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View All NewsSweden – NGS Group Q2 revenue and profits slip amid Covid-19 pandemic
Sweden-based healthcare and education staffing firm NGS Group AB (NGS: SS) reported second-quarter revenue declined by 25.7% from the year-ago quarter.
Operating profit also fell sharply by 48.4%.
The group said the effects of the Covid-19 pandemic impacted all of its service areas.
Medical and nursing staff saw increased demand in areas that were affected by the pandemic, such as intensive care. However, school staffing and executive search were negatively impacted by the pandemic. Specialist recruitment and interim activities in the private sector reported reduced demand.
| (SEK millions) | Q2 2020 | Q2 2019 | Change | Q2 2020 (€ millions) |
| Revenue | 106.8 | 143.7 | -25.7% | 10.3 |
| Operating Profit | 2.3 | 4.5 | -48.4% | 0.2 |
| Operating Margin | 2.2% | 3.1% | - | - |
| Profit for the period | 1.5 | 2.4 | -37.0% | 0.1 |
Revenue by Geography
| (SEK millions) | Q2 2020 | Q2 2019 | Change | Q2 2020 (€ millions) |
| Sweden | 104.9 | 138.7 | -24.4% | 10.1 |
| Norway | 1.5 | 3.9 | -61.3% | 0.1 |
| Finland | 0.3 | 0.9 | -62.9% | 0.0 |
| Total | 106.8 | 143.7 | -25.7% | 10.3 |
The group also reported revenue for the six months ended 30 June 2020 of SEK 222.0 million (€21.4 million), down 23.7% compared to the previous year.
As of last trade, NGS Group traded at SEK 12.90 (€1.25), 13.16% above the 52 week low of 11.40 (€1.10) set on 22 May 2020. Based on its current share price the company has a market value of SEK 125.87 million (€12.1 million).