Staffline Group PLC (AIM:STAF) CEO Albert Ellis hailed an “outstanding operational performance” after the recruitment and training company ended 2024 with record cash flow and profits ahead of market expectations.
Revenue climbed 12.8% to £1.06 billion, driven by strong demand for recruitment services, particularly in blue-collar sectors.
Gross profit rose 9% to £88.1 million, with operating profit up 7.8% at £11.1 million. Net cash surged to £9.7 million, far exceeding expectations, thanks to efficient cash management.
The Recruitment GB division had a standout year, with hours worked in December - its busiest trading period - rising 12.3%. Supermarkets, including Tesco, Sainsbury’s, and Marks & Spencer, played a key role in driving demand, alongside strong Black Friday volumes in logistics.
Recruitment Ireland also rebounded after a tough 2023, with permanent placements jumping 38%.
Meanwhile, PeoplePlus, which focuses on training and employability, secured a £28 million contract with Scottish prisons but faced delays in UK government tenders.
Looking ahead, Staffline expects economic uncertainty to affect some recruitment markets, but continued demand for essential workers should support further growth.
CEO Ellis told investors; "The group delivered an outstanding operational and financial performance in 2024, driven by increased market share and new customers combined with a disciplined approach to costs."