Shares of Staffline Group plc (STAF.L) are increasing around 20% on the London Stock Exchange after the recruitment and training provider announced that its fiscal 2024 underlying profit before tax surpassed market expectations, with growth in revenues.
For the year, underlying operating profit spiked 7.8% to 11.1 million pounds from 10.3 million pounds last year. The improvement was despite slower-than-expected interest rate cuts, which reduced some benefits from strong operating profits.
The company-compiled consensus for the full-year underlying operating profit is 10.1 million pounds.
Revenue for the year increased 12.8 percent to 1.06 billion pounds from 938.2 million pounds in the previous year.
Going ahead, the company said its fiscal 2025 performance will be impacted by ongoing macroeconomic uncertainty.
Staffline expects higher-than-previously anticipated interest rates will raise working capital costs beyond earlier estimates.
Staffline Group is currently trading 19.68% higher at 22.50 pence on the London Stock Exchange.
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