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ManpowerGroup reports 51% drop in Australian revenue
ManpowerGroup's Australian revenue declined 51% year-on-year in constant currency in the March quarter, new figures show.
When global CEO Jonas Prising delivered a Q1 trading update last month, there was no mention of Australian figures, however the Group lodged its official report with the Securities and Exchange Commission late last week.
The decline was primarily due to decreased activity in its RPO business, down US$25.3 million (A$38.2m), driven by the end of its ADF contract, says the report.
Revenue from the Manpower and Experis businesses also slumped by US$9.4m (A$14.2m), and the unfavourable impact of foreign currency exchange rates was US$1.3m (A$2m)...
$28 million Evolve acquisition boosts NES Fircroft result
NES Fircroft Australia's acquisition of Evolve Scientific Recruitment helped boost an already strong set of financials for the merged entity, with overall profit nearly doubling on a big jump in revenue.
NES Fircroft reports to a 31 October year end and its latest result filed with ASIC shows revenue jumped 63% year-on-year to $271.9 million in 2023 and gross profit surged 98% to $26.1 million.
Profit before tax was $3.5 million, up 92% and net was $2.2 million, up 88%.
NES Fircroft didn't release any commercial details when it acquired Evolve Scientific in February 2023, but its financial report shows it paid $27.8 million for the business, which contributed $39.7 million in revenue in the eight months to the reporting date.
Evolve generated $2.4 million in profit after tax for the group in the same period...
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Synaco profit doubles, targets further growth
Synaco directors described calendar 2023 as a "healthy year" despite the headwinds facing the industry, with the group more than doubling its net profit.
Revenue jumped 13% to $68.1 million, with a similar percentage increase in gross profit to $10.9 million.
The company kept a tight rein on administrative and salary expenses, which rose 4% to $6.1 million.
Profit before tax more than doubled to $1.7 million and net profit was $1.2 million.
Directors (headed by MD Mike Otty) say the company's strategic decision to increase rates throughout 2022 and 2023, and consistently walk away from low margin clients paid off at the profit line...
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Robert Walters sinks to loss after perm fees drop 28%
Robert Walters Australia has reported a $2 million loss before tax for calendar 2023, according to its latest report filed with ASIC.
The result is a big turnaround for the company, which posted a circa $5 million profit before tax in calendar 2022.
Revenue from Robert Walters' perm business dropped 28% year-on-year to $27.6 million, while revenue from temp rose 1% to $269.6m. Total revenue dipped only 2% to $298.7m, but the less profitable revenue mix hit gross profit.
Cost of service was $246m for the year, up from $242m in calendar 2022. Gross profit was $52.7m, down 17% year-on-year...
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Randstad ANZ reports revenue down 16%
Randstad's Australia and New Zealand revenue shrank 16% in the three months to March compared with the same quarter a year earlier, in what was a tough quarter for the company in most markets of the world.
Randstad's Japan (up 5%) and India (up 2%) businesses helped reduce the downturn in the company's Asia Pacific region, but revenue still dipped by 7% in constant currency.
Revenue in the region was €580 million (A$957m) for the quarter and EBITA dropped 17% (cc) to €23 million (A$38m)...
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Hiremii reports more growth, moves into IT recruitment
Hiremii (ASX:HMI) has reported a 48% increase in revenue year-on-year in the three months to March, and has recently expanded into tech recruitment, it announced today.
Revenue was $7.6m in the three months – the company's fifth consecutive quarter of growth.
Recruitment subsidiary Inverse Group continue to underpin Hiremii's performance, with a growing number of contractors in place due to strong demand, the group says.
Hiremii's gross profit for the quarter was $0.67 million, up 47% year-on-year, but down 6.7% against the December quarter. The group says its permanent placement business was under pressure due to a more pronounced seasonal slowdown in the first months of the year...
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