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Sweden – Staffing firm Wise Group reports “continued growth”

17 February 2012

Wise Group AB (WISE:STO) today published its annual and fourth-quarter results, reporting “continued growth and good profitability” as revenue increased by +80% to €8.5 million (75.3 million SEK) from €4.76 million (41.9 million SEK). Operating profit went up to €1.15 million (10.2 million SEK), compared with €0.7 million (6.8 million SEK) in the same quarter last year. Profit before tax amounted to €1.12 million (9.9 million SEK), up from €0.7 million (6.7 million SEK).

Similarly for the financial year 2011 the company increased revenues by over 70% to €25.2 million (221.8 million SEK), compared with €14.5 million (128.4 million SEK) in the previous year. Operating profit more than doubled from €1.18 million (10.4 million SEK) to €2.5 million (22.6 million SEK) in 2011. Profit before tax also surged to €2.5 million (22.4 million SEK) from €1.1 million (10.4 million SEK) in the previous year.

Wise Group CEO Stefan Rossi spoke of a “successful” year saying that the crisis in the market had not affected operations. “I am very pleased to report such a large revenue and profit record for the group. The year was in every way successful and most of our [subsidiary] companies have gained in market share.”

The firm acquired various companies last year that operate in the IT or HR sector. Mr Rossi was certainly impressed by the firm’s results saying he was “hungry for more” and “ready to take on new challenges” in the year ahead as the firm is expected to make more “structural changes.”

“[The firm’s] liquidity remains good… a possible economic downturn makes a great opportunity to gain market share. We will continue to be aggressive in our sales and marketing efforts,” he commented.

Wise Group AB is a Sweden-based HR provider offering recruitment services, as well as professional consultancy services, management outplacement and career coaching. In Staffing Industry Analysts’ rating of the largest staffing firms in Sweden, the firm ranked 20th.

In early trading this morning, the company share prices jumped +1.61% at 1.26 SEK. This values the firm at €18.4 million (162 million SEK).

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