Staffline, the UK-based staffing and employability organisation, provided an update regarding the publication of its results for the year ended 31 December 2018.

Following allegations by a third party in respect of invoicing and payroll practices within the group's recruitment division, a review was launched including the appointment of independent legal advisers as well as instructing the group's auditors to extend their scope of work.

Staffline says the independent legal report has now been delivered in full and there are no further matters to report beyond those in the key findings interim report.

The company added that significant progress has been made on the extended audit and the Board continues to expect to report, subject to audit completion, an underlying trading performance for the year ended 31 December 2018 in line with expectations.

The key outstanding matter in finalising the results relates to the group's historical compliance with National Minimum Wage Regulations 2015, according to Staffline.

“This is a complex area and management, in conjunction with HMRC and supported by an independent advisor, are assessing the significant amount of historic data and transactions, which will then be subject to audit,” the company said in a statement. “Once the work is completed and audited, Staffline will release its preliminary results and shareholders will be updated as appropriate.”

The group had first delayed the publication of its full-year 2018 results in a surprise announcement on 30 January 2019 which was followed by the launch of an investigation relating to concerns over invoicing and payroll practices within its recruitment division.

As of last trade, Staffline Group traded at £878.00, down 0.45% on the day and 34.05% above the 52 week low of £655.00 set on 30 January 2019. Based on its current share price the company has a market value of £246.47 million.