Staffline Group PLC, the recruitment and training group, ahead of its Annual General Meeting (AGM), released its trading update for the last six months ending June 2021.
At the AGM, Ian Lawson, Non-executive Chairman of Staffline stated that trading continued to be strong across the first six months of the year to 30 June 2021 and is ahead of expectations with all three of Staffline’s core divisions delivering a solid performance in the first half. The Group’s cost reduction measures implemented in 2020 also benefited the growth experienced.
Revenue for H1 2021 is expected to be £450.7m (H1 2020: £430.3m), up 4.7 percent with gross profit expected to be £39m (H1 2020: £34.2m), up 14 percent, an improvement year-on-year and a positive trend in the gross margin.
The Group reported a net cash position of £20.9m at 30 June 2021. The equity raise of £44.4m in June of 2021 coupled with debt refinancing have transformed the Company’s balance sheet and repositioned the Group for the medium term.
Lawson said: “Overall, the Board and management team are pleased with both the operational and financial performance for the six months to 30 June 2021. Whilst there remains economic uncertainty as we enter H2 2021 and ongoing headwinds relating to the pandemic, the Group has and will benefit from the loosening of lockdown restrictions across the UK and Ireland.”
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