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The GO2 People Ltd (ASX:GO2) has published its FY19 half-year report ended 31 December 2018.
The GO2 People was founded in 2011 and is domiciled in Australia. The companyâs subsidiaries are GO2 Building Pty Ltd, GO2 Recruitment Pty Ltd, The GO2 People Australia Pty Ltd, The GO2 Recruitment Trust and Terra Firma Constructions Pty Ltd. GO2 is from Commercial & Professional Services group of industries. The company offers vertically integrated recruitment services like staffing solution to an array of businesses who have client based in the national and multinational blue-chip companies throughout the resources, construction and such divisions. GO2 also provides building services to infrastructure, construction, waste management and such industries across Australia.
Financial Performance:
The revenue from ordinary activities was up 37% and stood at AUD26,342K. The companyâs recruitment section reflected strong revenue progress during the period ending 31 December 2018, and it was up 46% on the previous corresponding period (PCP).
The revenue for half-year in labour hire services stood at $ 24,593,730 from $ 16,402,081 in PCP and in building services stood at $ 1,748,560 from $ 2,586,994 in PCP. The total assets stood at $16,878,005 from $ 17,448,088 in PCP. The Net cash used in operating activities in the period was $ 285,869 from $ 896,109 in PCP. The Net cash used in investing activities in the half-year period was $ 73,115 from $ 340,892 in PCP. The Cash and cash equivalents at the beginning of the period were $ 2,611,479 and the Cash and cash equivalents at the end of the financial period were $1,488,184.
Business Performance:
The Group obtained all the shares on issue in GO2 Skills and Training Pty Ltd on 31 December 2018. The money spent on acquiring shares stood at $465,000, which was sponsored through the assumption of the loan (including interests) owing to GO2 Recruitment Pt ltd.
On 26 November 2018, the company launched Dream Now Indigenous Traineeship Program. On 30 November 2018, GO2 Building was awarded first remote WA Local Government contract. On 4 December 2018, GO2 Building received ISO Accreditation for Health, Safety, Environment and Quality. On 14 December 2018, GO2 Building successfully completed first WA State Government contract.
Dividends:
No dividends were paid or declared in the period.
The company was listed on ASX on 31 October 2017, and its annual revenue stood at $34m while on 31 December 2018, the yearly income was noted beyond $52m.
Outlook:
The company is looking forward to advancing towards its objectives and be steady with its progress. The primary area for GO2 is to focus upon fast track its journey to meaningful shareholder returns.
Stock performance
The stock of the company last traded at $A0.090 (as at 22 February 2019) with no further changes. GO2 has a market capitalisation of $10.62 million with circa 117.96 million shares outstanding. The stock of the company gave a negative return of 14.29% over last three months but has generated a positive 4.65% return during the last six months.
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