National recruitment company "extremely confident" as profits increase 133%

A UK recruitment and training company has announced that its operating profit more than doubled in the first quarter of this year.

Staffline, which operates across the country, reported today that its underlying profit in Q1 increased by 133 per cent year on year, jumping from £0.6m in 2020 to £1.4m this year.

The company also saw revenues grow, building from last year’s £227.5m to £227.9m, a 0.2 per cent increase.

Its average net debt reduced by £14.5m in the period to £54.9m, which it said was supported by a £46.5m Covid-19 VAT deferral.

Albert Ellis, CEO of Staffline, commented: “There is no question that 2020 was one of the most challenging periods for both industry and commerce globally, but I’m delighted with the resilience demonstrated by our business.

“We’ve yet to be fully released from the constraints of the Covid-19 restrictions but we have already seen positive signs of recovery as we exited the first quarter of 2021.

“We have made significant progress restructuring our core business, much of which was completed in 2020, and we are now well-placed to capitalise on a number of exciting growth opportunities.

“Our market leading positions across food distribution, retail, e-commerce and the logistics markets have supported our recovery.

“As other parts of the UK economy begin to re-emerge, I am extremely confident in our ability to build on the momentum from the start of the year.”