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Staffline returns to pre-tax profit in FY24
(Sharecast News) - Recruitment firm Staffline said on Tuesday that it had returned to pre-tax profit in FY24 as revenues neared £1.0bn. Staffline said pre-tax profits came to £5.0m during the period, compared to FY23's pre-tax loss of £2.1m, while gross profits were up 10.3% at £70.8m.
Revenues rose 14% to £992.9m due to market share gains and the increase in the National Living Wage, while gross profit margins slipped just 0.3 percentage points to 7.1% and underlying earnings surged 26% to £12.6m.
Staffline highlighted that increased volumes came from key food retailers such as Tesco, Sainsbury's, Morrisons and Marks & Spencer, combined with increased market share from the logistics sector.
However, Staffline noted that headwinds caused by the proposed increases in employers' national insurance rates have reduced business confidence, which has made it "cautious about prospects" for FY25.
Chief executive Albert Ellis said: "There is no question that the recruitment market remains challenging but the combination of Staffline's extensive scale and reach, market leadership and strong brand has ensured we continue to outperform in an uncertain market, remaining the trusted partner of choice."
As of 0855 BST, Staffline shares were up 0.82% at 30.85p.
Reporting by Iain Gilbert at Sharecast.com
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