Staffline Group PLC AGM Trading Update (3268C)
12 Juin 2023 - 8:00AM
UK Regulatory
TIDMSTAF
RNS Number : 3268C
Staffline Group PLC
12 June 2023
12 June 2023
Staffline Group plc
("Staffline", the "Company" or the "Group")
AGM Trading Update
Staffline, the recruitment and training group, is pleased to
provide the following trading update ahead of its Annual General
Meeting ("AGM") at 9.30am today.
At the AGM, the following statement will be made:
"After a strong performance in FY 2022, the Group's strategy
continues to secure further market share and strengthen customer
relationships, expanding the client base ahead of a broader
economic recovery.
We are pleased to report that the Group's strong recruitment
pipeline, highlighted in our full year results statement, has begun
to convert into organic growth in both the UK and Ireland. This
growth has come mainly from Recruitment GB's existing logistics
customers, alongside a contract renewal with M&S, all of which
are anticipated to make a positive contribution in H2 2023. In
PeoplePlus, a two-year extension of the Ministry of Justice's
contract was secured, subject to performance in year one.
The Board remains mindful of ongoing macroeconomic headwinds ,
which have impacted demand amongst Staffline's retail and food
customers but anticipates a modest recovery in affected sectors as
inflation stabilises. Trading in the current financial year is
forecast to remain in line with expectations, with management
anticipating full year revenues to be H2-weighted in line with its
historic trend.
The Group continues to enjoy substantial financing headroom and
the benefits from its interest rate cap. 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
In November 2022, Ian Starkey, Senior Independent Non-Executive
Director and Audit Chair informed the Company that he would not be
standing for re-election at today's AGM and he has now stepped down
from the Board and as a Director. The Board and the executive team
would like to thank Ian for his dedication and contribution to the
Group and wish him every success in the future.
On 17 April 2023, Amanda Aldridge joined the Company as a
Non-Executive Director. Amanda is an experienced Non-Executive
Director and worked at KPMG LLP for 33 years until 2017, including
20 years as a partner. Amanda will chair the Group's Audit
Committee and has been appointed to Staffline's Remuneration and
Nominations Committees, replacing Ian Starkey.
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 / Lucas
Bamber 020 3100 2222
Zeus (Joint Broker)
www.zeuscapital.co.uk
David Foreman (Investment Banking)
Nick Searle (Sales) 020 3829 5000
Vigo Consulting (Financial PR) 020 7390 0230
www.vigoconsulting.com Staffline@vigoconsulting.com
Jeremy Garcia / Kate Kilgallen
About Staffline - Recruitment, Training and Support
Enabling the Future of Work(TM)
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.31,000 staff per day on average from around 400 sites,
across a wide range of industries including 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
Staffline is the leading adult skills and training provider in
the UK, delivering adult education, prison education and
skills-based employability programmes across the country.
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END
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