Staffline FY underlying operating profits more than double YOY

Recruitment and training group Staffline said on Tuesday that full-year underlying operating profits had more than doubled year-on-year, underpinning the group's "increased confidence" for 2022.

Staffline stated underlying operating profits had shot up 108.3% to £10.0m in the twelve months ended 31 December, while gross profits had increased 11% to £82.8m.

Revenues were 1.6% higher at £942.7m, while the group swung from a net debt position of £8.8m at the end of 2020 to a net cash standing of £6.9m as of 31 December.

The AIM-listed group added that this momentum was expected to continue into 2022, supported by "a strong new business pipeline", a lower overhead cost base, and the expected post-Covid recovery of historically strong Staffline recruitment sectors, such as automotive, manufacturing, aerospace and travel.

Chief executive Albert Ellis said: "To have achieved such a strong profit performance during a year which presented a number of industry-wide challenges is testament to the underlying strength of our market-leading positions and the group's unrivalled reputation for delivery of labour at scale to major organisations across the UK in critical sectors.

"The pipeline for 2022 is encouraging, underpinning the board's increased confidence in the current financial year and beyond."

As of 0855 GMT, Staffline shares had surged 11.44% to 61.85p.