Recruiter Staffline has recorded increased profits in its preliminary results for the year ended 31 December, 2009 and stated its interesting “acquisition opportunities”.
The company reports a pre-tax profit of £3.5 million, up from £3.4m in 2008, while post-tax profit rose by five per cent and its debt was cut to £5m from £6m in 2008.
The group also increased its staff by 12 per cent and grew the number of its on-site recruitment operations by seven to 119.
Costs were also cut through a rationalisation of Staffline’s branch network and a reduction in administration costs of £1.8m (13.6 per cent) to £11.2m.
Staffline chairman and chief executive, Andy Hogarth, said: “I am very pleased to be able to report an increase in profits, both before and after tax, following an extremely challenging year for all in the recruitment business. It is a testament to the dedication and hard work of all of the Staffline team, wherever they work in the UK, that we have been able to do this.
“Overall we continue to be encouraged by the levels of interest in our products and services from new clients and, while we expect the recession to continue to provide a tough economic backdrop in the markets where we operate, we remain confident that our model will allow us to operate profitably and indeed continue to grow.
“We are in a strong financial position. Net debt continued to fall during 2009 and with our term loan not maturing until 2013, we expect to continue to generate significant cash in the coming years. We continue to look for acquisition opportunities and look forward to the challenges ahead.”
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