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 2021 of SGD 60.13 million (USD 44.3 million), an increase of 6.6% compared to the same period last year.

Last month the group issued a profit warning due to increased Covid-19 related costs.

Revenue for the full year was boosted by growth in the Employment Services and Building Management businesses.

Revenue in Security Services fell.

For FY 2021, in Employment Services the average package fee for hiring Migrant Domestic Workers (MDW) increased due to the shortage of supply of MDWs in the market and the additional safety measures for Covid-19 such as accommodation for quarantine and medical cost. This was offset by a decrease in the number of MDWs that the group had placed out to households in Singapore as compared to FY2020 due to worldwide travel controls which restricted MDWs from entering into Singapore. The Employment Services division had in 2020, reduced its physical presence by consolidating all its resources and assets at the two (2) branches in Jurong and Tampines and ceased operations in four (4) branches in Hougang, Toa Payoh, Woodlands and Yishun during FY2020.

Revenue in the Building Management Business increased mainly due to service income received from disinfection and fumigation projects and revenue contribution from the acquisition of 82% of the total issued and paid up capital of SRE Global Pte. Ltd. in September 2020, 100% of the total issued and paid up capital of PPMC Pte. Ltd., through 76% indirectly owned subsidiary Newman & Goh Property Consultants Pte Ltd on 2 February 2021, and 100% of the total issued and paid up capital of HBA Group Property Consultants Pte. Ltd. through 82% indirectly owned subsidiary SRE on 12 May 2021.

The increase was offset by a decrease in revenue from sale of face masks and service income from stewarding services, gardening and landscaping services, general pest controls due to the disruption caused by Covid-19 pandemic.

In Security Services revenue decreased mainly due to completion of an airport security project in early 2021 and decrease in service income from community care centers and sale and installation of security equipment.

For the H2 period, revenue for the group increased by 4.9% to SGD 30.19 million (USD 22.26 million).

Shares in Advancer Global last traded on Thursday 24 February. The company has a market cap of SGD 34.83 million (USD 25.68 million).