PeopleIn Ltd. (PPE:ASX), a staffing firm based in Australia announced that it has concluded its strategic review process.

The group said its strategic review was conducted with the intent of maximising value for all PeopleIn shareholders and considered an array of strategic options.

The group’s strategic review has confirmed that PeopleIn is best positioned to continue executing on its existing three-year strategic plan, with a focus on resilient sectors with a long-term demand for staff, cross-selling between its specialist brands and international recruitment. These measures are contributing to strong organic growth, with over 3,200 international candidates recruited in the 1HFY23.

As disclosed in the FY23 half year results announcement of 17 February 2023, PeopleIn reported record performance of AUD 596.7 million (USD 386.7 million) in revenue and AUD 32.5 million (USD 21.0 million) in normalised EBITDA, marking growth of 88.9% and 50.5% over the prior corresponding period. This included an organic growth contribution of 21.3% to revenue and 11.8% to normalised EBITDA.

The Board also took into consideration the company’s growth opportunities considering economic conditions and strong industry tailwinds, including a significant improvement in visa processing times in recent months and broader migration reforms which if implemented have the potential to dramatically improve Australia’s global standing as a work destination.

Considering the resolution of the Board to commit to the current strategy, PeopleIn has concluded its strategic review.

Looking ahead, PeopleIn also announced reaffirms its FY23 earnings guidance with normalised EBITDA of AUD 62 million – AUD 66 million (USD 40.1 million – 42.7 million).

PeopleIn shares closed at AUD 2.89 (USD 1.87), down 2.03% on the day and 16.06% above the 52 week low of AUD 2.49 (USD 1.61) set on 17 June 2022. The company has a market cap of AUD 299.59 million (USD 194.1 million).