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Staffline forecasts annual earnings beat after rise in first quarter
StockMarketWire.com
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Recruitment and training group Staffline said its first-quarter underlying profit had more than doubled, beating expectations and providing it with confidence for the full year.
Underlying operating profit for the three months trough March had increased 133% year-on-year to £1.4 million, amid a 0.2% rise in revenue to £227.9 million, the company said in a trading update.
It added that a significant restructuring undertaken in 2020 was generating about £15 million in overhead cost savings.
'The board remains confident in the outlook for the group and anticipates that trading for the current financial year is likely to be ahead of expectations,' Staffline said.
For the year through December 2020, revenue fell to around £928 million, down from a restated £1.06 billion in 2019, though underlying profit rose around 66% to £4.8 million, ahead of expectations.
Story provided by StockMarketWire.com
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