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Poolia Interim Report - Continued weak but stable market

Poolia Interim Report  - Continued weak but stable market

Interim period January-June

Poolia's revenue amounted to SEK 418.6 (534.8) million, a decline of 21.7% (20.9% in local currency).

Operating profit/loss amounted to SEK -2.1 (3.2) million, with an operating margin of -0.5% (0.6%).

Profit/loss before tax was SEK -2.2 (3.2) million.

Profit/loss after tax was SEK -2.3 (1.5) million.

Earnings per share was SEK -0.14 (0.09).

Cash flow from operations for the period was SEK 11.0 (19.5) million.

The equity/assets ratio ended the period at 30.2% (33.2%), while the Group’s equity per share was SEK 4.50 (6.24).

 Other significant events

Poolia's CEO Monika Elling has resigned and Board member Dag Sundstr&oumlm has taken over as Acting CEO until a new CEO is recruited.

The subsidiary Talent Eye AB will be sold to Monika Elling following a resolution at an extraordinary general meeting.

From the CEO – "Continued weak but stable market"
Poolia reported an operating profit/loss of SEK -5.4 (SEK 0.3) million for the second quarter of 2013. Revenue for the quarter was SEK 204.7 (258.1) million, a decline of 19.7% in local currency.

Financially, the second quarter was a disappointment, primarily driven by seasonality with fewer working days than other quarters, as well as a high proportion of unoccupied time in certain units. Permanent placement revenues were also generally lower than normal, reflecting less change activity than usual in the business sector. The general market outlook remains relatively weak, with low demand in all markets. Poolia's CEO Monika Elling resigned during the quarter and one-off costs associated with the resignation reduced earnings by SEK 3.7 million. Poolia's restructuring process will continue until the Company is able to show satisfactory results.

Poolia Sweden reported an operating profit/loss of SEK -5.4 (1.4) million for the second quarter of 2013. Revenue was SEK 157.5 (205.3) million, a decline of 23%. Demand for temporary staffing services is stable but at a low level. The outplacement business, which is run by Utvecklingshuset, had an adverse effect on operating profit during the quarter.

Poolia Germany's revenue for the quarter grew by 29% in local currency, which means that Poolia continues to gain market shares. Although operating profit is developing in a positive direction, it is still lower than expected, due to weaker growth in permanent placement revenue than expected. Earnings continue to be burdened by the costs of building up the office structure.   

At Poolia UK, the process of building up the business, mainly in Finance & Accounting, is continuing. While the core business shows positive signs and the organisation has a high level of activity, earnings are suffering from high overhead costs a situation which will continue for some time. 

Poolia Finland's revenue is stable and has outperformed the market. Operating profit is slightly lower than the previous year, primarily due to lower permanent placement revenue.

In spite of the grave situation I look to the future with confidence. Poolia has committed and talented employees who continue to deliver qualified temporary staffing and permanent placement services to satisfied customers.

Dag Sundstr&oumlm
Acting Managing Director and CEO


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