TIDMSTAF
RNS Number : 8457M
Staffline Group PLC
26 May 2022
26 May 2022
Staffline Group plc
("Staffline" , the "Company" or the "Group")
AGM Trading Update and Board Changes
Staffline, the recruitment and training group, is pleased to
provide the following trading update ahead of its Annual General
Meeting ("AGM") at 9.00am today.
At the AGM, the following statement will be made:
"Staffline produced excellent results exceeding expectations for
the year to 31 December 2021, successfully delivering on our
strategic objectives for a sustained return to growth.
The Group has made a solid start to 2022 and notwithstanding
labour shortages and macro-economic headwinds, trading in the
current financial year is in line with expectations. Whilst the
Board remains mindful of the potential impact of ongoing
macro-economic uncertainty, Staffline's strengths in food
production and distribution, the online sector and public sector
spend on employability and training, provide the Group with a
measure of resilience and revenue visibility.
The new customer win with BMW Group and the enhanced contract
renewal with Vinci Construction, announced on 22 March, are both
performing well and will deliver incremental revenues.
In addition, operating cash flow for the period is in line with
expectations, further strengthening the balance sheet, which will
underpin future organic growth.
Accordingly, the Board remains confident in the Group's
prospects in the medium-to long-term as we seek to further
capitalise on our strengths by growing our market share."
Board changes
The Group also announces that Ian Lawson, Non-Executive Chair,
has informed the Company of his intention to step down from the
Board and as a director of the Company with immediate effect. Tom
Spain will assume the role of Interim Chair and Ian Starkey,
Independent Non-Executive Audit Chair, will assume the role of the
Senior Independent Director.
Ian Lawson was appointed to the Board in 2020, helping to guide
the business through a period of significant challenges, and
supporting the Group through its comprehensive restructuring,
transformation and successful equity raise in 2021.
Ian Lawson commented:
"It has been a privilege to support Staffline both as an exec
and non-exec Chair. After a period of operational challenges, the
Covid pandemic, and broader global macro-economic headwinds,
Staffline has emerged as a truly reinvigorated business. I would
like to thank all those at Staffline for their continued hard work
and commitment, without which the strengthened balance sheet and
robust operating structure we see today would not have been
possible. With the Group now in its next phase of growth, it feels
like the right time to step aside and allow a new Chair to help
guide the business forward."
Albert Ellis, Chief Executive Officer, commented:
"We are hugely grateful to Ian for his contribution and
dedication to Staffline during his time as Chair of the Board. With
Ian's support, Staffline has made significant operational progress
across all of its divisions, and continues its growth trajectory
with renewed strength and resilience in both its financial position
and broader operating structure. On behalf of the Board, I would
like to wish him all the very best in his future endeavours."
As a result of Ian Lawson stepping down from the Board, he will
not seek re-election at the Annual General Meeting.
As the Company's AGM Notice has already been issued, the Company
confirms that the resolution to reappoint Ian Lawson as Chair of
the Company (Resolution 5) is now withdrawn. The withdrawal of
Resolution 5 does not otherwise affect the validity of the Notice
of Meeting, or any proxy votes already submitted on other proposed
resolutions. The numbering of all other proposed resolutions at the
AGM will remain unchanged.
For further information, please contact:
Staffline Group plc via Vigo Consulting
www.stafflinegroupplc.co.uk
Albert Ellis, Chief Executive Officer
Daniel Quint, Chief Financial Officer
Liberum (Nominated Adviser and Broker)
www.liberum.com
Richard Lindley / William Hall 020 3100 2222
Vigo Consulting ( Financial PR) 020 7390 0230
www.vigoconsulting.com Staffline@vigoconsulting.com
Jeremy Garcia / Kate Kilgallen
About Staffline
Providing workforce solutions
Staffline is the UK's market leading Recruitment and Training
group. It has three divisions:
Recruitment GB
Staffline is a leading provider of flexible blue-collar workers,
supplying c.33,000 staff per day on average from around 420 client
sites, across a wide range of industries including agriculture,
supermarkets, drinks, driving, food processing, logistics and
manufacturing.
Recruitment Ireland
The Recruitment Ireland business is a leading end to end
solutions provider operating across twenty industries, ten branch
locations and ten onsite customer locations, supplying c.4,500
staff per day on average, and offering RPO, MSP, temporary and
permanent solutions across the island of Ireland.
PeoplePlus Division
PeoplePlus is leading skills and employability business with a
clear purpose to help people transform their lives, get jobs and
keep jobs, and develop their careers. The division works with
employers to develop workforces of the future, and with central,
local and devolved governments to support their economic and social
policy agendas.
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END
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