Staffline has released a trading update for the year to December showing a solid second half, exceeding our expectations for profitability and cash flow. FY22 underlying EBIT was £11.6m (Zeus: £11.4m) and net cash (ex. leases) was £5.0m (Zeus: net debt of £15.0m). Market conditions in FY23 are expected to be more challenging, with some softening of recruitment demand – as such, we trim our forecasts, reducing FY23 and FY24 underlying EBIT by 25.5% and 23.2%, respectively. That being said, with e ....
