Volt Information Sciences’ streamlining programme is beginning to pay off with the global provider of staffing services and information technology infrastructure services posting a marginal increase in Q2 revenue for the quarter ended 1 May 2016.

The results, released late yesterday, reveal second quarter net revenue of $335.4m (£232m), up 2.6% compared to Q1 but down 12.9% year-over-year, and a Q2 loss from continuing operations of $1.8m or $2.5m excluding special items.

Q2 also saw the firm complete a sale-leaseback transaction for its office facility in Orange, California and sell its office facility in San Diego, California with combined net proceeds totalling $29.1m.

As of the end of the Q2, Volt reports having $58.8m of available liquidity for working capital requirements, up from $44.7m at the end of the previous quarter and $16.9m a year ago.

Michael Dean, president and chief executive, said overall Q2 had proven to be a “very productive” period for the firm. 

“Importantly, we continued to make good progress on our previously stated plan to streamline our organisation and improve our operational and financial performance,” Dean said. 

“Our cost structure is leaner and our actions to divest non-core assets have improved our liquidity position over the past year. The process to sell our last remaining non-core business, Maintech [IT infrastructure support services division], is proceeding. I am also pleased to report that we are adding to our book of business with important new customer engagements. 

Dean added the firm’s turnaround plan, introduced late last year, would take time to operationally address all of the issues the firm is contending with and even longer for these changes to be reflected in our financial results. 

“However, I can say with confidence that we are on-track to returning Volt to top and bottom line growth,” he added.