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Staffing 360 reports strong revenues as acquisitions bolster bottom line

Acquisitions bolster the company's staffing business
Staffing
Staffing 360 is a company in the staffing sector.

Staffing 360 Solutions Inc (NASDAQ:STAF) reported on Wednesday sharply higher second-quarter revenue because a recent round of acquisitions boosted its business.

Revenue for the period came in at US$59.17mln, some 42% higher than US$42.1mln in the same period a year ago, the company said. Included in the revenue is US$20.1mln from acquisitions completed in September 2017 and Clement May, completed in June 2018. 

"We experienced an increase in the number of temporary contractors deployed and higher number of temporary contractor hours billed; while at the same time saw strength in the permanent placement business,” said CEO Brendan Flood.

Shares climbed 8.5% to US$2.55 in early Wednesday trade.

READ: Staffing 360 Solutions widens its reach in the UK with takeover of London-based recruiter Clement May

Flood said that revenues were also given a boost because they "divested PeopleServe after concluding that it was no longer strategic to our growth plans and we completed the acquisition of Clement May Ltd in the UK, which provides another service offering by entering into the RPO (recruitment process outsourcing) market. We’re already seeing the benefits of this in discussions with our existing clients.”

The company reported a net loss of US$1.8mln, compared with a net loss of US$400,000 in the same period last year. This was driven by higher acquisition, capital raising and non-cash expenses, Staffing 360 noted in its earnings release.

Staffing 360 is a company in the staffing sector engaged in the execution of an international buy-and-build strategy through the acquisition of domestic and international staffing organizations in the US and UK. The company is based in New York.

 

Contact Rene Pastor at [email protected]

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