A company statement said underlying profit exceeded market expectations, with a 14% increase in revenue and a 10.3% increase in gross profit driven by strong performances across its two divisions, Recruitment GB and Recruitment Ireland.

Other highlights include:

• Permanent fees increased 4.7% in Recruitment GB and 38.2% in Recruitment Ireland in contrast to the declining recruitment market
• 40.3% increase in underlying operating profit to £10.1m (2023: £7.2m)
• Delivered an excellent trading and cashflow performance across FY24 against a challenging macroeconomic backdrop
• In Recruitment GB, hours worked during FY24 were 10% ahead of FY23
• Increased volumes came from key food retailers – Tesco, Sainsbury’s, Morrisons and Marks & Spencer – combined with increased marketshare from the logistics sector
• In Recruitment Ireland, permanent fees were up 38% on the previous year due to new customers and expanded HR assessment and consulting services
• The An Garda contract secured in 2023 (Republic of Ireland Police Service) was fully operational by the end of the year despite starting slower than expected and is now performing in line with management expectations.

The statement acknowledges that headwinds caused by the “increases in employers’ National Insurance rates have reduced business confidence, which has made us cautious about prospects for the year”.

However, the statement continues: “We anticipate continued growth in essential workforce solutions offered by the group’s blue-collar temporary recruitment service driven by a strong pipeline and good momentum in new business.”

Staffline’s board expects trading to remain in line with current management expectations for FY25. In addition, the company announced that Amanda Aldridge, independent non-executive director, will assume the role of senior independent director with immediate effect.

Staffline CEO Albert Ellis said: “A 10.3% increase in gross profit was reported as a result of good volumes from key food retailers, increased marketshare in the logistics sector and an excellent performance in permanent fees despite the widely reported challenges for permanent hires in the wider recruitment sector. 

“In February 2025, we completed the strategic disposal of the PeoplePlus division for £12m, which includes a deferred consideration of £2m. This followed a successful run of contract wins. The transaction has enabled us to focus on our pure-play recruitment platform, with greater focus and resources deployed across recruitment activities.”

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