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Sweden – German and Swedish business drive revenue growth at NetJobs

09 November 2012

NetJobs Group AB (NJOB:STO) today reported that revenue in the third quarter of the year increased by +11% to €1.0 million (SEK 8.5 million) from €0.9 million (SEK 7.6 million) a year ago, helped by growth seen in Germany and its domestic market.

The company operates job boards across the Nordic countries and has expanded its reach in the region, with operating profit rising by +235% to €0.1 million (SEK 1.0 million). Profit after tax grew from around €23,000 (SEK 0.2 million) to €70,000 (SEK 0.6 million).

In the second quarter, the company posted weaker results than expected but was able to make up for the shortfall in the three months to September. The change in sales from Q2 to Q3 was due to both Sweden and Germany picking up business, said CEO Hristos Kitsos.  

Sweden, the firm’s largest market, saw revenue rise by +23%, followed by a +11% revenue increase in its second-largest market, Germany. However, sales in the smaller markets, Finland and Norway, decreased during the third quarter. 

NetJobs operates specialized career websites in northern Europe with 35 specialized career websites and 5 general websites in Sweden, Norway, Finland, Denmark and Germany respectively..

As of last trade, the company’s share price remained unchanged ta SEK 2.20, a -21.4% decrease from a year ago and +42.0% above the 52-week low of SEK 1.55 seen in August. The firm has a market value of SEK 44.00 million. 

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