International recruiter Staffing 360 Solutions has seen revenue increase 33.1% year-on-year and made inroads in reducing its net loss, according to results for the quarter ended 31 August 2016.

The results, published yesterday, reveal revenue increased to $47.8m (£38.9m), compared to $35.9m in the corresponding quarter last year, while gross profit (GP) increased 34.3% to $8.5m, from $6.3m, and net loss decreased 22.2% to $1.3m, compared to a net loss of $1.7m over the same period last year.

Commenting on the group’s results, executive chairman Brendan Flood said: "With $47.8m of revenue for the three months ended 31 August, we are now at a current run-rate over $190m of revenue. Not only are we growing rapidly as a result of the acquisitions we have completed since this time one year ago, including Lighthouse Placement Services and The JM Group, we are also showing strong organic growth of over 14% year over year."

Staffing 360 Solutions Q1 results at a glance:

• Revenue increased 33.1% to $47.8m, compared to $35.9m in the fiscal quarter ended 31 2015
• GP increased 34.3% to $8.5m, compared to $6.3m in the fiscal quarter ended 31 August 2015
• Net loss decreased 22.2% to $1.3m, compared to a net loss of $1.7m in the fiscal quarter ended 31 August 2015
• Adjusted EBITDA increased 184% to $1.8m, compared to adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $619k in the fiscal quarter ended 31 August 2015.

The period also saw the group open a new office in Concord, North Carolina and open on the Nasdaq market on 15 August 2016.