Quarterly period, July to September 2011*
- Poolia revenues were MSEK 263.8 (245.4), an increase of 7%, which corresponds to 9% in local currency.
- Operating profit/loss was MSEK 3.0 (-0.1) and operating margin was 1.2% (-0.1).
- Profit/loss before tax was MSEK 3.0 (-0.2).
- Profit after tax was MSEK 2.2 (0.0).
- Cash flow from operating activities was MSEK -1.1 (5.3).
*Shares in the Dedicare subsidiary were distributed to Poolia shareholders in the second quarter of 2011. In the consolidated comprehensive income, Dedicare is reported as a Discontinued Operation (dividend) and so is not included in the comparison figures above.
Other significant events
- Poolia’s CFO, Lotta Nilsson, has given notice and will be leaving her position within six months.
- Her successor will be Yvonne Helander who, for the past four years, has been Financial Manager for Poolia Sweden. This is subject to union approval.
Interim report, January to September*
- Poolia revenues were MSEK 830.6 (733.2), an increase of 13%, which corresponds to 15% in local currency.
- Operating profit/loss was MSEK 19.0 (-6.4) and operating margin was 2.3% (-0.9).
- Profit/loss before tax was MSEK 19.1 (-6.3).
- Profit after tax was MSEK 13.4 (-5.2).
- Earnings per share, including Dedicare, were SEK 0.86 (0.37).
- Cash flow from operating activities, including Dedicare, was MSEK 1.9 (-5.2).
- Equity/assets ratio at the end of the period was 34.8% (45.1) and the Group's equity per share was SEK 6.58 (11.12).
*Poolia’s shares in the subsidiary Dedicare were distributed to the shareholders, in accordance with the resolution passed at the Annual General Meeting on 26 April. In the consolidated comprehensive income, Dedicare is reported as a Discontinued Operation (dividend). All the above figures are therefore exclusive of Dedicare, unless stated otherwise.
Comment from the CEO – “Profitablility in Poolia's foreign operations”
I am proud to report on the progress in Poolia's operations outside Sweden. Operating profit increased from MSEK -0.8 in the third quarter of 2010 to MSEK 2.9 for the same period in 2011. The operating margin was 4.7% (-1.2).
Poolia has undergone both a cultural and organisational change in both Germany and the UK.
In Germany, a new strong management team is moving the operation forward in a target-oriented and efficient manner. We have a large proportion of new employees working in operations. They have quickly settled in and are playing a key role in a customer-oriented and sales-driven culture. In the UK, we have reduced costs by MGBP 0.7 on a yearly basis. We expect this figure to be MGBP 1.0 by mid-2012, when we will have reduced costs by approximately 10% of the sales revenue. Although still small, our operation in Finland is stable, and there has been considerable growth during the quarter.
In Poolia Sweden, we have grown by 12% but we are not satisfied with profitability, so we are currently taking measures to improve this. We have flattened the organisation and we are becoming more decentralised. Our aim is to have an efficient and enterprising culture. We are taking measures to reduce costs, we are fine-tuning our processes and improving efficiency, and releasing more time for sales by restructuring our internal work.
We are also investing in the future and during the period we have opened three new offices, in Helsingborg, Umeå and Sundsvall. The offices have new clients and we estimate that two of the three will reach break-even on a monthly basis before the end of the year. We will be investing in TV marketing, starting in the fourth quarter of 2011.
During the year, we have launched new services. Poolia Executive Search, which was launched at the beginning of the year, is exceeding expectations. We have started a new unit in Leadership & Development, which will help our customers implement their business strategies. We have also started TalentEye, an initiative that will help companies find young talented professionals and help students find and choose the right working environment in which to launch their careers.
We have greatly reduced the central costs to MSEK 1.9 (4.8) during the quarter, half of these being long-term costs.
We are working to strengthen our range of services, provide our customers with added value, and be the natural choice for permanent placements, temporary staffing, outplacement and development of organisation and managers.
Monika Elling
MD and CEO
Poolia Interim report Q3 2011.pdf