Workforce defies difficult job market to grow profit
The youth wage subsidy, unemployment levels and a new ruling on those hired by temporary employment services, weigh on the sector in general
Workforce Holdings says the company achieved "pleasing results" for the six months to June, despite working in an environment in which few jobs are being created. The company grew its revenue 14.5%, to R1.4bn in the half-year to June. Earnings before interest, taxation, depreciation and amortisation increased 4.7% to R69m. The company’s net asset value per share increased 22.9% to R2.15. Its tangible net asset value per share rose 19.6% to R1.32. Workforce is a holding company whose subsidiaries specialise in outsourcing, recruitment and specialist staffing, training and consulting, employee health management, process outsourcing, financial services and lifestyle products. During the reporting period, the group consolidated its five previous reporting segments into three segments: staffing and outsourcing; training and healthcare; and financial and lifestyle. Cash flows from operating activities improved to R45m during the reporting period compared with R10m for the half-year to Jun...
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