The CEO of Staffline is “delighted” with the Nottingham recruitment group’s “outstanding performance in 2024,” he has announced in audited results for the year.
The firm saw a 14% increase in revenue, from £871.3m in 2023 to £992.9m in 2024, due to market share gains and the increase in the National Living Wage.
Meanwhile, underlying operating profit exceeding market expectations, growing to £10.1m from £7.2m, and gross profit increased to £70.8m from £64.2m.
The business also reduced its losses with a loss after tax of £8.3m compared to £11m in the year prior, while pre-tax losses of £2.1m in 2023 turned into a £5m pre-tax profit.
Looking ahead, Staffline noted that headwinds caused by the proposed increases in employers national insurance rates have reduced business confidence, causing caution about prospects for the year. Contributing to this caution are interest rate levels, which remain higher than anticipated.
The firm, however, expects continued growth in essential workforce solutions offered by its blue-collar temporary recruitment service, “driven by a strong pipeline and good momentum in new business.”
Trading is anticipated to remain in line with current management expectations for 2025.
The results follow the £12m disposal of PeoplePlus in early 2025, to create a pure-play recruitment platform, underpinning further share buybacks and providing working capital for growth.
Albert Ellis, Chief Executive Officer of Staffline, said: “I am delighted with Staffline’s outstanding performance in 2024, with the ongoing commitment of the Group’s staff and leadership team central to achieving these results, alongside tight control of our cost base.
“In addition, our success in maintaining excellence in delivery over the crucial Pre-Christmas peak trading period in the food retailing and logistics sectors remains a key feature of our impressive financial performance.
“There is no question that the recruitment market remains challenging but the combination of Staffline’s extensive scale and reach, market leadership and strong brand has ensured we continue to outperform in an uncertain market, remaining the trusted partner of choice.
“Our strategy is now firmly focused on our recruitment activities, and the disposal of PeoplePlus allows us to dedicate greater focus and resources on continuing to deliver the organic growth strategy and accelerating value creation for our shareholders.”
