Swedish job board NetJobs (NJOB: STO) reported revenue for the second quarter ending 30 June 2019 of SEK 5.4 million (€0.5 million), a decrease of 42% compared with the same period last year.

Jonas Bertilsson, Acting CEO of NetJobs said a major reorganisation of its German operations impacted its results.

“The work to achieve profitability is a high priority and the most central parts of this work has been identified and several powerful measures have been initiated which we believe will bring positive results effects during the fall,” Bertilsson said.

Bertilsson continued, “We have looked at the company's cost structure and continuously worked to make the organisation more efficient at the same time as resources were added to support the sales organisation in its work to create long-term and value-creating relationships with our customers.”

On 15 April 2019, the Board of Directors resolved, with the support of authorisation from the Annual General Meeting 2018, on a targeted a new issue of approximately SEK 3.0 million to secure financing for the company's continued operations and development for 2019.

During the period, a new Board was elected at the Annual General Meeting on 15 May 2019, with Henrik Kvick re-elected as Chairman.

The company also announced a number of other changes during the period.

In June, the Board of Directors appointed Niklas Eriksson as new CEO and will take office no later than 1 January 2020.

NetJobs also announced that CFO Anna Björfell will be stepping down from her position no later than 30 September 2019.

Lukas Bacic will take up as new Deputy CEO and Sales Director no later than 2 September 2019.

On a regional basis, revenue was broken down as follows:

The company also reported revenue for the six months ended 30 June 2019 of SEK 13.6 million (€1.2 million), a decrease of 20% compared to the previous year.

“We see attractive business opportunities, both internally and externally, ahead in a growing one and increasingly digital market within Employer Branding and Talent Sourcing,” Bertilsson said.

In trading on Friday NetJobs shares traded at SEK 0.55 (€0.05), no change on the day. Based on its current share price the company has a market value of SEK 13.88 million (€1.29 million).