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INTERIM REPORT 1 JANUARY – 30 JUNE 2015

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Quarterly period April-June, continuing operations
Reported revenue, earnings, cash flow and financial ratios relate to continuing operations, and do not include Poolia UK.

  • Revenue amounted to SEK 187.0 (176.8) million, an increase of 5.8%.
  • Operating profit was SEK 1.4 (-3.1) million, with an operating margin of 0.8% (-1.7%). 
  • Profit before tax amounted to SEK 1.3 (-3.1) million.
  • Profit after tax was SEK 0.9 (-2.8) million.
  • Earnings per share amounted to SEK 0.06 (-0.16).
  • Cash flow from operations for the quarter was SEK 0.6 (2.4) million.

Discontinued operations

  • Profit/loss from discontinued operations was SEK 0.0 (0.0) million for the second quarter and SEK 0.0 (-1.6) million for the period January-June.
  • Cash flow from discontinued operations, including the sale of the UK operations, for the period January-June was SEK 0.0 (7.1) million.

Interim period January-June, continuing operations
Reported revenue, earnings, cash flow and financial ratios relate to continuing operations, and do not include Poolia UK.

  • Revenue amounted to SEK 369.2 (358.4) million, an increase of 3.0%.
  • Operating profit amounted to SEK 4.9 (0.9) million, with an operating margin of 1.3% (0.3%).
  • Profit before tax amounted to SEK 4.8 (0.7) million.
  • Profit after tax was SEK 3.3 (-0.1) million.
  • Earnings per share amounted to SEK 0.20 (-0.01).
  • Cash flow from operations for the period was SEK 0.3 (10.1) million.

The equity/assets ratio ended the period at 30.6% (30.7%), and the Group’s equity per share was SEK 4.11 (3.79).

From the CEO – We're on track
Poolia's revenue for continuing operations for the second quarter amounted to SEK 187.0 million, an increase of SEK 10.2 million (5.8%) from the second quarter of 2014. Operating profit for the same period was SEK 1.4 (-3.1) million.

The Swedish business increased its revenue by SEK 11.3 million to 133.1 million (9.3%) compared with the same quarter the previous year. Sweden was responsible for 71% of the Group's revenue during the second quarter. Revenue has risen by SEK 8.7 million (7%) compared with the first quarter of 2015, and SEK 5.1 million of the increase is attributable to the acquired company Joblink. Operating profit/loss for Poolia Sweden amounted to SEK -2.1 (-7.4) million during the quarter. The operating margin was -1.6%
(-6.1%).

Poolia Sweden incurred restructuring costs of SEK 1.5 (3.0) million during the quarter. Restructuring costs for the first half of the year amounted to SEK 4.8 (4.4) million.

Our focus on increased sales and marketing continues with full force. We continue to win tendering processes both in the private and public sectors – Telia, SLL (Stockholm County Council), Svenska Spel and Karolinska University Hospital are examples of clients that have put their trust in us.

We have made investments during the period and expended considerable amounts on new systems and IT solutions in order to streamline our processes and improve competitiveness.

During the quarter we acquired Joblink Norden AB, a direct competitor based in Sweden. The purpose of the acquisition is to improve Poolia's profitability in the region, create a strong market position and develop the business in order to achieve our long-term goals. The operations have been merged and the acquisition is expected to start making a positive contribution to Poolia's earnings already during 2015.

Growth in Poolia's German operations slowed down in the second quarter and amounted to SEK 1.3 million (3.2%). The operating margin declined to 7.2% (8.9%) during the period.

Revenue for Poolia's Finnish operations showed a decline of SEK 2.3 million (16%) during the quarter, with the operating margin falling to 4.1% (4.8%).

The Poolia Group's revenue for continuing operations increased by SEK 10.8 million (3.0%) during the first half of 2015.

Operating profit for the same period amounted to SEK 4.9 (0.9) million, with an operating margin of 1.3% (0.3%).

Cash flow from operations for the period was SEK 0.3 (10.1) million. The Group's liquidity and financial position are good.

Poolia is getting back into the match – day by day, client by client. We are seeing a good influx of new clients, but former clients are also returning after more efficient marketing and sales development.

Poolia's primary target group is growing companies with ambitious managers. We help these managers with their most difficult and important task: building winning teams.

Our long-term ambitions, goals and strategies stand firm. Our concepts and our integrated approach are appreciated both internally and externally. Poolia's team is working increasingly better.

                       
Morten Werner
Managing Director and CEO

Contact person:
Morten Werner, MD and CEO, tel: 46 70 636 25 25, 46 8 555 650 60

This information has been published pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication at 15.40 on 21 July 2015.

Poolia’s business concept is to provide companies and organisations with the skills that, either temporarily or permanently, meet their needs for qualified professionals. Poolia specialise in temporary staffing and permanent placement of professional staff in our focus areas of Finance & Accounting, Financial Services, Office Support, IT, Life Science & Engineering, Sales and Marketing, Human Resources, Legal, and Executive Search. Poolia has business in Sweden, Finland and Germany. Poolia is listed on the NASDAQ OMX Stockholm AB since 1999.

Tags:

Interim report Poolia Permanent placement Temporary staffing Qualified professionals

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