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Yesterday's trading update by Staffline (STAF:LSE), the niche provider of recruitment and outsourced HR services to the food industry, has sent shares up by 4.5 Pence to 82 Pence.
The trading update was for the financial year ended 31 December 2009, ahead of Staffline's preliminary results for the period which it expects to announce on 2 March 2010.
The group said "the Board is pleased to confirm that earnings for the full year will be in line with the upwardly revised market expectations set at the November trading update. This performance has been driven by a number of new business wins since June 2009 and a cost cutting programme implemented throughout 2009."
"Current market conditions remain challenging but the Group has had a more successful year than originally anticipated despite the tough economic backdrop in many of its trading sectors. Operational savings have included rationalisation of the branch network, headcount reduction of 20% and a reduction in central costs. The integration of bolt-on acquisitions has also resulted in improved scope to drive efficiencies."
Commenting, Andy Hogarth, Chairman and Chief Executive, said "our strong trading performance provides us with the confidence to continue to review acquisition opportunities as we look to invest further in our expansion."
In early trading today Staffline's shares were unchanged at 82 Pence.