Daily NewsView All News
Staffline Group Plc (STAF:LSE), the Outsourced Human Resources firm, has announced the acquisition of Peter Rowley Limited, a training provider. Peter Rowley, the principal of the company, will remain committed to Staffline for a minimum period of two years.
The acquisition is in line with Staffline's strategy of making selective acquisitions to broaden its revenue streams, thereby positioning it more as a provider of value added business services in the Human Resources arena.
Peter Rowley has 36 employees and, in the year ended 31 July 2009, it achieved revenues in excess of 2 million Pounds per annum and a pre-tax profit of 0.5 million Pounds, with a net asset value of 0.8 million Pounds.
Commenting, Andy Hogarth, Staffline's Chairman and Chief Executive, said "We are delighted to welcome Peter Rowley and his company to the Group, bringing a highly complementary offering to our existing operations. Together our two organisations will provide a platform for further growth in our core operating areas."
Brokers Altium Securities told Reuters "the business is complimentary in that it augments Staffline's existing training activities and allows the combined group to bid for larger government funded schemes, particularly those aimed at the long-term unemployed."
Altium expects the acquisition to enhance full-year 2010 earnings per share estimates by around 10%.
In early trading Staffline's shares were up by 1.26% to 80.50 Pence.