Kelly Services Inc. (NASDAQ: KELYA, KELYB) reported fourth-quarter revenue edged up 0.7% on a constant currency basis to $1.23 billion. However, revenue fell 1.3% on a reported basis.

In the US, revenue rose 1.8%.

The Troy, Michigan-based staffing provider noted revenue trends were affected by foreign currency headwinds and the sale of Russian operations in July 2022 in addition to the impact of the recent acquisitions of RocketPower, a recruitment process outsourcing firm, and Pediatric Therapeutic Services, a specialty firm providing in-school therapy services.

Kelly recorded a $10.3 million goodwill impairment charge related to RocketPower. The charge reflects the acceleration of declines in hiring in the high-tech industry in which RocketPower specializes.

“While it’s difficult to know how the macroeconomic situation will unfold as we move forward in 2023, we will position Kelly to manage through this economic cycle while staying the course in our aggressive pursuit of profitable growth,” President and CEO Peter Quigley said. “With ample capital available to us, we will continue to execute our inorganic strategy and invest in technologies and new products that will improve the talent and customer experience, increase efficiency, and enable organic growth well into the future.”

Also today, Kelly named Ekaterina Gorokhova as VP and practice lead for KellyOCG EMEA recruitment process outsourcing. Gorokhova joined Kelly as a branch manager and most recently served as VP, country general manager, and group leader of Russia, Poland, and Hungary leading the RPO and direct hire practices.

Share price and market cap

KELYA shares were down 15.46% to $15.53 as of 1:04 p.m. Eastern time; they were 15.81% above their 52-week low, according to FT.com. The company had a market cap of $696.7 million.