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2011 Summary

Acquisitions

We acquired Eos Works Ltd (Eos), a Welfare to Work service provider, in April 2011 and are delighted with the impact the business has had on the Group. This was followed in September with the acquisition of Taskforce Recruitment, an industiral recruitment business with sales in excess of £20 million.

Operational Review

Whilst 2011 proved less buoyant than 2010, Staffline has continued to achieve strong growth even though the latter half of 2011 saw a general slowdown in demand from existing customers. Demand for our Onsite offering continues to generate market interest with the overall trend to outsourcing remaining prevalent for many clients. As a result the Group has continued to win significant levels of new business which has more than compensated for the market slowdown.

New locations

The number of OnSites also increased, from 135 in December 2010 to 163 in December 2011, which includes openings from a mixture of new and existing clients and some from acquisitions. We have, for the first time in a number of years, increased the number of high street branches we operate from. During 2011 the Group acquired three new branches bringing the total number to 18 at the year end.

Employees

As we continue to grow, we have seen an increase to 361 employees in our recruitment businesses and Head Office this year, giving an average sales per employee of £763,000 compared to £708,000 in 2010. In addition a further 171 people are employed by Eos, bringing the Group’s total workforce to 532.

Health & Safety

Our continued commitment to health and safety in the workplace is demonstrated with a further reduction in the Accident Frequency Rate (AFR) by 37.5%. In 2011 our contractors worked over 31 million hours and suffered 60 reportable accidents compared to 2010 when 75 accidents happened and hours worked were 25% lower. We are determined to continue this improvement over the coming years.