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Staffline post full year results

Financial highlights:

&middot     Revenues up 13.4% to &pound416.2million (2012: &pound367.0  million)

&middot     Adjusted group operating profit up 15.6% to &pound12.8million (2012: &pound11.1 million)

&middot     Adjusted profit before tax up 16.1% to &pound12.5 million (2012: &pound10.7m)

&middot     Reported profit before tax up 0.5% to &pound8.6million (2012: &pound8.5 million)

&middot     Adjusted earnings per share up 21.6% to 46.1p (2012: 37.9p)

&middot     Basic earnings per share up 12.1% to 33.3p (2012: 29.7p)

&middot     Final dividend of 6.2p total dividend of 10.0p (2012: 8.1p) increase of 23.5%

&middot     Net cash at year end of &pound4.9m (2012: Net debt &pound4.6m)

Operational highlights:

&middot     5 year growth strategy now fully implemented and on track for 2017 target of &pound1bn in sales

o  Established 5 new trading divisions including driving, agriculture and white collar recruitment capabilities

&middot     Continued growth of the OnSite platform

o  Increased by 15 sites during the reporting period to 194 (2012: 179), now represents 82% of Group sales (2012: 85%)

•     Welfare to Work business, EOS, continues to trade strongly ranking among the leading work programme operators

•     Select Appointments successfully re-launched and now actively targeting new franchisees

•     Strong start to trading in 2014 underpinned by a robust new business pipeline from new and existing customers

Commenting on the results and prospects for 2014, Andy Hogarth, chief executive, said, "The Group made excellent progress in 2013 during which time we maintained good levels of profit growth while investing in our future.  The core business continues to generate strong levels of interest from both new and existing customers highlighting both our reputational and operational excellence.

Our growth strategy is now well advanced and is due to have a positive impact on the Group in the current year.  Looking ahead, we have a clear strategy to grow the Group and remain focussed on broadening our service offering whilst further enhancing shareholder value.  The increase in the final dividend demonstrates both our confidence in the business and the future trading prospects of the Group."


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