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View All NewsSweden – Wise Group see revenue up 12% in Q3
Wise Group (WISE:SS), the Swedish staffing firm reported revenue for the third quarter ending 30 September 2016 of SEK 153.1 million (€15.9 million), an increase of 11% compared with SEK 137.0 million (€14.2 million) during the same quarter last year.
| Q3 2016 | EUR | Q3 2015 | EUR | Change | |
| Revenue | SEK 153.1 million | €15.9 million | SEK 137.0 million | €14.2 million | 12% |
| Operating Profit | SEK 8.3 million | €0.9 million | SEK 5.8 million | €0.6 million | 42.5% |
| Net Income | SEK 6.3 million | € 0.7 million | SEK 4.7 million | €0.5 million | 34% |
Revenue by business segment was broken down during Q3 2015 as follows:
| Q3 2016 | EUR | Q3 2015 | EUR | Change | |
| Recruitment | SEK 33.8 million | €3.5 million | SEK 28.9 million | €3.0 million | 17% |
| Consultant Services | SEK 65.9 million | €6.9 million | SEK 60.3 million | €6.3 million | 9% |
| HR Services | SEK 53.3 million | €5.5 million | SEK 47.8 million | €5.0 million | 12% |
Geographically, revenue during Q3 2016 was broken down as follows:
| Q3 2016 | EUR | Q3 2015 | EUR | Change | |
| Sweden | SEK 147.6 million | €15.3 million | 131.8 | €13.7 million | 12% |
| Denmark | SEK 3.5 million | €0.3 million | SEK 2.8 million | €0.3 million | 23% |
| Finland | SEK 2.0 million | €0.2 million | SEK 2.3 million | €0.2 million | (15%) |
According to Roland Gustavsson Wise’s CEO: “The good result in our Swedish operations depends largely on the many years of work carried out within each subsidiary in order to create a strong value system and continuity of leadership, which in turn leads to high the quality of our deliveries, repeat customers and a good reputation”.
He went on to say in translation “Within our foreign companies, we have a way to go. Growth is good but the results remain negative. This is the effect of a conscious decision to gradually establish increasing numbers of our subsidiaries in Copenhagen and Helsinki in order to build the presence and sales force in these markets that we have in the Swedish part of the Group. During the year, we have established a total of three new subsidiaries … leading to immediate costs but meaningful revenues only in some years”.
“I'm happy with how the quarter progressed and how we performed in the first nine months. We continue to work with to continue strengthening margins in parts of our Swedish operations and increase sales and profitability in our foreign operations”.
Speaking speaking exclusively to Staffing Industry Analysts Roland said ”We expect the Nordic market to grow in 2017. We have seen a steady growth in all our services during 2016 and believe it will continue the following year.”
Wise Group AB (WISE:STO) set a new 52-week high during Thursday's trading session when it reached SEK 59.0 (€6.13). Over this period, the share price is up 27.52%. Based on its current share price the company has a market value of SEK 436.0 million (€45.3 million).
To read the full financial in Swedish, please click below: