Impellam Group, a UK-based global staffing firm, announced yesterday that it expects to report annual gross profit of £315 million, an increase of 23.7% compared to FY 2021. Annual gross profit from continuing operations is expected to be around £205 million, up 27.3% over the prior year period.

On January 2023, the group entered into an agreement to sell its regional staffing businesses in the UK (Tate, Blue Arrow Group, Chadwick Nott, Career Teachers) and its healthcare staffing business in the UK, Ireland and APAC (Medacs Global Group) to Twenty20 Capital, a European specialist investment fund focused on the human capital services sector, for a cash consideration of £85 million on a debt-free, cash-free, normalised working capital basis.

In its update yesterday, the group said it has now completed the transaction.

Julia Robertson, Chief Executive Officer, said, “This strategic realignment enables us to focus our investments on the delivery of digitally enabled, multi-disciplinary workforce and specialist recruitment solutions to our customers in the UK and Europe, North America and Asia Pacific.”

“The investment case for Impellam is enhanced by this Transaction with greater visibility of future revenue and increased efficiency, led by our virtuosos and underpinned by proprietary digital technology and partnerships with market leading software providers future proofing our services and driving higher margins and return on capital,” Robertson added.

The group expects to release its results for the financial year ended 31 December 2022 on 30 March 2023.

Impellam shares closed yesterday at £700.00, up 1.82% on the day and 4.76% below its 52-week high of £735.00, set on 4 January 2023. The company has a market capitalization of £309.30 million.