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    STAF   GB00B040L800

STAFFLINE GROUP PLC

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Staffline : Full Year Results 2020 Presentation

06/22/2021 | 02:11am EDT
  • Highlights
  • FY20 Group Financial Performance
  • Operational Review
  • Strategic Update
  • Current Trading and Outlook

2

Pandemic

  • Focused on health, safety and wellbeing of our employees, customers and candidates
  • Sharp decline in demand from high street retail, automotive and manufacturing diminished
  • Permanent recruitment 58% lower to £2.2m (2019:£5.2m)
  • Pivot in favour of essential sectors, food manufacturing and distribution, e-commerce and demand for online
  • Strong Christmas 2020 peak trading season in food & online retail

Turnaround

  • New Board and transformed governance environment
  • Year-endGroup headcount reduced by 18.2% to 2,202
  • Disposal of loss-making Apprenticeships business
  • Turned PeoplePlus H1 2020 loss into H2 2020 profit launching digital / online
  • Recruitment Ireland remained profitable throughout

3

4

2019: restated £1,063.0m

£927.6m

2019: restated £87.5m

£74.6m

2019: restated £2.9m

£4.8m

Notes:

2019: restated £(44.4)m

£(51.6)m

2019: restated £(59.5)m

£(8.8)m

2019: restated £(85.2)m:

£(68.3)m

  • Change in mix with revenue decreasing to £927.6m (2019: restated £1,063.0m)
  • Gross Margin broadly steady at 8.2% (2019: 8.0%), despite changes in mix to lower margin revenues
  • Restructuring delivered c.£15m in annualised overhead cost savings (FY20 vs. FY19)
  • Underlying operating profit* increasedto £4.8m, (2019: restated £2.9m) following turnaround actions, despite pandemic
  • Return to underlying operating profit* for all three divisions
  • Average net debt of £(68.3)m improved by £16.9m (20%), normalised to include £(46.5)m of deferred VAT)
  • £10m cash generated from working capital improvement actions through DSO reduction of 5 days

The results shown above relate to continuing operations. The 2019 results are restated to exclude the results of the Apprenticeships business sold in December 2020 and the Poland subsidiaries, which are held for sale.

  • Underlying results exclude amortisation of intangible assets arising on business combinations, exceptional reorganisation, legal and refinancing costs, exceptional transaction costs, exceptional National Minimum Wage remediation and financial penalties, revised audit scope and increased audit fees, employee dispute settlements, goodwill impairment and the non-cash charge/credit for share-based payment costs

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Staffline Group plc published this content on 22 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2021 06:10:01 UTC.


ę Publicnow 2021
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Financials
Sales 2021 954 M 1 305 M 1 305 M
Net income 2021 - - -
Net Debt 2021 32,3 M 44,2 M 44,2 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 117 M 160 M 160 M
EV / Sales 2021 0,16x
EV / Sales 2022 0,15x
Nbr of Employees 2 357
Free-Float 64,0%
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Technical analysis trends STAFFLINE GROUP PLC
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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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