Swedish staffing firm Poolia (POOLB: SS) announced revenue for the fourth quarter ending 31 December 2016 of SEK 198.9 million (€21.0 million), a decrease of 5% compared with SEK 210.2 million (€22.3 million) during the same period last year. 

During the quarter, Poolia Sweden reported restructuring costs of SEK 0.8 million (€84,501) compared to last year’s SEK 0.3 million (€31,688).

Full Year Revenue

“Poolia delivers its best operating profit in the fourth quarter since 2008,” Morten Werner, President and CEO of Poolia, said. “The operating profit of SEK 8.8 million (€0.09 million) was an increase of 28% compared with the same quarter of 2015. The operating margin of 4.4% is close to our long-term goal and is the highest for a fourth quarter since in 2008. Sales during the quarter fell by 5%, which is unsatisfactory and due in part to our customers employing our consultants extensively during a candidate shortage, We are constantly working to develop our client portfolio and have managed to increase the profitability of new business.”

“In 2016, Poolia increased revenue by 3.6% and operating profit by 44% compared to 2015. Our conversion program, which began three years ago, gave a good earnings performance,” Werner said.

“The economies of Germany and Sweden are booming, creating good demand for our services, but also leading to candidate shortages,” Werner said. “In order to achieve growth we are intensifying our marketing to the candidate market and continue to build our sales organisation.”

As of last trade Poolia AB traded at SEK 17.00 (EUR 1.80), down 7.10% on the day and 10.05% below its 52-week high of SEK 18.90 (2.00), set on 13 February 2017. Based on its current share price the company has a market value of SEK 239.7 million (€25.3 million).