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    STAF   GB00B040L800

STAFFLINE GROUP PLC

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Recruiter Staffline reports first-half loss

09/17/2019 | 03:10am EDT

(Reuters) - Recruitment company Staffline Group Plc reported a loss for the first half on Tuesday and said Brexit had become a source of unprecedented uncertainty for its customers, increasingly weighing on consumer confidence.

Staffline, which booked a charge in June for potential fines for underpaying workers, said trading remains challenging, and it now expects to deliver full-year adjusted operating profit of about 20 million pounds, roughly half of its underlying operating profit for 2018.

Staffline's shares traded 15.6% lower at 135 pence on Tuesday.The British recruiter in June reported a 2018 loss after it booked a charge for potential fines for underpaying workers and said it would raise capital to cut debt, wiping a quarter off its market value.

Staffline is also facing regulatory challenges with UK's tax authority HMRC, while an independent adviser is looking into whether historically the recruiter had complied with minimum wage regulations.

Brexit uncertainty has led to a number of customers transferring a significant volume of their temporary workforce into permanent employment to mitigate the risk of a skills shortage, the company said, adding the trend would continue through the year.

Staffline reported a loss before tax of 7.7 million pounds for the six months ended June 30, from a pretax profit of 10.5 million pounds a year earlier. It reported a loss for both its recruitment and adult skills and training businesses.

Liberum analysts said the results were worse than expected, putting their rating on the stock under review.

Staffline helps recruit more than 15,000 staff daily for about 1,500 clients across industries including agriculture, drinks, driving, food processing, logistics and manufacturing.

(Reporting by Noor Zainab Hussain in Bengaluru, Editing by Sherry Jacob-Phillips)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.00% 0.85825 Delayed Quote.-4.38%
NEXT PLC 0.72% 8080 Delayed Quote.13.21%
STAFFLINE GROUP PLC -1.69% 70 Delayed Quote.60.63%
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Analyst Recommendations on STAFFLINE GROUP PLC
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Financials
Sales 2021 954 M 1 304 M 1 304 M
Net income 2021 - - -
Net Debt 2021 32,3 M 44,2 M 44,2 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 115 M 157 M 157 M
EV / Sales 2021 0,15x
EV / Sales 2022 0,15x
Nbr of Employees 2 357
Free-Float 64,0%
Chart STAFFLINE GROUP PLC
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Staffline Group plc Technical Analysis Chart | STAF | GB00B040L800 | MarketScreener
Technical analysis trends STAFFLINE GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 71,20 GBX
Average target price 100,00 GBX
Spread / Average Target 40,4%
Managers and Directors
Albert George Hector Ellis Group Chief Executive Officer & Executive Director
Daniel Simon Quint Chief Financial Officer & Executive Director
Ian Michael Lawson Non-Executive Chairman
Richard Thomson Senior Independent Non-Executive Director
Ian Marshall Starkey Independent Non-Executive Director
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