Swedish staffing firm Uniflex (UFLXB: SS) reported revenue of SEK 307 million (€ 32.3 million) for the second quarter ending 30 June 2016, a decrease of 11% compared with SEK 345.4 million (€36.9 million) during the same quarter last year. 

"In Sweden, the net sales and operating income for the second quarter of 2016 improved when compared with the first quarter,” Jan Bengtsson, CEO Uniflex, said. “Operating profit in Sweden in the second quarter of 2016 was negatively affected by a one-time cost of holiday pay liability of SEK 1.5 million (€158,140) due to the increase in employer contributions for young people that took place in June. Furthermore, we have increased our marketing and selling expenses in the quarter to enable growth as soon as possible."

"In Norway, net sales increased in the quarter compared with the same period last year. We also turned a profit in the quarter and the Norwegian market has begun to recover from the decline in demand that was followed by the decline in oil prices, " Bengtsson said. “In Finland we continue to grow. In Germany, work to achieve profits continues."

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

In trading on Friday 15 July 2016, Uniflex AB traded at 17.40 (€1.83), down 1.60% and setting a new 52-week low.