NGS Group (NGS: SS), the Swedish healthcare and education staffing firm, reported revenue for the third quarter ending 30 September 2016 of SEK 149.8 million (€14.9 million), an increase of 10.3% compared with SEK 126.7 million (€13.5 million) during the same period last year. 

Operating profit amounted to SEK 11.6 million (€1.1 million), a increase of 20.8% compared with SEK 9.6 million (€1.0 million) year-on-year. The operating margin was increased slightly to 7.7% from 7.6%.

During the third quarter, a new framework agreement for social workers and care managers was signed with Tyreso, Huddinge, Haninge, Nynäshamn and Botkyrka and the Canyon County Council for medical staffing.

On 1 July 2016 NGS Group, acquired e-Quality Personnel Kraft AB and its subsidiary Octapod AB. The purchase price for debt free e-Quality and Octapod consisted of a fixed purchase price of SEK 1.8 million (€0.2 million) which was paid in cash. An additional cash purchase price paid by NGS Group of 0.5 million (€50,000) at an operating profit of SEK 0.5 million (€50,000) for 2016. This may be higher or lower than this amount depending on the outcome. The companies' operations will be reported in the NGS Group's financial reporting as of the third quarter in 2016.

Ingrid Nordlund, CEO of NGS commented:  “In July, we acquired eQuality, an industry colleague, with a focus on the hiring of social workers. Our new business has developed well in line with expectations and the operation has already fully integrated with NGS and contributed to the skills enhancement of the company.”

“NGS have a clearly stated strategy of being a long-term supplier to our customers in the county, municipal and private sector and we cherish our Framework Agreement with great care,” Nordlund said.

In trading today, NGS Group AB traded at SEK 177.00 (€17.70), down 7.5% on the day and 11.50% below its 52-week high of SEK 200.00 (€20.02), set on 9 June 2016. Based on its current share price the company has a market value of SEK 416.18 million (€41.6 million).