Niche recruitment specialist NetJobs Group reported its 11th straight quarter of losses this week. However, the company’s losses are finally decreasing, losing only SEK 500,000 ($51,000 U.S.) this year. This came at the cost of sinking sales figures, which were down to SEK 5.6 million from SEK 8 million in Q3 2018.
NetJobs, which calls itself a human relation tech company, specializes in employer branding and talent sourcing.
The company, which is quickly running out of cash, secured a short-term loan of SEK 500,000 this quarter from its main owner, Trottholmen, to keep it afloat.
NetJobs did not report sales in Germany in its Q3 report (in Swedish). Last quarter, sales in Germany were down 62% and reached only SEK 791,000. The company’s choice to withhold figures for this quarter suggest that it saw even greater losses in Q3.
On the bright side, the company may be headed for a turnaround. During the quarterly earnings report, acting CEO Jonas Bertilsson (LinkedIn profile) noted that Sept. generated a positive EBIT, which he said was encouraging.
The company has also taken moves to decrease costs, including relocating its Stockholm offices and forming a central management sales team, which is lead by Lukas Bacic (LinkedIn profile). The latter resulted in a significant drop in the company’s sales team, which is down to 15 employees, from 29 in Q3 2018.