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Sweden – Uniflex reports improved profit

22 October 2013

Swedish staffing firm Uniflex (UFLXB: SS) reported revenue for the three months ending 30 September 2013 of SEK 359.5 million (€40.9 million), a fall of -14.7% compared with SEK 421.5 million (€47.9 million) a year ago.

The company reported an operating profit of SEK 16.2 million (€1.8 million), an increase of +40.9% compared with SEK 11.5 million (€1.3 million) a year ago. Profit after tax also increased, year-on-year, from SEK 15.3 million (€1.7 million) in Q3 2012 to SEK 11.2 million (€1.3 million) in Q3 2013, equating to a rise of +36.6%.

Uniflex this week announced that it had signed an agreement with its former parent company Poolia to purchase its subsidiary Utvecklingshuset (Development House). The terms of the agreement specify that the subsidiary will be purchased on 1 December 2013 for SEK 3.5 million (€398,635), with up to SEK 4.5 million (€512,530) to be paid dependent on the company’s revenues in 2014. The agreement would result in a book loss of up to SEK 12.5 million (€1.4 million) for Poolia, who bought the company in April 2010 for SEK 16 million (€1.8 million).

For the nine-month period to the end of September 2013 company revenue fell by -11.7% to SEK 1.06 billion (€120.7 million) from SEK 1.2 billion (€136.8 million) during the nine months to 30 September 2012. Uniflex reported an operating profit for the period of SEK 19.4 million (€2.2 million), a -11.9% drop from SEK 22 million (€2.5 million) a year ago.

The company reported a -15.7% drop in profit after tax of SEK 12 million (€1.4 million), down from SEK 13.9 million (€1.6 million) for the same period last year.

On 1 March, Uniflex acquired a German company from SEK 5.2 million (€591,540). Annual sales for the company in 2012 were approximately SEK 30 million (€3.4 million). One of Uniflex’s largest customers restructured their customer service operations. As a result Uniflex estimated a SEK 40 million (€4.6 million) reduction in revenue per quarter from May 2013. 

The company’s share price rose by +7.4% closing yesterday at SEK 36.50 (€4.16). An increase of +22.9% compared with a year ago. Based on its share price, the company has a current market value of SEK 630.2 million (€71.8 million).

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