Staffline Group PLC Trading Update (4371M)
January 08 2019 - 2:00AM
UK Regulatory
TIDMSTAF
RNS Number : 4371M
Staffline Group PLC
08 January 2019
8 January 2019
STAFFLINE GROUP PLC
("Staffline" or "the Group")
Trading Update
Staffline, the Recruitment and Training group, is pleased to
report that trading for the financial year ended 31 December 2018
is expected to be in line with market expectations.
Revenues are anticipated to be c. 18% higher than the GBP957.8
million reported for 2017. The Recruitment division has continued
to grow, with the acquisitions completed during the year performing
ahead of management expectations. The investment in technology by
the Group has also created a clear differentiation in our
recruitment offering and is delivering strong traction across
Staffline's customer base. The PeoplePlus division has now
successfully transitioned into the UK's leading Skills and Training
provider, making good progress in the year. The apprenticeship levy
continues to present an excellent opportunity for growth in this
area, and, along with Prison Education contract wins, is offsetting
the reduced activity from the run-off of the Work Programme.
As part of the completion of the transformation of the Group's
PeoplePlus division away from reliance on the Work Programme,
significant one-off costs have been incurred in 2018, which the
Group has classified as exceptional items in 2018. No further
exceptional costs relating to the end of the Work Programme are
expected in 2019. Excluding amortisation charges on intangible
assets arising on business combinations and non-cash charges for
share-based payment costs, total exceptional costs will be GBP20
million in 2018, principally due to the aforementioned PeoplePlus
transformation. Whilst the Group remains highly cash generative,
these costs, together with the consideration paid for acquisitions
in the second half of the year, have resulted in an increase in net
debt to c. GBP63 million as at 31 December 2018.
Staffline will announce its preliminary results for the year
ended 31 December 2018 on Wednesday 30 January 2019. A presentation
for analysts will be held at 9.30am on the morning of the results
at the offices of Berenberg, 60 Threadneedle Street, London, EC2R
8HP.
A presentation for private investors will be held at 3.00pm on
Thursday 31 January 2019, also at the offices of Berenberg, 60
Threadneedle Street, London, EC2R 8HP. Admittance is strictly
limited to those who register their attendance in advance of the
event. To register, please contact Vigo Communications on 020 7390
0230 or staffline@vigocomms.com.
For further information, please contact:
Staffline Group plc via Vigo Communications
www.stafflinegroupplc.co.uk
Chris Pullen, Chief Executive Officer
Michael Watts, Group Chief Financial
Officer
Liberum NOMAD and Joint Broker
www.liberum.com
Steve Pearce / Joshua Hughes 020 3100 2222
Berenberg Joint Broker
www.berenberg.com
Chris Bowman / Toby Flaux 020 3207 7800
Vigo Communications Financial PR 020 7390 0230
www.vigocomms.com staffline@vigocomms.com
Jeremy Garcia / Antonia Pollock / Charlie
Neish
Market Abuse Regulation
This announcement is released by Staffline Group plc and
contains inside information for the purposes of the Market Abuse
Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance
with the Company's obligations under Article 17 of MAR. The person
who arranged for the release of this announcement on behalf of
Staffline Group plc was Michael Watts, Group Chief Financial
Officer.
Next trading update
The Group's next scheduled announcement of financial information
will be the preliminary results for the year ended 31 December 2018
on Wednesday 30 January 2019.
Note for Editors
About Staffline - Recruitment, Training and Support
Enabling the Future of Work(TM)
Staffline is the UK's market leading Recruitment and Training
group. It has two divisions:
Recruitment Division
The UK's leading provider of flexible blue-collar workers,
supplying over 60,000 staff per day to c. 1,500 private sector
clients, across a wide range of industries including agriculture,
drinks, driving, food processing, logistics and manufacturing. It
operates from over 400 locations in UK, Eire and Poland.
Its world leading Customer Experience platform provides
optimised customer-based staffing management solutions whilst
providing market-leading levels of job satisfaction for
workers.
PeoplePlus Division
The leading adult skills and training provider in the UK,
delivering apprenticeships, adult education, prison education and
skills-based employability programmes across the country.
Education and Training - market leading provider of training
courses for private sector Apprenticeships (both Levy and non-Levy)
and Government funded Adult Skills programmes.
Employability - top quartile performer, supporting Government
programmes providing back-to-work education and support services to
the unemployed.
Justice and Community - education and training services for
prisoners and ex-offenders, as well as individual support services
for carers and people with disabilities, both at home and in the
work place.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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