Australia-based workforce management company PeopleIn reported revenue of AUD 596.7 million (USD 406.7 million), an increase of 88.9% over the year. This included an organic growth contribution of 21.3%.

The group said its record performance was driven by organic growth across the business’ targeted employment sectors and execution on its 2025 strategy.

Last year PeopleIn acquired Perigon Group on 28 February 2022 and FIP Group on 6 June 2022.

Recent strategic acquisitions have integrated well and benefited from the scale of the broader PeopleIn Group. Perigon increased its successful conversion of health work through cross-selling and networking opportunities from the group’s wider Healthcare & Community brands. FIP Group’s performance was aided by new mandates from PeopleIn’s larger and more diverse client base.

PeopleIn CEO Ross Thompson said, “The sectors we operate in, such as healthcare, professional services and industrials, amongst others, continue to experience significant staff shortages and are largely downturn protected. We have been able to capitalise on this opportunity through our diversified network of businesses who are providing excellent experiences for both clients and candidates.”

Thompson said, “Based on the operating results for the first half and the mid-range forecast for economic conditions to continue, PeopleIn expects this strong momentum to continue into the second half of the financial year.”

“Looking ahead, key growth drivers for the group will include the onshoring of talent, international recruitment and upskilling, as well as cross-selling opportunities across our 4,200 plus client base,” Thompson added. “We are also buoyed by faster visa processing times over recent months, and anticipate further improvement over the remained of the financial year.”

The group said its M&A pipeline remains strong with a focus on establishing a global healthcare network and professional services government contracting.

PeopleIn reaffirmed its FY23 earnings guidance with normalised EBITDA of AUD 62 million – AUD 66 million (USD 42.2 million to 44.9 million) based on the continuation of current economic conditions and expects to be at the upper end of guidance.

PeopleIn Ltd shares closed at AUD 3.06 (USD 2.09), down 4.08% on the day and 22.89% above the 52 week low of AUD 2.49 (USD 1.70) set on 17 June 2022. The company has a market cap of AUD 322.58 million (USD 220.0 million).