Resources Connection Inc. (NASDAQ: RGP) — which operates as Resources Global Professionals, or RGP — reported revenue rose 1.2% year over year in its fiscal fourth quarter ended May 29 when adjusted for effects of currency and number of billing days.
CEO Kate Duchene said the company delivered on all fronts during the fourth quarter.
“We are starting off the new fiscal year in a position of strength as our pipeline has grown significantly over the past six months, fueled by our clients’ needs for transformational project work and traditional staffing gaps,” Duchene said.
| Q4 2021 | Q4 2020 | % change | % constant currency, billing day adjusted |
| $172,318 | $178,569 | -3.5% | 1.2% |
| $68,283 | $72,183 | -5.4% | |
| 39.6% | 40.4% | ||
| $23,248 | $4,067 | 471.6% |
The Irvine, California-based provider of professional staffing reported fourth-quarter revenue was helped by strong demand across a majority of its solutions offerings led by finance and accounting, business transformation, technology and digital as well as industry verticals financial services and healthcare.
RGP also cited a macro trend of increased use of contingent talent and a more agile workforce model.
Net income included a discrete tax benefit of $12.8 million.
Revenue by geography
| (US$ thousands) | Q4 2021 | Q4 2020 | % change | % constant currency, billing day adjusted |
| North America | $141,518 | $148,568 | -4.7% | 0.8% |
| Europe | $19,371 | $18,383 | 5.4% | 4.0% |
| Asia Pacific | $11,429 | $11,618 | -1.6% | 1.0% |
Full-year revenue
| (US$ thousands) | FY 2021 | FY 2020 | % change | % constant currency, billing day adjusted |
| Revenue | $629,516 | $703,353 | -10.5% | -10.2% |
| Gross margin | $241,404 | $275,483 | -12.4% | |
| Gross margin percentage | 38.3% | 39.2% | ||
| Net income | $25,229 | $28,285 | -10.8% |
Share price and market cap
Shares in RGP were up 18.39% to $16.29 as of 11:42 a.m. Eastern time and set a new 52-week high when they reached $16.50 at one point, according to FT.com. The company has a market cap of $451.6 million.