Staffline shares up as trading restarts

Trading in the shares of AIM-listed Staffline (LON:STAF) has been resumed following the delivery of the key findings of a third party investigation in to the firm’s HR and Payroll practices. Historical issues were brought to light in January and the company is working with HMRC to quantify underpayments related to the National Minimum Wage between 2015 and 2018. The company has increased its previously announced provisions for these issues by £3.5 million following legal advice.

Non-Executive Chairman John Crabtree commented: “On behalf of the Board, I am pleased that we are able to take this positive step forward, providing clarity and reassurance to our staff, customers and shareholders.

We have taken this opportunity to review thoroughly the implementation of our policies as we strive to set the highest standards.

We look forward to publishing Staffline’s results for the year ended 31 December 2018 in due course and continuing to focus on delivering across our key growth objectives”.

Despite these problems, the price of shares in Staffline rose by 25.37% to 840p (as of 12:50 GMT) once trading recommenced.