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Swedish staffing firm Poolia (POOLB: STO) released disappointing second quarter and half year results, for the period ending 30 June 2013. Half year revenues fell -21.7% year-on-year, from SEK 534.8 million (£53.4 million) to SEK 418.6 million (£41.8 million). During Q2 2013, revenue dropped -20.7% from SEK 258.1 (£25.7 million) to SEK 204.7 (£20.4 million), compared with Q2 2012.
Operating loss during the first half of the year was SEK -2.1 million (-£209,817) from SEK 3.2 million (£319,721) in H1 2012. In Q2 2013 operating loss was SEK -5.4 million (-£539,529) from SEK 300,000 (£29,973) in the same quarter last year.
Financially the second quarter was a disappointment, primarily driven by seasonality with fewer working days than other quarters. Recruitment revenues were also generally lower than normal, reflecting lower business activity than usual. The general market outlook continues to be relatively weak with low demand across all markets.
Poolia Sweden reported an operating profit of SEK -5.4 million (-£539,529) for the second quarter, down from SEK 1.4 million (£139,878) in the previous quarter. Revenue fell -23% during the same period from SEK 205.3 million (£20.5 million) to SEK 157.5 million (£15.7 million).
Poolia gained a greater proportion of the market share in Germany, where revenue grew +29%. Operating profit grew in a positive direction; however it remained below expectation with recruitment revenue also weaker than predicted. Precise figures were not provided in the report.
Poolia UK continued to grow in the finance & accounting sector. Poolia Finland reported stable revenues but lower than expected operating profit due to lower recruitment revenue. Again, precise figures were not provided in the report.
Recent management restructuring has involved the resignation of Poolia CEO Monika Elling and the instatement of founder and board member Dag Sundstrӧm, as acting CEO until a replacement is recruited. Poolia subsidiary Talent Eye AB will be sold to Monika Elling on the condition of a resolution at an extraordinary general meeting.
In early trading, the share price fell -0.43% to SEK 11.7, down -16.43% compared with a year ago. Based on its current share price, the company has a market value of SEK 201.18 million (£20.1 million).