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Sweden - Poolia profitable again

27 July 2011

Revenues, including Dedicare, were up by from 70.9 million Euro in H1 2010 to 74.7 million Euro in H1 2011 at Poolia AB (POOLB:STO), the Sweden-based temporary and permanent staffing group, which specialises in finance, administration, IT and engineering.

Dedicare's shares were successfully distributed to Poolia shareholders on 4 May 2011, and Dedicare is thus reported as a discontinued operation.

Revenues excluding Dedicare were up by +16% from 53.8 million Euro in H1 2010 to 62.5 million Euro in H1 2011. In constant currency revenues, excluding Dedicare, were up by +19%.

Operating profit, including Dedicare, was up from 232,000 Euro in H1 2010 to 1.9 million Euro in H1 2011.

Operating profit, excluding Dedicare, was up from a loss of -695,000 Euro in H1 2010 to a profit of 1.8 million Euro in H1 2011.

Profit before tax, excluding Dedicare, was up from a loss of -695,000 Euro in H1 2010 to a profit of 1.8 million Euro in H1 2011.

Profit after tax, excluding Dedicare, was up from a loss of -585,000 Euro in H1 2010 to a profit of 1.2 million Euro in H1 2011.

Monika Elling, CEO, commented "Poolia is a company now totally focused on permanent placement, temporary staffing and outplacement in the white-collar segment. Our aim is to be the obvious choice in these areas. We are expanding our existing range of services and also introducing new ones. We have started Poolia Executive Search which has been profitable from day one. We have opened a new Poolia office in Falun. In the autumn, we will also be opening offices in Umeå, Sundsvall and Helsingborg."

"Poolia Sweden reported growth of +19% in the quarter, and has also won important contracts. The operating margin has increased to 4.3%, compared with the figure of -1.4% in the corresponding period. We were declared best employer in the sector in a survey carried out by Universum. This is an important testimonial for us, as we are convinced that satisfied employees are the key when working for the customer, and because it will help us attract both new customers and candidates."

"Poolia UK reports a profit of 55,000 Euro, excluding restructuring costs of 110,000 Euro, which is a very important milestone. We have reduced our costs and restructured, and now focus on areas where we, historically, have been most successful."

"Poolia Germany is developing according to plan. We have a strong and skilled team in place, with a mix of old and new employees. This new team gives us a much stronger focus on sales and efficiency, which are key factors in long-term, stable and positive development."

"Poolia Finland has increased its rate of growth and has attained +25% growth in local currency during the quarter. The operating margin is strong and has increased to +9.2% compared with +6.7% in H1 2010, which is highest in the group. Our Danish operation is very small, and is now run and reported together with Poolia Sweden."

"We see many new openings in our current markets and are optimistic about the future."

In early trading Poolia's shares were down by -0.41% to 24.50 Swedish Krona.


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