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Staffing 360 Solutions’ gross profit down almost 6% in Q4 2019

Staffing 360 Solutions has released its results for the fourth quarter and full year-end 2019.

For the full year, revenues were up 6.7% to $278.5m from $260.9m for the full year 2018. The company’s net loss improved from $6.5m in 2018 to $4.9m in 2019. Gross profit was flat year-on-year at $48.3m. Income from operations, however, was down from $1.7m in 2018 to $0.6m in 2019. Adjusted EBITDA increased to $9.8m, a rise of 8.6%.

For the fourth quarter of 2019, revenue was $63.8m, a fall of 13.8% from $74.1m in Q4 2018. Gross profit fell 5.9% to $11.6m in Q4 2019 whilst EBITDA decreased by 65.6% from $2.0m in Q4 2018 to $0.7m in Q4 2019. Adjusted EBITDA was $2.5m, a decline of 9.8% on Q4 2018. The company’s loss from operations for Q4 2019 was $0.9m compared with an income of $1.3m in Q4 2018.

Brendan Flood, chairman and chief executive officer, said, “I’m extremely proud of our entire team and the manner in which they’ve stepped up in the face of this enormous COVID-19 challenge. Our executive team accelerated our ability to bring the company completely remote, and our employees’ collaboration and dedication are the reason our operations were able to quickly convert and adapt to working from home – all while consistently providing the excellent client service for which we are known.

“While full year revenue, EBITDA and adjusted EBITDA grew and our net loss showed meaningful improvement, we’re not satisfied with our 2019 results. We are focused and working to do better in 2020 in the face of the evolving economic impact of the COVID-19 pandemic.”

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