Swedish job board NetJobs (NJOB: STO) reported revenue for the fourth quarter ending 31 December 2017 of SEK 10.4 million (€1.0 million), a decrease of 14% compared with the same period last year.

“The last quarter was disappointing as we did not achieve the result we were aiming for,” NetJobs CEO Johan Hultgren said. “The whole loss is in Germany where we failed to grow or keep our turnover.”

Revenue broken down by division was as follows.

NetJobs also published full year results with revenue decreased 8% over the year to SEK 38.0 million (€3.8 million). The group stated that it expected positive revenue growth in 2017 with improved profitability, but the outcome was worse than expected.

 “With the launch of our platform during the year, we have been able to improve our offer to our customers,” Hultgren said. “We have a better starting point and a product portfolio that we can quickly adapt and develop as needed. It is long-term work that requires changes not only in product management but also in the organisation, a job we are in and will deliver in 2018 and beyond, both for Germany and for Sweden. The organisational changes will provide better efficiency and higher quality in the work of implementing improvements and pushing changes. Work on strengthening the sales organization continues.”

During the first quarter of 2018, the group stated that it will launch its subsidary Onrec on the new platform, and continue to develop user-friendliness and customer benefit.

As of last trade, NetJobs Group traded at SEK 0.825 (€0.08), no change on the day and 69.40% above the 52 week low of SEK 0.487 (€0.05) set on 20 November 2017. Based on its current share price the company has a market value of SEK 17.12 million (€1.7 million).