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Sweden — Svensk Internetrekrytering sees improved results in Q4 2010

10 March 2010

Svensk Internetrekrytering AB (SIR:STO), the Stockholm-based job board operator, has announced preliminary results for the year ended 31 December 2009 as well as Q4 2009.

Net sales for the year fell by -46% from 4.6 million Euro in 2008 to 3.16 million Euro in 2009. Profit after tax fell from 0.3 million Euro in 2008 to loss after tax of -0.23 million Euro in 2009.

In Q4 net sales increased by +1% from 0.90 million Euro in 2008 to 0.91 million Euro in 2009. Profit after tax was up from zero in Q4 2008 to 80,000 Euro in Q4 2009.

CEO Henrik Kvick, said "I am pleased that we can report an operating margin of 10% for Q4 2009 as well as revenue growth. 2009 was a year with many challenges and tough market conditions. The actions we have taken during the year have resulted in a reduced cost base and increased traffic on our job boards."

"When the Swedish market takes off again, we will be prepared to grow organically and stay profitable. The new year has started well and we look forward to achieving the high targets we have set ourselves."

Svensk Internetrekrytering owns and operates 34 job websites in Sweden, Norway, Denmark, Finland and Germany. Its customers operate mainly within the private sector, but also include municipalities and government authorities, as well as staffing agencies.

As of last trade, Svensk Internetrekrytering AB traded at 1.96 Swedish Kronor, 35.17% above the 52 week low of 1.45 Swedish Kronor set on July 31, 2009.



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