South African workforce management solutions group Adcorp Holdings Ltd. (ADR: JSE) published a trading statement for the full year ended 28 February 2019.

Adcorp said that it has transitioned from a loss-making position and will be posting a net profit after tax. This is driven by growth in the underlying EBITDA of the South African operations together with a reduction in the net cost of finance.

The Australian operations remained firm against a tough economic climate.

Furthermore, Adcorp stated that the group has met the balance of its Phase 1 cost savings target of ZAR 200 million (USD 14.1 million) as defined in the 2018 financial year.

Adcorp added that it is currently in the process of finalising its financial results for FY 2018 and these results will be announced on or about Friday 17 May 2019.

For the six-month period ended 31 August 2018, the group reported that its restructuring strategy helped lift revenue by 2.8% to ZAR 7.9 billion (USD 551.3 million).