Swedish staffing firm Poolia (POOLB: SS) reported revenue for the third quarter ending 30 September 2018 of SEK 172.7 million (€16.6 million), a decrease of 4.7% compared with last year.

Poolia Sweden saw reduced revenue in the third quarter while sales in Poolia Germany also decreased. However, revenue in the group’s Finnish operations reported growth.

Poolia's operating profit for the quarter amounted to SEK -3.6 million (€-0.3 million) which was a result of costs associated with the merger between Uniflex and Poolia.

In June 2018, both staffing firms agreed to merge to create a Nordic staffing powerhouse with the Swedish Companies Registration Office (Bolagsverket) approving the merger earlier this month.

Jan Bengtsson, CEO of Uniflex, is set to become the President and CEO of the newly merged company, with effect from 1 November 2018. Poolia CEO Morten Werner will be stepping down from the company.

As a result of the merger, Uniflex announced that it is delisting from Nasdaq Stockholm.

Poolia said that it expects the merger to have an effect on revenue with an increase of approximately SEK 10 million (€0.9 million) in the medium-term and a costs-savings of approximately SEK 20 million (€ 1.9 million) on a yearly basis.

Poolia set a new 52-week low during today's trading session when it reached SEK 9.70 (€0.93). Over this period, the share price is down -36.36%. As of last trade the company traded at SEK 9.80 (€0.94), down 10.09% on the day. Based on its current share price the company has a market value of SEK 142.77 million (€13.7 million).