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Swedish staffing firm Poolia (POOLB:STO) has seen lower sales figures than expected due to weaker demand, sending the share price down on the Stockholm stock exchange this morning. The firm will implement a cost-saving and restructuring programme to adjust to the slowdown, the company reported on Tuesday.
The firm said that operating income in the fourth quarter will be significantly lower and well below market expectations.
Poolia has a strong presence in the Nordic countries, but the deterioration of trading conditions has mainly affected its Swedish operations. The staffing company had already announced restructuring plans after posting losses earlier this year.
“We now need to make further savings,” the company said. The firm expects to make an operating loss of up to €3.4 million (SEK 30 million), including restructuring costs of €1.1 million (SEK 10 million). It is also expecting staff reductions.
Shareholders reacted quickly to the news this morning as the company’s stock price dropped by nearly -12% to SEK 10.00 in early trading, down -29% from a year ago.
Poolia is a Sweden-based staffing company, providing permanent and temporary staffing to finance, administration, IT and engineering sectors. The firm last year ranked among the 10-largest staffing firms in both Sweden and Scandinavia.