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View All NewsSweden – NGS Group third quarter revenue and profits down
Sweden-based healthcare and education staffing firm NGS Group AB (NGS: SS) reported revenue for the third quarter ended 30 September declined by 12.2% from the year-ago quarter. Operating profit also fell by 2.8%.
| (SEK millions) | Q3 2019 | Q3 2018 | Change | Q3 2019 (€ millions) |
| Revenue | 124.6 | 141.9 | -12.2% | 11.7 |
| Operating Profit | 3.5 | 5.6 | -37.6% | 0.3 |
| Operating Margin | 2.8% | 4.0% | - | - |
| Profit for the period | 3.4 | 4.8 | -29.0% | 0.3 |
The group said operating profit for the period January-September 2018 was positively affected by SEK 4.0 million (EUR0.3 million) when a provision for supplementary purchase price was dissolved.
Revenue by Geography
| (SEK millions) | Q3 2019 | Q3 2018 | Change | Q3 2019 (€ millions) |
| Sweden | 120.8 | 137.2 | -11.9% | 11.3 |
| Norway | 3.2 | 4.4 | -28.7% | 0.3 |
| Finland | 0.6 | 0.3 | 133.8% | 0.0 |
| Total | 124.6 | 141.9 | -12.2% | 11.7 |
Ingrid Nordlund, CEO of NGS Group commented, “The situation as of today is summed up by a more restrictive, but still good, underlying demand in our public sector staffing services, a more stable demand for our services in executive search and continued good opportunities for a healthy business in the interim and recruitment business in the area of finance.”
During the nine-month period revenue amounted to SEK 415.8 million (EUR39.0 million), a decrease of 10.6%.
As of last trade NGS Group shares traded at SEK 20.10 (EUR1.89), down 3.8% on the day. Based on its current share price the company has a market value of SEK 188.5 million (EUR17.7 million).