Staffing 360 Solutions Inc. (NASDAQ: STAF) today reported revenue rose 5.9% in constant currency to $62.1 million in its second quarter ended July 1; growth was in its US professional temporary staffing segment. The company got a revenue boost primarily from its acquisition of Headway Workforce Solutions.

Staffing 360 had announced first-quarter revenue last month. In May, the company was notified by Nasdaq that it was not in compliance with listing rules because it had not filed a Form 10-Q in a timely manner. In June, the company terminated its principal accounting officer.

“The second quarter was one of heightened uncertainty in the employment sector, with clients remaining extremely cautious about their headcount needs and expenditures,” Chairman, CEO and President Brendan Flood said in a press release. “As a result, we are facing many of the same challenges as other staffing firms, especially in the area of light industrial. At the same time, workers compensation costs and a weaker permanent placement/direct hire market have contributed to softer margins.”

Flood said the company is continuing to monitor the markets so it is prepared as the economy recovers.

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Guidance

Staffing 360 forecast revenue growth of between 2.1% and 8.2% for the full year.

Staffing 360 Solutions shares closed at USD 0.50 on 14 November, up from USD 0.47 on the prior day but some way below its 52-week high of USD 3.58 set on 17 January 2023. The company has a market cap of USD 2.8 million.