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Sweden — Swedish results rescue Proffice interim report

20 August 2009

Group turnover at Stockholm-based Proffice AB (PROEB:STO) is down from €207.2 million for the first six months in 2008 to €201.4 million compared to the same period this year. Operating profit, however, is up from €7.8 million in 2008 to €8.6 million. The temporary staffing, recruitment and career development business reported today.

Proffice operates across all of Scandinavia. In Norway turnover was down from €53.7 million last year to €47.9 million in 2009. Danish revenues were down from €13.6 million to €6 million. In Finland revenues were equally down from €7.5 million to €5.9 million. The big saviour of Proffice's interim results was the Swedish home market where revenues were up by 6% from €133.4 million in 2008 to €141.7 million in 2009.

Operating profits in Sweden were up from €8.6 million in 2008 to €12.5 million in 2009, thereby disguising the fact that all three other Scandinavian countries had made an operating loss: Norway -€0.9 million, Denmark -€0.5 million, Finland -€0.2 million.

Proffice CEO, Lars Kry, comments "this report is a message of strength. A strong result in a tough market. The operating profit increase by 10% and the operating margin of 4.3% compared to 3.8% for the same period last year demonstrates this. The highlights are Sweden with an increased turnover and improved results. The specialist strategy has resulted in increased margins and an early implementation of our re-structuring programme has had a quick impact. Proficce continues to step on the gas and the breaks at the same time."

In early trading Proffice shares were down by 4.17% to 18.40 Swedish Kroner.



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