Impellam Group plc, which ranks among the world’s largest staffing providers, reported revenue for continuing operations rose 21.1% to £1.96 billion (US$2.36 billion) in fiscal year 2022 ended Dec. 30.

CEO Julia Robertson noted revenue growth at the UK-based firm occurred even amid the backdrop of upheaval caused by the pandemic, the war in Ukraine, the impact of Brexit and the cost-of-living crisis.

“Despite these headwinds, the labor market remained tight, driven by global skills and talent shortages, the Great Resignation, the early retirement of over 50s, high attrition and a booming post-Covid-19 job market creating a positive trading environment for all our businesses,” Robertson said.

Impellam’s majority shareholder, Lord Michael Ashcroft, also announced in April 2022 that he intended to step down and sell his majority stake. Ashcroft held 62% of the shares in the company at the time.

Impellam recently divested several divisions. It sold its Corestaff business in the US to swipejobs Inc. in February 2022 for $19 million. Impellam also sold its UK regional specialist staffing businesses — Blue Arrow, Tate, Chadwick Nott and Career Teachers — along with its UK, Ireland and APAC healthcare business to Twenty20 Capital for a cash consideration of £85.0 million (US$111.4 million) in March 2023.

“The sale of Corestaff in North America in February 2022, followed by the disposal of our regional specialist staffing and healthcare brands in Q1 2023, will enable the group to focus on the fast-growing managed services and science, technology and engineering markets where our specialist expertise and track record positions us for high growth in these attractive market sectors,” Ashcroft said.

Including continuing and discontinued operations, revenue rose 10.1% on a constant currency basis to £2.54 billion (US$3.01 billion) in the fiscal year.

Guidance

“Trading in 2023 began above our expectations, albeit we have noted some hesitancy during Q1 on permanent hiring, particularly amongst professional and financial services clients,” Robertson said. “Pipelines remain strong, but we will continue to remain vigilant, given the political and economic headwinds of inflationary pressure and interest rate rises, continuing events in Ukraine and ongoing talent shortages across all our regions.”

Share price and market cap

Shares in Impellam closed up 2.81% to £640.00 (US$788.66) today in London; they were 15.23% below their 52-week high, according to FT.com. The company had a market cap of £279.88 million (US$344.9 million).