Recruitment and human resources (HR) specialist Staffline has reported a steady first six month of 2009, with falling client volumes offset by some new business.
The company reported performance in the first half of 2009 to June 30 has been in line with its management’s expectations.
The current financial year is seeing the full benefit of its new OnSites, opened during the second half of 2008, and some additional clients and benefits from the operational savings implemented during 2008.
This has been partially offset by falling volumes with some clients, particularly those operating in the automotive sector.
Staffline ended the period with the same number of OnSites as it had at December 31, 2008 - 112. In addition, the number of branches increased by two, to 13.
Business remains strongly cash-driven and its financial position has been further improved during the period. At the half-year end net debt stood at £4.3 million (June 30, 2008: £5.8m, December 31, 2008: £6.1m). This amount includes a term loan which is due to be repaid by 2013.
Staffline also completed the acquisition of The Workplace, a Yorkshire-based recruitment company which provides temporary recruitment and HR consultancy services. It also entered into an agency agreement with the administrators of Bridge Contract Services, the terms of which allowed it to provide continuity of supply for Bridge’s clients and collect the outstanding debts in return for a management fee.
Staffline chairman Andy Hogarth said: “We have performed well in the first half given the economic background. The market landscape continues to change rapidly and Staffline has increased market share, despite intense competition. Based on current trading and the number of OnSites due to open we remain confident of a satisfactory outcome for the year as a whole.”
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