Staffing services group Workforce says while a plunge in confidence among employers helped prompt an almost 90% crash in first half profit, it’s already seeing signs of turnaround, including those with scarce skills being more willing to switch jobs.
Load shedding and rising interest rates meant the group even agreed with some clients to renegotiate margins on some contracts, CEO Ronny Katz told News24, while the company itself is cutting jobs after gearing up for much better economic conditions than ultimately arrived.
Workforce reported on Thursday that profit after tax fell 88% to about R4.1 million in its six months to end-June, with revenue rising 7% to R2.1 billion, but its core profit more than halved.
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