Staffline gross profits increase by almost 24%
23 July 2014
Industrial recruitment firm Staffline has reported that gross profits are up by 23.8% to £23.7m in its preliminary results.
Wed, 23 Jul 2014Industrial recruitment firm Staffline has reported that gross profits are up by 23.8% to £23.7m in its preliminary results.
At the same time it was announced that the company’s subsidiary EOS had won a contract to deliver Northern Ireland’s state-mandated work programme for four years with the possibility for a two-year extension. The deal will further bolster Staffline’s recruitment business, which opened in Northern Ireland last year.
For the six months ending June 30, the company saw an 11% increase in revenues to £208.1m, compared with £187.2m for the same period last year.
The group’s gross profit margin was up by 1.2% to 11.4% and underlying profit before tax was up 30% to £6.4m, compared with £4.9m in 2013.
Andy Hogarth, chief executive of Staffline, says the firm’s improved financial performance indicates “continued traction” in the company’s core recruitment offering and the success of the welfare-to-work side of the business
Hogarth tells Recruiter that Staffline’s operations to deliver the government’s Work Programme, which includes EOS and Avanta – the latter which Staffline acquired in May – had performed well. The profitability of the company will be further helped once Avanta has had more time to bed into the business, he adds.
Overall, the sectors in which Staffline operates in – including food production/processing, manufacturing and distribution – are in a position to take on staff, says Hogarth: “There are winners and losers across the sectors, but overall there are more clients looking to recruit at the moment.” He adds: “Sectors such as automotive, which was decimated five years ago, have recovered well.”
At the same time it was announced that the company’s subsidiary EOS had won a contract to deliver Northern Ireland’s state-mandated work programme for four years with the possibility for a two-year extension. The deal will further bolster Staffline’s recruitment business, which opened in Northern Ireland last year.
For the six months ending June 30, the company saw an 11% increase in revenues to £208.1m, compared with £187.2m for the same period last year.
The group’s gross profit margin was up by 1.2% to 11.4% and underlying profit before tax was up 30% to £6.4m, compared with £4.9m in 2013.
Andy Hogarth, chief executive of Staffline, says the firm’s improved financial performance indicates “continued traction” in the company’s core recruitment offering and the success of the welfare-to-work side of the business
Hogarth tells Recruiter that Staffline’s operations to deliver the government’s Work Programme, which includes EOS and Avanta – the latter which Staffline acquired in May – had performed well. The profitability of the company will be further helped once Avanta has had more time to bed into the business, he adds.
Overall, the sectors in which Staffline operates in – including food production/processing, manufacturing and distribution – are in a position to take on staff, says Hogarth: “There are winners and losers across the sectors, but overall there are more clients looking to recruit at the moment.” He adds: “Sectors such as automotive, which was decimated five years ago, have recovered well.”
