Staffline Regulatory News (STAF)

19 June 2020

STAFFLINE GROUP PLC

("Staffline" or the "Company")

Statement re. share price movement

Staffline, the recruitment and training group, notes the recent movement in the Company's share price and confirms it is not aware of any reason for the price movement.

On 27 April 2020, the Company confirmed that good progress had been made with regards to agreeing a revised financing structure in respect of its main banking facilities. Progress has continued and the Board expects to agree and implement a revised financing structure ahead of the publication of the Company's preliminary results for the year ended 31 December 2019.

The Company currently expects to publish audited preliminary results for the year ended 31 December 2019 shortly and will confirm a date in due course. While the audit work is yet to be finalised, the Board now expects to report a small underlying EBITA loss for 2019 and pre-IFRS16 net debt of £59.5m as at 31 December 2019.

As previously disclosed, the Company is benefiting from HMRC's measures designed to support businesses in light of COVID-19, particularly with respect to VAT deferral, which has significantly improved the Company's liquidity through the end of 2020.

The full report and accounts for the year ended 31 December 2019 is now expected to be published and sent to shareholders in July. Accordingly, the Company has applied to AIM Regulation for an extension to the current reporting deadline of 30 June 2020, which has been granted in accordance with the temporary measures put in place due to the impact of COVID-19.

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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 the UK's leading provider of flexible blue-collar workers, supplying approximately 40,000 staff per day on average to around 450 client sites, across a wide range of industries including agriculture, drinks, driving, food processing, logistics and manufacturing.

Recruitment Ireland 

The Recruitment Ireland division is a generalist recruitment solutions provider, operating in a branch network covering all major cities across Ireland.

PeoplePlus Division

Staffline is the leading adult skills and training provider in the UK, delivering apprenticeships, adult education, prison education and skills-based employability programmes across the country.