Sheffield Green rebounds from loss with  $4.6m net profit in FY23

Given the improved financial performance, it proposed a final dividend of $0.01 per share.

Sheffield Green is back in the black. In FY23, the company recorded a net profit of $4.6m (US$3.5m), rebounding from the $265,450 (US$0.2m) loss in FY22.

In the same period, the company saw its revenue increase by 255.4% to $36.7m (US$27.6m).

The company attributed the revenue growth to its human resource business segment, which recorded an increase of 284.9% compared to the previous year.

The company's gross profit also rose in FY23, increasing by 528.3% to $10.2m (US$7.7m) due to more projects and a higher gross profit margin. 

Gross margins expanded from 15.8% to 28.0%, whilst net profit was $4.6m (US$3.5m) during the same period.

Operating cash flows amounted to $2.8m (US$2.1m) in FY23 from $0.8m (US$0.6m) in FY2022 due to revenue and gross profit increases.