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Staffline says 2008 will be below last year

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Date: Tuesday 02 Sep 2008

LONDON (ShareCast) - Recruitment group Staffline Recruitment said it expects full year performance for 2008 will be marginally below last year.

The group said it is due to trading during July and August being held back by subdued demand from some existing customers and the shortfall in profit resulting from three client site closures and a client receivership.

The subdued demand has come from its logistics and retail customers and some more weather dependent food processing customers.

Pre tax profit for the six months was flat at £1.4m on revenue that rose 5% to £54.9m.
The group said these results are in line with its expectations and suggest a greater second half weighting this year than in previous years.

The normal seasonal pattern of trading would prompt an increase in volumes as it enters the autumn and Christmas trading period

“Notwithstanding these challenges, we believe that the current trading environment should play to the Group's strengths because the margin pressure being experienced by both our existing and target client base is acting as a catalyst for high levels of interest in the efficiencies and cost savings we are able to offer,” said the group.

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