A “strong” 2021 performance has created “increased confidence” for 2022 at Staffline, the recruitment and training group.
According to a trading update for the year ended 31 December 2021, the Nottingham-based company expects to generate revenues of £942.7m, up from £927.6m in 2020, representing an increase of 1.6% notwithstanding management actions to exit low margin contracts.
As a result of these actions and the turnaround plan, the group is anticipated to deliver underlying operating profit for 2021 of £10.0m (2020: £4.8m), a significant increase of 108.3%, and 11% ahead of market expectations for 2021.
Albert Ellis, Chief Executive Officer of Staffline, said: “To have achieved such a strong profit performance during a year which presented a number of industry-wide challenges is testament to the underlying strength of our market leading positions and the group’s unrivalled reputation for delivery of labour at scale to major organisations across the UK in critical sectors.
“Having both re-capitalised and refinanced the group, we now have the balance sheet strength and operational agility to execute on more ambitious organic growth plans. The pipeline for 2022 is encouraging, underpinning the board’s increased confidence in the current financial year and beyond.”
