Swedish recruitment services firm Hedera Group (HEGR: SS) reported revenue today for the fourth quarter ended 31 December 2024 of SEK 129.2 million (€11.4 million), a fall of 22.4% compared to last year.

The decrease is primarily attributable to the reduced staffing market. Healthcare staffing in Sweden has also been affected by restrictions in the regions’ purchases of contracted healthcare personnel during the fourth quarter.

“We are leaving a Q4, which, like previous quarters in 2024, is characterised by a weak staffing market for healthcare personnel,” Group CEO Johan Sandström said in a press release.

By segment, Hedera Assistans, which focuses on personal assistance, saw a reduction in its turnover by 2.7% compared to the fourth quarter of 2023. The decrease is due to customer losses during 2024.

Hedera Staffing is experiencing a sharp decline in volume compared to the fourth quarter of 2023, a decrease of 60%. The Swedish healthcare staffing market has declined sharply throughout 2024. The company added that it is focused on reducing its costs.

The company also reported revenue for the full year of SEK 543.3 million (€48.2 million), which corresponds to a decrease of 19.9%.

Hedera Group shares last traded at SEK 4.68 (€0.42), down 2.90% on the day and 93.39% above the 52-week low of SEK 2.42 (€0.21) set on 26 November 2024. The company has a market cap of SEK 71.82 million (€6.3 million).