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Sweden-based health and education recruitment firm NGS Group AB (NGS: SS) reported net sales of SEK 95.2 million (USD 14.6 million) for the second quarter of 2013, an increase of +48% compared with SEK 49.7 million (USD 7.6 million) last year. Operating profit jumped from SEK 4.3 million (USD 660,845) in Q2 2012 to SEK 8.3 million (USD 1.3 million) this year, a rise of +48.2%.
The acquisition of Nurse Partner Scandinavia (AB) in May 2013 increased NGS’s market share in Norway and across Sweden. Following the acquisition NGS increased +91% in size during the second quarter. The purchase of Nurse Partner Scandinavia cost SEK 40.4 million (USD 602 million), of which SEK 25.9 million (USD 3.98 million) was paid in cash with shares covering the remaining SEK 14.5 million (USD 2.2 million).
Ingrid Norlund, CEO of NGS Group, commented: “We are pleased with the progress so far and see [the] potential to increase further, particularly focusing on Norway.”
NGS is a niche specialist provider and operates through a number of subsidiaries providing temporary staffing services to educational and catering sectors. The firm also specialises in recruitment services to psychiatric care units; as well as general healthcare services to public and private operations.
In trading today, the company’s share price increased +10.22% to SEK 102.50 (USD 15.75) an increase of +124.33 compared with a year ago. Based on its share price, the company has a current market value of SEK 194.14 million (USD 29.8 million).