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Revenues were up by +8.7% from 500.9 million Pounds in H1 2009 to 544.4 million Pounds in H1 2010 at the Impellam Group Plc (IPEL:LSE), the international staffing group.
Interim results for the 26 weeks ended 2 July 2010 equally show that gross profit increased by +7.7% from 82.1 million Pounds in H1 2009 to 88.5 million Pounds in H1 2010.
Operating profit was up from 0.5 million Pounds in H1 2009 to 12.5 million Pounds in H1 2010 helped by a 6.9% reduction in costs. Before amortisation of intangible assets and exceptional items, operating profit was up from 6.5 million Pounds in H1 2009 to 14.2 million Pounds in H1 2010.
Impellam conducts business primarily in the United Kingdom and the United States, with smaller operations in Australia, Ireland, New Zealand and Continental Europe. The Company is ranked 18th on Staffing Industry Analysts' 2009 Top Global Staffing Companies List.
Business Segment Results
Healthcare Staffing: Turnover increased by +25.7% to 101.6 million Pounds and gross profit increased by +22.3% to 15.9 million Pounds. Operating profit increased to 5.6 million Pounds.
UK professional & technical staffing: Turnover declined by -3.6% to 83.7 million Pounds and gross profit was broadly flat at 14.3 million Pounds. Operating profit increased to 2.1 million Pounds. Impellam's principal brands in this segment include Austin Benn (sales and marketing), Celsian Education (teachers and school support staff), Chadwick Nott (legal), Hewitson Walker (accounting), IRC (multi-sector staffing in Ireland), Sââââ‚¬Å¡¬¢COM (technical) and SRG (scientific).
US staffing: Turnover increased by +3.7% to 86.3 million Pounds and gross profit increased by +1.9% to 17.6 million Pounds. Operating profit of the segment was 1.8 million Pounds compared to breakeven in 2009.
Support services: Turnover increased by +7.7% to 51.8 million Pounds and gross profit increased by +20.0% to 6.0 million Pounds. Operating profit 0.8 million Pounds compared to a loss in 2010. Impellam provides a range of support services in the UK such as contract cleaning and facility support services, security guarding and CCTV public space surveillance, and retail merchandising and events.
Cheryl Jones, Chairman, commented "I am pleased to announce that Impellam Group Plc concluded its half year results in line with expectations."
"The group has maintained priority on key drivers of our plan which include leveraging our brands, further improving our process and technology environments, investing in service innovation and refining our growth strategy."
"Continued focus on these priorities will allow the group's brands to continue to reposition themselves within their respective competitive markets for the remainder of the year."
In early trading Impellam's shares were up by +11.92% to 108.00 Pence.