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STAF Staffline Group Plc

25.50
0.00 (0.00%)
Last Updated: 08:00:22
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Staffline Group Plc LSE:STAF London Ordinary Share GB00B040L800 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 25.50 25.00 26.40 10,007 08:00:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Management Consulting Svcs 940.5M 3.8M 0.0229 11.14 42.27M

Staffline Group PLC Notification to Shareholders (7898N)

31/10/2016 7:00am

UK Regulatory


TIDMSTAF

RNS Number : 7898N

Staffline Group PLC

31 October 2016

 
 For Immediate Release   31 October 2016 
 

STAFFLINE GROUP PLC

("Staffline" or "the Group")

Notification to Shareholders in accordance with FRS 101

Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard 101 - Reduced Disclosure Framework.

A new UK Generally Accepted Accounting Practice ("UK GAAP") accounting framework introduced by the Financial Reporting Council ("FRC") became mandatorily effective for the financial statements of UK companies in 2015. Under this new framework, the Company is required to prepare its parent company financial statements for its financial year commencing 1 January 2015 on one of the new bases permitted by the FRC.

The financial statements for the year ended 31 December 2015 of Staffline Group plc (the "Company"), as set out on pages 60 to 73 of the 2015 Annual Report, were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" and to take advantage of the permitted election to the disclosure exemptions allowed under FRS 101 for the year ended 31 December 2016. As a result of taking the possible disclosure exemptions permitted under FRS 101, disclosures are expected to be the same as, or follow closely, those reported under UK GAAP.

The Company's decision to adopt FRS 101 does not require shareholder approval. However, due to the election to take the possible disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office (19-20 The Triangle, NG2 Business Park, Nottingham, NG2 1AE) not later than one month from the date of this announcement.

This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.

The consolidated financial statements of the Group will continue to be prepared in accordance with IFRS as adopted by the EU.

 
 For further information, please 
  contact: 
 
 Staffline Group plc 
  Chris Pullen, Chief Financial 
  Officer                                       0115 950 0885 
 Paul Collins, Company Secretary 
 
 Liberum Capital Limited NOMAD 
  & Joint Broker                                020 3100 2222 
 Steve Pearce / Steve Tredget 
  / Richard Bootle 
 Berenberg Joint Broker 
  Chris Bowman/ Marie Stolberg                  020 3465 2722 
 
 Buchanan                                       020 7466 5000 
 Sophie McNulty / Jane Glover       staffline@buchanan.uk.com 
 

About Staffline

Staffline is a leading outsourcing organisation providing Staffing services to industry, supplying up to 45,000 workers every day to more than 1,300 clients. The Group is also a leading provider of services in to the Government funded Welfare to Work and Skills arena across the UK.

The business comprises two key areas:

Staffing Services

Specialising in providing complete labour solutions in agriculture, food processing, manufacturing, e-retail, driving and the logistics sectors, the Staffing business operates from well over 300 locations in the UK, Eire and Poland.

The Staffing brands include:

-- Staffline OnSite, based on clients' premises and providing both blue and white collar, out-sourced, temporary workforces

-- Select Appointments, a high street branch-based operation providing white collar office staff, operated entirely on a franchised basis by independent business owners

   --    Staffline Express, a high street branch based operation 
   --    Driving Plus, providing HGV drivers to the driving industry 
   --    Staffline Agriculture, providing workers to the UK farming and growing sectors 

Employability

PeoplePlus is one of the largest Prime Contractors of the Work Programme in the UK with over 150 locations nationwide. Contracts include:

   --    Work Programme, prime contractor in nine regions in England and six sub-contacted regions 
   --    Steps to Success, prime contractor in Northern Ireland 
   --    Skills Funding Agency - managing the Offender's Learning and Skills Service ("OLASS 4") 
   --    The Money Advice Service ("TMAS") 
   --    Independent Living Services 
   --    New Enterprise Allowance scheme - supporting people to become self-employed 
   --    Suffolk County Council MyGo centre supporting youth employment 
   --    Ministry of Justice Transforming Rehabilitation in Warwickshire and West Mercia 

The Group also operates in the Kingdom of Saudi Arabia and Australia and provides training services in the UK through:

   --    Elpis, a national training consultancy, 
   --    Learning Plus, an e-learning platform 

-- Skillspoint, a procurement consultancy specialising in helping employers benefit from government

funded, work-based training

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDMMZGKRDGVZM

(END) Dow Jones Newswires

October 31, 2016 03:00 ET (07:00 GMT)

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