Revenue for the first six months of the year at Swedish staffing firm Poolia (POOLB: SS) increased by 1.6% to SEK 400.1 million (€38.1 million), when compared to the same period last year.

The group posted second quarter results in July with revenue of SEK 199.7 million, an increase of 2.7% compared with the previous year.

In the first half of the year, currency effects had a positive impact of 2.2% on revenue. Temporary staffing was the largest service area, accounting for 86% of revenue.

During the second quarter, Poolia announced that it would merge with Uniflex, thereby creating a Nordic staffing powerhouse. The merger was approved by the Financial Supervisory Authority and the respective boards from the two companies.

“The merged company will offer a significantly wider range of services, which gives us significant benefits in the market,” Morten Werner, President and CEO, said. “Revenue increases are expected to produce a profit effect of approximately SEK 10 million (€0.9 million) in the medium term. Cost savings are estimated to be approximately SEK 20 million (€1.9 million) annually, with full effect from the fourth quarter of 2019.”

Poolia AB (POOL B:STO) set a new 52-week low during yesterday's trading session when it reached SEK 11.40 (€1.09). Over this period, the share price is down -23.23%. Shares closed at SEK 11.40 (€1.09), no change on the day. Based on its current share price the company had a market value of SEK 149.32 million (€14.2 million).