Swedish staffing firm Poolia (POOLB: SS) reported revenue for the first quarter ending 31 March 2017 of SEK 199.6 (€20.7 million), a decrease of 0.3% compared with SEK 200.3 million (€21.8 million). during the same period last year.

Broken down geographically, Poolia reported revenue during Q1 2017 as follows:

Swedish operations accounted for 68.8% of consolidated revenues in the first quarter, compared to 72.4% last year, while the German market rose to 26.1% compared to 22.0% last year. Finnish operations accounted for 5.2% of revenues in the first quarter compared to 5.6% last year.

“We continue to experience a very good demand in both recruitment and staffing services in Sweden and Germany, where Poolia continues to win contracts,” Morten Wener, President and CEO of Poolia, said.

Poolia’s new contracts in the public sector include the Karolinska Institute, Mälarenergi and Lidingö. In the private sector, new contracts include TUIfly Nordic, Danone, Skruf Snus and Com Hem.

Werner continued, “The lack of candidates, especially in staffing, however, affect our ability to grow. In the current economic climate, we feel that many educated young people tend to choose the appointment of a traditional employer before a career as a consultant. The result was that Poolia Sweden in the first quarter decreased its revenue to SEK 137.3 million (€14.2 million), a decrease of 5.4% compared to the same quarter last year.”

“Despite the decline in Finland, it is clear that the Finnish economy is now going out of its long slump, and we are seeing increased demand for our services,” Werner said.

“I see continued improvement for Poolia's future,” Werner said. “We continue to develop our sales and marketing tools to grow and become more efficient. We are focused and determined on becoming an even more attractive employer for consultants. Poolia is well positioned to continue its journey towards growth with increasing profitability. Poolia's long-term goals and strategies are in place.”

In trading yesterday, Poolia shares closed at SEK 15.80 (€1.64), down 6.5% on the day. Based on its current share price the company has a market value of SEK 206.95 million (€21.4 million).