Staffing 360 Solutions Inc. (NASD: STAF) reported revenue rose 14.0% to $47.1 million in its fiscal second quarter ended Nov. 30. The company attributed the increase to its acquisition of The JM Group in November 2015 as well as organic growth of 7%.

Gross margin narrowed to 17.2% from 18.1%.

Staffing 360 refinanced more than $2.7 million of debt this month and is also pursuing capital raises. It is aimed at a global “buy-and-build” strategy through acquisitions of staffing firms in the US and UK. Its goal is annual revenue of $300 million.

The company has made seven acquisitions and one divestiture since it began operations in October 2012, according to the company’s most recent annual report. Those deals include: Control Solutions International Inc. in November 2013; Initio International Holdings Ltd. in January 2014; Poolia UK Ltd. in February 2014; PeopleSERVE in May 2014; Lighthouse Placement Services in July 2015; and The JM Group in November 2015.

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“Staffing 360 Solutions continues to grow every year and every quarter,” said President and CEO Matt Briand. “Even taking out the growth from acquisitions, our organic growth of 7% has continued to drive our results. Complementing our sales growth, we have continued to improve the efficiency of our operations, and dropped our operating expenses from 22% of revenue in the second quarter last year to 17% in the most recent quarter. As we realize more economies of scale and continue to grow our revenue, we expect our overall business to see further improvements in 2017.”

Share price and market cap

Shares in Staffing 360 fell 0.1% in mid-morning trading today to 80 cents, and the company had a market cap of $7.3 million, according to Yahoo.