Staffline Group PLC Company Update (6003O)

TIDMSTAF

RNS Number : 6003O

Staffline Group PLC

30 January 2019

STAFFLINE GROUP PLC

("Staffline" or "the Group")

Company Update

Further to this morning's announcement, the Company can confirm that this morning concerns were brought to the attention of the Board relating to invoicing and payroll practices within the Recruitment division.

Given the nature of the allegations, the preliminary results will not be published until the matters have been fully investigated. The Board is confident that its policies in relation to these matters are appropriate, particularly given that these practices have been the subject of prior audits. However, if the allegations are substantiated this could have a material impact on the Group and its profitability and until further investigation has been undertaken the Board cannot assess the potential materiality.

Other than that noted above, the financial position of the Company is unchanged, as reported on 8 January the Company expects to report net debt of cGBP63m for the year ended 31 December 2018 and can also report that in July 2018 the Company refinanced its GBP150m lending facilities.

Pending further investigation of these matters, including the impact on the Company's profitability and existing forecasts, the Company has requested suspension of the Company's shares from trading on AIM and shareholders will be updated in due course.

 
 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

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.

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January 30, 2019 13:14 ET (18:14 GMT)

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