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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.