The figures, released late last week, reveal revenue of $66.9m (£51.2m) and gross profit (GP) of $42.1m – up 0.2% in constant currency.

Meanwhile in Q4 2018, the group posted revenue of $16.6m, up 13.3% in constant currency on Q4 2017 and of $10.3m, up 4.6% in constant currency, with a 15% decline in Q4 GP in the group’s Americas operation offset by 26% and 10% increases in GP respectively for the group’s European and Asia Pacific operations.

Commenting on the group’s performance, Hudson Global CEO Jeff Eberwein pointed to “solid” revenue and gross profit growth in Q4 2018.

“We are pleased to report positive cash flow from operations in the fourth quarter. For 2018, we delivered revenue and gross profit growth while also focusing on carving out the RPO business from legacy entities and right-sizing the new company by reducing corporate costs.  I am proud of how hard the team has worked over the past year to build the systems and infrastructure necessary for a successful separation from the legacy businesses.”

He said that as previously announced, the company had sold all of its recruitment agency and talent management businesses in three separate transactions that closed at the end of March 2018.

“These transactions were all structured as equity sales, meaning all the assets and liabilities of the legacy entities were assumed by the buyers, except for the RPO business, which remained with the company but was largely embedded inside the businesses being sold.  

“Since that time, the company has had a strong internal focus on creating new legal entities and obtaining new business licences in each country in which it operates, creating an accounting and finance system from scratch, as well as creating a new IT system and website. 

“Now that the platform for the operating business has been built and corporate overhead costs have been right-sized, the company has begun to look at bolt-on acquisition opportunities in addition to focusing intensively on organic growth,” he added.