Swedish recruitment services firm Hedera Group (HEGR:SS) reported revenue today for the third quarter ended 30 September 2019 of SEK 59.5 million (€5.5 million), a decrease of 5.5% compared to last year.

During the period, Hedera Group acquired Assistanspoolen (Assistance Pool), a personal assistance care company based in Sweden, for SEK 20 million (€1.8 million).

The firm was consolidated from 1 September 2019. The acquisition contributed sales of SEK 105.8 million (€9.9 million) for a rolling twelve months and an operating profit of SEK 4.3 million (€0.4 million), after adjusting for extraordinary costs prior to the acquisition.

CEO Maria Nordin commented, “We have managed somewhat better during the third quarter and are starting to pick up the turnover loss we had at the beginning of the year. The sales focus is clear but it is a tough market. Competition for the consultants remains very high, with the resultant pressure on margins.

Revenue for the nine-month period ended 30 September amounted to SEK 146.6 million (€13.7 million), a decrease of 10% from the prior year.

As of last trade, Hedera Group traded at SEK 8.55 (€0.80), no change on the day and 7.71% above its 52-week low of SEK 7.94 (€0.75), set on 6 August 2019. Based on its current share price the company has a market value of 65.46 million (€6.14 million).