STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
STABLE DEVELOPMENT DURING THE QUARTER Q2 2014 year-on-year
- Revenue decreased 5 per cent to SEK 1,078 million (1,130).
- EBITA and operating profit decrease 17 per cent to SEK 25 million (30), including restructuring costs totalling SEK 10 million (0).
- EBITA and operating margin stood at 2.3 per cent (2.7)
- Basic earnings per share totalled SEK 0.25 (0.32)
- Cash flow from operating activities totalled SEK 24 million (10)
YTD 2014 year-on-year
- Revenue decreased 5 per cent to SEK 2,074 million (2,192).
- EBITA and operating profit increased 13 per cent to SEK 45 million (40), including restructuring costs totalling SEK 10 million (5).
- EBITA and operating margin stood at 2.2 per cent (1.8)
- Basic earnings per share totalled SEK 0.44 (0.51)
- Cash flow from operating activities totalled SEK 23 million (54)
|Revenue, SEK million||1,078||1,130||-5 %||2,074||2,192||-5 %||4,318|
EBITA and operating profit, SEK million
|25||30||-17 %||45||40||13 %||125|
EBITA and operating margin, per cent
Profit after tax, SEK million
|17||22||-23 %||30||35||-14 %||104|
Basic earnings per share, SEK
|0.25||0.32||-22 %||0.44||0.51||-14 %||1.52|
Diluted earnings per share, SEK
|0.25||0.32||-22 %||0.44||0.51||-14 %||1.52|
Cash flow from operating activities, SEK million
Cash flow from operating activities per share, SEK
Basic equity per share, SEK
|8.38||7.47||12 %||8.38||7.47||12 %||8.37|
Return on equity, per cent
Stable development during the quarter In calendar terms, this year’s second quarter was the weakest in two years with just 57.5 working days. Costs of SEK 10 million for the organizational change that took effect on 1 June were recognised during the quarter. These two factors affected our operating profit, which reached SEK 25 million (30). Excluding restructuring costs, operating profit was SEK 35 million (30).
New agreements in Norway and Sweden We are continuing to see positive signs in the Swedish market. During Q2 of this year, revenue increased in comparison with Q1, from SEK 996 million to SEK 1,078 million. This was achieved despite Easter falling in Q2, which particularly affected our Norwegian operations.
The business climate remains subdued in Norway, so we were pleased that Proffice signed several new customer contracts in Norway during the quarter – for example with PostNord, who chose Proffice to supply staffing and recruitment services. Proffice also signed new customer contracts with Bertel O. Steen, for a variety of Proffice’s staffing services; Coop, who are hiring warehouse and forwarding staff; and Color Line, who Proffice will provide with healthcare services.
It is also positive to see that the areas of competence of Aviation, Finance, IT & Technology and Care grew in Norway during Q2 this year compared to the preceding year.
At the end of the quarter we saw a slight increase in activity among our Swedish customers, especially in our recruitment operations. We also gained renewed confidence from ICA Gruppen, with whom we signed a three-year agreement for staffing services, recruitment and outplacement. ICA and Proffice started their partnership in 2008, and today Proffice is a prioritized staffing supplier in all of ICA’s competence categories throughout Sweden.
Summer staffing lifts Denmark and Finland Revenue in Proffice Aviation was up on the previous quarter in all four markets – particularly in Denmark and Finland. This is the result of a normal increase in summer staffing demand for cabin crews, above all in the latter part of Q2. This demand usually continues into the first part of Q3.
Secure jobs and flexible companies During the summer business and finance newspaper Dagens Industri and Proffice organised a panel debate during Sweden’s annual week of political debates in Almedalen. There, we discussed how we create secure jobs for employees alongside flexibility for companies. As a staffing company we have a key function with our solid knowledge of matching – not just to help companies find the right employees for their operations, but also to help people progress from unemployment to employment.
A general election will take place in Sweden in a few weeks’ time; jobs comprise one of the major issues. Irrespective of the election results, we can be sure that Proffice and our industry colleagues meet important needs – both for employees who want secure jobs and for companies who need flexibility to enable them to compete in an international market.
Henrik Höjsgaard President and CEO
If you have questions about this interim report, please contact:
This is a translation from Swedish. In the event of any discrepancies between the Swedish and the translation, the former shall have precedence.
Proffice is the specialised flexible staffing company with more than 10,000 employees in the Nordic region. We provide temporary staffing, recruitment services, and outplacement. Proffice is listed on the NASDAQ OMX Stockholm, Mid Cap. www.proffice.com
Information in this interim report is such that Proffice AB (publ) is obligated to disclose it pursuant to the Swedish Securities Markets Act. The information was released for publication on 21 August 2014 at 8 am CET.
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