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Annual Report & Accounts 2019

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Annual Report & Accounts 2019 Annual ReportAnnual & Accounts 2019 Staffline Group plc Annual Report and Accounts 2019 Who we are Staffline is one of the UK’s leading Recruitment and Training providers. Our purpose Enabling the future of work by developing and deploying a highly flexible, robust and skilled workforce. What’s inside Strategic Report Governance Financial Statements 01 Highlights 2019 27 Chairman’s Introduction 41 Independent Auditor’s 02 Company Overview 28 Board of Directors Report 03 Our vision & strategic 29 Senior Management Team 54 Consolidated Statement priorities 30 Corporate Governance of Comprehensive Income 04 Executive Chairman’s Code 55 Consolidated Statement Statement 35 Report on Remuneration of Changes in Equity 08 Recruitment Segmental 38 Report of the Directors 56 Company Statement of Changes in Equity Review 40 Statement of Directors’ 10 Peopleplus Segmental Responsibilities 57 Consolidated and Review Company Statements 12 Financial Review of Financial Position 18 Section 172 58 Consolidated Statement of Cash Flows 19 Principal Risks and Uncertainties 59 Notes to the Financial Statements 24 Corporate And Social Responsibility Statement 107 Staffline Group plc Unaudited Five Year Summary of Financial Data 108 Company Details Strategic Financial Report Governance Statements 01 Financial Highlights Revenue Reported operating (loss) Reported (loss) before tax £1,076.7m £(39.9)m £(48.1)m (down 3.9%) (2018 restated: £(14.7)m) (2018 restated: £(17.8)m) Underlying* operating (loss)/profit Underlying* (loss)/profit before tax Reported (loss) after tax £(0.8)m £(5.8)m £(44.0)m (2018 restated: £32.8m) (2018 restated: £29.7m) (2018 restated: £(16.0)m) Underlying* diluted earnings per share Pre-IFRS16 net debt Post-IFRS16 net debt (9.0)p £59.5m £67.9m (2018 restated: 88.3p) (2018: £63.0m) (2018: £63.0m) Highlights Financial Highlights Current Trading and Outlook • Revenue decreased (3.9)% to £1,076.7m (2018 restated: • The impact of COVID-19 has been mixed across the Group £1,120.9m) with surges of demand reported in key food distribution • Underlying* operating loss of £(0.8)m (2018 restated: and production supply chains, offset by declines in £32.8m profit) demand from sectors where the Government’s shutdown • Reported operating loss of £(39.9)m (2018 restated: was most severe such as manufacturing, retail and £(14.7)m) classroom-based training programmes • Reported loss before tax of £(48.1)m (2018 restated: • The Recruitment divisions have experienced significant £(17.8)m) variance between customer sectors • On a pre-IFRS 16 basis net borrowings reduced by • Strong response to the unprecedented surge in food £3.5m to £59.5m (2018: £63.0m) sector demand utilising web-based platforms to connect • On a post-IFRS 16 basis net borrowings were £67.9m displaced workers with vital roles required in the food supply chain, where demand continues to be strong Operational Highlights • Conversely, demand from other sectors such as retail, • The Group’s credit facilities have been restructured in automotive and manufacturing diminished considerably June 2020, post period-end • Since the easing of lockdown, the Group has • Group leadership, finance and main board benefitted from a gradual recovery in demand for strengthened post year-end with the following labour in non-food sectors including retail and appointments: manufacturing in line with our expectations • Ian Lawson as Executive Chairman in April 2020 • PeoplePlus has continued to operate the majority of its • Daniel Quint, Interim Chief Financial Officer, services adhering to isolation measures appointed to the Board in May 2020 • Most funding support provided has been on a cost • Albert Ellis as Non-executive Director in March 2020 only basis and as Chair of the Audit Committee in April 2020 • Whilst business intake in 2020 has weakened, it is • Richard Thomson as Senior Non-executive Director and anticipated that the Government will launch new Chair of the Remuneration Committee in April 2020 funding for training and retraining schemes, which • Implementation of corporate governance improvements PeoplePlus is well positioned to benefit from following certain control failures and prior period • The Board remains cautiously optimistic that each of reporting issues the three operating divisions will achieve a positive result in 2020 on an underlying operating profit basis * Note: Underlying results exclude amortisation of intangible assets arising on business combinations, exceptional reorganisation, legal and refinancing costs, exceptional transaction costs, exceptional National Minimum Wage remediation and financial penalties, revised audit scope and increased audit fees, employee dispute settlements, goodwill impairment and the non-cash charge/credit for share-based payment costs. Note: Net debt includes transaction costs of £nil (2018:£0.8m). 