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Staffing provider Integrated Workforce, part of Australian Programmed Maintenance Services group, has reported a small drop in earnings for the 12 months to March although revenue increased for the year.
The division posted a +7% rise in revenue which totalled USD 392.6 million (AUD 407.1 million). EBIT dropped by an annual -5% to USD 10.3 million (AUD 10.7 million). This was due to challenging market conditions in some sectors, particularly retail, manufacturing and light industrial sectors.
“While revenue grew, margins fell as business confidence remained fragile and there was increased competition to secure work. The market remains weak, with small and medium size enterprises cautious about hiring people, but the business has a low cost base and will respond strongly to a broad economic (i.e. non-mining) recovery when business confidence returns,” the firm said.
The Integrated Workforce division provides a range of staffing services to sectors such as mining and construction, industrial, manufacturing, infrastructure, transport and logistics. The unit operates through a network of over 40 branches across Australia and New Zealand.