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STAFFLINE RECRUITMENT GROUP PLC RESULTS

STAFFLINE RECRUITMENT GROUP PLC RESULTS

Staffline Recruitment Group plc has announced its preliminary results for the year ended 31 December 2008.

Key financials:
 Revenues of 120.8m (2007: 119.9m)
 Operating profit of 3.7m (2007: 4.9m)
 Profit before tax of 3.4m (2007: 4.4m)
 Net debt reduced to 6.0m (2007: 6.3m)
 Gearing fell to 24% (2007: 28%)
 Net current assets rose by 0.9m to 2.9m

Operational summary:
 Continued growth in OnSites:
up by 11 during the reporting period to 112
represents 79% of group sales (2007: 73%)
food processing sector continues to demonstrate relative resilience
 Annualised cost savings of 0.9m achieved 0.3m realised in the reporting year
rationalisation of the branch network
headcount reduced by 12% over the year
reduction in central costs
 Average sales per employee increased to 560,000 (2007: 490,000)
 Board changes implemented as part of succession planning

Current trading:
 Trading in the first eight weeks of 2009 are in line with managements expectations
 A net increase of 2 new OnSites expected in the first quarter
 Current financial year will benefit fully from new OnSites opened during the second half of 2008

Commenting on the results, Andy Hogarth, Chairman and Chief Executive, said: "We are continuing to see strong demand for new OnSites, particularly in the food processing sector and, whilst we expect the recession to provide a tough economic backdrop in the markets where we operate, we remain confident that our model will allow us to operate profitably and to grow our market share."

"We are in a strong financial position, with our term loan not maturing until 2013, and we expect to continue to generate cash. The operational savings implemented during 2008 will allow us to underpin profitability in 2009."
"We, therefore, face the challenges of 2009 with both enthusiasm and confidence."

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