Australia-based staffing firm People IN reported revenue for the full year ended 30 June 2022 of AUD 682.3 million (USD 475.2 million), up 53.6% compared to the same period a year ago.

The growth in the business during FY22 is attributed to an increased organic demand for staffing services in the sectors and locations in which the group operates reflecting a bounce back to operating levels greater than pre-Covid-19.

Revenue was also boosted by the acquisitions of Vision Surveys QLD Pty Ltd on the 30 July 2021, GMT Group on the 30 November 2021, Perigon Group on 28 February 2022 and FIP Group on 6 June 2022. The profit or loss for these entities are consolidated into the group results from these dates.

PeopleIN is the parent company of 26 brands specialising in niche talent segments across technology, healthcare & community, finance and business services, and industrial & specialist roles.

Normalised EBITDA margin stood at 6.91% compared to 6.07% the previous year.

PeopleIn CEO Ross Thompson said, “Operating conditions continue to be positive for PeopleIN given the strength of the employment market and unprecedented demand from clients for employees.”

“The number and diversity of our clients, and critical demand for their services, mean that our core business is resilient even in the event of economic uncertainty. Our strategy has always been to focus on growing in sectors that are defensive and have long term demand for talent,” Thompson said.

Looking ahead Thompson said, “Based on the operating results for the financial year and current economic conditions continuing, PeopleIN expects strong organic growth performance to continue in FY23.”

The company added that it will continue to pursue initiatives to address labour supply shortages through the onshoring of talent, international recruitment and upskilling, as well as cross-selling opportunities across its 4,000+ client base. Furthermore, the group said its acquisition pipeline continues to be strong with a number of acquisitions under review.

PeopleIn shares closed at AUD 3.72 (USD 2.59), up 11.04% on the day and 18.24% below its 52-week high of AUD 4.55 (USD 3.17), set on 2 November 2021. The company has a market cap of AUD 337.74 million (USD 235.23 million).