Staffing 360 Solutions Inc. (NASD: STAF), a staffing provider with operations in the UK and US reported first-quarter revenue rose 37.0%, which includes $17.9 million in acquisitions completed in September 2017 and $800,000 in favorable foreign currency translation.

Net loss narrowed to $1.3 million from a net loss of $3.1 million in the same quarter last year.

Gross margin improved to 20.8% from 18.0% in the prior-year period, which the company attributed to exiting low margin business, the acquisition of the two higher-margin businesses, stronger permanent placement business, and improvements in its workers' compensation insurance costs.

“As we continue to execute on our business plan, we expect to see similar growth in the second quarter and we are confident that 2018, will be a year of profitable enterprise-wide growth,” Chairman and CEO Brendan Flood said.

On Monday, Staffing 360 Solutions shares closed at $1.63, up 1.88% on the day and 15.28% above the 52 week low of $1.41 set on 8 May 2018. Based on its current share price the company has a market value of $6.79 million.