HUMAN resources provider Sheffield Green : SGR 0% reversed into the black with a net profit of US$3.5 million for its full year ended Jun 30, 2023.

The company posted a net loss of US$0.2 million in the previous corresponding period.

Revenue for the full year more than tripled to US$27.6 million, from US$7.8 million a year earlier. This was due to the group securing more contracts, and increased personnel supplied in the offshore wind industry.

In addition, the Catalist-listed company’s human resource services business segment “significantly drove revenue growth”, also rising more than three times from the corresponding year-ago period, it said in a bourse filing on Thursday (Dec 14).

The group’s net operating cash flows also turned positive, amounting to US$2.1 million for the full year, compared to a negative US$0.6 million in the previous year. It attributed the improvement to increased revenue and robust gross profits.

A final dividend of one Singapore cent per share was recommended for the year, for shareholders’ approval at the upcoming annual general meeting. The date payable will be announced later.

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Sheffield Green made its trading debut on the Singapore Exchange’s Catalist board in October, closing at S$0.191 – 23.6 per cent or S$0.059 below its initial public offering price of S$0.25 per share.

On its business outlook, the group said its projects from the offshore wind sector are poised for significant growth, given that the industry is forecast to expand to US$179.4 billion in 2023, according to data from Precedence Research.

The company is also looking at strategic expansion into other international markets by opening local offices to boost its regional operations, after opening its Poland office in November. For instance, it has plans to start a regional office in Boston in the United States.

Additionally, following the successful operation of its Taiwanese training centres, the company plans to open more in other markets, such as Japan and Poland, to capitalise on rising global demand for renewable energy personnel.

Shares of Sheffield Green closed 7.5 per cent or S$0.015 higher at S$0.215 on Thursday, after the results were announced.