Staffline Regulatory News (STAF)

20 Nov 2009 07:00



For immediate release  20 November 2009

STAFFLINE GROUP PLC

("Staffline" or "the Group")

Trading Update

Staffline, a leading provider of recruitment and outsourced HR services to industry, is pleased to announce that, following a number of new business wins since June 2009 and a cost cutting programme implemented throughout 2009, the Board now expects earnings for the year ended 31 December 2009 to be ahead of current expectations.

The current market conditions continue to be extremely challenging but the Group has had a more successful first ten months of the 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."

The Group intends to issue a year end trading update in mid January.

- Ends -