Notification to Shareholders

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	[e-mail]

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

 

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