After casually brushing past £20m of exceptional costs in its recent trading statement (enough to push the recruiter into a loss making position), Staffline shares have now been suspended. Here is our blog from earlier in January.
Stafflline's (STAF) shares have been suspended. This follows a trading update for the financial year to December 2018 which proudly ran through the progress made by the recruiter’s two main divisions – PeoplePlus and Recruitment – which have ensured trading in the period is “in line with market expectations”. It is not until line 16 of 19 that management admitted that the group incurred at least £20m of exceptional costs in 2018 – more than the entire net profit made last year. It’s the first time investors have been made aware of this exceptional charge which relates to a strategic overhaul in the PeoplePlus division and could…
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