Good morning! Another short, but early report today.

EDIT - actually, it's BOGOF day! Graham and I got our wires crossed, and we've both written a brief SCVR today, with some duplication, but actually it's quite good to have 2 possibly different views. Graham's SCVR today is here. End of edit.

I have to speak at Mello at 2pm today, so am having kittens about my (still not finished) presentation slides.  NB. Don't ever ask me to organise anything important, as it will go disastrously wrong, almost guaranteed!


Early 7-8 am comments


Staffline (LON:STAF)

Trading update - this is an interesting comment re employment, which actually sounds rather good for the country (more secure, permanent jobs for people has to be for the social good), but bad for STAF;

The ongoing Brexit uncertainty is impacting the UK labour market and led to a number of customers transferring a significant volume of their temporary workforce into permanent employment to mitigate the risk of that labour market tightening. Typically, this reaction to uncertainty tends to reverse over time, but we expect it will continue to impact temporary worker demand throughout the current year. 


New contract wins slow, blamed on delay to publishing 2018 accounts. Really? That doesn't sound realistic to me. Do customers even check the accounts of a temping agency? I'd be surprised if they do;

There has also been a slowdown in new contract momentum in the current financial year, which the Company largely attributes to the impact of the delay in publication of the 2018 Full Year results.  The key outstanding matter in finalising the results relates to the Group's historical compliance with National Minimum Wage Regulations 2015. This is a complex area and management, in conjunction with HMRC and supported by an independent advisor, are assessing the significant amount of historic data and transactions, which will then be subject to audit.

So a complex problem is ongoing.

Some signs of hope, buried in this management-speak!

Notwithstanding these current headwinds, the Recruitment division is beginning to see the definitive benefits from the Company's market-leading approach to worker engagement and digitally enabled candidate attraction. Management expects this strategy to result in increasing differentiation and to support future growth.

Incidentally, I've just googled "management-speak", and I'd like to pass on this gem, to use when you…

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