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View All NewsUK – Staffline benefitting from new division and acquisitions
Nottingham-based recruitment firm Staffline (STAF: LSE) today issued a trading update at the company’s annual general meeting.
Chief Executive of the Group, Andy Hogarth, stated: “The Group has had a busy period since the release of our preliminary results in January. In particular; in April we completed our largest acquisition to date of A4e Limited, for a total consideration of £34.5 million.”
“This acquisition has resulted in Staffline becoming one of the largest Work Programme providers in the UK, a key milestone in the growth of the Group, strengthening our position around future bidding contracts.”
“The newly formed PeoplePlus (formerly Employability) division has made a positive start with encouraging results already being seen.”
“As previously indicated, the Staffing business has also seen a very strong start to the year with a record 30 Onsite wins so far this year and with an excellent new business pipeline across new and existing customers underpinned by the continued drive for efficiency, particularly amongst retailers.”
“The Group therefore confirmed that current trading remains in line with market expectations with the recent acquisition further supporting our growth aspirations,” Mr Hogarth concluded.
In addition to A4e Limited, Staffline acquired Welfare to Work and skills training firm Avanta Enterprise in May 2014 and training procurement consultancy Softmist Limited (which traded as Skillspoint) in July 2014.
In trading today, the company’s share price rose by 0.3% to £12.05, an increase of 38.9% compared with a year ago. Based on its current share price, the company has a market value of £333.5 million.