Staffing 360 Solutions Inc. (NASDAQ: STAF), a staffing firm with operations in the US and UK, reported first quarter revenue increased by 26.5% (23.5% in constant currency) to $63.1 million, compared with revenue of $49.9 million for the prior year period. The increase was driven by an almost five-fold increase in US professional staffing.

Brendan Flood, Chairman, CEO and President, said, “We believe that we are successfully executing on our growth strategy, with nearly 27% year-over-year revenue growth for the first quarter, and positive adjusted EBITDA, led by significant gains in our US professional staffing segment, despite the continuing challenging macroeconomic environment.”

The company also announced it believes that it is on track to file its outstanding first quarter Form 10-Q with the Securities and Exchange Commission this week and plans to file its second quarter Form 10-Q in the coming weeks. In May, the company was notified by Nasdaq that it was not in compliance with listing rules because it had not filed a Form 10-Q in a timely manner. In June, the company terminated its principal accounting officer.

“In addition to the planned filing of our outstanding first quarter Form 10-Q, we are working to file our second quarter Form 10-Q as quickly as possible and expect to provide further information in the coming weeks,” Flood said.

Flood added, “Our buy-integrate-build strategy is beginning to pay off, and we anticipate continued revenue growth and margin improvements as we move toward our long-term goals. As we expect is the case with other staffing companies, we continue to closely monitor the marketplace and our clients’ needs for any recessionary, or other macro-economic impacts, and are ready to take necessary actions to mitigate any such impact. Our primary focus is on providing meaningful staffing solutions to our clients, while driving future growth and shareholder value.”

Looking ahead, the group said although industry conditions remain uncertain and are subject to change, it currently estimates revenues for the 2023 fiscal year in the range of $250 million to $265 million.

Staffing 360 Solutions shares closed at $0.6211, no change on the day and 2.58% above its 52-week low of $0.6055, set on 8 September 2023. The company has a market cap of $3.97 million.