Recruitment group gets ‘slightly ahead’ of expectations in challenging market

Staffline Group, a Nottingham-based recruitment and training group has “performed slightly ahead of market expectations” according to a trading update this morning.

As anticipated, the company experienced a 1.1% increase in revenue, moving up from £928.1m in 2022 to £938.2m in 2023.

On the other hand, the operating profit declined from £12m to £10.3m, although this exceeded market expectations slightly, attributed to the challenging market conditions.

Albert Ellis, chief executive officer, said: “I am pleased to report that Staffline has delivered a robust trading performance across 2023, demonstrating the resilience of the Group’s operating model against a challenging macro-economic backdrop and our strategy’s success.

“We continued to grow our recruitment market share, driven by a healthy pipeline of contract renewals and awards, alongside further strengthening our cash position which enabled us to carry out a £5m share buyback programme, an important part of our capital allocation policy.”