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UK - Impellam encouraged by UK and US results

25 July 2013

UK recruiter Impellam (IPEL:LSE) today announced its unaudited interim results for the 26 weeks ending 28 June 2013, posting a small increase in revenue for the first half of 2013. Revenue amounted to £591.7 million, an increase of £0.8 million from the same period last year.

The increased revenue was driven by growth in its domestic market and North America although hampered by the performance in the firm’s Medacs Healthcare and Carlisle Support Services.

In the UK, turnover increased +1.5% to £372.1 million and gross profit increased by 0.8% to £50.7 million. In North America, revenue increased by +7.7% to £95.2 million and gross profit increased by 6.8% to £18.9 million.

Andrew Wilson, Chairman, commented: "The outlook in our core Staffing markets in the United Kingdom and North America is positive with both divisions showing growth in their Managed Services and Specialist Staffing operations.  We will invest judiciously in the opportunities that we see in these markets.

In the firm’s Medacs Healthcare business, however, turnover decreased -8.7% to £87.7 million while gross profit fell by -9.0% to £12 million. Carlisle Support Services posted a -9.4% turnover decline to £36.7 million with gross profit falling -57.4% to £2.0 million.

Impellam operates primarily in the UK and the US, with smaller operations in Australia, Ireland, New Zealand and mainland Europe. The firm is ranked among the 20-largest staffing companies in the world.  

Despite the positive outlook, the company’s share price opened at 362 pence, a fall of -10.49% on the day but an increase of +29.15% compared with a year ago. Based on its current share price the company has a market value of £160.3 million. 


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