Shares of Staffline Group plc (STAF.L) have surged approximately 20% on the London Stock Exchange following an announcement from the recruitment and training company that its fiscal 2024 underlying profit before tax exceeded market expectations, driven by revenue growth. For the year, the underlying operating profit rose by 7.8%, reaching £11.1 million compared to £10.3 million the previous year. This positive outcome occurred despite slower-than-anticipated interest rate reductions that dampened some advantages of robust operating profits.
The consensus compiled by the company had projected a full-year underlying operating profit of £10.1 million.
Revenue for the year climbed 12.8%, amounting to £1.06 billion, up from £938.2 million in the prior year. Looking ahead, Staffline noted that fiscal 2025 performance may be influenced by ongoing macroeconomic uncertainties.
The company anticipates that higher-than-expected interest rates will increase working capital costs beyond previous estimates. Currently, shares of Staffline Group are trading at a 19.68% gain, priced at 22.50 pence on the London Stock Exchange.
