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Proffice AB (PROEB:STO), the Stockholm-quoted Nordic staffing group, has announced results for Q4 2009 and the full-year. Full-year turnover was down from 437.6 million Euro in 2008 to 400.9 million Euro in 2009. Full-year operating profit was up from 11.8 million Euro in 2008 to 16.4 million Euro in 2009.
Q4 turnover was down from 114.4 million Euro in Q4 2008 to 98.8 million Euro in Q4 2009. Operating profit was up from an operating loss of -1.33 million Euro in Q4 2008 to +3 million Euro in Q4 2009.
Lars Kry, Proffice CEO, comments "2009 was a very good year at Proffice. We successfully handled the toughest recession in living memory. Today, Proffice is stronger than ever. Larger market shares combined with improved margins are evidence of our strength. The operating margin was 4.1% for the full year 2009, compared with 2.7% the previous year."
"The market is gradually improving. Presumably the worst is behind us, but it is too soon to declare the recession over. Proffice has eased the brakes, but we remain watchful, just in case."
"Within recruitment, IT and industry and logistics, we are already seeing good growth. Proffice expects the markets for staffing and recruitment to improve during 2010, while the outplacement market will continue to decline. However, this business will level out at a higher plateau than before the crisis."
"Proffice prioritise profitability before growth. This means that we look for future growth in selected specialist areas and geographic markets, where potential is greatest. We prefer to grow organically, but with our strong balance sheet and cash, we are open for selective acquisitions to further strengthen our specialist strategy."
"Profitability in Denmark and Finland improved strongly during the year, although not satisfactorily. In Norway, the negative trend was turned during the third and fourth quarters. We will continue our efforts in these three markets during the year with the aim of achieving sustainable profitability."
Proffice is present through approximately 100 offices and a number of subsidiaries in Sweden, Norway, Denmark and Finland.