Share price collapses at Nottingham recruitment giant
Staffline, the Nottingham-based recruitment firm, has seen its shares lose over 45% of their value in a single day.
The news comes as the company announced hat it was set to take a £36.2m write-down after an independent investigation uncovered over six years of National Minimum Wage payment “irregularities”.
On Monday morning (17 June), shares were trading at 166.8p – down from their close of 239p on Friday evening and drop of over 30%. However, share prices were driven down even further in the afternoon, closing at 129p and meaning that the Staffline had lost almost half of its market value in a single day’s trading
Earlier, the firm said it was suspending any dividend payment this year.
Staffline now says it will publish its results for year ended 31 December 2018 on 27 June. Before that, it will try and raise £37m in a share issue to try and claw some of the cash it has lost back.