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Australia – Demand for staffing services drops at Bluestone Global

22 February 2013

Australia-based staffing company Bluestone Global (BUE:ASX) today reported a +1% increase in consolidated revenues for the six months to December. Revenues grew to AUD 165.4 million (USD 171.5 million) from AUD 164.1 million (USD 170.2 million) a year ago.

But gross profit in the period fell -1.5% to AUD 21.4 million (USD 22.2 million) while the gross margin dropped to 12.9% from 14.0%. The firm also recorded a net loss of AUD 17.9 million (USD 18.6 million) compared to a net profit of AUD 1.3 million (USD 1.4 million). The net loss included an impairment charge of AUD 13.44 million (USD 13.93) related to the goodwill associated with past acquisitions.

The firm said it experienced lower demand for temporary employment services in the six-month period. Looking ahead, the company’s managing director Rabieh Krayem said: “Enhanced earnings are expected in the near term as further cost reduction benefits are realised and resources are allocated to growth sectors.”

Bluestone recently rebranded from Humanis Group. According to Staffing Industry Analysts’ research, Humanis was among the top 20 largest staffing firms in Australia in 2011.

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