Recruitment and outsourcing firm Staffline defied the recession today as it predicted full-year results ahead of City hopes.
The Nottingham-based firm supplies temporary and permanent blue-collar workers via traditional high street branches and through operations based on customers’ sites.
Despite “extremely challenging” market conditions, the company said it had a more successful first 10 months of the year than originally feared.
Staffline has gained several new business wins since June and embarked on a cost-cutting drive which has seen 20% of its employees – around 45 jobs – go.
The firm has also made some closures to its branch network and said that integrating bolt-on acquisitions had given it improved scope for cost-savings.
Shares in the firm rose 18% as analysts raised forecasts for this year and next.
Altium Securities analyst David O’Brien said: “The balance of risk has now moved to the upside, demonstrated by the improved second-half performance.
The firm was founded in 1986 and floated on the junior AIM market in December 2004. It provides around 10,000 temporary workers to 500 clients every week.
