Staffline Group (STAF)

Sector:

Support

Index:

FTSE AIM All-Share

 39.45p
   
  • Change Today:
      0.000p
  • 52 Week High: 92.80
  • 52 Week Low: 38.64
  • Currency: UK Pounds
  • Shares Issued: 165.72m
  • Volume: 27,688
  • Market Cap: £65.38m
  • RiskGrade: 424

Staffline tumbles after cutting FY profit forecast

By Michele Maatouk

Date: Wednesday 18 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Staffline shares tumbled on Wednesday as the AIM-listed recruiter downgraded its full-year profit forecast and announced the departure of chief financial officer Mike Watts.
The company said trading in the recruitment division and PeoplePlus was below the board's expectations in the fourth quarter.

In recruitment, it saw lower-than-expected demand from end customers. Customer demand was down around 16% from the previous year, reflecting "high levels" of consumer uncertainty across the UK. While trading in December has improved, it's also expected to miss the board's expectations.

The group said its PeoplePlus business also missed expectations, "due to the impact of the general election purdah on short-term procurement opportunities".

As a result, it now expects to report adjusted operating profit for the year to 31 December of about £10m to £12m. In its interim results in September, Staffline had projected operating profit of approximately £20m.

The group also said that following the accounting review in the first half of the year, it now reckons it overstated 2018 profit by about £4 million. The errors primarily related to costs which were not correctly booked.

In addition, the company announced that chief financial officer Mike Watts was stepping down with immediate effect after tendering his resignation. Daniel Quint, who was most recently CFO at Young & Co's Brewery, has been appointed as interim CFO with immediate effect.

Chief executive Chris Pullen said: "It has been a most challenging year for Staffline. Despite this we have developed two robust market leading businesses which are well set as platforms for future growth. We remain optimistic about future potential of the group with the challenges of 2019 behind us."

At 0910 GMT, the shares were down 29% at 74.97p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Staffline Group Market Data

Currency UK Pounds
Share Price 39.45p
Change Today 0.000p
% Change 0.00 %
52 Week High 92.80
52 Week Low 38.64
Volume 27,688
Shares Issued 165.72m
Market Cap £65.38m
RiskGrade 424

Staffline Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.47% above the market average63.47% above the market average63.47% above the market average63.47% above the market average63.47% above the market average
73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average
Price Trend
26.79% below the market average26.79% below the market average26.79% below the market average26.79% below the market average26.79% below the market average
22.52% below the sector average22.52% below the sector average22.52% below the sector average22.52% below the sector average22.52% below the sector average
Income Not Available
Growth
36.12% below the market average36.12% below the market average36.12% below the market average36.12% below the market average36.12% below the market average
42.06% below the sector average42.06% below the sector average42.06% below the sector average42.06% below the sector average42.06% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Staffline Group Dividends

  Latest Previous
  Interim Final
Ex-Div 11-Oct-18 31-May-18
Paid 13-Nov-18 03-Jul-18
Amount 11.30p 15.70p

Trades for 08-Aug-2022

Time Volume / Share Price
13:20 104 @ 38.81p
13:14 1,262 @ 39.28p
10:12 550 @ 38.64p
08:39 12,886 @ 38.83p
08:39 12,886 @ 38.83p

Staffline Group Key Personnel

CEO Albert Ellis
CFO Daniel Quint

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