Connecting to LinkedIn...




Staffline Group plc a leading provider of recruitment and outsourced HR services to industry, today announces its interim results for the half year ended 30 June 2009.

Financial highlights

Revenue down 11% to 49.1m (2008: 54.9m) reflecting the difficult trading environment
Pre tax profit held at 1.4m (2008: 1.4m), benefiting from cost reductions
Diluted earnings per share of 4.4p (2008: 4.3p)
Interim dividend held at 1.4p (2008: 1.4p)
Cash generated from operations increased significantly to 2.0m (2008: 0.8m)
Net debt reduced by 1.9m to 4.2m (31 December 2008: 6.1m) gearing reduced to 17% (2008: 24%)

Operational highlights

The number of OnSites is stable at 112 following some customer churn:
Some significant gains and organic growth in food processing and distribution
Performance held back by loss of a significant customer and reduced demand in manufacturing
Acquisitions expected to benefit the second half
Techsearch and OSP performing well
Benefits coming through from new board appointments
Increased operational efficiency reflected in reduced staff numbers

Commenting on the results, Andy Hogarth, Chairman and Chief Executive, said:

The Group has had a successful first half year considering the tough economic backdrop in many of its trading sectors. Our focused strategy of deriving a greater proportion of revenues from the more secure areas of outsourced labour, training and other business services has continued.

Trading in the first eight weeks of the second half of the year has been satisfactory in the food sector and remains subdued in logistics and manufacturing although the automotive sector appears to be showing signs of a potential recovery. Our strong financial position means we are in good shape to take advantage of acquisition opportunities and strengthen our competitive position and we expect to benefit from the recent acquisitions completed and also from the continuing positive effect of cost reductions.


Articles similar to

Articles similar to