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UK – Staffline plans more acquisitions after revenue jumps

25 February 2013

Outsourcing specialist Staffline (STAF:LSE) plans further acquisitions and a move into the white collar recruitment market after the firm acquired professional recruiter Select last year, the company reported on Monday.

The staffing company published its 2012 financial results today which showed that revenue jumped +27% to £367.0 million, driven by organic growth and acquisitions.

Chief executive Andy Hogarth said that “2012 has been another year of progress for Staffline despite being a difficult year for the recruitment industry. Not only have we continued to see strong organic growth in our core Onsite business we have delivered very encouraging operating results from our EOS division from which we expect to see increased profits in 2013.”

He said that trading in the New Year had started strongly. Mr Hogarth expects “substantial and profitable growth in 2013.”

Gross profit in the 12 months to December grew +11% to £34.7 million. Operating profit improved by +6% to £11.1 million and profit after tax was up +15% to £6.4 million.

The firm announced last week that Diane Martyn, former CEO of Randstad Staffing UK, will now lead the firm as group managing director from 25 February 2013.

In early trading, the company set a new 52-week high when the share price jumped +5% to 355 pence, a +74% increase from a year ago. Based on its stock price, the firm has a market value of £77.24 million.

Staffline specialises in outsourcing personnel to the industrial sector and ranks among the 20 largest staffing providers in the UK.

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