Veteranpoolen AB, a Swedish firm that offers household services and staffing services, and offers employment to retirees, reported revenue today of SEK 151.0 million (€12.7 million) for the second quarter ended 30 June 2023, corresponding to an increase of 2.6% compared to the same period a year ago.

Operating profit and profit before tax were both down when compared to the same period a year ago.

Veteranpoolen CEO Mats Claesson said, “The weak growth so far during the year has not been satisfactory and not according to plan. Growth has been held back as a results of a weak market for Veteranpoolen’s craft services.”

Claesson added that demand for craft services has fallen significantly and said the garden service also saw ‘no success’ during the period.

The group’s household services segment has seen growth with more customers and assignments than ever before. Assignments for corporate clients have also developed well, according to the company.

The company said increased investment in growth, which so far has failed, is the reason for the weak profit development. These investments include increased costs for marketing, IT systems and personnel.

Revenue for the H1 period totalled SEK 241.9 million (€20.3 million), an increase of 2.2%.

“Investments and development work are now reviewed with an ambition to accelerate growth going forward,” Claesson said. “However this is done in a market climate with challenges beyond the control of Veteranpoolen.”

Looking ahead Claesson said “We know that there is a great need for our services and that many pensioners want to work extra after their retirement. Veteranpoolen invests forward to better help our customers with their needs and offer even more exciting opportunities for veterans. This is our mission and our contribution to a better society.”

Veteranpoolen shares last traded at SEK 26.10 (€2.19), down 2.61% on the day and 2.76% above its 52-week low of SEK 25.40 (€2.13), set on 8 August 2023. The company has a market cap of SEK 463.76 million (€38.9 million).