Staffing 360 sees revenues rise 23% in Q2 2019
Staffing 360 Solutions, Inc. has released its Fiscal 2019 second quarter and six-month results.
Revenue grew by 23.1% to $73.5m in Q2 2019, from $59.7m in Q2 2018, including unfavourable foreign currency translation impact of $1.8m. Gross profit grew by 1.8% to $12.1m, from $11.9m in Q2 2018. Gross margin was 16.5% compared with 19.9% in Q2 2018.
Income from operations grew to $0.5m compared with $0.1m in Q2 ’18. Net loss of $1.5m compared with a net loss of $1.8m in Q2 ’18. Weakening of Pound Sterling negatively impacted results with $0.4m non-cash foreign currency loss. EBITDA grew 41.9% to $1.0m, from $0.7m in Q2 ’18. Adjusted EBITDA grew 10.2% to $2.4m, from $2.1m in Q2 ’18.
Results exclude a net gain on settlement of the CBSbutler warranty claim of approximately $1.25m that will be recorded as income in Q3 ’19.
Revenue grew by 27.5% to $147.3m in the year to date 2019, from $115.5m YTD 2018, including unfavourable foreign currency translation impact of $4.2m. Gross profit grew by 3.2% to $24.2m, from $23.5m YTD ’18. Gross margin was 16.4% compared with 20.3% YTD ’18.
Income from operations of $1.3m compared with a loss from operations of $0.3m YTD ’18. Net loss of $1.2m compared with net loss of $3.1m YTD ’18. EBITDA grew by over 67.1% to $4.1m, from $2.5m YTD ’18. Adjusted EBITDA grew 17.1% to $4.4m, from $3.8m YTD ’18.
Brendan Flood (pictured), chairman and chief executive officer, said, “We continue to make great progress toward our stated goal of growing into a profitable $500 million revenue business by 2020. While we had hoped to be able to accomplish the net gain on a settlement in the second quarter just ended, reporting it in the third quarter gives us a significant head start.”