South Africa-based workforce management solutions group Adcorp Holdings Ltd. (ADR: JSE) reported revenue declined 3% to ZAR 15.3 billion (USD 1.2 billion) for the full year ended 28 February 2018.

During the year the group discontinued operations in the Rest of Africa. Adcorp also announced the departures of CEO Richard Pike and COO Nelis Swart. The group then announced Innocent Dutiro as its new CEO and the sale of its 34% stake in India-based Nihilent Technologies, a business consulting and technology services company to Dimension Data.

The group’s EBITDA for the previous year was restated to ZAR 373.0 (USD 29.6 million). The restatement of EBITDA arose because of the “classification of losses from the Rest of Africa operations as discontinued operations, in addition to some prior year adjustments,” according to the company. Earlier in the month the group had issued a profit warning for the year.

The group’s results were as follows.

"We took a hard look at the business and made some tough decisions to establish a platform for improved business performance through substantial cost reductions, improving working capital management, unlocking cash generation and strengthening the balance sheet," Innocent Dutiro, Chief Executive Officer, said.

Revenue by segment was reported as follows.

"Our focus in the short term remains on ensuring that we stabilise and turnaround Adcorp Training Services and Adcorp Support Services, optimisation of Adcorp Industrial Services through increased efficiency and reduction in costs, and growing our Adcorp Professional Services business in the emerging digital and robotic process automation space," Dutiro said.

"We have set ourselves an ambitious but attainable target of ZAR 1 billion (USD 79.4 million) EBITDA by 2022 which we believe we can reach through further adoption of lean processes to reduce our cost-to-serve as well as exploring the various growth options available to our business. In addition, the use of technology to enable efficiency and client centricity will be important as rapid adoption of innovative and potentially disruptive technologies will play a significant role in the way we work," Dutiro said.

"In setting our new strategic path, my team and I identified four strategic priorities to guide our focus into FY2019 and beyond - building a strong business that is focused on leveraging our core; ensuring the business is lean and agile; strengthening the brand and transforming the organisation's culture,” Dutiro said.

In trading yesterday, Adcorp Holdings shares closed at ZAR 1,782.00 (USD 141.6), down 0.77% on the day. Based on its current share price the company has a market value of ZAR 1.93 billion (USD 153.3 million).