Staffing 360 Solutions Inc. (NASDAQ: STAF), a staffing firm with operations in the US and UK, reported revenue rose 39.2% in constant currency to $69.85 million in the fourth quarter ended Dec. 31, 2022.

“Our paradigm-changing service delivery approach continues to make advances in very challenging markets, with our year-over-year revenue growth well into double digits with strong gross profit for the year,” Chairman, CEO and President Brendan Flood said.

Flood also noted the integration of Headway Workforce Solutions, which it acquired in in April 2022, increased combined profitability by $2 million at year end.

Staffing 360 Solutions also reported the fourth quarter included a goodwill impairment charge of $10 million.

“It is important to note that the impairment charge, while disappointing, is a non-cash charge and is a reflection of the current condition of the micro-cap stock market and is not related to the performance of any individual part of the company,” Flood said.

Share price and market cap

Shares in Staffing 360 were up 0.26%% to $1.20 as of 1:19 p.m. Eastern time; however, they set a new 52-week low during today’s trading session when they reached $1.11, according to FT.com. The company had a market cap of $3.4 million.