Advancer Global (43Q:SES), an integrated services provider offering workforce solutions and services in Singapore reported revenue yesterday after markets closed, for the full year ending 31 December 2022 of SGD 63.10 million (USD 46.8 million), an increase of 4.9% compared to the same period last year.

Revenue growth was due to an increase in revenue in the Employment Services and Building Management businesses.

Last week, the group issued a profit warning, announcing that it expected to report a net loss for FY 2022 mainly due to impairment loss of goodwill and rising manpower costs.

Within Employment Services, revenue from the Employment Services Business increased 47.8% from SGD 6.6 million (USD 4.9 million) in FY 2021 to SGD 9.7 million (USD 7.2 million) in FY 2022. There was an increase in the number of Migrant Domestic Workers that the group had placed out to households in Singapore in FY 2022 as compared to FY 2021 due to the gradual re-opening of borders in Singapore and source countries since April 2022.

Revenue from the Building Management Business increased 7.2% from SGD 35.3 million (USD 26.2 million) in FY2021 to SGD 37.8 million (USD 28.0 million) in FY2022 mainly due to service income received from disinfection and fumigation projects and revenue contribution from the acquisition of 100% of the total issued and paid up capital of SRE Management Pte. Ltd. in February 2022, and 100% of the total issued and paid up capital of SRE Property & Facility Pte. Ltd., through 82% indirectly owned subsidiary SRE Global Pte. Ltd., on 15 February 2022. The increase was offset by a decrease in revenue from gardening and landscaping services and general pest controls due to weaker market demand.

Revenue from the Security Services Business decreased 14.8% from SGD 18.3 million (USD 13.6 million) recognised in FY 2021 to SGD 15.6 million (USD 11.6 million) recognised in FY 2022, mainly due to a decrease in service income from community care centres and the sale and installation of security equipment.

For the H2 period, revenue for the group increased by 4.6% to SGD 31.59 million (USD 23.45 million).

Advancer Global last traded on 22 February 2023. Shares closed at SGD 0.076 (USD 0.056). The company has a market cap of SGD 19.18 million (USD 14.23 million).