Swedish staffing firm Ogunsen AB (OGUN B:STO), formerly known as SJR in Scandinavia, reported revenue today for the first quarter ending 31 Marc 2022 of SEK 143.6 million (€12.4 million), an increase of 17.3% compared to the year prior.

Kent Sangler, Managing Director, said, “Demand in both consulting and recruitment activities during the first quarter of 2023 continued at the same level as the fourth quarter of 2022. In comparison to the first quarter of 2022, demand has clearly decreased.”

“During the quarter, the consulting business shows continued strong revenue growth with an increased number of consultants with our customers. For recruitment operations, the lower demand in recent quarters has meant that turnover growth has not occurred,” Sangler said.

The group operates in two segments including Consultant Hiring and Recruitment.

Consultant hiring includes the hiring of consultants to customer companies regarding own employees or contracted sub-consultants with their own company.

Recruitment includes all or parts of the recruitment process for client companies. It also includes advice, second opinion, tests etc. as well as ‘over-buying’ from previously employed consultants to client companies.

Revenue by segment

Sangler said, “During the beginning of the second quarter, demand has continued at the same level as the first quarter. We are working for continued growth and have started work on expanding our geographical market processing in Sweden. At the same time, we continue to streamline operations and further improve the experience in collaboration with our customers and candidates. We monitor any further changes in the market and are prepared to face any future challenges.”

Ogunsen shares last traded at SEK 43.65 (€3,79), up 9.26% on the day and 12.00% below its 52-week high of SEK 49.60 (€4.29), set on 1 March 2023. The company has a market cap of SEK 391.51 million (€33.89 million).