Staffline, the Nottingham recruitment and training group, has hailed a “robust performance” in a new trading update for the year ended 31 December 2023, despite a profit slip.
Revenue ticked up 1.1% to £938.2m, in comparison to £928.2m in the year prior, highlighting market share gains predominately in Recruitment GB.
Meanwhile the business delivered underlying operating profit in line with market expectations, at £10.1m, though this was down from £12m in 2022. Additionally gross profit slipped, to £80.8m from £82.5m.
Albert Ellis, Chief Executive Officer of Staffline, remains “optimistic.”
Ellis said: “I am grateful for the commitment and support of the thousands of hard-working staff who are responsible for delivering this resilient result.
“I am delighted too, with the comparatively strong trading performance we achieved in FY 2023, despite facing significant macroeconomic challenges during the year. Our healthy balance sheet has enabled us to support organic growth and ensure we delivered labour at scale, to significant customers, such as GXO Logistics, Tesco and M&S during times of seasonal peak demand.
“I firmly believe there is significant growth potential and, as inflation and pressure on labour markets begin to ease, remain optimistic about the prospects for further organic growth generated from within the Group.”
