Swedish job board NetJobs (NJOB: STO) reported revenue yesterday for the first quarter ending 31 March 2016 of SEK 10.9 million (€1.17 million), a decrease of 4% compared with SEK 11.4 million (€1.2 million) during the same quarter last year.

NetJobs CEO Niklas Eriksson, commented: “Both the Swedish and German markets fell slightly compared with the same period last year. This is linked to certain staff at our offices in Stockholm and Berlin. To deal with this, and to continue to grow in 2016, the company employed a person responsible for the recruitment of sales staff to the office in Stockholm and a corresponding service has been set up at the office in Berlin. This is to ensure that we grow our respective sales organizations during the year in line with the company's strategy.”

“The focus during the year remains the Swedish and German markets, as well as Techjobs.com. We continue to see good growth opportunities in 2016 in these markets.”

“Work on our new platform has unfortunately been delayed. We had aimed to launch in the first quarter, but due to delays primarily from a supplier, the project has been delayed. We are working feverishly to launch in the second quarter. The investment of SEK 0.4 million (€43,029) made during the quarter is attributable to the platform.”

In 2015, NetJobs acquired two competitors, Skoljobb.se and Medrek.se.

“During the quarter, we focused on further developing Skoljobb.se and Medrek.se included in the asset acquisition made in December. During the first quarter we have seen a steady increase in sales and profits,” Eriksson said. “During 2016 we will continue working to increase the proportion of recurring revenues and strengthen customer relationships. We have in recent years laid a good foundation that we will build on.”

“Eventually, during the year we will continue to work towards our long-term financial targets which are to increase earnings per share by at least 20% per annum and to reach an operating margin of 35%.” In trading yesterday, NetJobs Group traded at SEK 2.38 (€0.11), up 1.28% on the day and 32.2% above the 52 week low of 1.80 (€0.19) set on 11 April 2016. Based on its current share price, the company has a value of SEK 49.39 million (€5.3 million).