Staffline losses deepen in year marred by accounting errors

Tue, 30th Jun 2020

Recruitment and training company Staffline reported a deeper annual loss after the business was rocked by accounting errors. Pre-tax losses for the year through December amounted to £48.1m, compared to a restated loss in 2018 of £17.8m. Revenue fell 3.9% to £1.08bn, compared to a prior-year numbers that also had be restated. Staffline, which has overhauled its management ranks, said it had implemented corporate governance improvements 'following certain control failures and prior period reporting issues'. It said the impact of the Covid-19 crisis had been mixed, with demand surges in key food distribution and production supply chains offset by declines in manufacturing, retail and classroom-based training programmes. Staffline said it remained cautiously optimistic that each of its three operating divisions would achieve a positive result in 2020, on an underlying operating profit basis. '2019 was a challenging year for the group during which time Staffline faced a number of significant issues,' executive chairman Ian Lawson said. 'Clearly in the current year, we are operating within an unprecedented macroeconomic climate as a result of the Covid-19 pandemic, however, Staffline's people have risen to this challenge and maintained an outstanding level of business continuity, enabling us to successfully support our blue-chip customer base.' At 9:41am: (LON:STAF) Staffline Group PLC share price was +0.9p at 38.9p Story provided by StockMarketWire.com

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