Daily News
View All NewsSweden – NGS Group second quarter revenue rises 22.6%
Sweden-based healthcare and education staffing firm NGS Group AB (NGS: SS) reported second-quarter revenue increased by 22.6% from the year-ago quarter.
| (SEK millions) | Q2 2021 | Q2 2020 | Change | Q2 2021 (€ millions) |
| Revenue | 130.9 | 106.8 | 22.6% | 12.7 |
| Operating Profit | 5.5 | 2.3 | 138.6% | 0.5 |
| Operating Margin | 4.2% | 2.2% | - | - |
| Profit for the period | 4.1 | 1.5 | 170.0% | 0.4 |
The group said its second quarter results were partly negatively affected due to the coronavirus. Revenue for the nursing staff in Sweden saw a sharp increase. However operations in Norway was negatively impacted due to the extensive quarantine rules for Swedish staff. The group added that the market has eased for activities within its school, interim services, recruitment and executive search services.
Government support packages contributed to the growth in operating profit during the quarter.
Revenue by Geography
| (SEK millions) | Q2 2021 | Q2 2020 | Change | Q2 2021 (€ millions) |
| Sweden | 129.4 | 104.9 | 23.4% | 12.6 |
| Norway | 1.2 | 1.5 | -20.5% | 0.1 |
| Finland | 0.2 | 0.3 | -37.2% | 0.0 |
| Total | 130.9 | 106.8 | 22.6% | 12.7 |
“Our Norwegian operations are still affected by restrictions and quarantine rules, which means that the majority of our staff within (the) nursing have been prevented from taking assignments in Norway,” Ingrid Nordlund, CEO, said. “This fact is now gradually changing (in) as vaccinations progress and we see increased volumes in the coming quarters.”
Nordlund added, “After a strong second quarter, we continue to positively view the future.”
Shares in NGS Group closed yesterday at SEK 21.90 (€2.14), up 14.65% on the day. The company has a market cap of SEK 198.50 million (€19.4 million).