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Italy – Openjobmetis revenue and profits slip in Q1

15 May 2019

Italy-based recruitment firm, Openjobmetis SpA (OJM:MIL) reported revenue yesterday for the first quarter ended 31 March 2019 of €130.6 million, a decrease of 6.8% compared with the previous year.

Openjobmetis engages in employment services and focuses on the provision of specialist recruitment activities.

(€ millions) Q1 2019 Q1 2018 Change
Revenue 130.6 140.1 -6.8%
EBITDA 4.6 5.0 -9.4%
Net Profit 1.2 2.9 -57.6%

The company highlighted an increase in revenue for its Personnel Recruitment and Selection segment which was up 35.5% in Q1 2019 when compared to the same period last year.

(€ millions) Q1 2019 Q1 2018 Change
Temporary Work 128.2 138.0 -7.1%
Personnel Recruitment and Selection 1.0 0.7 35.5%
Outplacement 1.1 1.1 2.1%

CEO Rosario Rasizza commented on the results, "The first quarter of the year has showed a contraction in revenues, in line with our forecasts, exclusively in the administration volumes.”

Rasizza confirmed that the company’s full year results continue to be in line with expectations.

In trading yesterday, Openjobmetis shares closed at €6.96, down 2.6% on the day. Based on its current share price the company has a market value of €95.57 million.

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