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Poolia publishes interim report

Quarterly period April-June, continuing operations 

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

&middot         Poolia's revenue amounted to SEK 176.8 (188.2) million, a decline of 6.1%.

&middot         Operating profit/loss was SEK -3.1 (-3.0) million, with an operating margin of -1.7% (-1.6%). 

&middot         Profit/loss before tax was SEK -3.1 (-3.0) million.

&middot         Profit/loss after tax was SEK -2.8 (-2.2) million.

&middot         Earnings per share amounted to SEK -0.16 (-0.13).

&middot         Cash flow from operations for the quarter was SEK 2.4 (7.1) million.

 Discontinued operations

&middot         Profit/loss from discontinued operations was SEK 0.0 (-2.4) million in the second quarter and SEK -1.6 (-3.4) million in the period January-June.

&middot         Cash flow from divested operations, including the sale of the UK operations, during the period January-June was SEK 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 Utvecklingshuset and the UK.

&middot         Poolia's revenue amounted to SEK 358.4 (382.4) million, a decline of 6.3%.

&middot         Operating profit/loss was SEK 0.9 (1.4) million, with an operating margin of 0.3% (0.4%). 

&middot         Profit/loss before tax was SEK 0.7 (1.3) million.

&middot         Profit/loss after tax was SEK -0.1 (1.1) million.

&middot         Earnings per share amounted to SEK -0.01 (0.07).

&middot         Cash flow from operations for the period was SEK 10.1 (12.8) million.

&middot         The equity/assets ratio ended the period at 30.7% (30.2%), and the Group’s equity per share was SEK 3.79 (4.50).

Morten Werner, managing director and CEO, said there has been a continuing focus on increased sales and improved profitability.

Poolia's revenues for continuing operations in the second quarter showed a decline of SEK 11.4 million (6.1%) compared with the second quarter of 2013. Operating profit/loss for the same period was SEK -3.1 (-3.0) million.

The Swedish business accounted for 68% of the Group's revenue during the quarter. Poolia’s sales and profitability were too low during the period, this partly due to seasonality, with fewer working days than in other quarters. The cost of unplaced resource temps did not start to fall until the end of the period. During the quarter, we incurred transition of costs of SEK 3.0 million (SEK 4.4 million for the year-to-date).

Poolia's German business is developing well, showing growth of 41% and a significant increase in operating profit. Our Finnish operations also had a good second quarter. Growth compared with the second quarter of the previous year was 61%, still with an acceptable operating profit.

Poolia Group's revenues from continuing operations decreased by SEK 24.0 million (6.3%) during the first half of 2014.

Operating profit for the same period amounted to SEK 0.9 (1.4) million, leaving an operating margin of 0.3% (0.4%).

Cash flow for the period was SEK 10.1 (12.8) million. The Group's liquidity is good.

Poolia's operations in Sweden need to be improved significantly. The competitive situation in Sweden is tough, and Poolia has not been able to adapt its core business to the prevailing situation. This has resulted in a downturn in revenue, reduced market share and negative profitability. To return Poolia Sweden to a positive trend, we are carrying out a programme of measures that aim not only to cut costs by SEK 15 million on an annual basis, but also to increase market presence in the form of intensified sales and marketing.

Poolia is an important company in an industry that develops the Swedish labour market. We have a good future and we must manage it in the best possible way.

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