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Australia – Bluestone Global reports worse annual loss

18 October 2013

Recruitment firm Bluestone Global (BUE: ASX) reported revenue for the year ending 30 June 2013 of AUD 280.7 million (USD 269.1 million), a fall of -14.8% compared with revenue of AUD 329.2 million (USD 315.6 million) a year ago.

The company reported a net loss of AUD 54.7 million (USD 52.4 million) for the period, compared with a net loss of AUD 32.8 million (USD 31.4 million) for the 12 months ending 30 June 2012.

Executive Chairman Baljit Singh commented: “Amongst many other considerable developments, the past year has culminated in the final phase of our complete organisational rebrand. This signifies an important step in positioning the business as a truly global organisation and has included an expansion of market coverage.”

“Our industry has been under intense pressure to reduce margins as client orders have steadily been reducing in frequency and quantity. This difficult financial landscape was also influenced by the ongoing national political uncertainty. However, whilst our financial results were below expectations, impacted predominately by significant items including goodwill impairment charges, the restructure of the Executive Team and Board has stabilised the business and built a platform for significant future growth,” he concluded.

The changes to the Executive Team and Board have included the resignation of seven members; including Managing Director Rabieh Krayem.     

Revenue declines were reported across all staffing segments during 2013. The biggest drop was in international revenue, which fell from AUD 5.8 million (USD 5.6 million) in 2012 to AUD 2.4 million (USD 2.3 million) in 2013, equating to a drop of -58.7%. Labour hire fell by -18.1% from AUD 252.7 million (USD 242.3 million) to AUD 207.2 million (USD 198.6 million), year-on-year.

Despite the highly publicised slowdown in the Australian mining sector, only a marginal decline of -0.3% was reported, with revenue falling to AUD 71.6 million (USD 68.6 million) from AUD 71.8 million (USD 68.8 million), year-on-year.

Geographically, the company’s Australian home market remains the biggest revenue producer with AUD 278.8 million (USD 267.3 million) in 2013, a drop of -14.1% compared with AUD 324.5 million (USD 311.1 million) last year. In the Philippines, revenue fell by -61.8% to AUD 1.8 million (USD 1.7 million) from AUD 4.7 million (USD 4.5 million) a year ago. 

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