TSR Inc. (NASDAQ: TSRI), a Hauppauge, New York-based IT staffing firm, reported revenue rose 9.1% in its fiscal second quarter ended Nov. 30, 2022, to a total of $26.0 million.

Revenue grew due to a combination of more high-end IT consulting engagements and increased emphasis on permanent placement, according to TSR.

TSR also reported the average number of consultants on billing with customers fell to 693 from 715 in the year-ago quarter. However, the number of IT contractors rose to 471 from 426 in the second quarter of the previous fiscal year.

The company also reported the number of clerical and administrative contractors fell to 222 from 289.

“Our operating income increased a robust 142% ($1.1 million as compared to $415,000 in the prior year’s second quarter) due to strategic business development efforts combined with the completion of a firmwide technology overhaul that included the implementation of leading-edge applicant search tools, which saved the company money and provided our recruiters with improved tools to find top talent faster than our competitors,” CEO Thomas Salerno said.

Share price and market cap

Shares in TSR were up 15.82% to $8.30 as of 11:19 a.m. Eastern time; shares were 27.37% above their 52-week low, according to FT.com. The company had a market cap of $15.3 million.