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Sweden - Wise's profits double in Q3

27 October 2011

Revenues were up by +75% from 3 million Euro in Q3 2010 to 5.26 million Euro in Q3 2011 at Wise Group AB (WISE:STO), the Sweden-based provider of services and tools in the area of Human Resources Management (HRM).

Interim results for the three months ended 30 September 2011 reveal that operating profit was up from 88,000 Euro in Q3 2010 to 200,000 Euro in Q3 2011.

Profit before tax doubled from 88,000 Euro in Q3 2010 to 177,000 Euro in Q3 2011.

According to Staffing Industry Analysts’ research, Wise is the 20th largest staffing company operating in Sweden.

Stefan Rossi, Majority Shareholder and CEO, commented "the future of the market is uncertain but I see no signs of decline at Wise. I am very happy with our profit performance and if companies hold back on their overall hiring activities in Q4, they will probably increase their proportion of temporary employees in order to minimise their risks."

"Our liquidity remains strong and I see a possible recession as a great opportunity to gain market share. We will definitely continue our strong marketing efforts."

In early trading Wise's shares were down by -1.9% to 1.03 Swedish Kronor.

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