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SJR in Scandinavia AB (SJRB:STO), the staffing specialist in the financial services sector, today announces interim results for the third quarter of 2009.
Revenues were down from 3.2 million Euro in Q3 2008 to 2.9 million Euro in Q3 2009. Operating profit was down from 332,000 Euro to in Q3 2008 to 88,000 Euro in Q3 2009. The operating margin was reduced from 10.3% in Q3 2008 to 3.1% in Q3 2009.
SJR Managing Director Per Ogunro said "the market has now stabilised and the decline has slowed. The staff cuts we have made have paid off, which is demonstrated in the improved operating margin in comparison to the second quarter. Our forecast for the fourth quarter is higher sales and a further improved operating margin."
SJR's activity is structured into three principal segments: recruitment, consulting and career guidance. Its operates through two wholly owned subsidiaries: Studentworkers in Scandinavia AB, which provides its recruiting services to college students, graduates and other qualified staff with work experience of up to three years, and Ogunsen AB, engaged in the search and selection of employees for given positions. The Company has offices in Stockholm, Gothenburg and Malmo, Sweden.
In early trading SJR's shares were up by 7.34% to 19 Swedish Kronor.