Daily News

View All News

Sweden - Poolia's results suffer from exchange rates

02 May 2011

Revenues were up by +20% from 26.4 million Euro in Q1 2010 to 32 million Euro in Q1 2011 at Poolia AB (POOLB:STO), the Sweden-based temporary and permanent staffing group, which specialises in finance, administration, IT and engineering.

The Board of Directors proposes that the Annual General Meeting passes a resolution about distribution of the company's shares in healthcare staffing agency Dedicare to the shareholders in Poolia AB in conjunction with listing of the shares on NASDAQ OMX Stockholm AB.

Interim results for the three months ended 31 March 2011 contain information about the entire group and about the group excluding Dedicare.

Revenues including Dedicare were up by +19% from 34.5 million Euro in Q1 2010 to 41 million Euro in Q1 2011.

Operating profit excluding Dedicare was up from a loss of -213,000 Euro in Q1 2010 to a profit of 1.2 million Euro in Q1 2011.

Operating profit including Dedicare was up from 157,000 Euro in Q1 2010 to 1.2 million Euro in Q1 2011.

Poolia Sweden revenues were up by +28% from 19.6 million Euro in Q1 2010 to 25 million Euro in Q1 2011. Within Poolia Sweden, the temporary staffing and permanent placement areas are growing equally fast in percentage terms. The proportion of business in permanent placement during the period was 10% compared with 9% in Q1 2010.

Poolia Sweden's operating profit was 1.5 million Euro in Q1 2011 compared with 572,000 Euro in Q1 2010. The operating margin was 6.1% compared with 2.9% during the same period last year.

Poolia UK revenues were 3.3 million Euro in Q1 2011 compared with 3.32 million Euro in Q1 2010. The exchange rate had a -9% negative impact on revenues during the quarter. In local currency, revenues increased by +9% during the quarter. The proportion of business in Permanent Placement rose to 15% from 11%.

Poolia UK reported an operating loss for the period of -146,000 Euro in Q1 2011 compared with -202,000 Euro in Q1 2010.

Poolia Germany revenues were 2.5 million Euro in Q1 2011 compared with 2.5 in Q1 2010. The exchange rate had a -13% negative impact on revenues during the quarter. In local currency, the revenues increased by +12%. The proportion of business in permanent placement rose to 12% from 10%.

Poolia Germany's operating profit was 202,000 Euro in Q1 2011 from 11,000 Euro in Q1 2010. The operating margin was 8.1%  compared with 0.5% during the same period.

Poolia Finland revenues were 852,000 Euro in Q1 2011 compared with 830,000 Euro in Q1 2010. The exchange rate had a -14% negative impact on revenues during the quarter. In local currency, revenues increased by +17%. The proportion of business in permanent placement rose to 15% from 14%.

Poolia Finland's operating profit was 57,000 Euro in Q1 2011 compared with 47,000 Euro in Q1 2010, and the operating margin was 7.1% compared with 5.8% during the same period.

Poolia Denmark revenues were 190,000 Euro in Q1 2010 compared with 180,000 Euro in Q1 2011. The exchange rate had a -15% negative impact on revenues. In local currency, revenues increased by +20%. The proportion of business in permanent placement dropped to 34% from 48% during the same period.

Poolia Denmark's operating profit was a breakeven in Q1 2011 compared with 22,000 Euro in Q1 2010.

Dedicare, which is reported as a discontinued operation, generated increased revenues (+12%) of 9.2 million Euro in Q1 2011 compared with 8.2 million Euro in Q1 2010.

The operating profit was 45,000 Euro in Q1 2011 compared with 370,000 Euro in Q1 2010 and the operating margin was 0.4% compared with 4.5% during the same period in 2010. The operating profit was affected by a cost of -336,000 Euro relating to preparation for stock exchange listing of the company's shares.

Monika Elling, MD and CEO, commented "It is pleasing to see continued growth and inflow of orders from both established and new customers. Poolia Sweden reported growth of +28% in the quarter and the operating margin continues to increase, this was 6.1%, compared with 2.9% in the corresponding period last year. The growth can be seen throughout Poolia Sweden."

After end of play in Stockholm on 26 April 2011, Poolia's shares were up by +1.47% and then up this morning by +4.31% to 33.90 Swedish Kronor.

Comments

Add New Comment

Post comment

NOTE: Links will not be clickable.
Security text:*