STAFFLINE GROUP PLC ANNOUNCES PRELIMINARY RESULTS
STAFFLINE GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
Staffline Group plc ("Staffline" or "the Group"), a leading provider of recruitment, training and outsourced human resources services to industry, today announces its preliminary results for the year ended 31 December 2010.
Revenues up 79% to 206.2million (2009: 115.0million)
Group operating profit (pre-amortisation) up 110% to 7.8million (2009: 3.7million)
Group operating margin (pre-amortisation) 3.8% (2009: 3.2%)
Profit before tax up 100% to 7.0million (2009: 3.5million)
Basic earnings per share up 106% to 23.7p (2009: 11.5p)
Diluted earnings per share before amortisation up 111% to 24.9p (2009: 11.8p)
Final dividend of 3.8p total dividend of 6.2p (2009: 3.1p) increase of 100%
Continued growth of the OnSite platform
- Increased by 16 sites during the reporting period to 135 (2009: 119)
- Represents 89% of Group sales (2009: 86%)
Three acquisitions completed and integrated successfully during 2010 , with Kelburn Industrial acquired in January 2011
Investment in new acquisitions, Peter Rowley and House of Logistics, opening up opportunities in new industries and increasing Group operating margins
Market for outsourcing continues to offer opportunities for expansion and growth
Current trading in line with management's expectations
Commenting on the results and prospects for 2011, Andy Hogarth, Chairman and Chief Executive, said:
"Staffline continues to perform strongly against a backdrop of challenging market conditions. Our revenue and profit have both increased significantly, a testament to the skill and dedication of our people. I would like to thank them all for their continued hard work throughout the past year.
Changing attitudes towards outsourcing staff have benefitted us, with many companies reluctant to hire permanent staff in the current economic climate. OnSite is continuing to grow, with the opening of 16 more sites.
We continue to strive to create value for shareholders, underpinned by our successful strategy of organic growth coupled with selective acquisitions. The Board's confidence in our business model continues to strengthen as is indicated by the doubling of the total dividend. The Group has made a good start to the new financial year and we look forward to reporting another year of progress."