Recruitment group’s revenues rise by £50m

Recruitment and training group Staffline has shrugged off a challenging market to increase half-year revenues by £50m.

The Nottingham-headquartered business generated £480m revenues in the first half of 2024, a 12% increase on the previous year.

However Staffline recorded a pre-tax loss of £12.1m, but this was caused by a non-cash impairment charge of the goodwill value of its PeoplePlus division.

Albert Ellis, chief executive of Staffline, said: “With the widely reported downturn in the recruitment sector, I am delighted to report a highly creditable performance across the first half of 2024.

“In what has proven to be a persistently challenging macro-economic environment, Staffline’s strategy to grow its market share organically, and focus on customer service and delivery has served it well in the first six months of the year.

“In exiting the Skills market twelve months ago, PeoplePlus has reduced its overheads at a time when political changes in the UK have resulted in the pipeline being pushed back.”

Staffline’s share price has risen 80% since the start of the year and is close to a two-year high.