Health and education recruitment firm NGS Group AB (NGS: SS) reported revenue of SEK 116.2 million (€13.2 million) for the third quarter of 2013, an increase of +135.7% from SEK 49.3 million (€5.6 million). The company reported an operating profit for Q3, ending 30 September 2013, of SEK 9.6 million (€1.1 million), an increase of +134.1% from SEK 4.1 million (€466,850) last year.

NGS Group reported a profit after tax of SEK 7.4 million (€842,600), compared with SEK 2.9 million (€330,210) a year ago, equating to an increase of +155.2%.

For the nine-month period to the end of September, the company reported revenue of SEK 271.3 million (€30.9 million), an increase of +89.3% from SEK 143.3 million (€16.3 million) last year. An operating profit of SEK 24.1 million (€2.7 million) was reported for the period, up from SEK 12.9 million (€1.5 million), growing by +86.8% year-on-year. 

The company reported a profit after tax of SEK 18.6 million (€2.1 million) for the nine-month period, an increase of +102% from SEK 9.2 million (€1 million) last year.

Ingrid Norlund, NGS Group CEO, commented: “During the third quarter we continued to meet our goal of profitable growth. All of our business have developed positively during the quarter, and we achieved an organic growth of +28%.”

“We are pleased to report an operating profit of SEK 9.6 million (€1.1 million). During the third quarter the majority of our sales were from the healthcare staffing sector, which had great demand during the summer and increased competition, resulting in higher wages. We are therefore pleased that we have achieved an operating margin of 8.3% in this quarter.”

“Nurse Partner, which was acquired in May 2013, has continued to expand in Norway and reached high volumes, mostly during July, but even during August. Demand for staffing services in healthcare is highest in Norway during the summer and we therefore expect lower volumes in the fourth quarter.”

“During this quarter we put great focus on integrating the old and new parts of NGS and are already seeing the effects of synergies with our acquisitions. We have also partially restructures operations and appointed new managers in the organisation. With the growth from the third quarter and the new organisation in the back, we see good opportunities to continue improving in the coming quarters,” she concluded.

In trading today, the company’s share price rose by +6.6% to SEK 129 (€14.69), an increase of +168.3% compared with a year ago. Based on their current share price, the company has a market value of SEK 223.9 million (€25.5 million).