Poolia’s Interim Report, 1 January – 30 September 2009
10/28/2009 11:15 AM EST
• Revenues totalled SEK 995.6 M (1,076.3)
• Operating profit amounted to SEK 27.0 M (86.9)
• Profit before tax totalled SEK 27.9 M (89.8)
• Profit after tax amounted to SEK 18.8 M (64.7)
• Earnings per share amounted to SEK 1.06 (3.59)
• Cash flow from operating activities totalled SEK 14.4 M (75.0)
• Impairment of a fixed asset, an IT project, totalling SEK 5.4 M was charged against operating profit
Johan Eriksson, Poolia’s Managing Director and CEO, comments on the results:
During the first three quarters of the year, the global economic downturn impacted the requirement of temporary staffing and new permanent placements among companies. In several markets, despite the decline in demand, we succeeded in strengthening our market position, which was a display of strength. Thanks to our early cost-savings activities, we were able to cope well with the recession and we will continue to focus on cost adaptations and efficiency measures.
Following the decline in permanent placements in the first six months, we anticipated a challenging third quarter. During the summer months, demand remained low but by the end of the quarter, our two service areas, temporary staffing and permanent placement, were developing positively. Most markets are showing signs of stabilisation in terms of market conditions and a cautious increase in the inquiry rate is noticeable, particularly in the permanent placement area, compared with the preceding quarter.
In the healthcare staffing area, we are continuing to develop positively, which partly offset the decrease in revenues from permanent placement.
During the quarter, we decided to consolidate the operations in the Öresund region to Malmö. Although we will also continue to have a small representation in Copenhagen, Sweden will account for most of the resources.
Johan Eriksson
Please see attached pdf for full report.