Revenue up at Nottingham recruitment giant
Staffline, the Nottingham staffing giant, has seen revenues rise in the first half of the year, boosted by a string of acquisitions and its ongoing organic growth strategy.
Revenues were up 12.4% to £481m for the six months to the end of June while the group’s underlying profit before tax was down 6.8% to £15m.
Net debt stood at £36.9m, an increase of £20.4m from £16.5m the year before, with an £18.4m spend on acquisitions and timing of working capital.
Staffline bought Endeavour Group and its subsidiary Vital Recruitment for an undisclosed sum in March, while it also made two smaller acquisitions during February. These were UK Distribution Personnel, incorporated in 2000, predominantly a driver recruitment agency based in the South East of England; and M&B Staff Services, a staffing recruitment business based in the Republic of Ireland.
The company said it has a positive outlook for the remainder of 2018 and for 2019 as acquisitions are fully integrated together with continued organic growth in the recruitment division.
CEO Chris Pullen said: “We have made an excellent start as we continue to achieve good organic growth in recruitment, supported by a series of accretive bolt on acquisitions. Our investment in digital transformation, combined with our worker engagement strategy, will provide Recruitment with increasing differentiation as we seek to further consolidate the market.
“We are confident that the strategic decisions taken in the first half of 2018 will enable us to deliver our current 2018 expectations and provide the basis for our continued future growth.”
