Staffing 360 Solutions Inc. (NASD: STAF) reported revenue rose to $47.8 million in its fiscal first quarter ended Aug. 31, up 33.1% from $35.9 million in the same quarter of the prior year.

Gross margin edged up and net loss narrowed.

During the quarter, Staffing 360 opened a new office location in Concord, N.C., its third office in North Carolina since expanding into the state three years ago. It also raised $5.3 million in equity through the August quarter, utilizing the company’s S-3 registration statement, which became effective in March 2016.

Staffing 360 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 Limited 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.

Quote

“Staffing 360 Solutions continues to grow at a record pace,” said President and CEO Matt Briand. “Both our M&A activity, as well as our strong operational improvements from our business units have driven our results higher. Although expanding over 30% overall is impressive, delivering 14% organic growth year over year is a significant achievement. We have boosted growth by winning several new annual contracts in the consumer goods, education and beverage industries, which are expected to show more impact over the coming quarters.”

Share price and market cap

Shares in Staffing 360 rose 6.36% in early afternoon trading today to $1.32 and the company had a market cap of $9.91 million, according to Yahoo!