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Staffline Group plc Announces Another Year of Progress

Staffline Group plc  Announces Another Year of Progress

Staffline, the national recruitment and outsourcing organisation providing people and operational expertise to industry, today announces its preliminary results for the year ended 31 December 2012.

Financial highlights:

&middot Revenues up 27% to &pound367.0 million (2011: &pound288.3 million)

&middot Adjusted group operating profit up 4% to &pound10.7 million (2011: &pound10.3 million)

&middot Adjusted profit before tax up 2% to &pound10.3 million (2011: &pound10.1m)

&middot Reported profit before tax up 13% to &pound8.5 million (2011: &pound7.5 million)

&middot Adjusted earnings per share up 2% to 35.9p (2011: 35.1p)

&middot Basic earnings per share up 15% to 29.7p (2011: 25.9p)

&middot Final dividend of 5.0p total dividend of 8.1p (2011: 7.1p) increase of 14%

&middot Net debt at year end of &pound4.6m (2011: &pound4.9m)

All adjusted figures exclude amortisation of intangible assets

Operational highlights:

&middot Continued growth of the OnSite platform

o Increased by 16 sites during the reporting period to 179 (2011: 163)

o Represents 85% of Group sales (2011: 85%)

&middot Four acquisitions completed and integrated successfully during 2012, including Select Appointments Ltd, the specialist white collar recruitment business acquired in October 2012

&middot Target to expand Select to over 100 locations from current 30

&middot Staffline Express branch network increased by 4 to 22 locations

&middot Welfare to Work business, EOS, continues to perform ahead of the market

o EOS now ranked as a top three performer nationally

o EOS positioned to generate significant profits during 2013

&middot Strong start to trading in 2013 underpinned by an excellent new business pipeline from new and existing customers

Commenting on the results and prospects for 2012, Andy Hogarth, Chief Executive, said:

"2012 has been another year of progress for Staffline despite being a difficult year for the recruitment industry. Not only have we continued to see strong organic growth in our core Onsite business we have delivered very encouraging operating results from our EOS division from which we expect to see increased profits in 2013.

Acquisitions still remain a key growth strategy for the business and the move into white collar recruitment with the acquisition of Select Appointments is particularly exciting, allowing us to replicate the success of our blue collar recruitment in this sector.

We have started 2013 with continued confidence and believe our business remains very well placed to continue to drive profit growth and further enhance shareholder value. The Board is therefore pleased to propose a 14% increase to the full year dividend of 8.1p, a sign of confidence in both our business and the markets in which we operate."


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