Global Daily News
- Kelly Q1 revenue down after sale of European business
First-quarter revenue at Kelly Services (NASDAQ: KELYA, KELYB) fell 17.6% year over year to approximately $1.05 billion. The decrease is primarily due to the sale of its European operations earlier this year. Revenue fell 2.6% on an organic basis.“In the first quarter, we continued making progress on our journey to accelerate profitable growth notwithstanding continued macroeconomic uncertainty and industry headwinds,” President and CEO Peter Quigley said in a press release.Kelly Services has recently undergone several changes.The Troy, Michigan-based firm sold its European operations to Italy’s GI Group in a deal that closed Jan. 2. The transaction unlocked more than $100 million in capital, the company said.Then Kelly announced this month it’s acquiring Motion Recruitment Partners for $4 …
- CEO confidence rises in Q2, recession fears fade
The Conference Board Measure of CEO Confidence rose in the second-quarter report, with US CEOs no longer anticipating a recession in the coming year and instead being cautiously optimistic following two years of gloom.The measure rose to a reading of 54 this quarter from 53 in the first-quarter report, marking the second consecutive quarter with a reading above 50, indicating more positive than negative responses.“CEOs’ views about the economy have shifted from six months ago,” Roger Ferguson Jr., vice chairman of The Business Council and trustee of The Conference Board, said in a press release.Ferguson noted that recession fears have faded considerably, with only 35% of CEOs surveyed in April anticipating a recession within the next 12 to 18 months, down from 72% in the fourth quarter of …
- US jobless claims at highest level since August
US initial jobless claims rose by 22,000 in the week ended May 4 to a total of 231,000 — their highest level since the week of Aug. 26, 2023, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000.CNBC reported that the uptick in claims suggests a potential shift in an otherwise robust labor market.“Weekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome,” CNBC quoted Christopher Rupkey, chief economist at Fwdbonds, as saying. “One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”Meanwhile, the four-week moving average i …
- Fiverr Q1 revenue rises 6.3%, ahead of expectations
Fiverr International (NYSE: FVRR) reported revenue in the first quarter of 2024 of $93.5 million, compared to $88.0 million in the first quarter of 2023, an increase of 6.3% year over year.The company said it saw a strong start to the year with first-quarter results ahead of expectations.“We executed on our key strategic priorities, delivering revenue at the top end of our guidance, and Adjusted EBITDA ahead of our guidance range,” the company stated.Adjusted EBITDA in the first quarter of 2024 was $16.0 million, compared to $11.3 million in the first quarter of 2023. Adjusted EBITDA margin was 17.1% in the first quarter of 2024, compared to 12.8% in the first quarter of 2023.Underlying the business, gross merchandise value — the total value of transactions on its platform — grew 2% year o …
- BGSF Q1 revenue falls, higher-end consulting seen as encouraging
BGSF (NYSE: BGSF) reported first-quarter revenue fell 8.7% year over year to $68.8 million, but the company reported some promising signs going forward.“Our first-quarter results aligned with expectations, and we are encouraged by recent activity in higher-end consulting,” President and CEO Beth Garvey said in a press statement. “The professional division has experienced meaningful progress each month this year with IT consulting and other IT-related tool deployments, and we are benefiting from BGSF’s enhanced Workday strategic partnership.”BGSF’s professional division includes IT and finance/accounting staffing. The Plano, Texas-based company’s property management division includes real estate staffing for apartment buildings and commercial buildings.Garvey said the company is using techn …
- Kelly Q1 revenue down after sale of European business
First-quarter revenue at Kelly Services (NASDAQ: KELYA, KELYB) fell 17.6% year over year to approximately $1.05 billion. The decrease is primarily due to the sale of its European operations earlier this year. Revenue fell 2.6% on an organic basis.“In the first quarter, we continued making progress on our journey to accelerate profitable growth notwithstanding continued macroeconomic uncertainty and industry headwinds,” President and CEO Peter Quigley said in a press release.Kelly Services has recently undergone several changes.In January, the US-based firm sold its European operations to Italy’s GI Group. The transaction unlocked more than $100 million in capital, the company said.Then Kelly announced this month it’s acquiring Motion Recruitment Partners for $425 millio …
- CVC acquisition boosts World of Talents growth plans
