Swedish staffing firm Poolia (POOLB: SS) reported revenue for the third quarter ended 30 September 2019 of SEK 420.1 million (€39.1 million), down 12.1% compared to the previous year.

Due to the merger between Poolia and Uniflex, which was completed on 31 October 2018, the third quarter results refer to the results of both companies. The group elected to recalculate its comparative figures, whereby the merger has been reported as if it had taken place on 1 January 2017. As a result, comparative figures for 2017 include Uniflex's income, expenses, assets and liabilities. Results also exclude Uniflex Germany which was sold in January 2018.

Third-quarter revenue is as follows.

According to Poolia, revenue was down due to decreased demand in the staffing industry. Currency effects had a positive impact on revenue by 0.7%. The group reported an increase in profits.

In August 2019 Uniflex and Poolia signed a framework agreement with Lantmännen an agricultural cooperative owned by 25,000 farmers, regarding staffing and recruitment services. The agreement is valid throughout Sweden and extends over three years.

In Poolia Sweden, the group reported a decreased demand for staffing services as a consequence of generally weaker economic activity. However, the group added that it has signed a number of important framework agreements with new customers in recent quarters.

In Poolia Germany, results were negatively impacted by the effects of labour legislation changes. Poolia said it has implemented a savings program to create better opportunities for future profits.

Poolia said its Finland operations continue to deliver good sales growth and results. Poolia added that its results in Finland will enable further investments in sales and recruitment.

In Uniflex Sweden the company says its decrease in sales was mainly due to weakened demand from the construction and automotive industries.

Uniflex Norway saw growth due to the influx of customers. Its results were in line with the previous year despite it being charged with costs for establishing Poolia as part of Uniflex Norway's range.

Uniflex Finland revenue saw growth due to a high level of activity in customer processing.

As of last trade, Poolia traded at SEK 6.40 (€0.60), up 9.22% on the day and 23.08% above the 52 week low of SEK 5.20 (€0.48) set on 30 August 2019. Based on its current share price the company has a market value of SEK 209.63 million (€27.08 million).