Staffline Group (STAF: LSE), the UK-based staffing and employability organisation provided its full year results for the twelve months ended 31 December 2017.

Revenue at Staffline for the full year was £957.8 million, an increase of 8.5% compared to 2016.

The group also announced that Michael Watts, who joined the company in February as finance director of the PeoplePlus division, will be its new Chief Financial Officer, replacing Chris Pullen, who was recently promoted to chief executive.

Following the results announcement, it was reported that Pullen had purchased 275,000 shares of the stock at an average cost of £999 per share, for a total transaction cost of £2,747,250.

Staffline also announced that it had completed the successful delivery of the group’s five-year profit target in the “Burst the Billion” plan together with run rate achievement of revenue target. It added that its new five-year target, announced today, is to achieve 200p earnings per share in 2022.

Staffline reported revenue growth within its recruitment division of £843.3 million, up 13.8% from £740.8 million.

Within its PeoplePlus division, revenue stood at £114.5 million, down 19.1% from £141.6 million last year.

In 2017, the group acquired Brightwork Limited, a Scottish recruitment business specialising in temporary and permanent jobs in the drinks, warehousing, manufacturing and distribution sectors. Staffline Group also acquired Oak Recruitment in 2017, a recruitment firm based in Ireland that specialises in industrial recruitment on a temporary and contract basis.

Andy Hogarth, the outgoing Chief Executive Officer, commented on the group’s results, “These strong results are testament to the hard work and determination of all those involved in our business. In what has remained a competitive environment, we are delighted to report such strong organic revenue growth and the increased statutory profit before tax. Underlying profit before tax was marginally below 2016 levels. Recruitment has continued to perform well.”

Staffline Group added that it had a positive trading outlook for 2018. “We look forward to 2018, the start of our new five-year target period, with great confidence,” Hogarth said.

As of last trade Staffline Group traded at £973.00, down 3.28% on the day and 1.35% above its 52-week low of £960.00, set on 17 January 2018. Based on its current share price the company has a market value of £280.16 million.