CVC Capital Partners, a Luxembourg-based private equity firm, announced it has acquired a majority stake in World of Talents, which is owned by private equity firm Baltisse.Baltisse is selling its majority stake to CVC but is reinvesting a significant portion.Toon Hylebos, senior investment manager at Baltisse, said, “We are extremely proud of the growth that World of Talents has achieved over the past five years since our entry. We are convinced that the necessary foundations were also laid and that they form the basis for continued growth in the future. We look forward to remaining closely involved with management and CVC in this success story. This reflects our belief in the company's potential and our dedication to further support its ambitious growth plans.”World of Talents is an …
- Pion Group board member Martin Hansson to take over as CEO
Swedish staffing firm PION Group announced that Martin Hansson, current board member, will take over the role as new CEO.Hansson took up the position from Nils Carlsson from 8 May. Carlsson had been CEO of the group since November 2023.Pion Group said the change is part of Pion Group's continuous strategy to own, develop and acquire companies with a focus on people."Leading Pion Group has been exciting and developing. I am proud to hand over the responsibility to Martin Hansson, who is absolutely right in Pion Group's continued aspirations and growth path going forward,” Carlsson, outgoing CEO, said.Hansson said, “"It is a challenge to succeed Nils, but I am ready to continue the strategic work that he has established. I am convinced that we are ready for this task and …
- UK agency health and social care workers plan exodus
Nearly one in five (18%) flexible health and social care workers in the UK expect to leave the sector in the next two years, according to research from the Acacium Group.The report defines these flexible workers are those who are taking on agency work via a private provider.In the report, 24% of workers reported feeling ‘overstretched’ by their workload. Key reasons why some healthcare professionals are considering leaving the sector included concerns about working conditions, and the level of support from management.Concerns were also raised about access to necessary tools with 27% flexible workers stating that they were dissatisfied with their ability to access patient records. At the same time, 17% also said they were unhappy with access to vital protective equipment.Despite some frustr …
- Fiverr Q1 revenue up 6.3%, ahead of expectations
Israel-based Fiverr International Ltd. (NYSE: FVRR) reported revenue in the first quarter of 2024 of USD 93.5 million, compared to $88.0 million in the first quarter of 2023, an increase of 6.3% year over year.The company said it saw a strong start to the year with Q1 results ahead of expectations. “We executed on our key strategic priorities, delivering revenue at the top end of our guidance, and Adjusted EBITDA ahead of our guidance range,” the company stated. ($ USD thousands) Q1 2024 Q1 2023 % change Revenue 93,524 87,956 6.3% Gross profit 78,076 72,290 8.0% Gross margin 83.5% 82.2% – Net loss/income 788 (4,272) – Adjusted EBITDA in the first quarter of 2024 was $16.0 million, compared to $11.3 million in the first quarter of 2023. Adjusted EBITDA margin was 17.1% in the first quarter …
- Open Up Group 9-month revenue ticks up strongly with overseas boost
Japanese technical staffing firm Open Up Group (2154: JP), previously known as BeNext-Yumeshin, reported revenue of JPY 126.66 billion (USD 813.3 million) for the nine-month period ended 31 March 2024, 13.3% higher than the year prior.The increase in revenue primarily reflected growth in the number of employees in the machinery, electronics and IT software segment and the construction segment as well as high utilisation rates overall. It was also attributable to increased revenue in the Overseas Segment due to the impact of foreign exchange rates, among other factors.On the profit front, gross profit and the ratio of selling, general and administrative expenses to revenue remained at normal levels. (JPY millions) 9 months 2023 9 months 2022 Change 9 months 2023 Revenue 126,668 111,761 13.3 …
- Quess Corp Q4 revenue up as full year results hit record high
Indian staffing firm Quess Corp. (QUESS:NSI) reported revenue yesterday after the markets closed of INR 49.10 billion (USD 587.9 million) for the fourth quarter ended 31 March 2024, an increase of 10.5% when compared to the same period last year.Executive director and group CEO Guruprasad Srinivasan said, “We are delighted to announce our financial results with highest ever revenue and EBIDTA for FY24. Our focus on profitable growth and simplification of operations within platforms has resulted in non-linear increase in EBITDA and profit after tax.”Headcount was up 11% to 567,000. General Staffing achieved a headcount milestone of 400,000. (INR millions) Q4 2024 Q4 2023 Change Q4 2024 (USD millions) Revenue from operations 49,097 44,402 10.5% 587.9 Other income 50 36 38.7% 0.6 Total income …
- Fullcast Q1 revenue rises 7.3%
Japan-based staffing firm Fullcast Holdings (4848: JP) reported revenue today of JPY 17.13 billion (USD 110.0 million) for the first quarter ended 31 March 2024, a 7.3% uptick compared to last year.Due to the transfer of all shares of BOD Co., Ltd., which provides services such as data entry and order management outsourcing and was a consolidated subsidiary of the company, on 29 March 2024, the group and its subsidiaries will have been excluded from the scope of consolidation.The group also announced it established the food and beverage business segment as a reporting segment which contributed to revenue growth.While gross profit improved strongly, operating profit declined slightly. (JPY millions) Q1 2024 Q1 2023 Change Q1 2024 (USD millions) Revenue 17,133 15,963 7.3% 110.0 Gross Profit …
