Johannesburg - Workforce Holdings on Wednesday reported an increase of 32 percent in revenue to R1.12 billion for the six months to June.
This was due to two major acquisitions.
Workforce acquired Prisma Training Solutions in October last year for about R65 million, and the Quyn group of companies in February this year for R77 million.
The staffing and recruitment firm said 19 percentage points of the top line increase was attributable towards organic growth while the remainder of the increase was due to the two acquisitions.
Workforce CEO Phillip Froom said the organic growth was mainly attributable to the staffing and recruitment business which had been able to build on momentum gained towards the end of the 2015 financial year.
“This growth is driven by a broad-based improvement in turnover across all regions and especially buoyed by the group's continued involvement in energy and telecommunication-related infrastructure projects,” Froom said.
“The training, financial and lifestyle, employee health management and process outsourcing segments all made positive contributions and contributed to growth in earnings.”
A smaller acquisition, Gcubed, was made towards the end of the reporting period, but Workforce said this did not have a material impact on the results.
Headline earnings per share increased by 45 percent to 17.7 cents, and earnings per share increased by 48 percent to 18 cents. Earnings before interest, taxes, depreciation, and amortisation increased by 69.6 percent to R65.9 million compared to R38.9 million in 2015.
No dividend was declared.
Workforce is a holding company with subsidiaries in the business of staff outsourcing, recruitment and specialist staffing, training and consulting, employee health management, process outsourcing and financial and lifestyle products.
AFRICAN NEWS AGENCY