POOLIA INTERIM REPORT 1 JANUARY – 30 JUNE 2017

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

• Revenue amounted to SEK 194.2 (201.9) million.
• Operating profit amounted to SEK 6.0 (7.9) million, with an operating margin of 3.1% (3.9%). 
• Profit before tax was SEK 5.6 (6.5) million.
• Profit after tax was SEK 4.2 (4.4) million.
• Earnings per share amounted to SEK 0.25 (0.26).
• Cash flow from operations for the quarter was SEK -1.3 (1.5) million.

Interim period January-June

Reported revenue, earnings, cash flow and financial ratios relate to continuing operations, and do not include Poolia UK.

• Revenue amounted to SEK 393.8 (402.2) million.
• Operating profit amounted to SEK 13.4 (8.3) million, with an operating margin of 3.4% (2.1%).
• Profit before tax was SEK 13.0 (6.9) million.
• Profit after tax was SEK 9.3 (4.4) million.
• Earnings per share amounted to SEK 0.54 (0.26).
• Cash flow from operations for the period was SEK 7.3 (-9.9) million.
• The equity/assets ratio ended the period at 33.8% (29.5%), and the Group’s equity per share was SEK 4.83 (4.16).

From the CEO – Continued improvements in operations, but growth is slow in coming  

Poolia’s total revenue of approx. SEK 194 million for the second quarter was 3.9% lower than for the same period in 2016. Demand for our services remains strong in Sweden and Germany. We are also seeing increasing demand in Finland for both staffing and recruitment. However, the lack of candidates, particularly in staffing, continues to affect our growth opportunities, although we see a positive trend in the number of employed temps.  

There was a strong variation in the number of working days and public holidays falling on weekdays between the first and second quarters of 2016 and 2017. However, on a six-monthly basis, all countries had exactly the same number of working days in 2016 and 2017. The half-year figures therefore give a better insight into the development of the business.  

Poolia’s total revenue of approx. SEK 394 million for the first half of 2017 was 2.1% lower than for the same period in 2016. Poolia delivered an operating profit of SEK 13.4 million for the first half of the year, which is an improvement of SEK 61.4% from the same period in 2016. The operating margin was 3.4%, compared with 2.1% for the first half of 2016. 

The Swedish operations reported an operating profit of SEK 5.4 (1.1) million for the first half of the year, with an operating margin of 2.0% (0.4%). The improvement is due to increased permanent placement revenue and good cost control. Operating profit for the German operations was SEK 7.4 (7.3) million for the first half of the year, with an operating margin of 7.3% (8.1%). The margin decline for the German operations was largely due to increased personnel initiatives in 2017, aimed at achieving staffing for continuing growth.  

The Finnish operations reported an operating profit of SEK 0.6 (-0.1) million for the first half of 2017, with an operating margin of 3.0% (-0.5%). The significant margin improvement was an effect of previously implemented cost savings.      

Cash flow from operations for the period was SEK 7.3 (-9.9) million and was primarily attributable to a decline in current receivables. The Group’s liquidity and financial position are good. 

New contracts signed during the quarter included ApoEx, Nasdaq, Kinnarps, AXA Försäkring, Stockholms Stad Fastighetskontoret and the Swedish Public Employment Service. 

We continue to invest resources in marketing and sales in order to return to a growth phase, and we are continuously developing our business to become an even more attractive employer for temps.  

I continue to have a positive view of Poolia’s future. Poolia constantly shows improved profitability and is well equipped to continue its journey towards growth. Poolia’s long-term goals and strategies stand firm. 

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 is information that Poolia AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through the contact person above at 17.20 CET on 21 July 2017. The Swedish version was published 21 July 2017 at 07.00.

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.

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