REG - Staffline Group PLC - Company Update

StafflineAnnouncement

30/01/2019 18:15

RNS Number : 6003O
Staffline Group PLC
30 January 2019
 


30 January 2019
 
 
STAFFLINE GROUP PLC
("Staffline" or "the Group")
 
 
Company Update
 
Further to this morning's announcement, the Company can confirm that this morning concerns were brought to the attention of the Board relating to invoicing and payroll practices within the Recruitment division.
 
Given the nature of the allegations, the preliminary results will not be published until the matters have been fully investigated. The Board is confident that its policies in relation to these matters are appropriate, particularly given that these practices have been the subject of prior audits. However, if the allegations are substantiated this could have a material impact on the Group and its profitability and until further investigation has been undertaken the Board cannot assess the potential materiality.
 
Other than that noted above, the financial position of the Company is unchanged, as reported on 8 January the Company expects to report net debt of c£63m for the year ended 31 December 2018 and can also report that in July 2018 the Company refinanced its £150m lending facilities.
 
Pending further investigation of these matters, including the impact on the Company's profitability and existing forecasts, the Company has requested suspension of the Company's shares from trading on AIM and shareholders will be updated in due course.
 
 



For further information, please contact:


 




Staffline Group plc
www.stafflinegroupplc.co.uk
Chris Pullen, Chief Executive Officer
Michael Watts, Group Chief Financial Officer


via Vigo Communications














Liberum NOMAD and Joint Broker
www.liberum.com
Steve Pearce / Joshua Hughes


020 3100 2222














Berenberg Joint Broker
www.berenberg.com
Chris Bowman / Toby Flaux


020 3207 7800
 














Vigo Communications Financial PR
www.vigocomms.com
Jeremy Garcia / Antonia Pollock / Charlie Neish


020 7390 0230
staffline@vigocomms.com
 



 
 
Note for Editors
 
 
About Staffline - Recruitment, Training and Support
 
Enabling the Future of Work™
Staffline is the UK's market leading Recruitment and Training group. It has two divisions:
 
Recruitment Division
 
The UK's leading provider of flexible blue-collar workers, supplying over 60,000 staff per day to c. 1,500 private sector clients, across a wide range of industries including agriculture, drinks, driving, food processing, logistics and manufacturing.  It operates from over 400 locations in UK, Eire and Poland.
 
Its world leading Customer Experience platform provides optimised customer-based staffing management solutions whilst providing market-leading levels of job satisfaction for workers.
 
 
 
PeoplePlus Division
 
The leading adult skills and training provider in the UK, delivering apprenticeships, adult education, prison education and skills-based employability programmes across the country.
 
Education and Training - market leading provider of training courses for private sector Apprenticeships (both Levy and non-Levy) and Government funded Adult Skills programmes.
 
Employability - top quartile performer, supporting Government programmes providing back-to-work education and support services to the unemployed.
 
Justice and Community - education and training services for prisoners and ex-offenders, as well as individual support services for carers and people with disabilities, both at home and in the work place.
 
 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDSDDFASFUSEFF