FINANCIALS: Staffline predicts profits to be down following accounting review

Staffline now expects full-year 2019 profits to be materially below previous predictions.

In a trading update, the recruitment and training group revealed that following an accounting review, completed in H1 last year, which identified accounting errors in its 2018 results, while its year-end audit process with new auditors Grant Thornton remains on-going, it has already identified that it is appropriate to increase certain provisions and make further write-downs.

Due to these net charges, the group’s board added it now expects Staffline to report full-year adjusted operating profit (profits before interest, tax and non-underlying charges) for the period ending 31 December 2019 materially below its previous guidance.

In December, the group said it expected annual adjusted operating profits for 2019 to come in at between £10m and £12m.

However, the group added it is pleased to report that 2020 has started well and the board’s expectations for the FY2020 are unchanged.

In a separate announcement, Staffline added Ed Barker, non-executive director and chairman of the firm’s audit committee, will step down with effect from today, 31 January 2020.

The board’s process for finding a successor is now well advanced and a shortlist of candidates has been identified.

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