Interim Report Q1 1 Jan - 31 March 2012

Quarterly period January-March

  • Poolia's operating income amounted to SEK 276.7 (283.6), million, which is a decline of -2.4%, (-2.6% in local currency). 
  • Operating profit amounted to SEK 2.8 (10.4) million and the operating margin was 1.0% (3.7%). 
  • Profit before tax was SEK 2.5 (10.4) million.
  • Profit after tax was SEK 1.4 (7.2) million. 
  • Earnings per share was SEK 0.08 (0.44). 
  • Cash flow from operations amounted to SEK 9.4 (7.4) million.
  • The equity/assets ratio ended the period at 35.4% (35.6%) and the Group’s equity per share was SEK 6.66 (8.42).

The shares in Dedicare were distributed to Poolia's shareholders during the second quarter of 2011. Dedicare is reported under Discontinuing operations (distribution) in the consolidated statement of comprehensive income and is therefore not included in the above comparative figures.

Other significant events 

  • For the second year in a row, Poolia has been named "Best in Sector" in Universum's annual survey.
  • Poolia Sweden is undergoing reorganisation aimed at achieving higher growth and profitability.

From the CEO – "Positive results in all our countries"

Strategically, we are working towards the goal of being the natural choice in the professional segment. We work throughout the entire HR chain: employment (permanent or temporary), development and outplacement. 

Poolia Sweden reported an operating margin of 1.9% (6.1%). Profitability needs to be significantly higher. A new organisation is being implemented, built on the principles of proximity to customers, decentralisation and profit centres with total responsibility from sales to operating profit. We are establishing a company for large volume customers, with its own delivery resources based in Stockholm and dedicated resources in the rest of the country. In Stockholm, we are dividing the remaining temporary staffing business into four sector companies. It is our intention that these changes will enable us to further increase our focus externally and achieve higher profitability. 

Poolia UK's operating profit of SEK 0.4 (-1.3) million is an effect of the vigorous cost-savings programme that has been implemented. We are moving to new offices during the second quarter. The move will give us greater flexibility and is expected to bring annual savings of approx. SEK 2 million. In the second quarter, Poolia UK will be adversely affected by moving costs and double rental costs of approx. SEK 1 million. We are continuing our efforts to achieve good long-term profitability. 

Poolia Germany developed according to plan with an operating profit of SEK 0.7 (1.8) million. The comparative figures contain very low operating expenses as several offices had a high turnover of staff in the previous year. Sales growth is on a par with the previous year. Permanent placement sales show a positive trend. 

Poolia Finland remains on track, and is taking market shares and achieving growth in sales and earnings. Sales growth amounted to 13%, while the operating margin was 7.0% (7.1%). 

We are continuing to work on central costs, which were reduced to 3.1 (4.4) million during the period.

The Group's operating profit of SEK 2.8 (10.4) million is low, and is a reflection of the structural work we are carrying out to achieve our long-term goal of significantly higher growth and an improved operating margin.

Monika Elling
MD and CEO


Interim Report Q1 1 Jan - 31 March 2012