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World – On Assignment almost doubles Q2 revenue

27 July 2012

On Assignment (NASDAQ:ASGN), the US-based staffing provider with offices in the UK, the Netherlands, Ireland, and Belgium said yesterday that second-quarter revenues increased by +97% to US$283.2 million, including US$99.0 million from Apex Systems which was acquired in May this year.

In the period gross profit also rose by +82% to US$89.0 million while operating income increased from US$10.8 million last year to US$19.7 million. Net income was up from US$5.9 million to US$8.5 million.  

 “Our revenue almost doubled year-over-year and net income before acquisition related costs, as well as our Adjusted EBITDA more than doubled. Apex accounted for US$99 million of our second quarter revenues and our other business grew 28% year-over-year,” said Peter Dameris, President and Chief Executive Officer of On Assignment.

“The inclusion of Apex, together with continued growth of our other businesses, will significantly increase our free cash flow generation allowing us to focus on reducing our outstanding debt. During the second quarter, we repaid US$23.4 million of our debt,” he added.

On Assignment is a global provider of highly skilled, hard-to-find professionals in the life sciences, healthcare, and technology sectors. The company was founded in 1985 and is headquartered in California, with a network of approximately 76 branch offices throughout the US, Canada, the UK, Netherlands, Ireland and Belgium.

The firm is ranked 61st in Staffing Industry Analysts’ research of the world’s largest staffing firms.

Yesterday’s announcement helped boost the company’s share price by +2.2% to US$ 15.14, up +47.9% from a year ago and -21.9% below its 52-week high of US$ 19.37 set in April earlier this year. The firm has a market value of US$ 569.60 million. 

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