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Shares in Australian staffing company Skilled Group (SKE:ASX) rose by over +5% today after the firm posted a +23% rise in net profit which totalled USD 28.9 million (AUD 28.2 million) during the six months to December 2012.
Skilled Group dominates the Australian staffing market with almost twice the market share of its closest rival Hays, according to research by Staffing Industry Analysts.
The firm saw sales revenue rise by +4% to USD 999.5 million (AUD 973.6 million) in the half-year period.
Skilled Group CEO, Mick McMahon said: “The company’s exposure to the higher growth sectors of the economy has helped offset the impact of continuing economic weakness in other parts of the business enabling revenue growth and improved profitability.”
The firm also delivered costs savings of around USD 5.1 million (AUD 5 million) during the six months and expects to make a total of USD 10.3 million (AUD 10 million) in savings for its financial year.
Mr McMahon said 54% of Skilled's revenue was generated from the mining and oil and gas industries with the firm driving most of its sales from Queensland and Western Australia, regions rich with natural resources.
Shareholders welcomed the news as the firm set a new 52-week high in today’s trading session when the stock price reached AUD 3.14. The firm has a market value of USD 714.3 million (AUD 695.79 million).