Proffice's interim report January - September 2011
Profitability improves again
July-September 2011 year-on-year
· Proffice's revenue continued upward during the third quarter,
increasing by 18 per cent
· Proffice's operating profit increased to SEK 68 million (42),
representing an operating margin of 5.6 per cent (4.1)
· Basic earnings per share improved to SEK 0.65 (0.32)
· In Sweden, Proffice's operating profit increased to SEK 64 million
(45) and reached an operating margin of 7.1 per cent (6.2)
· Proffice acquired Komet Holding AB during the period, thereby
strengthening its offering in staffing with students and young
professionals
January-September 2011 year-on-year
· Proffice's revenue grew 18 per cent and operating profit grew 72 per
cent
· Basic earnings per share improved to SEK 1.57 (0.74)
· In Sweden, which accounts for more than three-quarters of
consolidated sales, Proffice's revenue increased 25 per cent and
operating profit increased 49 per cent
After period's end
· Proffice expanded its collaboration with Sandvik
· Proffice and ICA signed contract on manage business services
Financial overview
July-September
January-September
2011 2010 2011
2010
Revenue, SEK million 1,208 1,028 3,486
2,959
Operating profit, SEK million 68 42 163
95
Operating margin, % 5.6 4.1 4.7
3.2
Profit after tax, SEK million 47 25 117
62
Basic earnings per share, SEK 0.65 0.32 1.57
0.74
Diluted earnings per share, SEK 0.65 0.32 1.57
0.74
Cash flows from operating activities, SEK million 51 22 28
-48
Basic equity per share, SEK 9.86 9.21 9.86
9.21
Return on equity, % 7.0 4.0 18.2
9.9
CEO comments
July-September 2011
Inquiries from our customers continue to increase, and the market for
staffing services has never been greater. Proffice Group sales in the
third quarter totalled SEK 1,208 million (1,028), an 18 per cent
increase over the same quarter last year. Operating profit increased to
SEK 68 million (42), representing an operating margin of 5.6 per cent
(4.1) - an improvement of 37 per cent and our best quarter ever.
Sweden growing significantly with high profitability
In Sweden, sales totalled SEK 909 million (721), up 26 per cent from the
same quarter last year. Operating profit totalled SEK 64 million (45),
representing an operating margin of 7.1 per cent (6.2). It was the
second quarter in a row with very good profitability. Our success in
Sweden is largely attributable to the 26 per cent growth in Sweden's
largest operating segment: Temporary Staffing. The new specialist
organisation continues to strengthen due to an attractive customer offer
and a clear focus on sales.
Solid profitability in Norway
In Norway, operating profit totalled SEK 16 million (16), representing
an operating margin of 6.0 per cent and sales of SEK 265 million (275).
In local currency, sales increased 5.0 per cent. Our efforts to increase
earnings are going as planned. We are already seeing positive effects
from having the same specialist strategy and organisation as in our
Swedish operation.
Denmark breaks even and Finland improves profitability
In Denmark, total sales decreased to SEK 6 million (7) and operating
profit totalled SEK 0 million (-5). After sharp cost reductions and a
major focus on profitability, third quarter numbers were in the black
for the first time during a quarter in four years.
In Finland, sales increased to SEK 28 million (25), which is 12 per cent
more than the same quarter last year. Operating profit totalled SEK 1
million (-2).
Specialisation and acquisitions for long-term growth
Dfind Finance, our specialist company that focuses on business
administrators and executives, grew 59 per cent in September compared to
the same month last year. This growth surpassed the market's and is
clear proof that our focus delivers results.
During the third quarter, Proffice acquired student staffing company
Komet Holding AB in Sweden. The acquisition is in line with our strategy
of increased specialisation and our plan for increased earnings and
growth. Its integration into the Group is going well, and Komet remains
a specialised unit with its own brand and a unique offering. The unit
has the same organisation as the rest of the Proffice Group and is
already contributing heavily to increased growth and profitability.
A stronger Proffice emerging
Our efforts last spring to establish long-term profitability and growth
are beginning to bear fruit. Proffice is stronger than ever, and
staffing services have never been so relevant and in demand among our
customers. Our plan to build a more successful Proffice continues with
new services, common, efficient processes, and a strong, distinct sales
culture in all countries and companies. Through our financial strength
and flexible organisation, we are able to manage movements in the market
better than ever.
This is a translation from Swedish. In the event of any discrepancies
between the Swedish and the translation, the former shall have
precedence.
For more information, please contact
Lars Kry, CEO Proffice AB, + 46 8 787 17 00,
lars.kry@proffice.com (lars.kry@proffice.com)
Magnus Uvhagen, acting CFO Proffice AB, +46 8 787 17 00,
magnus.uvhagen@proffice.com (magnus.uvhagen@proffice.com)
Proffice is the specialised flexible staffing company with more than
10,000 employees in the Nordic region. We provide temporary staffing,
recruitment services, and outplacement. Proffice is listed on the NASDAQ
OMX Stockholm, Mid Cap. www.proffice.com.
Proffice Aktiebolag (publ) discloses the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments
Trading Act. The information was submitted for publication at 08.00 on 9
November 2011.
Proffice's interim report January - September 2011
| Quelle: Proffice AB
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