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UK – Staffline trading in line with expectations as revenues rise +40%

27 February 2012

Staffline Group (STAF:LSE), the recruitment and outsourced HR services provider, today announced its preliminary results for the year ended 31 December 2011,  which saw revenues rise +40% to £288.3 million from  £206.2million in 2010 supported by a number of acquisitions.

The firm also stated that operating profit increased to £10.3 million, up +32% from £7.8million in the previous year. Profit before tax went up +7% to £7.5 million from £7.0 million while the Group’s net profit for the year increased to £5.6 million from £5.0 million.

The UK firm reported various operational highlights, including five acquisitions it had completed in 2011 as well as the recent appointment of Diane Martyn, former CEO of Randstad Staffing in the UK,  as Non-Executive Director.

The Group stated it had achieved the high increase in revenue “through a blend of strong organic growth combined with selective earnings enhancing acquisitions as well as a move in to additional complementary customer service offerings.”  Staffline acquired a number of other UK staffing businesses during the year; Taskforce in September 2011, FourstaR in April 2011 and Kelburn Industrial in January 2011.

Commenting on the results and prospects for 2012, Chief Executive Andy Hogarth said that "2011 has been another successful year for Staffline supported by an extremely robust business model and complemented by a number of excellent bolt-on acquisitions. We look forward to the coming year with confidence in the ability of the business to continue growing despite the broader economic environment remaining challenging.”

"Our Onsite platform continues to power the Group forward creating a number of exciting opportunities with both existing and potential customers. Our entry into Work Programme contracts, via the acquisition of EOS, is promising with good contract momentum enabling us to expand our service offering.”

Staffline Group offers recruitment and outsourced human resource services to industry, providing temporary staff to customers as the placement of permanent staff to customers. The firm’s  subsidiaries include Staffline Recruitment Limited, Onsite Partnership Limited and Peter Rowley Limited. The firm, founded in 1986, operates nationwide with headquarters in Nottingham.

In early trading this morning, the company’s share price went up +5.65% and now stands at 215 Pence, -18.87% below its 52-week high of 265 Pence set on 23 June 2011, but up +13.76% on a year ago. This gives the firm a market capitalisation of around £46.49 million.  

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