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Swedish staffing firm Wise Group (WISE:STO) reported continued growth in the third quarter of the year 2012 with sales growing by +113% to €11.7 million (SEK101.2 million) The growth was buoyed by the acquisition of rival staffing firm Resurs, in November 2011. However, the organic increase was still 29%.
Operating profit improved to €647,000 (SEK5.6 million) compared to €208,000 (SEK1.8 million) during the same period last year. This includes amortization of intangible assets of SEK 1.3 million related to the acquisition. The gross margin is currently 7.4%. Profit before tax increased to €601,000 (SEK5.2 million) compared with €185,000 (SEK1.6 million) the previous year.
During the third quarter Stefan Rossi left his post as CEO of Wise Group AB and moved into the role of executive director in charge of business development. He was replaced by Roland Gustavsson, former CEO of K2 Search Ltd.
Speaking about the results, Wise Grouip CEO Roland Gustavsson said:
“The trend of continued growth with good profitability continues… and the results are positive for the thirteenth consecutive quarter.”
“I have now had the role as CEO of Wise Group since 1 September 2012 and can confirm that the demand for our services remains strong. Thanks to ten independent operations, we have a breadth of our range of services, which to date has meant that the slowdown in the economy has not affected growth and earnings. We have a diversification of our offer that no other comparable players have. This makes us less sensitive to fluctuations in the economy and ensures continued opportunities to grow.”
He added that the company was expanding internationally. From February 2013, three of Wise’s companies will operate from Copenhagen.
“Our long-term goal is to become an international group … By building our business with local personnel who have the same values and vision of business success that has made us so successful in Sweden, we expect success in Denmark”.
Wise Group AB is the parent company of a group ten firms that specialise in recruitment, consultant hiring and HR /personnel. Wise has offices in Stockholm, Gothenburg, Malmö, Linköping and Boras.
This morning the company traded up 4.5% at 1.39 SEK, 65.48% above the 52 week low of 0.84 SEK set on Nov 30, 2011 and 39% above a year ago. This means the company is valued at €22.73 million (SEK196.60 million).
To read the full report in Swedish, follow this link.