Staffline reports margins down on Welfare to Work losses
Blue collar recruitment firm Staffline has reported revenues ahead of forecasts but margins have been hit by losses at the Welfare to Work division
Blue collar recruitment firm Staffline has reported revenues ahead of forecasts but margins have been hit by losses at the Welfare to Work division
The company supplies up to 30,000 workers per day in the food processing, manufacturing, e-retail and logistics sectors. In the six months to the end of June revenues climbed to £163.9m, 36% up on the same period of 2011.
However, the operating margin dropped sharply, from 11.8% last year to 9.3% this year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The problem has been start up costs on a number of new contracts and a £0.4m loss at the Welfare to Work division.
The drop in margin saw profits before tax drop from £2.9m last year to £2.8m this year. This is also the likely reason for a 1% drop in the share price on Monday morning.
Staffline's Chief Executive, Andy Hogarth, said 2012 was proving to be "more challenging" than 2011.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap