Revenue decline seen in US commercial staffing
Revenue rose 1.9% year-on-year in Q1 2022, according to a regulatory filing from Staffing 360 Solutions Inc., a New York-based staffing firm with operations in the US and UK.
The company reported that revenue rose approximately $1.4 million on an organic basis in the first quarter, but growth was affected by an unfavourable currency translation of USD $478,000.
Growth was seen in the company’s US and UK professional staffing segments, but a revenue decline was noted in US commercial staffing – the company’s largest segment.
To continue trading on the Nasdaq stock exchange, Staffing 360 held a reverse stock split on 24 June. In April, they acquired US-based staffing firm Headway Workforce Solutions.
FT.com reported that shares in Staffing 360 closed down 1.40% on Monday to USD 3.51, a new 52-week low. The company had a market cap of USD 8.6 million.