That’s according to results for the quarter, released yesterday, which reveal revenue of $554m (£402m), down 2% from $568m on Q1 2017.

However, the group posted net income per diluted share was $0.22, up 100%, compared to $0.11 in the fiscal first quarter of 2017, while adjusted net income per diluted share was $0.31, an increase of 48% compared to $0.21 in Q1 2017.

TrueBlue also revealed the divestiture of PlaneTechs, a provider of skilled mechanics and technicians to the aviation sector, which completed in March. The group added PlaneTechs made up less than 2% of total company revenue with the sale not expected to have a meaningful impact on operating income. 

Looking ahead, the group estimates Q2 revenue to range from $585m to $600m with net income per diluted share to range from $0.32 to $0.38 and adjusted net income per diluted share to range from $0.47 to $0.53.

“We are off to a strong start this year with earnings per share growth of 100%,” TrueBlue CEO Steve Cooper commented. “While revenue was down modestly, growth in our PeopleScout business accelerated to over 20%, and we are taking the right actions to return the PeopleReady business to growth. Programmes to reduce the cost of services are working, resulting in our ninth consecutive quarter of gross margin expansion and a 3% increase in gross profit for the quarter.”

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