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Impellam revenue slips, but swings to profit

February 22, 2010

Impellam Group PLC reported full-year 2009 revenue edged down 2.4% from 2008, but said profit rose.

The company announced 2009 revenue of GBP1.04 billion (US$1.66 billion) compared with GBP1.07 billion in 2008.

Impellam formed in 2008 as a result of the merger of The Corporate Services Group PLC and Carlisle Group Ltd. The company reported 2008 revenue on a pro forma basis as if both companies had been combined for the full year.

Based in the U.K., Impellam also has operations in the U.S. that include Corestaff Services, Leafstone, Guidant Group, InfoCurrent, S.Com and SRG Woolf.

Impellam's 2009 U.S. staffing revenue fell 6.7% to GBP164.1 million (US$261.3 million) from 2008 U.S. staffing pro forma revenue of GBP175.8 million. Measured in dollars to exclude exchange rates, Impellam reported U.S. staffing revenue fell 21.6%.

2009 gross margin narrowed to 16.3% from 17.7% in 2008.

Profit attributable to equity shareholders rose to GBP10.8 million (US$17.2 million) from a loss of GBP9.0 million.

Impellam cut administrative expenses to GBP160.2 million (US$255.1 million) in 2009 from GBP192.0 million in 2008. And the company posted an operating profit of GBP10.0 million (US$15.9 million) compared with an operating loss of GBP2.4 million in 2008.

Impellam Group PLC
For full-year 2009 ended Dec. 31, 2009, compared with full-year 2008.*
Revenue: GBP1.04 billion (US$1.66 billion), -2.4%
Profit attributable to equity shareholders: GBP10.8 million (US$17.2 million) vs. loss of GBP9.0 million
*2008 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.