. Poolia revenues, excluding Dedicare, were MSEK 283.6 (235.3), an increase of 20%, corresponding to 23% in local currency.
. Poolia revenues, including Dedicare, were MSEK 365.5 (308.3), an increase of 19%.
. The operating profit/loss, excluding Dedicare, was MSEK 10.4 (-1.9) and the operating margin was 3.7%
(-0.8).
. The operating profit, including Dedicare, was MSEK 10.7 (1.4) and was affected by listing costs of MSEK 3.0. The operating margin was 2.9% (0.5).
. The profit/loss before tax, excluding Dedicare, was MSEK 10.4 (-1.7).
. The profit/loss after tax, excluding Dedicare, was MSEK 7.2 (-1.7).
. Profit/loss per share, including Dedicare, was SEK 0.44 (0.03).
. Cash flow from operating activities, including Dedicare, was MSEK 7.4 (-11.0).
. The equity/assets ratio at the end of the period, including Dedicare, was 35.6% (49.9) and the Group's equity per share was SEK 8.42 (12.47).
Other significant events
. The Board of Directors proposes that the Annual General Meeting passes a resolution about distribution of the company's shares in Dedicare to the shareholders in Poolia AB in conjunction with listing of the shares on NASDAQ OMX Stockholm AB. The current report contains information about the entire Group and about the Group excluding Dedicare.
. The new country manager in Germany, Tobias Rebenich, took up his position during the period.
Comment from the MD and CEO - "Poolia continues to grow"
Poolia, excluding Dedicare (which is reported as a discontinued operation on account of the dividend proposal), grew in the quarter by 23% in local currency compared with the previous year, and operating profit increased to MSEK 10.4
(-1.9).
It is pleasing to see continued growth and inflow of orders from both established and new customers. Poolia Sweden reported growth of 28% in the quarter and the operating margin continues to increase - this was 6.1%, compared with 2.9% in the corresponding period last year. The growth can be seen throughout Poolia Sweden. During the quarter, Universum declared us best employer in the sector. This is an important testimonial for us, as we are convinced that satisfied employees are the key when working for the customer, and because it will help us attract candidates in our specialist segments.
Strategically, using Sweden as a base, we are working to make Poolia the obvious choice for permanent placement and temporary staffing in the professional field. We are working to further strengthen a number of customer offerings. Our new company, Poolia Executive Search, has made a good start and made an operating profit during its first quarter. The business is important for our market positioning. Our core business is also expanding. We have opened premises in Falun and, in August, we will be commencing operations in Sundsvall, thereby giving us representation in Norrland.
Developments in Germany have also been very satisfying. In a very short time, we have managed to recruit and fill vacancies that arose in conjunction with our change of country manager. In spite of the personnel changes, we grew by 12% in local currency and increased the profit in relation to the corresponding period last year, which is very positive. Our new team is still finding its way but we are clearly moving in the right direction, both in terms of sales focus as well as focus on quality and efficiency.
Poolia UK has made a loss, and we are still striving to find the right structure and mix in the business to generate a stable and positive operating profit. At the end of the period, the country manager left the company.
Poolia Finland has grown by 17% in local currency and the operating margin increased to 7.1% (5.8). Our Danish operation is very small and will be incorporated in reports for Poolia Sweden from Q2, 2011.
Dedicare has been run as a separate company for some time. The Board has proposed to the AGM that Poolia's shares in the company be distributed when Dedicare is listed as a separate company on the Nasdaq OMX Small Cap list. Dedicare, which holds a very strong market position, recently won contracts with four county administrative boards in Götaland, thereby building a platform for continued growth.
Monika Elling
MD and CEO