- World Holdings first quarter revenue up but profits fall
Japanese outsourcing services company World Holdings (2429: JP) reported revenue today for the first quarter ended 31 March 2024 of JPY 54.82 billion (USD 352.0 million), an increase of 25.4% compared to the previous year. (JPY millions) Q1 2024 Q1 2023 Change Q1 2024 (USD millions) Revenue 54,821 43,724 25.4% 352.0 Gross Profit 7,672 7,776 -1.3% 49.2 Gross Margin 13.9% 17.8% – – Operating Profit 636 1,934 -67.1% 4.1 Net Income -121 963 94.0% -0.7 World Holdings Co Ltd. provides outsourcing services in the manufacturing sector operating under the World Intec brand. The company also offers personnel staffing services for engineering and short-term positions.Revenue in the Service HR business saw a 76.0% increase. Revenue in the real estate business reported a 10.5% increase comp …
- Interworks Confidence full year revenue boosted by acquisitions
Interworks Confidence (7374: TYO), a Japanese HR solutions and staffing firm, reported revenue for the full year period ended 31 March 2024 of JPY 7.48 billion (USD 48.0 million), an increase of 44.1% when compared to prior-year period.Interworks merged with Confidence in May 2023. (JPY millions) FY 2023 FY 2022 Change FY 2023 (USD millions) Revenue 7,488 5,197 44.1% 48.0 Gross profit 3,493 1,841 89.7% 22.4 Gross margin 46.6% 35.4% – Operating income 1,195 933 28.0% 7.6 Net income 725 617 17.4% 4.6 In September, Interworks Confidence announced it invested in Indigames Co., Ltd., which focuses on the gaming business.More recently in January, the company announced the acquisition of Protagonist Co., Ltd., a company that provides Web3.0 industry human resources …
Latest Research
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- SIA | Bullhorn Staffing Indicator – May 7, 2024
US Staffing Hours Holding Stable, But Down Year-Over-Year Week ending Apr 27, 2024 Indexed Value Y/Y W/W US Staffing 83 -12% 0.7% Commercial Staffing 70 -13% 0.8% Professional Staffing 119 -12% 0.3% IntroductionReleased weekly, the SIA | Bullhorn Staffing Indicator comprises two sets of analyses; a Year-over-Year comparison showing how the week that ended ten days ago (“last week measured”) compares to the same week 12 months previously and an indexed value that has been benchmarked against data from the week ending January 13th, 2019.Year-over-year changes for the week ending April 27thTemporary staffing hours worked for the week ending April 27th (“last week measured”) were down -12% compared to the corresponding week a year ago, according to the Indicator.Temporary staffing hours comple …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
- May 2024 Jobs Report
Event: The April Employment Situation, released today by the US Bureau of Labor Statistics (BLS), indicates that total nonfarm employment rose by +175,000 in April on a seasonally adjusted basis, while temporary help services employment declined by -16,400 jobs. The temporary agency penetration rate was 1.73% in April, down from a revised March rate of 1.74%. The national unemployment rate increased to 3.9%, from 3.8%.Employment expanded in most industry groups. The group with the largest gain was again Health and social assistance, which added +87,000 jobs; followed by Transportation and warehousing, which added +21,800 jobs; and Retail trade, which added 20,100 jobs. Employment declined in two sectors, Natural resources and mining, which declined by -3,000; and Information, which de …
- Protections for Gig and Platform Workers
Key Findings Several governments in Europe and Latin America have introduced or are proposing measures to provide a legal framework for the operation of digital labour platforms The EU recently agreed on a Platform Workers Directive which follows Spain, Portugal and Belgium by introducing an EU-wide presumption of employment for those doing “platform work” Legal issues arising from the digital labour platform model include worker misclassification, AI and data protection risk, enforcement of tax and labour rights, and the ease of carrying out supply chain due diligence for staffing firms and buyers Legal Disclaimer: This update is provided solely for the purposes of information and should not be considered legal advice. It is always recommended to seek the advice of qualified leg …
- EMEA Financial Results Q4 2023
Revenue in the reported 33 publicly traded staffing firms in the EMEA region was flat during Q4 2023 when compared to the same period in 2022. Among the companies included in this report, 16 firms reported a decrease in revenue. Gross margin fell by a median of by -0.8% when compared to last year. Median net income decreased by 33.1%. Due to the varying nature of financial reporting styles across EMEA, some companies reported their revenue in only half years and other varying periods. Several firms had not yet announced their results for the period at the time of publication of this report. UK – The report includes 12 UK-based staffing companies. The UK companies reported a year-on-year median revenue increase of 0.5%. Sweden – All six listed Swedish staffing firms report …
