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Proffice AB (PROEB:STO), the Scandinavian temporary and permanent group specialised in financial services, today publishes interim results for the first quarter 2010 ended 31 March.
Total revenues were down by -14% from 107.9 million Euro in Q1 2009 to 93.3 million Euro in Q1 2010. Operating profit was down by -42% from 4.9 million Euro in Q1 2009 to 2.88 million Euro in Q1 2010.
In Sweden, revenues were down by -8% from 74.5 million Euro in Q1 2009 to 68.6 million Euro in Q1 2010. Operating profit was down by -36% from 6.06 million Euro in Q1 2009 to 3.9 million Euro in Q1 2010.
In Norway revenues were down by -21% from 26.4 million Euro in Q1 2009 to 20.9 million Euro in Q1 2010. Operating profit was down from 205,000 Euro in Q1 2009 to nil in Q1 2010.
In Denmark revenues were down by -62% from 3.8 million Euro in Q1 2009 to 1.4 million Euro in Q1 2010. Operating loss was up from -102,000 Euro in Q1 2009 to -205,000 Euro in Q1 2010.
In Finland revenues were down by -29% from 3.2 million Euro in Q1 2009 to 2.2 million Euro in Q1 2010. Operating profit was up from a loss of 102,000 Euro in Q1 2009 to nil in Q1 2010.
Proffice CEO, Lars Kry, commented "Proffice has begun to detect signs of spring and the benefits of the improved business climate. However, as in the garden, spring doesn't arrive at the same time everywhere. A stable market is still some way off."
"The Proffice Group as an entity has shrunk. The decline is to a great extent due to a new market situation in outplacement, and Norway lagging behind. Thanks to quick implementation of decisions to reduce costs we have succeeded in minimising the effects of this on earnings."
"In total, Proffice has delivered strong earnings and healthy margins. Also, we give profitability preference over volumes, if we are forced to choose. The outlook for the year is good. Demand in Sweden is much stronger than it was. 168,000 vacant positions will be announced during the second quarter of the year, according to forecasts in Proffice's Labour Market Barometer compiled by TNS SIFO. The downturn in outplacement will be compensated by an increase in recruitment and temporary staffing. Our expectation is that the Norwegian market will only improve after the summer."
In early trading Proffice's shares were down by -10.61% to 21.90 Swedish Kronor.