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Gross Profit up for Staffing 360 Solutions in Q1

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Staffing 360 Solutions has released its financial results for its fiscal quarter ended 31st August 2015, confirming its gross profit increased to $6.3m, compared to approximately $5.7m in the quarter ended 31st August 2014. Revenues increased to $35.9m, compared to $32.6m in the quarter ended 31st August 2014. Net loss decreased to approximately $1.7m, compared to a net loss of $4.8m in the quarter ended 31st August 2014. Positive adjusted EBITDA was approximately $460,000, compared to negative adjusted EBITDA of $364,000 in the quarter ended 31st August 2014. Cash flow from operating activities was a positive $576,000, compared to a negative $2.0m in the quarter ended August 31, 2014.

“We are pleased to report several significant milestones this quarter,” stated Brendan Flood, executive chairman and interim CFO of Staffing 360 Solutions. “First and foremost, our growth strategy has fueled our expansion to approximately $35.9 million in revenues during Q1 2016. In addition, we have now achieved positive Adjusted EBITDA for four quarters in a row, which has been a strategic objective within our Pathway to Profitability. Lastly, we successfully uplisted to the NASDAQ Capital Market and began trading on September 29, 2015. With all of these developments at Staffing 360, it is clear our growth story is just beginning.”

SOURCE: recruitment-international.co.uk

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