Staffline climbs in spite of losses

AIM-listed recruiter Staffline (LON:STAF) has seen its share price lift by 9.42% to 27p despite reporting a fourfold increase in the group’s first half loss before taxation. Revenues for the six months ended 31st June fell by 16.9% as strong demand from the food supply sector at the start of lockdown failed to outweigh the impact of COVID 19 on other employment fields. The company also announced the appointment of Albert Ellis, currently a non-executive director, as its new CEO.

Executive Chairman Ian Lawson commented: “Staffline continued to successfully service its customer base, and our business proved resilient in the first half of 2020 despite COVID-19 significantly impacting a number of the Group’s key sectors. Our teams have worked tirelessly to not only support our customers in what has been a very challenging trading environment, but to ensure all of our workforce remains safe.”

Whilst we anticipate a stronger trading performance in H2 2020, there is a very high level of uncertainty across the market as a result of COVID-19“.