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Sweden – SJR revenue up but growth slowing

28 August 2012

Staffing group SJR in Scandinavia (SJRB:STO), a specialist financial services provider, increased second-quarter revenue by +2.4% to €7.4 million (SEK 55.6 million) but saw profits drop due to tougher market conditions, the firm reported today.

SJR, the 13th largest staffing firm in Sweden, decreased operating income by -27% to €0.5 million (SEK 4.4 million) in the second quarter of the year, resulting in a lower operating margin of 7.8% compared to 11.0% a year ago. Profit after tax in the three months to June tax was down by -27% to €0.4 million (SEK 3.2 million).

“The market for staffing services remained cautious in the second quarter,” said CEO Per Ogunro. “We showed growth, but at a slower pace. Compared with the first half of last year, market conditions deteriorated.”

Mr Ogunro said that overall the firm still doubled revenue over the last three to five years despite more difficult trading conditions. “The market is growing,” he said although in the short term “it is expected to be characterised by a somewhat cautious approach.”

In early trading this morning, the company’s share price was up by +0.66% to SEK 46.00, down -8.0% from a year ago but +2.2% above its 52-week low of SEK 45.00 seen in December 2011. This values the firm at €19.9 million (SEK 164.15 million), making it the 78thlargest staffing firm by market capitalisation according to Staffing Industry Analysts’ latest research.

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.

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