Swedish job board NetJobs (NJOB: STO) reported revenue for the third quarter ending 30 September 2018 of SEK 8.0 million (€0.8 million), an increase of 5% compared with the same period last year.

CEO, Georg Tsaros said that the summer season, historically a modest period, had an impact on the results, however “a number of positive indications which were noted during the second quarter, continued to develop well.”

During the quarter, the group announced that it had launched a new service called Active Sourcing Ad,  a fully digitized, AI-based application form for candidates. The service was initially launched in Germany and the group said it has been well received so far by German customers. The service is scheduled to be launched in Sweden during the fourth quarter.

“During the period, sales management in Sweden was strengthened, and the process of strengthening sales management in Germany has also started,” Tsaros said.

Tsaros added that the optimisation of the group’s sales force is a primary focus. Tsaros added that with new sales management in place, the right conditions are set to achieve this goal.

NetJobs said that its cost base was heavily weighed down by items that were phased out during the quarter and from its reorganisation earlier in the year.

Revenue broken down by division was as follows.

“In summary we can say that the quarter did not land where we had wanted and what we consider ourselves capable of accomplishing, however, we took another step in the right direction,” Tsaros said.

As of last trade, NetJobs Group traded at SEK 0.46 (€0.051), no change on the day and 15.00% above the 52 week low of SEK 0.40 (€0.044) set on 16 October 2018. Based on its current share price the company has a market value of SEK 9.55 million (€1.05 million).