Staffline Group gross profit up nearly 50% YoY in H1 2016
Staffline Group has today announced its gross profit is up 48.6% year on year, in the first half of 2016.
It recorded gross profit of £62.4m in H1 2016, compared to £42m in H1 2015.
Reporting its unaudited interim results for the six months ended 30th June 2016, Staffline said its revenue is up 39.5% to £414.7m (H1 2015: £297.2m).
Underlying profit before tax grew 50.5% to £15.2m (H1 2015: £10.1m) and underlying diluted EPS rose 49.4% to 48.1p (H1 2015: 32.2p).
The Group said net debt significantly reduced from FY 2015 position, from £63.1m to £43.7m, and on track to be below 0.75x EBITDA by the end of FY 2016.
Its interim dividend also increased 40% to 10.5p (H1 2015: 7.5p).
The Group stated it had achieved a record first half within its staffing division and that it now has business within 341 locations, with 36 new locations in H1 2016, including its first two white-collar locations.
It stated its Driving Plus brand, business in Ireland and agriculture division all made positive contributions in H1 2016.
Staffline said its acquisitions completed in Q4 2015, Diamond Recruitment and Milestone, are performing ahead of initial expectations.
Employability trading in line and Work Programme contracts delivered significant performance improvements, particularly in the acquired A4e contracts
Andy Hogarth (pictured), chief executive, said, “This positive first half of the year reflects the continuation of the growth and success which the Group enjoyed in 2015. It is hugely encouraging to see that, even in these uncertain economic times, Staffline can continue to thrive, with another record of OnSites opened in our Staffing division and a continuing strong new business pipeline.
“Our PeoplePlus business has also made huge strides in improving the former A4e Work Programme contracts.
“We have every confidence that our strategic initiatives will translate into delivering current market expectations for 2016 and drive long term shareholder value.”