FINANCIALS: US TrueBlue shows slight increase in revenue

US blue-collar recruiter TrueBlue has posted a marginal increase in revenue year-on-year, according to Q2 2018 results.

The results, released late yesterday, reveal revenue of $614m (£466m) – up 1% from the same quarter last year.

The group also revealed organic revenue, excluding its divested PlaneTechs business, increased 2%, with net income per diluted share of $0.44, an increase of 42%, compared to $0.31 in Q2 2017. Adjusted net income per diluted share was $0.57, up 36%, compared to $0.42 in Q2 2017.

Commenting on the results, TrueBlue CEO Steve Cooper said he was pleased with the results, which included revenue growth at the group’s PeopleReady business, operating margin expansion and strong earnings per share growth.

“We experienced widespread revenue improvements in our PeopleReady business driven by a consistent focus on business development activity. Efforts to reduce our cost of services across all segments continue to produce value resulting in our 10th consecutive quarter of gross margin expansion.

“We made strong progress advancing our key strategies. We acquired TMP Holdings in the UK, the world’s second largest RPO market. This acquisition increases our ability to win multi-continent engagements by adding a physical presence in Europe, referenceable clients and employer branding capabilities. On the technology front, JobStack, our PeopleReady mobile staffing technology, is transforming how people find work and how businesses find people. Affinix, our PeopleScout proprietary talent acquisition technology, is receiving praise from customers and a high level of interest from prospective clients.”

Looking ahead, the group said it expects Q3 2018 revenue will range from $662m to $677m.

In a separate announcement the group revealed a number of senior management changes. From 1 September 2018, current CEO Steven Cooper is to become executive chairman of the board succeeding Joe Sambataro, who will remain a board member. The agency’s president and chief operating officer Patrick Beharelle has been promoted to CEO.

Meanwhile, Kristi Savacool, former CEO of global HR solutions business Aon Hewitt, has joined the agency’s board of directors with immediate effect.

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