Australia-based staffing firm People Infrastructure reported revenue today of AUD 444.3 million (USD 322.6 million) for the full year ended 30 June 2021, an increase of 18.7% when compared to the same period last year.

People Infrastructure grew throughout the year both organically and as a result of further acquisitions completed in the second half of the year.

Specifically the company said it benefited from strengthening employment markets, exposure to growth sectors, industry diversity and implementation of leading business practices.

Declan Sherman, People Infrastructure’s CEO said, “People Infrastructure confronted a number of challenges in FY21 due to the impact of Covid-19. The business has shown tremendous resilience to bounce back over the last 12 months. As a result, we are pleased to announce a significant increase in revenue and earnings.”

“The business demonstrated a steady increase in billed hours in the second half versus the first half and a significant increase in permanent billings in the second half versus the first half,” Sherman added. “This was consistent across all divisions and as a result the company is starting FY22 in a very strong position.”

“Furthermore, People Infrastructure's market leading position in the sectors in which it focuses has meant that it has been able to successfully capitalise on current employment conditions,” Sherman said.

People Infrastructure added that strong demand for labour and difficulties in sourcing has driven increased client numbers and limited focus on margins.

The group made a number of acquisitions throughout the year. On December 2020, People Infrastructure entered into a binding agreement to acquire eCareer Employment Services Pty Ltd and Illuminate Search and Consulting Pty Ltd.

In March 2021, People Infrastructure announced it had entered into an agreement to acquire Australia-based SwingShift Nurses.

On June 2021, People Infrastructure announced that it entered into agreements to acquire two companies: Techforce Personnel Pty Limited and Vision Surveys.

The group reported revenue increases across verticals including its Healthcare vertical, Community services vertical, technology vertical, and its Industrial & Specialist Services Vertical (excluding Techforce).

Looking ahead, People Infrastructure said it has seen a significant rebound in its business during the year and expects the strong momentum to continue into FY2022.

Sherman said, “Looking forward into FY22, whilst we are aware that the economic and operational uncertainty relating to Covid-19 may have implications for our clients, we continue to focus on driving growth in niches where we can demonstrate a clear point of difference in our product and services offering.”

“Any short-term impacts on our clients are significantly mitigated by our regional and product diversity,” Sherman added. “Importantly, the outlook for the employment market continues to be positive in the sectors that we service and we look forward to continuing to work with clients to manage their problems around staffing shortages. The second half of FY21 showed the underlying strength in our business and the ability to capitalise on strong employment markets.”

“Finally, we continue to see a number of complimentary acquisition opportunities in staffing and managed services that add to our geographic spread or further expand our service offering in a market where there is very little competition for acquiring businesses,” Sherman said.

Shares in People Infrastructure closed at AUD 4.25 (USD 3.08), up 1.67% on the day and 12.91% below its 52-week high of AUD 4.88 (USD 3.54), set on 11 June 2021. The company has a market cap of AUD 387.25 million (USD 281.1 million).