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Australia – Rubicor hit by “challenging” recruitment market

28 February 2013

Rubicor (ASX:RUB), one of Australia’s largest staffing firms, said the recruitment market remained challenging after the company posted a -15% decline in revenue for the six-month period to December.

Revenue fell to AUD 126.5 million from AUD 149.6 million a year ago. The company also reported a net loss of AUD 12.2 million, compared to a net loss of AUD 20.2 million. This follows a AUD 9.3 million charge for the impairment of assets.

Rubicor CEO Kevin Levine said: “Our industry has continued to experience challenging conditions, particularly in the second quarter with the recruitment markets declining in each of our geographic locations (Australia, New Zealand and Singapore) due to the on-going global macro-economic climate.”

He expects that “difficult market conditions” will persist. But skills shortages and mobility of labour will present good opportunities for recruiters when the market picks up, the company said.

Shareholders showed disappointment following today’s announcement as Rubicor’s share price fell by -12% to AUD 0.015, down -50% from a year ago. Based on its stock price, the firm has a market value of AUD 1.88 million.

According to Staffing Industry Analysts, Rubicor is ranked among the top 20 staffing firms in Australia

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