Torque IT boosts Kelly

The company reported revenue up 2%, to R2 billion, despite the job market having shed almost a quarter of a million jobs over the same period. However, the fragile local economy impacted operating performance, and operating profit dropped 67%, to R32.2 million.

Operating expenditure increased 10.1%, partly due to the group's continued investment in new and diversified business ventures, such as K-log and TalentOcean. Pre-tax profit declined 84%, to R13 million, and net profit declined 55%, to R26 million.

The year include Torque IT

Business units that performed above expectations during the year include Torque IT, Kelly Industrial, as well as M Squared Consulting. Torque IT increased its revenue by 6% and net profit before tax by 138%. Last year, the company achieved revenue of almost R76 million, but Kelly did not split out the unit's revenue in the results published yesterday.