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- EMEA Staffing Market Estimates and Forecasts May 2024
We believe that global staffing market revenue fell by 5% in 2023, while revenue in EMEA remained static. We forecast that 2024 should be better, with a growth of 2%. However, the forecasting process has been particularly complicated due to the high levels of inflation and other post-Covid economic factors. We estimate the staffing industry generated USD 626 billion (EUR 579 billion) of revenue worldwide in 2023. The EMEA region accounted for 41% of this, split between Europe (94%) and the Middle East/Africa (6%). In EMEA, staffing revenue comprises 86% temporary staffing and 14% place & search. Ten staffing markets in Europe have revenue above USD 6 billion, and four have revenue greater than USD 25 billion. Readers should not simply equate a market's size or growth to its …
- Companies Looking to Acquire Staffing Firms 2024
This report details the preferences of 28 companies looking to acquire a staffing firm. We list and analyse their ideal targets regarding segments, markets, and other criteria. Those interested in selling staffing firms can use this report to see whether they match the desired criteria. The most desired segment is Industrial, with 29% of the companies looking at it for an acquisition. It is followed by Information Technology (25%) and Engineering (18%). Almost half (43%) of the companies in this report listed the US as their ideal country for an acquisition, making it the most-targeted market. The United Kingdom is Europe’s most targeted staffing market and second-most globally. All the information included in this report was self-reported by firms in our Largest & Fastest Growing Staf …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
- Online Job Advertising Market: 2024 Update
The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. Online job advertising vendors are harnessing AI a …
- APAC Financial Results Q4 2023
Revenue in the reported 50 publicly traded staffing firms in the APAC region increased by a median of 5.75% during Q4 2023 compared to the same period in 2022. Among the companies included in this report, 18 firms reported a decrease in revenue. The median gross margin stood at 0.0% compared to last year. Median net income grew by 1.6% Due to the varying nature of financial reporting styles across APAC, some companies reported their revenue in only half years and other diverse periods. Japan – The report includes 35 Japanese-based staffing companies. The Japanese companies reported a year-on-year median revenue increase of 5.9%. Australia – The report included job board SEEK, which reported a revenue decrease of 5.0%. The remaining companies are headquartered in China, India, Hong Kong, Ne …
- APAC Staffing Market Estimates and Forecasts May 2024
We believe the global staffing market fell by 5% in 2023, while revenue growth in APAC was slightly up by 2%, the only region to see positive revenue growth. We forecast that 2024 should be better, with growth of 2% worldwide and a healthy 8% increase for APAC. We estimate the staffing industry generated USD 626 billion (EUR 579 billion) of revenue worldwide in 2023; APAC accounted for 25% of this. Temporary staffing continues to dominate the global market, accounting for a significant 84% of staffing revenue. The remaining 16% is attributed to place and search services. However, the distribution varies by region, with APAC having a slightly lower proportion of temporary staffing at 76%. Five markets in the APAC region have revenue above USD six billion, and Japan is the second large …
- Companies Looking to Acquire Staffing Firms 2024
This report details the preferences of 28 companies looking to acquire a staffing firm. We list and analyse their ideal targets regarding segments, markets, and other criteria. Those interested in selling staffing firms can use this report to see whether they match the desired criteria. The most desired segment is Industrial, with 29% of the companies looking at it for an acquisition. It is followed by Information Technology (25%) and Engineering (18%). Almost half (43%) of the companies in this report listed the US as their ideal country for an acquisition, making it the most-targeted market. The United Kingdom is Europe’s most targeted staffing market and second-most globally. All the information included in this report was self-reported by firms in our Largest & Fastest Growing …
- Most Complex Contingent Markets Globally 2024
This report analyses 75 contingent markets across 12 different criteria. These measures cover various subjects to comprehensively evaluate the challenges expected in each market. They range from staffing industry specifics, such as market maturity and regulations, to broader measures, like economic uncertainty and labour shortages. Together, these rank the relative complexity of establishing and operating a contingent workforce program in each country. Egypt is the most complex contingent market globally. Russia and Argentina rank second and third, respectively. Kazakhstan (4th) is the most complex market in the Asia-Pacific (APAC) region. Denmark and the Netherlands are the least complex contingent markets. European countries performed exceptionally well, accounting for seven of the ten b …
