Staffline Regulatory News (STAF)

4 Jan 2010 07:00



For immediate release 4 January 2010

STAFFLINE GROUP PLC

("Staffline" or "the Group")

Trading Update

Staffline, a leading provider of recruitment and outsourced HR services to industry, today issues a trading update for its financial year ended 31 December 2009, ahead of its preliminary results for the period which it expects to announce on 2 March 2010.

Following the announcement, made on 20 November 2009, that the Board anticipated Group earnings to be ahead of expectations, the Board can now confirm that earnings for the full year will be in line with upwardly revised market expectations. This performance has been driven by a number of new business wins since June 2009 and a cost cutting programme implemented throughout 2009.

As stated in the November trading update, current market conditions remain challenging but the Group has had a more successful 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."

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