Swedish staffing firm Uniflex (UFLXB: SS) reported revenue of SEK 304 million (€31.3 million) for the third quarter ending 30 September 2016, a decrease of 9.5% compared with SEK 336 million (€35.8 million) during the same quarter last year.

"In Norway, recovery has been rapid and we are growing by 39% in the third quarter compared with the corresponding period last year. The reason is that the optimism in the Norwegian economy has returned and we have managed to win some new customers,” Jan Begtsson, CEO and Uniflex, said.

"In Finland, we continue to grow,” Bengtsson said. "In Sweden, the net sales for the third quarter of 2016 decreased compared to the corresponding quarter last year. To reverse this trend, we have increased our sales force during the second and third quarters. This has meant that the operating margin has been affected, but I believe that it will give a positive effect next year.”

The company has expanded its sales force in an effort to increase sales in Sweden, which resulted in a decline in operating margin for the third quarter, however the company assesses this will have a positive effect as early as next year.

Uniflex operates in four primary geographies, with revenue during the third quarter broken down as follows:

In trading today, Uniflex AB traded at SEK 18.50 (€1.91), down 1.6% on the day and 6.32% above its 52-week low of 17.40 (€1.80), set on 15 July 2016. Based on its current share price the company has a market value of SEK 258.75 million (€26.7 million).