HireQuest Inc. (NASDAQ: HQI), a staffing franchisor, reported fourth-quarter revenue rose 23.1% year over year to more than $8.0 million.

The Goose Creek, South Carolina-based company noted systemwide sales for the quarter were $127.9 million compared to $106.8 million for the same period in 2021.

“Our operational performance in the fourth quarter of 2022 was characterized by continued top line growth, specifically in revenue generated through our franchise royalties, as well as notable increases in our total revenue and net income,” said President and CEO Rick Hermanns.

During the quarter, HireQuest acquired certain assets of MRINetwork, an executive recruiting network headquartered in Delray Beach, Florida, adding more than 200 franchise offices throughout the US and internationally to its staffing network.

“This acquisition of MRINetwork provides us with immediate scale in the executive recruiting segment and is highly complementary to both of our existing HireQuest Direct and Snelling offering,” Hermanns said. “Our mission is to assist businesses in meeting their essential staffing needs by providing a quality pool of skilled workers on demand as workflow dictates. We believe that with our significantly expanded staffing network and dynamic offerings for a variety of staffing needs, we are well positioned to continue delivering improved operational results as we move through 2023.”

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Share price and market cap

Shares in HireQuest were down 1.44% to $22.57 as of 11:57 a.m. Eastern time; they were 9.66% below their 52-week low, according to FT.com. The company had a market cap of $ 317.80 million.