CFO departs as Staffline forecasts profit slump
The CFO of Nottingham-based recruitment giant Staffline has left the company with immediate effect.
The news comes after the company significantly downgraded its profit forecast for the year ending 31 December 2019.
In September, the company said it was expecting to post operating profits of around £20 million, but now says the figure is more likely to be between £10 million and £12 million – a slump it has attributed to “challenging” trading conditions caused by high levels of consumer uncertainty across the UK.
Outgoing CFO Mike Watts, who recently tendered his resignation to Staffline’s Board, will be replaced by Daniel Quint on an interim basis.
Quint has over 10 years’ experience at board level at both private and public companies. He was most recently interim CFO at AIM-listed Young & Co.’s Brewery.
Chris Pullen, chief executive of Staffline, said: “I would like to personally thank Mike for all his efforts. Naturally, on behalf of the Board, we wish him well for the future. I am however, pleased to welcome Daniel to Staffline, who has the necessary skills and experience to oversee our finance function while we seek a permanent chief financial officer.”
In November, the company’s recruitment division experienced a 16 per cent drop in consumer demand, and its trading performance in Q4 failed to match the Board’s expectations.
Pullen added: “It has been a most challenging year for Staffline. Despite this we have developed two robust market leading businesses which are well set as platforms for future growth. We remain optimistic about future potential of the group with the challenges of 2019 behind us.”
