Poolia Interim Report, 1 January – 30 June 2011

Poolia is a company now totally focused on permanent placement, temporary staffing and outplacement in the white-collar segment.

Quarterly period, April to June 2011

• Poolia revenues, excluding Dedicare, were MSEK 283.2 (252.5), an increase of 12%, which corresponds to 15% in local currency.
• Poolia revenues, including Dedicare, were MSEK 311.3 (334.6).
• Operating profit/loss, excluding Dedicare, was MSEK 5.6 (-4.4) and operating margin was 2.0% (-1.7).
• Operating profit/loss, including Dedicare, was MSEK 7.0 (0.7). Operating margin was 2.2% (0.2).
• Profit/loss before tax, excluding Dedicare, was MSEK 5.7 (-4.5).
• Profit/loss after tax, excluding Dedicare, was MSEK 4.1 (-3.6).
• Cash flow from operating activities, including Dedicare, was MSEK -4.4 (0.5).

Other significant events

• CEO Monika Elling also took over as country manager for Sweden when Åsa Edman Källströmer left her position.
• Gavin Warner, operational manager for Poolia UK is leading the work of restructuring the company, and therefore has local responsibility.
• Dedicare shares were distributed to the shareholders, and so the segment is reported as a discontinued operation.  

Interim report, January to June 2011

• Poolia revenues, excluding Dedicare, were MSEK 566.8 (487.8), an increase of 16%, which corresponds to 19% in local currency.
• Poolia revenues, including Dedicare, were MSEK 676.9 (642.9).
• Operating profit/loss, excluding Dedicare, was MSEK 16.0 (-6.3) and operating margin was 2.8% (-1.3).
• Operating profit/loss, including Dedicare, was MSEK 17.7 (2.1), which was affected by listing costs of MSEK 3.0. Operating margin was 2.6% (0.3).
• Profit/loss before tax, excluding Dedicare, was MSEK 16.0 (-6.3).
• Profit/loss after tax, excluding Dedicare, was MSEK 11.2 (-5.3).
• Earnings per share, including Dedicare, were SEK 0.73 (0.03).
• Cash flow from operating activities, including Dedicare, was MSEK 3.0 (-10.5).
• Equity/assets ratio at the end of the period was 33.6% (45.5) and the Group's equity per share was SEK 6.38 (11.27).

Comment from the CEO – “Poolia’s growth continues”

The Dedicare shares were successfully distributed to our shareholders on 4 May, and Dedicare is thus reported as a discontinued operation.

Poolia is a company now totally focused on permanent placement, temporary staffing and outplacement in the white-collar segment. Our aim is to be the obvious choice in these areas. We are expanding our existing range of services and also introducing new ones. We have started Poolia Executive Search which has been profitable from day one. We have opened a new Poolia office in Falun. In the autumn, we will also be opening offices in Umeå, Sundsvall and Helsingborg.

Poolia grew in the quarter by 15% in local currency compared with the previous year, and the operating profit increased to MSEK 5.6 (-4.4). I am pleased to see this continued growth and the inflow of orders from both existing and new customers.

Poolia Sweden reported growth of 19% in the quarter, and has also won important contracts. The operating margin has increased to 4.3%, compared with the figure of -1.4% in the corresponding period. We were declared best employer in the sector in a survey carried out by Universum. This is an important testimonial for us, as we are convinced that satisfied employees are the key when working for the customer, and because it will help us attract both new customers and candidates.

Poolia UK reports a profit of MSEK 0.5, excluding restructuring costs of MSEK 1, which is a very important milestone. We have reduced our costs and restructured, and now focus on areas where we, historically, have been most successful.

Poolia Germany is developing according to plan. We have a strong and skilled team in place, with a mix of old and new employees. This new team gives us a much stronger focus on sales and efficiency, which are key factors in long-term, stable and positive development.

Poolia Finland has increased its rate of growth and has attained 25% growth in local currency during the quarter. The operating margin is strong and has increased to 9.2% (6.7), which is highest in the group. Our Danish operation is very small, and is now run and reported together with Poolia Sweden.

We see many new openings in our current markets and are optimistic about the future.

Monika Elling

MD and CEO

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 & Engineering, Sales and Marketing, Human Resources, and Executive Search. Poolia’s subsidiary Utvecklingshuset offers outsourcing services on the Swedish market. Poolia is listed on the NASDAQ OMX Stockholm AB since 1999.

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