FINANCIALS: Staffline delivers ‘robust performance’

Recruitment and training group Staffline has delivered “a robust performance” across 2020, in a trading and business update for the year ended 31 December 2020.

“The group expects to report underlying operating profit marginally ahead of expectations for the year,” the company said in its update statement.

Staffline said the company made “significant progress” in 2020, “improving its operational, financial and governance processes and board composition”. The measures included a strengthening of the group’s financial position through “a successful refinancing” last June.

“The net result has been an improvement in revenues, underlying operating profit, working capital and cash generation in the second half of 2020,” the statement said.

Staffline improved its net debt in 2020, from £59.5m in 2019 to a pre-International Financial Reporting Standard (IFRS) 16 net debt of about £9m.

Also offering positive support were government deferrals of VAT payments and instalment payments on VAT due, the company said, providing Staffline with “a significant short-term liquidity improvement”. 

The group’s PeoplePlus division sold its Apprenticeships business in December 2020 for “a nominal consideration”, which Staffline said, was part of “a strategic refocus” on its core employability and adult skills capabilities. “PeoplePlus expects to report an underlying operating profit for the second half of 2020 compared to a loss in the first half,” the statement said.

The Covid pandemic has provided “both opportunities and challenges” across the group, the statement said. The rise in UK unemployment “presents a number of opportunities for Staffline due to existing customer relationships and the group’s broad market offering,” the statement said.

In addition, the board continues to evaluate its options in relation to strengthening the group’s finances,” the statement went on to say. “Whilst the outlook for Staffline in the near-term is not without its challenges, the board remains cautiously optimistic.”

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.

FINANCIALS: Gattaca NFI exceeds previous period

Specialist engineering and technology staffing business Gattaca has achieved 7% higher net fee income (NFI) in the first half of 2021 than during the same period last year.

Financials 17 August 2021

FINANCIALS: Empresaria’s profits up, but revenue declines

Global and multi-sector recruitment group Empresaria has announced its unaudited interim results for the six months ended 30 June 2021.

Financials 12 August 2021

FINANCIALS: Staffline expects revenues and GP to increase

Recruitment and training group Staffline expects its H1 2021 revenues to reach £450.7m, an increase of 4.7% from the same period last year.

Financials 28 July 2021

FINANCIALS: Group revenues up for Adecco

Adecco is reporting “significant revenue improvement” and strong margin performance in its Q2 2021 financial results, announced today (28 July 2021).

Financials 28 July 2021
Top