(Alliance News) - Staffline Group PLC on Tuesday remained cautiously optimistic for the year ahead, as it swung to pretax profit in 2022 from a loss the year prior.
Staffline Group is a Nottingham, England-based employment agency.
For the year ended December 31, the firm swung to pretax profit of GBP1.9 million from loss of GBP100,000 a year prior.
Revenue edged down 0.2% to GBP940.5 million from GBP942.7 million. Staffline attributed this to strong permanent recruitment and customer wins in temporary recruitment, offset by softer demand from customers previously benefitting from the pandemic as well as a weaker Skills division within PeoplePlus.
Looking ahead, Staffline expected to grow its market share in temporary recruitment market. However, it anticipated short term market challenges within the retail and consumer sectors subduing growth in permanent recruitment.
"I am pleased to report such a strong trading performance across the group in financial 2022, with Staffline increasing its overall profits and further strengthening its balance sheet. In addition to these solid results, the group secured two significant new contracts with BMW and Sainsbury's/ Argos, and extended important existing relationships with Vinci Construction UK and Causeway Coast and Glens Borough Council. Our experienced management and staff continue to ensure Staffline delivers an outstanding service in a tight labour market, further highlighting our credentials as the UK's preferred recruitment and training provider during this time of uncertainty," said Chief Executive Officer Albert Ellis.
"As we move further into 2023, we will focus our efforts on delivering on the group's organic growth pipeline and leveraging Staffline's leading market position to capitalise on a number of exciting new business opportunities and further expand our market share."
Staffline Group shares were trading 2.1% higher at 36.24 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
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Staffline (STAF)