REG - Staffline Group PLC - AGM Trading Update and Board Changes

StafflineAnnouncement

26/05/2022 07:00

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RNS Number : 8457M  Staffline Group PLC  26 May 2022

26 May 2022

Staffline Group plc

("Staffline", the "Company" or the "Group")

 

AGM Trading Update and Board Changes

 

Staffline, the recruitment and training group, is pleased to provide the
following trading update ahead of its Annual General Meeting ("AGM") at 9.00am
today.

 

At the AGM, the following statement will be made:

 

"Staffline produced excellent results exceeding expectations for the year to
31 December 2021, successfully delivering on our strategic objectives for a
sustained return to growth.

 

The Group has made a solid start to 2022 and notwithstanding labour shortages
and macro-economic headwinds, trading in the current financial year is in line
with expectations. Whilst the Board remains mindful of the potential impact of
ongoing macro-economic uncertainty, Staffline's strengths in food production
and distribution, the online sector and public sector spend on employability
and training, provide the Group with a measure of resilience and revenue
visibility.

 

The new customer win with BMW Group and the enhanced contract renewal with
Vinci Construction, announced on 22 March, are both performing well and will
deliver incremental revenues.

 

In addition, operating cash flow for the period is in line with expectations,
further strengthening the balance sheet, which will underpin future organic
growth.

 

Accordingly, the Board remains confident in the Group's prospects in the
medium-to long-term as we seek to further capitalise on our strengths by
growing our market share."

 

Board changes

 

The Group also announces that Ian Lawson, Non-Executive Chair, has informed
the Company of his intention to step down from the Board and as a director of
the Company with immediate effect.  Tom Spain will assume the role of Interim
Chair and Ian Starkey, Independent Non-Executive Audit Chair, will assume the
role of the Senior Independent Director.

 

Ian Lawson was appointed to the Board in 2020, helping to guide the business
through a period of significant challenges, and supporting the Group through
its comprehensive restructuring, transformation and successful equity raise in
2021.

 

Ian Lawson commented:

 

"It has been a privilege to support Staffline both as an exec and non-exec
Chair. After a period of operational challenges, the Covid pandemic, and
broader global macro-economic headwinds, Staffline has emerged as a truly
reinvigorated business. I would like to thank all those at Staffline for their
continued hard work and commitment, without which the strengthened balance
sheet and robust operating structure we see today would not have been
possible. With the Group now in its next phase of growth, it feels like the
right time to step aside and allow a new Chair to help guide the business
forward."

 

Albert Ellis, Chief Executive Officer, commented:

 

"We are hugely grateful to Ian for his contribution and dedication to
Staffline during his time as Chair of the Board. With Ian's support, Staffline
has made significant operational progress across all of its divisions, and
continues its growth trajectory with renewed strength and resilience in both
its financial position and broader operating structure. On behalf of the
Board, I would like to wish him all the very best in his future endeavours."

 

As a result of Ian Lawson stepping down from the Board, he will not seek
re-election at the Annual General Meeting.

 

As the Company's AGM Notice has already been issued, the Company confirms that
the resolution to reappoint Ian Lawson as Chair of the Company (Resolution 5)
is now withdrawn. The withdrawal of Resolution 5 does not otherwise affect the
validity of the Notice of Meeting, or any proxy votes already submitted on
other proposed resolutions. The numbering of all other proposed resolutions at
the AGM will remain unchanged.

 

For further information, please contact:

 

 Staffline Group plc                                                via Vigo Consulting

 www.stafflinegroupplc.co.uk (http://www.stafflinegroupplc.co.uk)

 Albert Ellis, Chief Executive Officer

 Daniel Quint, Chief Financial Officer

 Liberum (Nominated Adviser and Broker)                             020 3100 2222

 www.liberum.com (http://www.liberum.com/)

 Richard Lindley / William Hall

 Vigo Consulting (Financial PR)                                     020 7390 0230

 www.vigoconsulting.com (http://www.vigoconsulting.com)             Staffline@vigoconsulting.com

 Jeremy Garcia / Kate Kilgallen

 

About Staffline

 

Providing workforce solutions

Staffline is the UK's market leading Recruitment and Training group. It has
three divisions:

 

Recruitment GB

Staffline is a leading provider of flexible blue-collar workers, supplying
c.33,000 staff per day on average from around 420 client sites, across a wide
range of industries including agriculture, supermarkets, drinks, driving, food
processing, logistics and manufacturing.

 

Recruitment Ireland

The Recruitment Ireland business is a leading end to end solutions provider
operating across twenty industries, ten branch locations and ten onsite
customer locations, supplying c.4,500 staff per day on average, and offering
RPO, MSP, temporary and permanent solutions across the island of Ireland.

 

PeoplePlus Division

PeoplePlus is leading skills and employability business with a clear purpose
to help people transform their lives, get jobs and keep jobs, and develop
their careers. The division works with employers to develop workforces of the
future, and with central, local and devolved governments to support their
economic and social policy agendas.

 

 

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