In FY2019 it generated $46.6 million in revenue with $43.6 million from labour services, $2.3 million from building services, and $0.6 million from training services.
The company’s client base includes national and multinational blue-chip organisations across the construction, resources and industrial sectors.
The recruitment division delivers two specialist services, labour hire and professional recruitment.
Chairman’s address from annual report
GO2’s chairman Darren Cooper wrote in a letter to shareholders: “The first half of the financial year was characterised by business expansion, with the continued expansion of our labour hire footprint, particularly in Queensland and New South Wales, the roll-in of GO2 Skills & Training and the pursuit of further work in our Building Division.
“Late in 2018 we commenced work on the acquisition of Industry Pathways (“IPW”), which we announced to the market on 23 April 2019.
Whilst the termination of the IPW acquisition and the abandonment of the capital raise in early
September was clearly disappointing, we had nevertheless taken the opportunity to streamline and simplify the underlying business in early 2019 with a de-emphasis on the pursuit of building work, and a rationalisation of the cost structure in the main Labour Hire business.
Rationalisation results in lowering costs
“This rationalisation also extended to the Board, with Peter McMorrow resigning in June and the board reducing to three (being the Managing Director, Independent Non-Executive Chair, and an Independent Non-Executive Director).
“The board wishes to extend its thanks to Mr McMorrow for his wisdom and insight during the period of his Directorship.
“These changes have brought the business much closer to positive EBITDA and cash flow, and have returned the focus to our core business, where we see an exciting range of opportunities – both in organic and acquisitive growth.”