Staffline Regulatory News (STAF)

22 May 2008 07:00



For immediate release 22 May 2008

STAFFLINE RECRUITMENT GROUP PLC

("Staffline" or "the Group")

AGM Statement

Staffline, a leading provider of recruitment and outsourced HR services to industry, is today holding its Annual General Meeting.

Derek Mapp, Staffline's Chairman, will make the following remarks at the AGM:

"2007 was another year of strong organic growth which, complemented by the acquisition of On Site Partnership, ensured that the Group continued to make excellent progress. As a result, the Board was able to recommend a 41% increase in the total dividend for the year.

"Sales to date in the current financial year are ahead of the same period last year and are in line with our expectations for the full year which take into account a number of OnSites expected to commence in May and June, the full benefit of which will be realised in the second half. The timing of these new OnSites, and the amortisation of the goodwill arising on the On Site Partnership acquisition, will have the effect of a greater second half weighting of profitability this year than in previous years. 

"Whilst mindful of the potential slowdown in the economy, our pipeline of new OnSite opportunities is stronger than ever as our target client base continues to seek the operating efficiencies that Staffline's OnSite model delivers. We therefore remain confident in the Group outlook for the year as a whole and look forward to reporting further progress and continuing to deliver upon our progressive dividend policy.

"An update on our first half performance will be provided following our half-year ending 30 June 2008 in early July."

- Ends -

About Staffline

Staffline Recruitment Group plc's main business is as a specialist supplier of "blue collar" temporary and contract staff to industry. It provides a fully outsourced service, managing the temporary recruitment function of its clients on their premises, at 105 OnSite locations nationwide and also has a network of 17 industrial branches. In addition, the Group has two smaller businesses branded as Techsearch, which specialises in temporary and permanent engineering, IT, HR and FMCG placements and operates from 3 branches, and OSP, which provides permanent recruitment services principally to the distribution and logistics sector. The Group, which is managed from a head office in Nottingham, was founded in 1986 and was admitted to AIM in December 2004 (Ticker: STAF.L).