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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.

BUSINESS REPORT ONLINE