Swedish staffing company SJR in Scandinavia (SJRB: SS) reported revenue for the first quarter ending 31 March 2018 of SEK 107.2 million (€10.3 million), an increase of 8.1% compared to the same period last year.

Operating margin stood at 10.7%, up from 10.6% last year.

Last year, SJR merged with its subsidiary SW in Scandinavia AB, which provides consulting and recruitment services. The group added that the merger has gone as expected.

The intention of the merger had been to become more specialised in the group’s business areas. The group’s business areas after the merger are Finance, HR, Supply Chain, IT and Executive Search within Ogunsen.

“Growth in the first quarter was 8.1%, which is satisfactory,” Per Ogunro, CEO of SJR, said. “Holiday days inhibited growth somewhat compared with the same period last year. Profitability within the group has improved. All units are performing according to plan. The new business areas IT and HR show good growth. The economy is still performing well in the first quarter.”

As of last trade SJR in Scandinavia AB traded at SEK 46.60 (€4.51), down 0.85% on the day and 7.91% below its 52-week high of 50.60 (€4.90), set on 19 April 2018. Based on its current share price the company has a market value of SEK 451.41 million (€43.7 million).