Turnaround in fortunes for Nottingham-based recruitment company

By Karen Antcliff

One of Nottingham's biggest firms has recorded a growth in profits in what its chief executive is calling a "turnaround" in its performance.

Recruitment and training provider Staffline, which is headquartered in Nottingham released its interim results today.

Albert Ellis, chief executive officer of Staffline, said: "I am delighted to report such a strong performance in the first six months of the year from Staffline, during which, we've seen a return to growth in revenue, gross profit, operating margins and underlying operating profit.

"I am extremely proud of the operational turnaround delivered by our leadership teams and employees who have transformed the business, building on the Group's well-established reputation for unrivalled excellence in service delivery."

In April 2020 the firm recorded multi-million pound losses however, in the latest financial update declares gross profit of £39m - up 14% - and an increase in gross profit margin of 8.7%. Underlying operating profit increased to £4.6m.

Mr Ellis added: "Throughout the covid-19 pandemic we have continued to focus on the protection and wellbeing of our staff and customers and will continue to do so despite the easing of lockdowns in the UK and Republic of Ireland.

"Looking ahead, whilst we expect to see continued sector-specific labour shortages, we believe Staffline is well placed to capitalise on its position as the clear leader in many markets.

"In addition, our recent refinancing has transformed the Company's balance sheet providing a strong platform for growth in the medium term. The Group is trading in line with the revised, increased market expectations for the full year 2021."

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