SJR in Scandinavia (SJRB: SS), the Swedish staffing company reported revenue for the second quarter ending 30 June 2019 2018 up slightly at 1% but both operating profit and profit after tax fell over 60%

According to the company, the increase in revenue was mainly due to the acquisition of Women Executive Search Sweden (WES). However, their forecasts for expansion within their new business areas were overly optimistic and excessive costs have been taken following the acquisition earlier this year. Also, there has been some decline in the company’s established operations which, combined, led to a six-month reduction in earnings.

 As of 30 June 2019, the total number of employees was reduced to 519 from 566 in H1 2018 following staff cuts.

SJR in Scandinavia (SJR) focuses on Finance, HR, IT, and Supply Chain. It has offices in Stockholm, Gothenburg, Malmö and Helsingborg.

In trading, today SJR in Scandinavia AB (SJR B:STO) shares fell 14.85% and set a new 52-week low when it reached SEK 26.60 (€2.48). Based on its current share price, the company has a market value SEK 323.4 million (€30.13 million).