Staffing 360 Solutions Inc. (NASD: STAF), a staffing provider operating in the US and UK, yesterday reported third-quarter revenue declined by 5.6% to $67.3 million.

Gross profit of $12.5 million was flat compared with Q3 '18. Gross margin improved to 18.5% compared with 17.5% in Q3 2018 driven by higher mix of permanent placement revenue. EBITDA grew strongly while a net loss of $1.1 million improved against a net loss of $2.0 million in Q3 2018.

In September 2019 Staffing 360 announced that CFO David Faiman would leave the company by 31 December 2019.

Brendan Flood, Chairman and Chief Executive Officer said, "While revenue was down for the quarter, margins were up, overhead was strategically reduced and we remained operating income positive. We are confident that the dip in revenue is short-term and that we continue to be progressing in the right direction."

"Our acquisition pipeline remains full and active with several potential acquisitions having passed the initial due diligence step," Flood said. "We remain focused on completing strategic acquisitions and also on pursuing related financing that could involve restructuring our existing debt. To help facilitate that endeavor, we’ve recently engaged the services of Robert W. Baird, Inc., a multinational independent investment bank and financial services company. I remain highly confident in our goal to build a profitable $500 million revenue company."

In trading yesterday Staffing 360 Solutions shares closed at $0.94, up 2.86% on the day and 5.43% above its 52-week low of 0.90, set on 11 November 2019. Based on its current share price the company has a market value of $8.24 million.