The CEO of Staffline has praised a resilient first half performance amidst a challenging market environment for the recruitment industry, despite a dip in revenue and losses widening.
According to the recruitment and training group’s unaudited interim results for the six months ended 30 June 2023, revenue slipped slightly to £434.1m compared to £438m in the same period of 2022.
Meanwhile the Nottingham-based company posted a loss before tax of £4.3m, widening from £1m last year.
Staffline expects a significant improvement in the second half of the year, in line with a traditional second-half weighting of the group’s Recruitment division, and notes that full year trading remains in line with market expectations.
Albert Ellis, Chief Executive Officer of Staffline, said: “The business has delivered a resilient first half performance amidst a challenging market environment for the recruitment industry.
“Our management team has demonstrated exceptional leadership by securing new business wins, implementing significant structural and cost changes across all businesses, and strengthening customer relationships with a focus on service delivery.
“These actions have underpinned the Board’s confidence in full year trading being in line with expectations, alongside implementing a £4m share buyback programme.
“We anticipate better trading conditions in the second half of the year with improved consumer confidence stimulating growth.
“Whilst the outlook for permanent recruitment is more subdued, a number of new temporary staffing contract opportunities are currently in the pipeline, in addition to the seasonal boost expected in the final half of the year including the Women’s Football and Men’s Rugby World Cups.
“There is no question, the broader economic environment in the UK and Ireland will continue to dominate headlines.
“However, with the increasing return to work of many classified as economically inactive in the most recent ONS labour market report, we are cautiously optimistic that the tight labour market is starting to ease and this will support the economy going forward.”