02 Staffline Group plc Annual Report and Accounts 2019 Company Overview The Recruitment division has a presence across Live candidates on our database Recruitment around 450 sites in the UK and finds work for on average c.40,000 people every day. We Specialists in providing complete support the major supermarkets including c.900,000 labour solutions in food processing, Tesco, Morrisons and Sainsbury’s and work manufacturing, e-retail, driving with some of the biggest fashion and high Workers deployed every day (average) and the logistics sectors. street names such as Boohoo and Marks and Spencer. Revenue by sector 2019 c.40,000 Staffline is a leading provider of on-site Food and related 56% managed drivers, dedicated to the specialist Worker satisfaction level supply of LGV drivers to logistics and transport Manufacturing 15% operations throughout the UK. We recruit, train and manage a flexible workforce across more Retail 12% 83.1% than 40 on-site locations, serving customers Driving 12% such as Hermes and DHL. (2018:81.6%) Other 5% Our large branch network supports clients Applications via Artificial Intelligence Total 100% through our Staffline, Express, Vital and Brightwork (Scotland) brands. Omega and Techsearch are our specialist engineering and 17.0% technical recruitment businesses based in Society is increasingly working with more Stonehouse and Leeds, covering all the UK, flexibility. We provide choice for our workers plus our RPO business Datum based in Ireland and we help our customers to be more Gloucestershire which supports a range of The Ireland division is a generalist recruitment efficient by providing flexible workforces to national construction, and FM businesses solutions provider, operating in a branch meet their changing needs. in the UK. network covering all major cities across Ireland, supplying public and private sector This has been particularly evident during the employers with candidates in both industrial COVID-19 outbreak with many workers and commercial roles. seeking alternative work in different sectors. PeoplePlus We are focussed on: Share of prison education market • Helping people into sustainable work; Building a skilled workforce for the future The leading adult skills and training • and developing careers; 28% provider in the UK, delivering • Rehabilitating ex-offenders into society and apprenticeships, adult education, the workplace; and Bid win rate (by volume) prison education and skills-based • Enabling a healthy and diverse workforce employability programmes across and support for independent living. the country. 47% Skills and Training FY19 FY18 The market leading provider of Apprenticeships Revenue Revenue Share of national adult education Mix % Mix % (both Levy and non-Levy), learning and market development, adult education and health and Skills 28% 28% well-being programmes to the private and Justice 33% 28% public sector. Apprenticeships 14% 9% 6% Other (including Work Justice and Community Share of apprenticeship standards Programme wind down) 25% 35% The largest independent provider of education starts in chosen sectors (2018/19 Total 100% 100% and training services for prisoners and starts) ex-offenders, as well as individual support Financial Services: 28% services for carers and people with disabilities, • Retail Craft Disciplines: 30% both at home and in the work place. • Funeralcare: 78% • Retail: 7% Employability • The market leading provider of programmes providing back-to-work education, skills support services to the unemployed and enterprise advice to individuals wanting to start their own business. Strategic Financial Report Governance Statements 03 Strategic priorities Our purpose Our vision To enable the future of work by developing To build and develop the most reliable, flexible and deploying a highly flexible, robust and and integrated workforce in the country and skilled workforce. to be the leading creator of opportunities, jobs and new ideas in the employability, skills and justice sectors. Group Strategic Priorities Our strategy in the near-term is to create a sustainable business that can benefit from its existing resources and capitalise on the significant opportunity that exists within our target markets. Our strategy is underpinned by: Operational excellence Optimised service offering Leverage our brand Develop and cultivate our talent • Improve the financial • Better understanding of our • Unify existing brands within • Bring together our people position of the Group by: customers’ objectives Recruitment divisions under across divisions • Strengthening the balance Secure opportunities with ‘Staffline’ Reduce organisational silos sheet • • new customers • Build on
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