Results round-up

Staffline, an AIM-listed recruitment organisation, recorded a 30% rise in underlying profit before tax at £36.7m for the year ended 31 December 2016, as the Brexit-vote did not seem to have a negative effect on earnings.

The group’s revenues rose by 26% to £882.4m and gross profit was up 24% to £124.9m. Underlying profit before tax was 30% higher at £36.7m.

Chief executive Andy Hogarth said: "These strong results are testament to the hard work and determination of all those involved in our business. In what has been a competitive environment, we are delighted to report such strong organic growth and, with the decision to leave the EU having had no negative impact on trading to date, Staffline has continued to perform well.”

Net debt was “significantly” reduced to £36.7m at year end from £63.1m in 2015, equivalent to 0.8 times 2016 underlying earnings before interest, tax, depreciation and amortisation of £44.9m.

Underlying diluted earnings per share were up 23% to 114p. Final dividend was 15.3p bringing the total dividend for the year to 25.8p, an increase of 29%.

The company has had a record year within the Staffing division. OnSites grew by 52 locations bringing the total to 357, which the group says makes it a clear market leader.