RPO provider Hudson Global Inc. (NASD: HSON) reported fourth-quarter revenue rose 13.3% in constant currency. Revenue rose in the Asia Pacific and European regions, while growth in Hudson Americas declined.

The New York-based firm rebranded in December to Hudson RPO in December, completing a strategic realignment process launched several years ago to focus on its core recruitment process outsourcing business. The company sold all of its recruitment agency and talent management businesses in three separate transactions that closed at the end of March 2018. 

Gross profit in the Americas region decreased 15% year over year in constant currency, primarily due to weaker volumes at two existing clients.

Revenue by geography

Net loss at the company narrowed to $620,000 from $2.0 million in the year-ago quarter. The results in the fourth quarter of 2018 included net loss from continuing operations of $193,000 and net loss from discontinued operations of $427,000; the year-ago quarter included net loss from continuing operations of $1.1 million and net loss from discontinued operations of $856,000.

Quote

“We delivered solid revenue and gross profit growth in the fourth quarter in constant currency, particularly so in the Asia Pacific region,” said CEO Jeff Eberwein. “In addition, we are pleased to report positive cash flow from operations in the fourth quarter. For 2018, we delivered revenue and gross profit growth while also focusing on carving out the RPO business from legacy entities and right-sizing the new company by reducing corporate costs.”

Full-year results

Share price and market cap

Hudson shares were down 27.57% to $1.55 at 10:52 a.m. Eastern time; the company had a market cap of $48.07 million, according to FT.com.