Saturday, June 6, 2020

Challenging trading conditions see Nottingham recruitment firm post losses of £7.7m

Challenging trading conditions have seen Staffline, the Nottingham recruitment and training organisation, post pre tax losses of £7.7m, according to unaudited interim results for the six months ended 30 June 2019.

The pre tax loss of £7.7m comes in comparison to a pre tax profit of £10.5m in same period of 2018.

Revenue however has risen from £481m to £534.6m.

The firm says it now expects to deliver a full year adjusted operating profit of £20m.

Chris Pullen, Chief Executive Officer, said: “The first six months of 2019 presented a number of unforeseen challenges for Staffline. The delay in the publication of the 2018 final results created uncertainty, which has been compounded by a challenging trading environment.

“As a consequence of this and the transformation of PeoplePlus, this year’s result will be more heavily weighted than usual towards the final quarter. Brexit has become the source of unprecedented uncertainty for our end customers and is increasingly weighing on consumer confidence.

“The performance of our end customers in food and retail has a direct impact on the demand for our services. Despite this, we remain convinced that the challenges the Group is currently facing are short-term and that the business is sufficiently differentiated in its service proposition to return to future growth.

“We have developed an excellent platform as a result of the strategies we have put in place, and look forward to continuing to further enhance the leading positions we have in each of our core markets.”

The news comes alongside that of the appointment of Richard Thomson, as Non-executive Director.

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