Swedish health and education recruiter NGS Group (NGS:NGM) has reported solid results for the first quarter of the year as net sales rose +35% to €7.0 million (SEK 59.9 million) from €5.1 million (SEK 44.3 million) a year ago.

Operating profit jumped +38% to €0.72 million (SEK 6.2 million) while profit after tax was up +42% to €0.54 million (SEK 4.7 million). The firm won significant contracts with county councils during the quarter, and CEO Ingrid Nordlund spoke of record results.

“2013 has begun with a new record quarter,” she said. The increase in sales was due to both organic growth and an acquisition made last year, she said. The firm derives the majority of its revenue from the healthcare sector which makes up 75% of net sales. 

Looking ahead, the company remained cautious. “The economic situation and its impact on NGS is difficult to judge, but to date, we see no obvious signs of reduced demand for NGS services.”

NGS is a niche specialist provider and operates through a number of subsidiaries, providing temporary staffing services to educational and catering sectors. The firm also specialises in recruitment services to psychiatric care units, as well as general healthcare services to public and private operators.

The company has significantly grown its market value in the past year with the latest share price showing a +62% increase from a year ago at SEK 74.50. Based on this stock price, NGS has a market value of €16.74 million (SEK 144.01 million).