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Staffline Group Plc (STAF:LSE), the recruitment and outsourced HR services provider to industry, has today issued a trading update for the six months ended 30 June 2010 and its notice of results.
Performance in the first half of 2010 has been in line with management's revised expectations, the current financial year benefiting from the impact of a number of new business wins, recent acquisitions and increased demand from existing clients.
The business remains strongly cash generative and has reinvested some cash flow in buying two businesses, in line with Staffline's strategy of making selective acquisitions to broaden its revenue streams, thereby strengthening its position as a provider of value added business services in the human resource arena.
Andy Hogarth, Staffline's Chairman, said "we have had a strong start to trading in the first half of the year in our core business and are benefiting from a number of new business wins, OnSites opened in late 2009 and recent acquisitions. Our strong trading performance provides us with the confidence to continue to look for similar acquisition opportunities to enhance shareholder value."
"Whilst the market continues to be challenging we remain confident of a satisfactory outcome for the year as a whole."
Staffline intends issuing its interim results for the six months ended 30 June 2010 on 6 September 2010.