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Staffing group SJR in Scandinavia (SJRB:STO), a specialist financial services provider, says its third-quarter revenue dropped by -3.1% to SEK 50.0 million (approximately €5.8 million) for the period July – September 2012.
Commenting on the results Per Ogunro, the Chief Executive Officer said:
The Company said that the market for staffing services remained cautious in the third quarter. The number of working days in the third quarter was 1.5% fewer than in the previous year and in the first three quarters, 0.5% fewer than 2011.
While revenue for the third quarter was 3.1% lower than in the previous year, sales for the first nine months were +3.1% higher than in the previous year. Cost reductions have been implemented in the third quarter, but have not been able to offset the decline in sales. This means that operating margin in the third quarter increased to 9.2% compared with 8.2% for the nine month period.
The company also announced that it has opened an office in Uppsala and signalled its intention to grow in the civil service sector in Sweden.
Ogunro went on to say that he believed in the second quarter that SJR gained market share. It is his opinion that it is SJR's longstanding specialization and commitment to quality which has led to this market share gain. Looking forward he believe that the market is currently trending down but stable, and he sees a marginal increase in demand in the fourth quarter.
SJR in Scandinavia is a Sweden-based staffing firm, specialising in economic, banking and financial sectors. The Group works with a number of banking and financial institutions in the country and apart from recruitment services, it also provides consulting and career services. The firm is the 78th largest listed staffing firm by market capitalisation according to Staffing Industry Analysts’ latest research.
In early trading this morning, the company’s share price was down -1.58% to SEK 43.70, down -10.63% from a year ago and +1.16% above its 52-week low of SE 43.20 seen in October 2012. This values the firm at SEK 155.40 million (approximately €18.11 million).