Swedish job board NetJobs (NJOB: STO) reported revenue of SEK 10.1 million (€1.0 million) for the first quarter ending 31 March 2017, down 8% from SEK 10.9 million (€1.1 million) during the same period last year.

NetJobs stated that its objective is to be Sweden's most visited and well-known job site network, as well as Germany's most visited and well-known job sites in health care and tech.

“Our focus will be on Germany and Sweden during the year,” CEO Johan Hultgren, said. “In Germany, we are looking ahead and will have a strong focus on continuing to recruit talented employees. In Sweden, in the first quarter, we have not increased the number of sales at the pace we wanted. I have implemented cost savings in the group and we will see the results of these in Q2.”

NetJobs announced the launch of a new platform in Sweden. Furthermore, the group stated that development continues with its Onrec AB and German sites.

“We have launched the first version of our new platform in Sweden we will continue to develop it,” Hultgren said. “The new platform will give us more opportunities to build on our offer and to develop new products and solutions for our customers. In addition, the strengthening of our position through better SEO. After the Swedish launch, Onrec and the German sites will then be transferred to the new platform. I expect that it will take place in Q2.

“Work on recurring revenues will continue. Working to strengthen the company's employer brand is a long term investment that requires a longer agreement between us and the customer. We will continue to work towards our long-term financial goals to increase earnings per share by at least 20% per annum and to reach an operating margin of 35%,” Hultgren said.

In trading yesterday, NetJobs shares closed at SEK 1.14 (€0.12) 4.59% above its 52-week low of SEK 1.09 (€0.11), set on 28 April 2017. Based on its current share price the company has a market value of SEK 23.6 million (€2.4 million).