Workforce grows bottom line

Johannesburg

– Staffing and training company Workforce Holdings has boosted headline

earnings per share 20.1 percent to 40c in the year to December.

The

company, which employs

1 186 people and pays 32 304 temporary contractors on a weekly basis, says organic

and acquisitive growth underpinned its financial results, which have shown

significant improvement on previous years.

In a

statement to shareholders on Thursday, the listed company said revenue gained

29.4 percent to R2.52 billion, while earnings before income tax, depreciation

and amortisation gained 29.4 percent to R137.9 million.

Some

16.7 percent of its turnover gain was organic, with the rest due to deals.

Read also:  Workforce jumps on earnings expectations

The

company adds cash flow from operating activities gained to R69.2 million from

R22.5 million. It now has R75.1 million in the bank.

Workforce

says its results were achieved despite sluggish economy, increasing levels of

unemployment, and amended labour legislation. “The business’s diversified and

integrated business model has afforded it resilience despite these factors.”

 The

company adds its results were achieved primarily due to a strong performance in

its two largest operating segments - staffing and recruitment, led by the core

blue collar Workforce Staffing business, and the training segment, which

benefited from the acquisition of Prisma Training Solutions last October, which

was included in the results for a full twelve months for the first time during

this financial year. 

CEO Philip

Froom says the company will continue to drive growth in its training division

both organically and acquisitively. “The staff outsourcing division of our

group is also a strategic growth area for us and, coupled with the

consolidation opportunities in this industry, we will continue to pursue

potential acquisitions in this regard,” says Froom.

BUSINESS REPORT ONLINE