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Group turnover at Stockholm-based Proffice AB (PROEB:STO) is down from ââ€š¬207.2 million for the first six months in 2008 to ââ€š¬201.4 million compared to the same period this year. Operating profit, however, is up from ââ€š¬7.8 million in 2008 to ââ€š¬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 ââ€š¬53.7 million last year to ââ€š¬47.9 million in 2009. Danish revenues were down from ââ€š¬13.6 million to ââ€š¬6 million. In Finland revenues were equally down from ââ€š¬7.5 million to ââ€š¬5.9 million. The big saviour of Proffice's interim results was the Swedish home market where revenues were up by 6% from ââ€š¬133.4 million in 2008 to ââ€š¬141.7 million in 2009.
Operating profits in Sweden were up from ââ€š¬8.6 million in 2008 to ââ€š¬12.5 million in 2009, thereby disguising the fact that all three other Scandinavian countries had made an operating loss: Norway -ââ€š¬0.9 million, Denmark -ââ€š¬0.5 million, Finland -ââ€š¬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.