Recruitment giant ‘cautiously optimistic’ after sales and profits boost
Recruitment and training giant Staffline says it expects turnover and profit to be “marginally” ahead of expectations for its full year to 31 December 2020.
The Nottingham company says it made “significant progress” on improving its operational, financial and governance processes during the year – and this has led to the improved performance.
In a trading update this morning, Staffline pointed to strong demand from food retail, ecommerce and logistics for the upturn in fortunes.
A statement from the firm said: “Staffline delivered a robust performance across 2020, underpinned by the new structures and processes implemented during the year. These initiatives have provided stability and ultimately position the Group for growth; however, the board is mindful that the near-term challenges created by the COVID pandemic remain. The employment market experienced a structural shift in 2020, with the pandemic causing a significant rise in UK unemployment, which the board believes presents a number of opportunities for Staffline due to existing customer relationships and the group’s broad market offering.
“Notwithstanding the combination of corrective measures taken in 2020, which has resulted in a significant improvement in working capital, the board continues to evaluate its options in relation to strengthening the Group’s finances. Whilst the outlook for Staffline in the near-term is not without its challenges, the board remains cautiously optimistic.”