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Impellam revenue rises, U.S. commercial down

September 09 2008

Impellam Group PLC, a United Kingdom-based staffing firm with operations in the United States and elsewhere, said revenue rose 11.6% year over year to GBP516.9 million (US$1.03 billion) in the first six months of 2008.

Impellam formed in May as the result of the merger of two staffing firms: Corporate Services Group PLC and the Carlisle Group Ltd. The company announced its results today on a pro forma basis.

U.S. commercial revenue at Impellam fell 8.4% in the first six months to GBP87.2 million (US$174.0 million) compared with GBP95.4 million in the first six months of 2007. The operations include Corestaff, Guidant, S.Com, Specialty Services Group and SRG Woolf.

"The board is well aware of the adverse economic conditions in the two principal geographies in which the group operates. Specifically, we are continuing to see weakness in the financial services, logistics and construction market sectors," said Chief Executive Desmond Doyle. "We enter our traditionally stronger second half year for the Group with the performance of our U.K. and U.S. Commercial staffing sectors remaining under pressure."

Gross margin at Impellam slipped to 18.7% in the first six months of 2008 from 19.3% in the same period last year.

The company reported a loss of GBP1.8 million (US$3.6 million) compared with net income of GBP2.6 million.

Impellam Group PLC
For the first half of 2008 ended June 30, 2008, compared with the first half of 2007.
Revenue: GBP516.9 million (US$1.03 billion), +11.6%
Net loss: GBP1.8 million (US$3.6 million) vs. net income of GBP2.6 million


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