Swedish staffing firm Wise Group (WISE: SS) reported revenue for the first quarter ending 31 March 2016 of SEK 169.1 million (€18.2 million), an increase of 10% compared with SEK 154.4 million (€16.7 million) during the same period last year. 

Wise Group acquired the Swedish Operations of Talent Management system provider Comaea International in September 2015 which has boosted revenue.

Operating Profit was down 39.4% from last year and the company says that this is mainly explained by accounting effects of the acquisition of Comaea International's Swedish operations and the fact that Easter fell in the first quarter. The company also says that HR services revenue was adversely affected by Comaea.

Revenue broken down by business segment during Q1 2015 was as follows:

Geographically, revenue during the first quarter was broken down as follows:

All three business segments, Recruitment services, Consultant services and HR services showed growth with recruitment showing the biggest growth. Meanwhile, Danish operations show a revenue growth of nearly 50% in the first quarter.

Roland Gustavsson, CEO of Wise Group, commented: “Wise Group is a strong company with high commitment, both internally and externally, and with stable demand from our customers. We have made a good start to the year. I feel confident about the future and believe that we will be able to demonstrate continued good growth and improved earnings in the coming quarters.

In trading today, Wise Group traded at SEK 43.10 (€4.64), down 6.30% on the day and 18.68% below its 52-week high of 53.00 (€5.70), set on 29 December 2015. Based on its current share price, the company has a market value of SEK 339.98 million (€36.6 million).