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UK — Impellam Group's gross profit down by -10%

22 February 2010
 
Impellam Group Plc (IPEL:LSE), the multi-brand staffing group, today publishes preliminary results for the year ended 31 December 2009. Total turnover was down by -2.4% from 1.07 billion Pounds in December 2008 to 1.04 billion Pounds in December 2009.

Gross profit was down by -10% from 189.6 million Pounds in 2008 to 170.2 million Pounds in 2009.

In health care staffing, revenues were up by 22.4% to 179 million Pounds. Gross profit increased by 26.5% to 28.2 million Pounds.

In UK commercial staffing, revenues were down by -8.5% to 417.6 million Pounds. Gross profit fell by -21.9% to 60.1 million Pounds.

In UK professional and technical staffing, revenues were down by -2.3% to 173.2 million Pounds. Gross profit fell by -12.7% to 28.9 million Pounds.

In support services, revenues were down by -5.6% to 110.3 million Pounds. Gross profit fell by -6.6% to 19.9 million Pounds.

Impellam conducts business primarily in the United Kingdom and the United States, with smaller operations in Australia, Ireland, New Zealand and Continental Europe

Cheryl Jones, Chairman, commented "I am pleased to report that Impellam Group has concluded its first complete fiscal year of post-merger trading amidst a very challenging economic environment."

"Despite difficult economic conditions, the Group retained top-line performance, and efficiency initiatives were in line with the significant reductions the market experienced relative to the permanent placement sector and the general downturn in the temporary staffing sector."

"The first phase of the Group's strategy which included right sizing of the businesses, driving efficiencies into central and back office environments, initial rationalisation of the Group's brand portfolio, and improved cash management focus has been completed. Plans for further alignment to market focus, efficiencies and cash management are on-going."

After a fall of -6.15% on Friday Impellam's shares were unchanged in early trading today at 64 Pence.

 

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