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A flag flies with the Sweden-based JM AB logo. (Image: JM AB/Sara Brehmer)

The firm reported revenue of nearly US$1.4 billion in 2023, but recorded losses year-on-year in operating profit, operating margin and return on equity. JM said it was “burdened by impairment in development and project properties”, which lost more than $25 million on the year.

“The market situation has led to new housing projects not being able to start at the same pace,” said JM. “It is therefore necessary to adapt the staffing in the production organisation to the redundancy that arises in connection with fewer housing starts.”

In announcing the redundancies, JM said demand was improving but not quickly enough.

“Even though JM sees an increased interest from customers, it will take more time for the housing market to recover to the volumes that have been prevalent in the new production of housing in recent years,” said JM.

Mikael Åslund, JM CEO (Image: JM AB/Sandra Birgersdotter Ek)

The company noted the redundancies were “mainly” identified in the Swedish production arm.

Mikael Åslund, JM president and CEO, said, “JM has increased the number of housing starts during the first half of the year thanks to a greater interest from customers, but not to such an extent that it corresponds to the volumes that are continuously completed. We must therefore take measures to dimension the staffing for lower production volumes for some time ahead.

“It is very heavy to have to give such a message that affects several of our skilled employees.”