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Staffline Ahead Of The Sector

Staffline Ahead Of The Sector 

Staffline, the national recruitment and outsourcing organisation providing people and operational expertise to industry, today announces its preliminary results for the six months ended 30 June 2013. 

Financial highlights: 

&middot     Revenues up 14% to &pound187.2 million (H1 2012: &pound163.9 million)

&middot     Gross margin up by 0.9%, to 10.2% (H1 2012: 9.3%)

&middot     Underlying profit before tax up by 32% to &pound4.9m (H1 2012: &pound3.7m)

&middot     Fully diluted underlying EPS pre amortisation and share based payment charge up to 17.0p (H1 2012: 12.6p)

&middot     Interim dividend increased by 22.6% to 3.8p (H1 2012: 3.1p)

&middot     Net debt of &pound2.7 million, reduced by &pound5.7m (H1 2012: net debt of &pound8.4 million) 

Operational highlights:

•     Continued expansion of the OnSite model, increasing by 4 sites during the period to 183

•     Eos ranked No 1 of 40 Work Programme Contracts Nationally in June 2013 and now generating  financial returns for the Group

•     New five year growth strategy in place and on track

•     In line to meet market expectations for the full year 

Commenting on the results and prospects for the remainder of 2013, Andy Hogarth, Chief Executive, said: "Staffline continues to trade ahead of the broader recruitment sector with demand for our Onsite model and broader outsourcing services underpinning growth.  We are still seeing a strong pipeline of new business enquiries from both new and existing customers and believe increasing regulatory and budgetary pressures will continue to drive strong levels of demand for our services.

Current trading remains robust and the confidence we place in our future trading performance supports our commitment to a progressive dividend policy."

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