Swedish staffing firm Uniflex (UFLXB: SS) reported revenue of SEK 277 million (€26.7 million) for the first quarter ended 31 March 2017, an increase of 1% compared with the same quarter last year.

Operating Profit and Profit After Tax was adjusted for discontinued operations. In January of 2018, the group signed an agreement to sell its German subsidiary to Topp Holdings, a German group.

Uniflex stated that it has incurred additional costs in the form of system adjustments and consultancy efforts in anticipation of the General Data Protection Ordinance (GDPR)

Uniflex's operations now consist of three operating segments, the geographical areas Sweden, Norway and Finland. Revenue during the first quarter was broken down as follows.

In Sweden the group stated that growth in the occupations of industrial workers and warehouse personnel has been satisfactory, but sales within the customer service segment have decreased. The company has hired more recruiters to increase the inflow of candidates.

In Norway, Uniflex stated that profits and increased sales can be attributed to a combination of the company's increased sales efforts and an improved Norwegian economy.

"It is very pleasing that our Norwegian operations for the first time show earnings in the first quarter of the calendar year, which is usually our seasonally weakest quarter,” Jan Bengtsson, CEO Uniflex said. “The combination of an improved Norwegian economy and our own sales efforts has led us to grow by 40% in Norway in the first quarter.”

"In Finland, our investments continue and we have opened our third office in the first quarter,” Bengtsson said. “It has indeed affected our earnings negatively, but we grow and I think it will contribute positively to both sales and earnings shortly.”

In trading yesterday Uniflex traded at SEK 23.80 (€2.29), down 4.03% on the day. Based on its current share price the company has a market value of SEK 413.2 million (€39.8 million).