Australian recruitment firm Ignite (IGN:ASX) published its preliminary final report today reporting revenue fell by 9.3% for the year ended 30 June 2024 to AUD 96.64 million (USD 64.87 million).

Total gross profit decreased 5.2% from AUD 12.249 million (USD 8.2 million) to AUD 11.614 million (USD 7.8 million), the gross profit margin increased 0.5%, from 11.5% to 12%, driven by improved margin mix with the group’s largest clients.

Cameron Judson, Ignite’s executive director said in a press release, “It is very pleasing to report a statutory profit of AUD 616k (USD 413,619), and an underlying profit of AUD 1,014 million ( USD 680.86 million) for the period ended 30 June 2024.

Judson said, “The leaders of the business are committed to continuing the successful turnaround and financial performance of Ignite. Our focus has been on understanding, measuring, and rewarding our people for their productivity, performance, and contribution to profit.”

“Our people are collaborating closely with our clients, our candidates, and our contractors, and we have implemented one way of working regarding our processes, systems, and technology,” Judson said. “We have made positive progress turning around the financial performance of the business in FY24. We anticipate delivering further profit improvement in FY25 for our shareholders”.

The Specialist Recruitment business makes up 98.3% of revenue from continuing operations (2023: 95.3%), with the Managed Services business making up the balance.

Ignite shares closed at AUD 0.083 (USD 0.056), up 3.75% on the day and 7.78% below its 52-week high of AUD 0.09 (USD 0.061), set on 5 July 2024. The company has a market cap of AUD 13.05 million (USD 8.78 million).