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The Swedish staffing firm Poolia (POOLB:STO) has announced further costs and restructuring measures after sales continued to fall in the third quarter of the year, the firm reported on Friday morning.
Ranked the sixth-largest staffing firm in Sweden, Poolia saw revenue decline by a sharp -17.4% to €31.3 million (SEK 217.8 million) in the third quarter of the year. In local currency, the decline was -16.6%.
The firm made an operating loss of €80,000 (SEK 0.7 million) compared to a profit of €340,000 (SEK 3.0 million) last year. It posted a loss after tax of €92,000 (SEK 0.8 million) against a profit of €253,000 (SEK 2.2 million) a year ago.
The recruiter announced a cost saving programme to reach an “acceptable level” of profitability, which includes restructuring activities.
In Sweden, the firm saw falling demand in temporary staffing which led to a -18% drop in revenue. The firm said that the business climate in the country was “much weaker”. Poolia also lost a major contract in 2010 which still affected sales figures this year.
German revenue increased by +27% in local currency with business performing well. In the UK, revenue was down -38% in local currency due to a reduction of staff levels. In Finland, revenue decreased by -13% in local currency although the country had the group’s highest operating margin at 11.5%.
Poolia is a Sweden-based staffing company, providing permanent and temporary staffing to finance, administration, IT and engineering sectors.
In early trading, the company’s share price dropped sharply by -7% to SEK 12.50, down -26.5% from a year ago and +9.6% above the 52-week low of SEK 11.40 seen in August 2012. The firm has a market value of SEK 176.17 million.