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Impellam Group revenue rises 9.7%

May 11 2009

Impellam Group PLC announced revenue rose 9.7% to GBP1.07 billion (US$1.55 billion) for full-year 2008 from GBP975.3 million in 2007. The company, formed in 2008 in the merger of The Corporate Services Group PLC and Carlisle Group Ltd., ranks as one of the largest staffing firms in the United Kingdom and also has operations in the United States.

Impellam reported its results on a pro forma basis, as if both companies had been combined throughout both 2008 and 2007.

The company reported revenue in its U.S. division fell 13.2% in U.S. currency as clients reduced their use of temporary staffing amid the slow economy. 2008 U.S. revenue was GBP175.8 million (US$254.5 million). The firm's U.S. operations include Corestaff (office/clerical and industrial), Guidant, S.com (technical), Specialty Services Group (information technology) and SRG Woolf (scientific).

Its U.K. commercial staffing revenue rose 12.3% to GBP457.4 million (US$662.3 million). U.K. professional staffing revenue rose 17.0% year-over-year to GBP177.1 million (US$256.4 million) and U.K. healthcare staffing revenue rose 30.7% to GBP143.9 million (US$208.4 million).

Impellam's gross margin narrowed to 17.7% in 2008 compared with 19.1% in 2007.

The company said it completed an investigation of its Recruit Events Services Ltd. subsidiary it had announced earlier. The irregularities at the subsidiary relate to overstatement of revenue and associated billed and unbilled receivables, according to the company. Impellam announced it is increasing controls over the subsidiary and has put new management in place.

Impellam also announced it acquired Medacs, a small permanent placement business in Australia in December 2008.

Impellam Group PLC
For full-year 2008 ended Dec. 31, 2008, compared with full-year 2007. Revenue is reported on a pro forma basis as if the Carlisle Group and Corporate Services Group had been combined for both 2008 and 2007.
Revenue: GBP1.07 billion (US$1.55 billion), +9.7%
Net loss: GBP9.0 million vs. net loss of GBP9.0 million

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