Kelly Group: Revenue dips but profit is restored

Kelly Group’s revenue fell 1 percent to R1.42 billion for the year to September as it instituted a turnaround strategy expected to bear fruit this year, the recruitment company said yesterday. The group sold its US operations for $11m (R111m) to focus on its core local business. Full-year attributable earnings recovered to a R37 million profit from a R28m loss. The South African operations posted a profit of R57.6m from a loss of R12m as it made cost-saving initiatives across all operations. Kelly Group said it was successful in controlling overhead costs with an 11 percent reduction in costs. “Industry conditions remain challenging and much is still needed to be achieved to restore market position and profitability,” it said. The shares climbed 6.06 percent to R1.75 yesterday.