HRnetGroup sanguine on Staffline play, profitability amid macro headwinds
It acquired a 29.95% stake in troubled UK firm Staffline last year, and is looking for more opportunities in the M&A field.
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Sharanya Pillai
WITH its large exposure to the labour market in Singapore and North Asia, recruitment specialist HRnetGroup is in the eye of the Covid-19 storm. But its executive director Adeline Sim plans to tide it over by tapping demand for flexible staffing, while hunting for M&A opportunities that diversify the company's revenue streams.
The key weapon is HRnetGroup's S$266.2 million cash kitty, over half of its market cap. While some market watchers have had misgivings over HRnetGroup's entry into troubled UK firm Staffline last year, Ms Sim remains confident of the company's M&A strategy.
In a recent interview at HRnetGroup's office in Ngee Ann City, Ms Sim acknowledged the mixed market sentiment surrounding its purchase of a 29.95 per cent stake in Staffline for S$55 million.
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