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NetJobs Group AB (NJOB:STO) reported a weaker quarter than expected ending in June. Net sales decreased 11% to €9.9 million from €11.2m (compared to the same period last year). Operating profit decreased 13% to €2.0 (€2.3) million. The operating margin decreased to 20.0% (20.5%) and profit after tax fell by 10% to €1.5m (€1.7m).
Look at the specific revenue figures the Swedish market was down -22% at €5.8 m, which account for 59% turnover, Norway at €1.5 (15% of turnover) was up +61%, Finland at €588,000 (6%) was down -50% and Germany at €2million (20%) was up +22%.
Speaking about the results Hristos Kitsos, CEO said (paraphrased):
Changes in the management of the sales organization influenced the second quarter, and growth failed to materialize, especially in the Swedish market, which took a step back. With sales of EUR 9.9 million and an operating margin of 20%, we are not satisfied with the quarter which lies behind us. We continue to see a positive trend in growth of the German and Norwegian markets. We believe in what we do and in the third quarter, we will work hard with our method to dig deep in our attractive niche job boards with more sellers per niche. We will also work on improving our existing products to become the first choice in the market.
NetJobs is the leading provider of specialized career websites in northern Europe with 35 specialized career websites and 5 general websites in Sweden, Norway, Finland, Denmark and Germany respectively, NetJobs is listed on OMX First North
This morning NetJobs Group AB share price was flat at 3.05 SEK, -10.29% below its 52-week high of 3.40 SEK, set on 10th May, 2012 but 49% above a year ago. This means the company is valued at €7.4 million.
To read the full report in Swedish, click below: