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Swedish staffing firm Wise Group (WISE:STO) reported continued growth in the second quarter of the year with sales growing by +125% to €15.0 million (SEK 125.5 million) with the firm defying tougher trading conditions in the professional staffing market, the company reported today. The strong sales growth was buoyed by the acquisition of rival staffing firm Resurs, in November 2011.
Operating profit in the three months to June increased by +55% to €1.2 million (SEK 10.1 million). Profit after tax increased by +46% to €0.9 million (SEK 7.2 million).
The quarterly financials showed strong growth, but the half-year results disclosed that the staffing firm has already exceeded annual sales made last year, making €26.6 million (SEK 222.3 million) in the first six months of 2012.
“We have traded as much [in terms of revenue] during the first half of 2012 as during the full year of 2011. All subsidiaries have performed well and we are so far experiencing no slowdown. The prospects for continued rapid growth and expansion is therefore very good,” said CEO Stefan Rossi.
The firm has also announced that the current CEO is leaving his post this month to continue as an executive board member of the Group. His successor will be Roland Gustavsson who will take over from 1 September 2012.
During the quarter a subsidy of the company, Resurs Bemanning, delisted from the stock exchange.
Wise Group AB is a Sweden-based HR provider offering recruitment services, as well as professional consultancy services, management outplacement and career coaching. In Staffing Industry Analysts’ rating of the largest staffing firms in Sweden, the firm ranked 20th.
In early trading this morning, the company’s share price was up +5.45 to SEK 1.56, up +47.2% from a year ago and 22.0% below its 52-week high of SEK 2.0 seen in March 2012. The firm has a market value of €26.23 million (SEK 218.77 million), making it one of the top 80 largest listed staffing companies across the globe based on market capitalisation.