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Business slowed down for Swedish staffing firm Poolia (POOLB:STO) during the fourth quarter as revenue fell -22% to €26.9 million (SEK 228.8 million). But the firm said results were in line with expectations, following fierce cost-saving measures and restructuring processes.
In the three months to December, the firm made a loss after tax of €3.0 million (SEK 26.2 million). But Poolia CEO, Monika Elling, said the firm should return to profitability in 2013, based on the new cost reduction schemes. “Overall, we believe that the measures taken are sufficient to deliver profitability in 2013,” she said. The firm has a strong presence in the Scandinavian countries where demand for staffing services slowed in the quarter.
“During the third quarter, we saw clear signs of a recession. In Sweden during the fourth quarter we have experienced an even stronger and faster slowdown in economic activity. Markets in Finland and Germany also show a weaker economy while the UK market remains highly competitive,” said Ms Elling.
In early trading, the company’s share price fell -3.9% to SEK 10.00, a -34.6% decline from a year ago and +3.1% above its 52-week low of SEK 9.70. The firm has a market value of €15.9 million (SEK 136.22 million).
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.