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TOTAL STAFFING SOLUTIONS LIMITED
Highlights (continued)
ÒThe board is confident that an exciting period of growth lies forward for the group.Ó
ÒWe share a common goal of building relationships based on trust, this shared goal helps us to deliver our belief that great people make great companies.Ó
The Board believes that the consolidated loss is indicative of the difficult economic conditions witnessed in the financial year ending 30 June 2009 and believes firmly that the corrective measures taken to rationalize the structure and cost base of the company will enable the company to enjoy growth and profitability in the financial year ending 30 June 2010.
The acquisition of Ultimate Skills Global ratified by shareholders after the reporting date, and the proposed merger with Humanis subject to shareholder and regulatory approvals will add substantial value after what has been a difficult year from an economic condition viewpoint.
TSS RECRUITMENT ¥ $48,415,849 in revenue for the financial year.
¥ Extremely robust sales pipeline Ð with good mix of national and local clients.
¥ Substantial reduction and consolidation of overhead costs to adjust to economic slowdown.
¥ Partnering with Indigenous Services Australia (ISA) to increase Indigenous Placements.
OFFSHORE STAFF SOLUTIONS ¥ International recruitment extremely hard hit between
November 2008 and April/May 2009.
¥ Significant reduction in overhead costs.
¥ Repositioning of brand, post reporting date with acquisition of Ultimate Skills Global.
¥ OSS to be integrated into Ultimate Skills Global and be the platform for international and permanent recruitment under the Ultimate Skills banner.
MINING PEOPLE iNTERNATIONAL ¥ Discontinued operation, majority interest sold during
the year to consolidate groupÕs cash position.
OUTLOOk
The board is confident that an exciting period of growth lies forward for the group. Having taken several restructuring and consolidation measures to guide the company through the general economic uncertainty of the 2009 financial year, the board is very confident that the acquisition of Ultimate Skills Global (ratified at a shareholderÕs meeting on 15 July 2009) and the proposed merger with the Humanis Group (pending shareholder and regulatory approvals) will lead to the creation of a leading mid tier Australasian labour hire provider.
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TOTAL STAFFING SOLUTIONS LIMITED Ð Annual Report 2009
TOTAL STAFFING SOLUTIONS LIMITED Directors Report
Your directors present their report on the consolidated entity consisting Total Staffing Solutions Ltd and its controlled entities for the year ended 30 June 2009.
DIRECTORS
The following persons were directors of Total Staffing Solutions Ltd during the financial year:
Bryan Gardiner Andrew Parker Craig Munro Dion Smith Steve Heather William (Jim) Stitt Simon Lill (Alternate Director for Andrew Parker)
William (Jim) Stitt resigned as a Director of Total Staffing Solutions Ltd and its subsidiaries TSS Recruitment Pty Ltd and Offshore Staff Solutions Pty Ltd on 30 September 2008.
Simon Lill was appointed as alternate director for Andrew Parker from 12 March 2009 and continued in this position to the end of the financial year. The alternate directorship for Simon Lill ended on 14 July 2009.
PRINCIPAL ACTIVITIES
TSS as the consolidated entity at the end of the financial year comprised of: TSS Recruitment, Offshore Staff Solutions and Acceler8 Performance Through People. Through what have been turbulent economic times, the group has consolidated its position as a leading provider of temporary and permanent recruitment solutions both domestically and internationally, through both organic growth and strategic acquisitions and divestments.
TSS Recruitment (TSSR), the domestic labour hire division, has gone through the tough economic climate in the past twelve months and has still managed to thrive in an environment of economic uncertainty. With 10 offices in 5 states and paying in excess of 850 employees each week, TSSR provides labour to over 300 clients in various market segments including transport, warehousing and commercial sectors.
During the financial year, the company sold its majority interest in Mining People international for consideration of $1.2 million to consolidate the groupÕs cash position.
Offshore Staff Solutions (OSS), the international recruitment division was hard hit during the year due to the economic downturn. Following the signing of an agreement to acquire shares in Ultimate Skills Global Pty Ltd (USG), on 6 May 2009, subsequently ratified at a shareholderÕs general meeting on 15 July 2009, the OSS brand is planned to be rebranded with the USG brand to market international recruitment and permanent recruitment for the group. Ultimate Skills is a market leading international human capital provider whose primary aim is to help companies overcome skills shortages by relocating international candidates to shortage areas. Further details of the transaction, completed subsequent to the financial year end, are provided in the subsequent events section of this report.
Acceler8, the human resources and training division continues to provide high level consultancy services across a range of clients.
REVIEW OF OPERATIONS
The loss of the consolidated entity after providing for income tax including loss from disposal of discontinued operations ($5,740,306) amounted to $11,647,203 (2008 - ($3,720,309)). During the year the company operated in the temporary and permanent recruitment sectors sourcing labour both internationally and domestically.
Information on the operations and financial position of the Group and its business strategies and prospects is set out in the ChairmanÕs Letter and the Highlights of this annual report.
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