Recruitment firm’s shares suspended after concerns over invoicing and payroll

Trading in shares in Nottigham headquartered recruitment and training giant Staffline were suspended yesterday (30 January) after the company announced a delay in announcing its annual results.

Staffline’s share price plummeted after the company said it wouldn’t be announcing its results because of potential irregularities in the invoicing and payroll practices in its recruitment division.

Prices in the company dropped by a third to 672p and trading in its shares on AIM were halted.

A statement from Staffline said: “Given the nature of the allegations, the preliminary results will not be published until the matters have been fully investigated. The Board is confident that its policies in relation to these matters are appropriate, particularly given that these practices have been the subject of prior audits. However, if the allegations are substantiated this could have a material impact on the Group and its profitability and until further investigation has been undertaken the Board cannot assess the potential materiality.”

Earlier this month, Staffline announced that it was set to break through the £1bn turnover mark for 2018.