Staffline posts jump in full-year profit but says core markets 'more challenging'
By Alexander Bueso
Date: Tuesday 24 Jan 2023
(Sharecast News) - Staffline posted "solid" trading for its 2022 fiscal year with management noting its market leading organic growth and cash generative business model.
However, its boss, Albert Ellis, also said that "there is no question that our core markets have become more challenging."
Revenues grew by 0.4% to £946.8m but underlying profit jumped 12.6% to £11.6m thanks to tight cost control.
On the outlook, the company said that: "low unemployment will continue to constrain volumes in PeoplePlus' Skills and Restart businesses.
"While we expect to grow market share in the competitive temporary labour market, the Recruitment divisions will not be immune to the broader short term market challenges, where data is showing that demand for permanent recruitment is weakening."
Net cash post IFRS 16 at period end stood at £0.1m, against £2.3m in the year before.
As of 1226 GMT, shares of Staffline were unchanged at 33.70p.
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