‘Challenging’ market set to hit recruitment firm’s profitability

“Challenging” trading conditions in 2023 are set to hit Staffline, the Nottingham-based recruitment firm’s profit figures, according to a trading update this morning (23 January).

While revenues are set to rise by 1.1% to £938.2m for the year, underlying profits look set to fall by almost 16% to £10.1m – in line with forecasts for 2023.

Despite this, Albert Ellis, CEO of Staffline, remained upbeat, saying: “I am grateful for the commitment and support of the thousands of hard-working staff who are responsible for delivering this resilient result.

“I am delighted too, with the comparatively strong trading performance we achieved in FY 2023, despite facing significant macroeconomic challenges during the year. Our healthy balance sheet has enabled us to support organic growth and ensure we delivered labour at scale, to significant customers, such as GXO Logistics, Tesco and M&S during times of seasonal peak demand.

“I firmly believe there is significant growth potential and, as inflation and pressure on labour markets begin to ease, remain optimistic about the prospects for further organic growth generated from within the group.”