Bulk of the Group’s significant success attributed to organic growth during first half of the financial year
Workforce Holdings Limited (“Workforce”) (JSE: WKF), has announced strong results in its 30 June 2016 interims, including a 32% increase in turnover compared to the same period in 2015.
- Revenue increased by 32% to R1.2 billion
- HEPS up 45% to 17.7 cps, compared to 12.2cps in 2015
- EBITDA increase of 70% to R65.9 million
- Operating profit up 75% to R57.9 million
- Two successful acquisitions and a joint venture
- Appointment of new CEO, Philip Froom, with effect from 15 August 2016
Workforce is a holding company comprising 26 operating brands, each designated to one of five major business segments, namely: Staffing and Recruitment, Training and Consulting, Financial Services and Lifestyle products, Employee Health Management, and Process Outsourcing. Workforce provides employment solutions for more than 3,600 client accounts, deploying over 36,000 workers daily across manufacturing, call centre, construction and mining, retail and hospitality, transport and logistics, and the public sectors.
“Workforce has delivered encouraging results, as our diversification through acquisition has added impetus to the Group’s already pleasing organic growth,” says recently appointed Workforce Holdings CEO, Philip Froom.
The group has maintained its Broad-Based Black Economic Empowerment (B-BBEE) Level Three rating. Its diverse offering ensures that temporary and contract workers have access to all the benefits permanent staff enjoy, including training and healthcare, giving them the choice to manage their employment opportunities and benefits as best suits their circumstances.
“All segments performed well in the first half of our financial year, despite the challenges of the current economic climate,” says Willie van Wyk, Workforce Holdings Financial Director. “Our recent acquisitions including Prisma (training), Quyn (infrastructure projects) and G Cubed (permanent recruitment) are all performing in line with expectations. Based on the current results, and that the business has historically performed better in the second half of the year, we anticipate solid results for the 12 months ending December 2016 as we have a strong pipeline of new business in place.”
The Group continues to roll out its acquisition strategy that targets complementary opportunities across its range of service offerings. In addition to this, various African markets are being actively investigated and developed.
“We will focus on continued organic and acquisitive growth, product diversification, new geographic regions, transformation, and unlocking internal organisational efficiencies to create meaningful stakeholder value.” says Froom.
For the full SENS announcement and detailed financial results please visit www.workforce.co.za.