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12 Jun 2023 07:00
12 June 2023
Staffline Group plc
("Staffline", the "Company" or the "Group")
AGM Trading Update
Staffline, the recruitment and training group, is pleased to provide the following trading update ahead of its Annual General Meeting ("AGM") at 9.30am today.
At the AGM, the following statement will be made:
"After a strong performance in FY 2022, the Group's strategy continues to secure further market share and strengthen customer relationships, expanding the client base ahead of a broader economic recovery.
We are pleased to report that the Group's strong recruitment pipeline, highlighted in our full year results statement, has begun to convert into organic growth in both the UK and Ireland. This growth has come mainly from Recruitment GB's existing logistics customers, alongside a contract renewal with M&S, all of which are anticipated to make a positive contribution in H2 2023. In PeoplePlus, a two-year extension of the Ministry of Justice's contract was secured, subject to performance in year one.
The Board remains mindful of ongoing macroeconomic headwinds, which have impacted demand amongst Staffline's retail and food customers but anticipates a modest recovery in affected sectors as inflation stabilises. Trading in the current financial year is forecast to remain in line with expectations, with management anticipating full year revenues to be H2-weighted in line with its historic trend.
The Group continues to enjoy substantial financing headroom and the benefits from its interest rate cap. The Board remains confident in the Group's prospects in the medium-to long-term as we seek to further capitalise on our strengths by growing our market share."
Board changes
In November 2022, Ian Starkey, Senior Independent Non-Executive Director and Audit Chair informed the Company that he would not be standing for re-election at today's AGM and he has now stepped down from the Board and as a Director. The Board and the executive team would like to thank Ian for his dedication and contribution to the Group and wish him every success in the future.
On 17 April 2023, Amanda Aldridge joined the Company as a Non-Executive Director. Amanda is an experienced Non-Executive Director and worked at KPMG LLP for 33 years until 2017, including 20 years as a partner. Amanda will chair the Group's Audit Committee and has been appointed to Staffline's Remuneration and Nominations Committees, replacing Ian Starkey.
For further information, please contact:
Staffline Group plc www.stafflinegroupplc.co.uk Albert Ellis, Chief Executive Officer Daniel Quint, Chief Financial Officer | via Vigo Consulting |
Liberum (Nominated Adviser and Broker) www.liberum.com Richard Lindley / William Hall / Lucas Bamber | 020 3100 2222 |
Zeus (Joint Broker) www.zeuscapital.co.uk David Foreman (Investment Banking) Nick Searle (Sales) | 020 3829 5000 |
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Vigo Consulting (Financial PR) www.vigoconsulting.com Jeremy Garcia / Kate Kilgallen | 020 7390 0230 Staffline@vigoconsulting.com
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About Staffline - Recruitment, Training and Support
Enabling the Future of Work™
Staffline is the UK's market leading Recruitment and Training group. It has three divisions:
Recruitment GB
Staffline is a leading provider of flexible blue-collar workers, supplying c.31,000 staff per day on average from around 400 sites, across a wide range of industries including supermarkets, drinks, driving, food processing, logistics and manufacturing.
Recruitment Ireland
The Recruitment Ireland business is a leading end to end solutions provider operating across twenty industries, ten branch locations and ten onsite customer locations, supplying c.4,500 staff per day on average, and offering RPO, MSP, temporary and permanent solutions across the island of Ireland.
PeoplePlus Division
Staffline is the leading adult skills and training provider in the UK, delivering adult education, prison education and skills-based employability programmes across the country.
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