Staffline Group PLC Trading Update (5020B)
January 31 2020 - 2:00AM
UK Regulatory
TIDMSTAF
RNS Number : 5020B
Staffline Group PLC
31 January 2020
31 January 2020
STAFFLINE GROUP PLC
("Staffline" or the "Company")
Trading Update
Staffline, the recruitment and training group, provides the
following update on Group trading and outlook.
FY 2019 Update
Following the accounting review completed in the first half of
the year, the Board has continued projects to improve Staffline's
internal controls. This has included a rigorous internal review
process, with a detailed review of the balance sheet. Although the
year end audit process, with our new auditors, Grant Thornton, is
on-going, we have already identified that it is appropriate to
increase certain provisions and make further write downs. Due to
these net charges, the Board now expects the Group to report full
year adjusted operating profit (being profits before interest, tax
and non-underlying charges) for the period ending 31st December
2019 materially below our previous guidance.
Financial Position
Staffline maintains a constructive relationship with its lending
banks and consequently the Board does not anticipate any covenant
issues. The Company is also actively considering certain strategic
options which may significantly reduce net debt during H1 2020.
Current Trading and Outlook
The Board is pleased to report that 2020 has started well and
the Board's expectations for the FY 2020 are unchanged.
For further information, please contact:
Staffline Group plc via Vigo Communications
www.stafflinegroupplc.co.uk
Chris Pullen, Chief Executive Officer
Daniel Quint, Interim Chief Financial
Officer
Liberum NOMAD and Joint Broker
www.liberum.com
Bidhi Bhoma / 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 Chris Pullen, Group Chief Executive
Officer.
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
Staffline is the UK's leading provider of flexible blue-collar
workers, supplying over 60,000 staff per day to c. 1,600 private
sector clients, across a wide range of industries including
agriculture, drinks, driving, food processing, logistics and
manufacturing. It operates from over c.460 locations in UK,
Republic of Ireland 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
Staffline is the leading adult skills and training provider in
the UK, delivering apprenticeships, adult education, prison
education and skills-based employability programmes across the
country.
Skills and Training - market leading provider of Apprenticeships
(both Levy and non-Levy), learning and development, adult education
and health and well-being programmes to the Private and Public
sector.
Justice and Community - largest independent provider of
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.
Employability - market leading provider of programmes providing
back-to-work education, skills support services to the unemployed
and enterprise advice to individuals wanting to start their own
business.
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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January 31, 2020 02:00 ET (07:00 GMT)
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