Sweden – Poolia first quarter revenue and profits on the rise with growth across the board

27 April 2022

Swedish staffing firm Poolia (POOLB: SS) reported revenue yesterday for the first quarter ending 31 March 2022 of SEK 525.8 million (€50.2 million), an increase of 21.6% compared to the previous year.

Operating profit amounted to SEK 24.3 million (€2.3 million) and the operating margin increased to 4.6% compared to 2.7% the year prior.

(SEK millions) Q1 2022 Q1 2021 Change Q1 2022 (€ millions)
Revenue 525.8 432.3 21.6% 50.2
Operating Profit 24.3 11.9 104.2% 2.3
Profit After Tax 20.8 10.2 103.9% 1.9

The group noted that the currency effect had a positive effect on revenues of 0.5%.

At the turn of the year, the Poolia Group broadened its range of services by starting the consulting company Qrios, which qualified offers consulting services in IT, Life Science and Engineering.

As of 1 January 2022, Poolia has changed its internal reporting structure. Parts of the operations previously reported in the Poolia Sweden segment have been transferred to the Qrios segment: Qrios Sweden. The Qrios Sweden segment consists of the companies Qrios Life Science & Engineering AB, Qrios IT AB and the newly acquired company Roi Rekrytering Sverige AB, which is included as from 1 February 2022.

The previous segments Poolia Finland and Uniflex Finland have been merged into one segment; Finland. Furthermore, the Uniflex Norway and Poolia Germany segments have been renamed Norway and Germany, respectively.

Qrios IT provides consultants with expertise in, among other things, Full Stack, Frontend & Backend development, App development, DevOps, Solution and Cloud architecture, Cyber ​​security, Data Engineering, AI, ML (Machine Learning) and Automated testing. Qrios Life Science & Engineering ABprovides consultants with backgrounds such as managers, project managers and engineers in areas such as the chemical and process industry, pharma, medtech, biotech, lab, production, construction, energy, environment and quality.

HR-Tech is reported in the Qrios Sweden segment together with Qrios IT and Qrios Life Science & Engineering.

Revenue by geography

(SEK millions) Q1 2022 Q1 2021 Change Q1 2021 (€ millions)
Qrios Sweden 60.8 32.0 89.9% 5.8
Poolia Sweden 135.7 93.0 45.9% 12.9
Uniflex Sweden 266.8 255.4 4.4% 25.5
Finland 21.7 17.8 21.9% 2.0
Norway 18.7 18.3 2.2% 1.8
Germany 22.1 15.7 40.7% 2.1

Poolia Sweden started the year with high growth and several new buying customers, according to the firm.

Uniflex Sweden stated that it had a good start to the year. However, growth in sales has slowed, which is mainly driven by a reduced demand for logistics services as a result of e-commerce declining somewhat now that the pandemic is over and more people are choosing to shop in stores again. To increase market awareness among customers and candidates, Uniflex Sweden launched a marketing campaign at the end of the quarter that extends throughout the spring.

In Finland continued profitability and growth were reported during the first quarter of the year and the influx of new customers has been good, especially in the recruitment business, the company noted.

In Norway the group said it will invest in winning more business in areas where customers are ‘to a greater extent willing to pay for the flexibility and expertise we provide.’

Revenue in Germany increased due to improvement in the recruitment business.

On 1 January 2022, Poolia appointed Jonas Nilsson as CEO of Uniflex Sweden AB while Mattias Melander was appointed CEO of Poolia Sweden AB.

In March 2022, Poolia announced that its Poolia Interim Management business, which recruits top managers for interim assignments in both the private and public sectors, appointed Staffan Heidenberg as new CEO.

Looking ahead, the group said that, while it has no operations in Russia or Ukraine, management Is monitoring developments. The group added that it is too early to assess the possible long-term consequences of the conflict. “In the long term, Poolia is affected by global economic developments,” it added.

Poolia also announced that, in order to clarify the group’s new focus with various specialised brands and a broadening of the range towards HR-Tech and consulting services, the Board will work to change the name of the listed parent company Poolia AB in the spring season .

Poolia shares closed yesterday at SEK 19.90 (€1.90), up 0.71% on the day and 6.57% below its 52-week high of SEK 21.30 (€2.04), set on 19 April 2022. The company has a market cap of SEK 706.87 million (€67.58 million).

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