The PeopleIn Ltd (ASX: PPE) share price popped, then dropped in early trade this morning following the release of the company's FY23 earnings results.
At the time of writing, shares in the workforce management company are down 1.74% at $2.26 after opening 8.7% higher at $2.50.
What's driving the PeopleIn share price today?
Key takeouts from the company's yearly results include:
- Revenue of $1.19 billion, up 73.9% on FY22's result
- Organic revenue growth contribution of 25.6% for the year
- Normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) of $61.1 million, a gain of 29.5% year on year
- Normalised net profit after tax and before amortisation (NPATA) of $37.6 million, a gain of 17.8%
- Normalised earnings per share of 37 cents, up 14.5%
- Dividends per share for the full year FY22 of 14 cents
PeopleIn recognised growth throughout its FY23 income statement, with a particularly strong gain in revenue, up nearly 73.9% year on year.
The company said that its business growth in FY23 stemmed from higher demand across the accounting, food processing, childcare, community care and transport infrastructure sectors during the financial year, offsetting candidate supply challenges within the health sector.
Speaking on the results, CEO Ross Thompson said:
As outlined in our 2025 strategy, organic growth is a key strategic focus for the business and continues to be driven by diversifying our client base, cross-selling amongst our family of brands, as well as investing in international recruitment across our three verticals.
Pleasingly, we've gained traction on a number of these initiatives and, as a result, delivered a significant milestone of over $1bn in revenue and solid growth in the financial year
PeopleIn also declared a fully-franked final dividend of 7 cents per share, representing a 7.6% increase on the final dividend in FY22.
