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.
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
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
