Connecting to LinkedIn...

W1siziisijiwmtyvmdmvmdqvmtavmzgvmtqvndg0l3noyxjllxbyawnlltewmtm2mjzfotywxzcymfsxxs5qcgcixsxbinailcj0ahvtyiisijewmdb4ndawxhuwmdnlil1d

Revenue down almost 12% YoY for Hudson Global

Hudson Global, Inc. has announced its financial results for the fourth quarter and full-year ended 31st December 2015.

 

For the fourth quarter, on a retained basis, excluding the Americas IT and the Netherlands businesses, which were sold during the second quarter of 2015, revenue of $106.1m declined 8.9% from the fourth quarter of 2014, but increased 0.9% in constant currency. On a reported basis, revenue declined 22.4%, or 14.3% in constant currency.
 

On a retained basis, excluding the Americas IT and the Netherlands businesses, gross margin of $44.4m declined 7.1% from the fourth quarter of 2014, but increased 2.3% in constant currency. On a reported basis, gross margin declined 16.6% or 8.3% in constant currency.
 

Adjusted EBITDA recorded a loss of $1.1m, compared with adjusted EBITDA loss of $2.4m in the fourth quarter of 2014.
 

Net loss from continuing operations of $2.5m, or $0.07 per basic and diluted share, compared with net loss of $3.5m, or $0.11 per basic and diluted share, for the fourth quarter of 2014. Net loss of $2.6m, or $0.08 per basic and diluted share, compared with net income of $2.7m, or $0.08 per basic and diluted share, for the fourth quarter of 2014.

 

For the full year, on a retained basis, excluding the Americas IT and the Netherlands businesses, revenue of $436.3m declined 11.9% from 2014, but increased 0.1% in constant currency. On a reported basis, revenue of $463.2m declined 20.3% from 2014, or 9.7 percent in constant currency.

 

On a retained basis, excluding the Americas IT and the Netherlands businesses, gross margin of $181.3m declined 9.8% in reported currency but increased 1.9% in constant currency from 2014. On a reported basis, gross margin of $187.7m declined 15.8% from 2014, or 5.0 percent in constant currency.
 

Adjusted EBITDA record a loss of $4.4m, compared with adjusted EBITDA losses of $7.5m in 2014.
 

Net income from continuing operations of $1.6m, or $0.05 per basic and diluted share, compared with net loss of $15.8m, or $0.48 per basic and diluted share, in 2014. Net income of $2.3m, or $0.07 per basic and diluted share, compared with net loss of $13.2m, or $0.40 per basic and diluted share, in 2014.

 

Stephen Nolan, chief executive officer at Hudson, said, "We continued to deliver constant currency gross margin growth in key practices and markets in the fourth quarter.

 

"After completing significant strategic actions in 2014 and 2015 to narrow our focus on core businesses and reduce our cost structure, we are pleased to have delivered positive adjusted EBITDA in the fourth quarter. As a signal of the progress the company has made, we have initiated a dividend payment to shareholders starting later this month while we expect to continue our share buyback program."

Articles similar to Hudson Global

Articles similar to Inc.