Year-End Report January 1 – December 31 2003
PRESIDENT AND CEO ERIK STRAND’S COMMENTS ON POOLIA’S YEAR-END REPORT
Poolia’s operating result before write-downs for the fiscal year improved compared with 2002. However, the cost and productivity improvements that we achieved were not sufficient to enable us to report a profit. We are focusing on continued productivity improvements and are intensifying our sales efforts.
As a result of an assessment of goodwill valuations in accordance with current accounting rules and applying a cautious estimate of future cash flow from completed acquisitions, goodwill was written down by SEK 41.6 M.
Following fiscal year-end, Poolia Professionals established a position in Europe's largest market for staffing services by acquiring British staffing services company Parker Bridge.
Market and business climate
Market conditions during the year were characterized by a certain degree of stabilization and, in some areas, faint signs of an upswing. However, the German market remained weak.
Poolia Professionals captured market share in Sweden during the year and showed favorable volume growth between the third and the fourth quarter. Operations in other Nordic markets have been strengthened and the fourth quarter operating result will be close to breakeven.
Uniflex’s business trend was strong during the year, resulting in growth of 36.5% compared with the preceding year. The subsidiary continued to capture market share in its segments and posted an operating profit for 2003, before write-downs.
For further information, please contact:
Erik Strand, President and Chief Executive Officer (Tel: +46-8-555 650 60; +46-733-92 98 00)
Kjell-Åke Jägenstedt, Chief Financial Officer (Tel: +46-8-555 650 09)
Poolia is a leading player in the market for professional staffing and is active in approximately 20 locations in Sweden, Norway, Denmark, Finland, Germany and the United Kingdom. Operations include the Temporary Staffing, Recruitment/Search and Outsourcing service areas. Poolia is divided into Poolia Professionals and Uniflex. Poolia Professionals provides professional staffing in the Accounting, Bank & Finance, IT, Office, Human Resources, Payroll, Technical, Sales & Marketing, Legal, Healthcare and Life Science service segments. The subsidiary Uniflex is one of the largest companies in the generalist-staffing segment in Sweden. Uniflex offers services in the receptionist, customer service, switchboard, call-center, industry & warehousing and facility services areas.