Swedish recruitment services firm Hedera Group (HEGR:SS) reported revenue today for the fourth quarter ended 31 December 2018 of SEK 58.8 million (€5.5 million), an increase of 57.2% compared to last year.

Maria Nordin, CEO of Hedera Group, commented, “The biggest increase in sales comes via the acquisitions we made during the year but we also have had organic growth with better results than last year.”

In May 2018, the group acquired nurse staffing firm Addus Care AB and in February 2018 the company acquired Baehrendtz & Haeger, a Swedish medical staffing and training firm.

Looking ahead, Nordin added that VAT will be introduced on 1 July 2019 on rental services in healthcare, which means that the caregivers receive increased costs.

“We have developed alternative ways to provide our customers with staff and start actively launching our new service in early 2019,” Nordin said. “The year 2019 has started well and we look forward to the year with great confidence. "

Revenue for the full year amounted to SEK 221.7 million (€20.9 million), an increase of 42.5% compared to the previous year.

As of last trade Hedera Group traded at SEK 13.10 (€1.24), up 11.02% on the day and 21.08% below its 52-week high of SEK 16.60 (€1.57), set on 6 March 2018. Based on its current share price the company has a market value of SEK 68.62 million (€6.4 million).