Advancer Global (43Q:SES), an integrated services provider offering workforce solutions and services in Singapore, reported revenue for the half year ended 30 June 2021 of SGD 29.9 million (USD 22.0 million), an increase of 8.5% compared to the same period last year.

Earlier this month Advancer published an update where it announced that it expected to report a net loss during the H1 period. The group said business activities have continued to be dampened due to the pandemic. Furthermore, the group’s employment services have been disrupted due to worldwide travel controls which restricted foreign domestic workers from entering into Singapore.

Revenue from the group’s Employment Services Business decreased SGD 3.8 million (USD 2.8 million) recognised in six-month financial period ended 30 June 2020 to SGD 3.6 million (USD 2.6 million) recognised in six-month financial period ended 30 June 2021. For H1 2021, there was a decrease in the number of migrant domestic workers that the group had placed out to households in Singapore as compared to H1 2020 due to worldwide travel controls which restricted MDWs (migrant domestic workers) from entering into Singapore. The Employment Services division reduced its physical presence in 2020 by consolidating all its resources and assets in two branches and ceased operations in four branches.

Revenue from the Building Management Business increased by SGD 2 million (USD 1.4 million) from SGD 15.3 million (USD 11.3 million) recognised in H1 2020 to SGD 17.3 million (USD 12.7 million) in H1 2021 mainly due to an increase in service income received from disinfection and fumigation projects, adhoc cleaning and valuation services. The company said projects were on hold due to pandemic restrictions which ran from 7 April 2020 to 1 June 2020. Revenue in the division was boosted the acquisition of SRE Global Pte. Ltd. in September 2020, PPMC Pte. Ltd. on 2 February 2021, and the purchase of HBA Group Property Consultants Pte. Ltd.

Revenue from the Security Services Business increased by SGD 0.5 million (USD 0.3 million) from SGD 8.6 million (USD 6.3 million) recognised in H1 2020 to SGD 9.1 million (USD 6.7 million) recognised in H1 2021, mainly due to new contracts secured at community care centers, hotels and commercial properties. The increase was offset by the decrease in revenue from sale and installation of security equipment.

Shares in Advancer Global closed at SGD 0.132, down 12.0% on the day and 46.67% above the 52 week low of SGD 0.09 (USD 0.066) set on 24 August 2020. The company has a market cap of SGD 37.85 million (USD 27.9 million).