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Staffline Group PLC on Monday hailed a strong performance so far this year, said it still enjoys ‘substantial’ headroom and added that it remains confident in its medium to long-term prospects. Shares in Staffline were down 2.2% at 34.19 pence in London on Monday. The Nottingham, England-based recruitment and training agency said that its strategy was still securing further market share and strengthening relationships with clients. Staffline also said its ‘strong recruitment pipeline’ was producing organic growth in the UK and Ireland. It said this growth was mainly due to existing logistics customers in its Recruitment GB division, and the renewal of a contract with Marks & Spencer Group PLC, both of which it expects ‘to make a positive contribution’ in the second half of the year. The company’s PeoplePlus division, meanwhile, secured a two-year extension of its contract with the UK Ministry of Justice, to be reviewed after the first year. Despite ongoing macroeconomic headwinds, which Staffline said have affected demand among its food and retail clients, the company said it expects ‘a modest recovery’ in both sectors as inflation stabilises. It anticipates that trading this year will remain in line with expectations, with full-year revenue in the second half weighted in line with its historic trend. ‘The group continues to enjoy substantial financing headroom and the benefits from its interest rate cap,’ the company said in a statement read at the AGM. ‘The board remains confident in the group’s prospects in the medium to long term as we seek to further capitalise on our strengths by growing our market share.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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