Industrial recruiter Staffline has recorded increased profits in its preliminary results for the year ended 31 December 2009.

The results reveal:

• Revenues of £115m (2008: £120.8m)
• Operating profit of £3.6m (2008: £3.7m)
• Profit before tax of £3.5m (2008: £3.4m)
• Net debt cut to £5m (2008: £6m)
• Post-tax profit rose by 5%

The group also increased headcount by 12% and grew the number of its onsites (onsite recruitment operations) by seven to 119.

Costs were also cut through a rationalisation of Staffline’s branch network and a reduction in administration costs of £1.8m (13.6%) to £11.2m.

Andy Hogarth, chairman and chief executive, says: “Trading in the first few weeks of 2010 has been in line with expectations and we are continuing to see strong demand for new onsites,particularly in the food processing sector.  We currently have a pipeline of five new onsites operations due to open in the first quarter and the current financial year will gain the full benefit of the new onsites opened during the second half of 2009. 

“We are in a strong financial position, net debt continued to fall during 2009 and with our term loan not maturing until 2013, we expect to continue to generate significant cash in the coming years.  We continue to look for acquisition opportunities and look forward to the challenges ahead.”