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STAFFLINE RECRUITMENT GROUP PLC - AGM

STAFFLINE RECRUITMENT GROUP PLC - AGM

Andy Hogarth, Staffline's Chairman, made the following remarks at its Annual General Meeting.

"Performance in the first four months of 2009 has been in line with management's expectations. The current financial year is seeing the full benefit of the new OnSites opened during the second half of 2008, offset as previously announced by the loss of a significant client with 4 OnSites at the end of the first quarter of 2009.

"Whilst we expect the recession to continue and impact our industry and our clients, we remain confident that our business model will allow us to operate profitably and to grow our market share, particularly given the relative resilience of the sectors in which we operate, particularly food processing. The operational savings implemented during 2008 should underpin profitability in 2009 and also assist us to remain competitive

"Critical to our success in these difficult times is our strong financial position, and the cash generative nature of our business, in contrast to many of our competitors. Reflecting this, we continue to see new opportunities as many of our competitors are in poor financial shape and we have already won new business because of this.

"At the Annual General Meeting we are seeking shareholder approval to change the name of the company to Staffline Group plc, having already refreshed our branding and corporate identity. These changes reflect the move in the last few years away from being a traditional recruitment business towards being an outsourced business services provider and have not incurred material costs.

"An update on our first half performance, for the six months ending 30 June 2009, will be provided in early July."

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