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Impellam UK revenue up, North America revenue falls

July 30, 2014

Impellam Group plc, one of the world’s largest staffing firms, reported revenue rose 3.5 percent in the first half of 2014 with its Impellam United Kingdom segment leading growth.

Impellam United Kingdom revenue rose 10.5 percent. In comparison, Impellam North America revenue fell 2.3 percent when measured in U.S. dollars; the company said adverse weather earlier in the year impacted revenue.

The company also reported managed services revenue rose by 12.8 percent when measured at constant currency rates in the first half to £309.1 million (US$526.3 million). Impellam rebranded its U.K. operations as Guidant Group and brought the U.K. and U.S. operations under common management.

Impellam also announced the acquisition of Career Teachers in the U.K. for £20.3 million.

Quotes

“During the period, I am pleased to report that significant steps have been taken against the group’s strategic objectives which I set out at the end of 2013, thus for the first time, we are also reporting financial performance in our core staffing businesses by Specialist Staffing and Managed Services, including the spend we manage on behalf of clients. I am also happy to report that we have completed the rebranding of our UK Managed Services business, formerly Carlisle Managed Solutions, as Guidant Group. The group now has a truly global Managed Services operation across the United Kingdom, North America and Australia and is able to extend services across multiple geographies. The acquisition of Career Teachers in March 2014 was the first step in strengthening and refining our portfolio of Specialist Staffing businesses into market leading positions and I am pleased to report that the business is delivering in line with the board’s expectations.” — Julia Robertson, CEO

“It is with great sadness that I report the passing of our chairman, Andrew Wilson, in May 2014. Andy was a driving force in the creation of Impellam in 2008 and was a staunch advocate of our new group strategy. His contribution to the Group has been significant and he is much missed.” — Julia Robertson, CEO

Revenue

  first half 2014 (£millions) first half 2013 (£millions) % growth first half 2014 (USD$millions)
Revenue £612.3 £591.7 3.5% $1,042.6

Revenue by segment

  first half 2014 (£millions) first half 2013 (£millions) % growth first half 2014 (USD$millions)
Impellam United Kingdom £411.0 £372.1 10.5% $699.8
Impellam North America £86.0 £95.2 -2.3%* $146.4
Medacs Healthcare Group £85.5 £87.7 -2.5% $145.6
         
Staffing services total £582.5 £555.0 5.0% $991.9
         
Carlisle Support Services £32.3 £36.7 -12.0% $55.0
         
Intra-group revenue -£2.5  
         
*percent change is based in U.S. dollars, not British pounds      

Revenue by service types for United Kingdom, North America and Medacs staffing

  first half 2014 (£millions) first half 2013 (£millions) % growth first half 2014 (USD$millions)
Managed services £309.1 £277.4 12.8%** $526.3
Specialist staffing £298.1 £295.6 2.1%** $507.6
Inter-segment revenue -£27.2 -£18.0
         
**percent change measured at constant currency rates      

Gross margin

  Q1 2014  Q1 2013 
Gross margin 14.9% 14.2%

Profit for the period

  first half 2014 (£millions) first half 2013 (£millions) % growth first half 2014 (USD$millions)
Profit for the period £12.3 £8.8 39.8% $20.9