NGS Group AB: Interim report January-June 2018

  • Net sales for the second quarter amounted to SEK 158 m (168), a reduction by 5.7% (increase of 7.9). For the period January-June, net sales amounted to 323 MSEK (324), a decrease by 0.2% (growth of 7.1).
  • Operating income for the second quarter amounted to 13.0 MILLION (11.3), the operating margin was 8.2% (6,7). For the period January-June, the operating profit amounted to sek 20.9 MILLION (21.6), operating margin 6.5% (6,7).

    Operating income for the second quarter of 2018 and the period January-June 2018 has been affected positively by 4.0 MILLION when a provision for contingent consideration has been dissolved. Excluding this non-recurring item, operating income for the second quarter of 2018 to 9.0 MILLION with an operating margin of 5.7%, respectively 16.9 MILLION for the period January-June, with an operating margin of 5.2%.

  • The results for the second quarter amounted to SEK 10.1 million (an 8.6). For the period January-June, earnings amounted to sek 15.7 MILLION (16.6).

  • Earnings per share before and after dilution for the second quarter were SEK 1.13 (0,95). For the period January-June earnings per share amounted to 1.75 SEC (1,84).

  • The group’s cash flow from operating activities amounted during the second quarter to 12.7 M (15.3 in). For the period January-June, the group’s cash flow from operations to SEK 10.2 million (eur 18.6).

  • The group’s cash and cash equivalents at year-end amounted to SEK 4.8 million (a 20.8). Unutilised bank overdraft facility amounted to SEK 18.4 million (30,3).

CEO comment

This year’s second quarter has continued in line with the development from the beginning of the year. We have strong growth in our sköterskebemanning and our leaders, but the situation with the low margins in läkarbemanningen is unchanged. We have therefore continued to opt out of the business for the long term, increase our margins, which resulted in a omsättningstapp of 5.7% compared with the corresponding quarter of the previous year.

The operating margin from the operating activities have increased from 4.8 per cent in the first quarter to 5.7 per cent in the second quarter.

Within the segment Leaders to continue the positive development for both the SOURCE and Human Capital, with good demand for both interim and recruitment services, among all categories of economists and management recruitment within the public sector. Together grew our specialist and recruiting managers, with 27 per cent in the quarter, and operating margin improved compared to both the first quarter and the corresponding quarter of 2017. Important framework agreements during the quarter were signed with strategic key customers within the county council and the academy.

Within the segment, Staffing continues our growth in the Swedish part of the sköterskebemanningen, which extends over the whole country. Some councils have reduced their orders, while the need for increased in the other. Our view is that with a large number of framework agreements that is our reason is the market for sköterskebemanning continued to be good. In läkarbemanningen there is still plenty of missions, but with the fierce competition for staff, and with low margins, as a consequence, we have continued on our path to refrain from business with low profitability. This means a omsättningstapp, but will contribute to the increasing margins on the term and a more efficient way of working. That the county councils have become more restrictive, with leasing also contributes to increasing competition and margin pressure in certain regions.

The organizational changes that began in socionombemanningen in the first quarter was implemented in full during the second quarter, and we now have an organisation adapted to the changing market conditions that socionombemanningen had to adapt to over the last year. As a supplier with a large variety of framework agreements, we now have a stable, albeit marginalpressad deal, in this area.

We see a continued good underlying demand for the majority of our service areas. Our mix of staffing and leaders with the recruitment and interim requirements are making that we feel confident in our financial targets and to deliver on these over time. Our acquisition strategy is unchanged and as previously commented, our focus, in 2018, on the complemented lönsamhetsförvärv rather than omsättningsdrivande ditto.

Ingrid Nordlund, managing director

This interim report is information that the NGS Group AB (publ) is obliged to publish under the EU marknadsmissbruksförordning and the law on the securities market. The information was submitted, through the following contact person in the government, for publication on 2 August 2018 13:00. This report is available after the publication available on the NGS website

For further information, please contact:

Ingrid Nordlund, managing director, telephone 0704-14 81 28

NGS Group AB (publ), org no 556535-1128

Holländargatan 13, 111 36 Stockholm, Sweden

Phone 08-505 808 30

Report NGS Group AB Q2 2018

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: NGS Group AB via Globenewswire

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