94.39 million (€9.8 million).