Staffline Y/E gross profit up 34%
Staffline Group has announced its full year results for the year ended 31 December 2015, revealing a 34% rise in Group gross profit and a 40% rise in revenue.
The Group announced its revenues are up 40% to £702.2 million (2014: £503.2 million) and Group gross profit is up 34% to £86.8 million (2014: £64.8 million). It confirmed underlying profit before tax is up 52% to £28.3 million (2014: £18.6 million) and underlying diluted earnings per share are up 55% to 92.4p (2014: 59.7p). It posted a final dividend of 12.5p; with total dividend for the year of 20p (2014: 13.5p), an increase of 48%.
The Group stated it is on track to meet its five-year growth ambition of £1bn in sales by 2017.
It reported its OnSite business has had record organic growth and it Increased by net 70 sites during the reporting period to 305 (2014: 235). It has focussed on strategic initiatives to support growth and customers through industry trends, including HGV driver shortage.
It has completed the successful integration of three acquisitions. Employability division: A4e acquired in May 2015 is now integrated and rebranded as PeoplePlus. Staffing: Milestone Operations acquired in September 2015 (HGV drivers) and Diamond Recruitment acquired in October 2015 (in Northern Ireland).
It stated PeoplePlus is benefiting from a significantly enhanced position in the Employability arena. It confirmed 15 new government contracts won and extended during the year and the successful franchise of its Avanta Saudi Arabia operations. It added it is well placed to grow within current Parliament and beyond.
The Group sated its record new business pipeline continued into the new financial year with additional contracts due to start in Q1 2016.
Andy Hogarth, chief executive officer, said, “2015 was another transformational year of organic and acquisitive growth for Staffline. Our work to position the Group at the forefront of ethical standards and compliance has resulted in a record number of OnSites with new and existing customers and has also differentiated us with our now enlarged Employability division, now called PeoplePlus, having completed the integration of A4e.
“We are confident that our strategic initiatives in both of our divisions will continue to support our momentum and as a result we expect to exceed current market expectations for 2016 and continue to achieve strong returns for our shareholders.”