Preliminary Results

RNS Number : 0365B

Impellam Group plc

27 February 2014

 



IMPELLAM GROUP PLC

("Impellam", the "Group" or the "Company")

REPORT FOR THE 52 WEEKS ENDED 27 DECEMBER 2013

 Preliminary Results - Unaudited

Key headlines

Ø Revenue decreased by 0.4% to £1,206.2 million (2012: £1,210.8 million) 

Ø Core staffing revenues increased by 0.8% to £1,137.0 million (2012: £1,127.9 million)

Ø Gross profit decreased by 0.5% to £173.3 million (2012: £174.1 million)

Ø Core staffing gross profit increased by 2.6% to £168.8 million (2012: £164.6 million)

Ø Permanent placement mix 11.5% (2012: 11.3%)

Ø Adjusted operating profit* decreased by £5.0 million to £28.6 million (2012: £33.6 million)

Ø Core staffing operating profit was £37.9 million (2012: £38.6 million)

Ø Exceptional contract loss provisions and other items £23.2 million

Ø Operating profit of £0.4 million

Ø Conversion of gross margin to adjusted operating profit* 16.5% (2012: 19.3%)

Ø Basic loss per share 2.3 pence (2012: earnings 22.2 pence)

Ø Adjusted* basic earnings per share 62.0 pence (2012: 59.0 pence)

Ø Net cash of £8.0 million at 27 December 2013 (28 December 2012: £16.8 million)

Ø US receivable finance agreement with CIT renewed for three more years

Ø Final dividend of 7 pence per share, amounting to £3.1 million in total, proposed to be approved at the AGM to be convened for June; payable on 25 July 2014 to all shareholders on the register at 4 July 2014. This makes a total dividend of 12p for 2013.

               * Adjusted operating profit before pre tax non-recurring expense items, goodwill impairment and share based payments (note 3)

Julia Robertson, Chief Executive Officer, commented:

"I am pleased to report that our staffing businesses in the United Kingdom and North America have made consistent quarter on quarter progress in gradually improving markets and, as a consequence, we have increased the Group's market share, particularly in the managed services arena.

Economic conditions in both the United Kingdom and North America during 2013 favoured the growth and development of our managed services operations, whilst from late Q3, our specialist staffing businesses, in particular those with a permanent placement orientation, began to accelerate.  The improving economy also helped our branch based businesses, which, in Q4, delivered the highest total gross profit since 2008.  Although changes to buying behaviour in the NHS provided challenging conditions for our Medacs healthcare business in the first half,  investments made in compliance, managed service sales and delivery capability and into expanding our nursing business resulted in Medacs delivering accelerating quarter on quarter growth in the second half of the year and the Board expects this growth to continue into 2014.

Notwithstanding the considerable progress made in our core staffing operations which account for 94% of our revenue, as previously announced, we have had to deal with two operationally complex, contracts in our Carlisle Support Services ("CSS" or "Carlisle") business.  Following a change of management at the half year, and a careful review of all our options, we have already exited one of these contracts and are in discussions with the other customer regarding remediation.  These two contracts have had a serious impact on our overall financial performance in 2013 and a provision of £23.0 million has been taken as an exceptional item.  In addition, as a consequence of the reduced profitability and smaller scale of the remaining CSS business, an impairment to the goodwill amounting to £5.0 million has also been taken.

Group strategic review

Since becoming Group CEO in April 2013, my focus has been to conduct a full strategic and operational review of each division and each brand within the Group.

We now have a clear plan to build a better business.  We will:

·      Focus on managed services to give us long term visibility of recurring revenues with higher group conversions

·      Strengthen our portfolio of distinctive, premium priced  specialist staffing businesses to improve margins

·      Refine our portfolio through highly selective M&A activity

·      Continue our organic growth by tuning into customers and seeing the world through their eyes

·      Provide fulfilment and a sense of purpose to our people

·      Continue cost control and well thought through investment,  to give sustainable cash generation and reliable shareholder returns

As we emerge from a long period of global recession into a changed world, we believe the time is right for our plan.  The explosion of digital, web and cloud based services means that we must continue to re-evaluate the way we do business and our individual service propositions and we must learn lessons from other service sectors about building a better business - a business that is ethical, compliant, purposeful and trusted to deliver on its promises." 

Financial performance

The Group's revenue in the year was broadly unchanged at £1.2 billion compared to 2012.  Revenue increases in the core UK and US staffing businesses were offset by reductions in Medacs and Carlisle, the former due in part to a change in the process by which certain locum doctors are now paid resulting in revenue recognition on an agency basis.  Similarly, Group gross profit was also broadly flat, again with gains in the staffing businesses offset by a reduction in Carlisle.  Gross profit margin % has therefore remained flat with some evidence that pricing pressures are easing and also an increase in permanent recruitment activity, particularly in the second half.  The Board expects the continued focus on the quality of the revenue base should position the Group favourably as markets recover and we enter a period of economic growth and reducing unemployment in our principle markets.

Business segment operating profit was £33.9 million against £39.0 million in 2012.  Again, our UK and US staffing businesses increased operating profits whilst Medacs and Carlisle saw operating profit contraction.  The Carlisle business saw a material reduction in operating profit driven by restructuring costs and further contractions in the retail market place and pressure on pricing for contract renewals and wins.  Corporate costs were marginally lower at £5.3 million (2012: £5.4 million). 

Group operating profit, before non recurring items was £28.6 million, representing a £5.0 million reduction on the prior year (2012: £33.6 million).   The conversion rate of gross profit into adjusted operating profit was 16.5% (2012: 19.3%).  The Group businesses continue to focus on service delivery efficiencies to drive this key performance indicator and the target is to achieve conversion of in excess of 20%.

Non-recurring items of £23.2 million in the current period comprised provisions for onerous contracts in the Carlisle business and the impairment of consequently impacted fixed assets directly associated with these contracts as previously highlighted.

Adjusted basic earnings per share were 62.0 pence for the year, compared to 59.0 pence in the comparable period in 2012. 

Dividends

As announced in December 2012, a one off special dividend of 35 pence per share, in total £15.4 million, was paid on 10 April 2013.  This payment broadly equated to the cash flow in 2012 over and above that required for funding day to day operations, taxation and interest payments.  During the year, a final dividend of 5 pence per ordinary share in respect of 2012 was declared and paid on 10 July 2013.  Further, an interim dividend of 5 pence per ordinary share was declared and paid on 2 September 2013. The final and interim dividends equated to an aggregate distribution to shareholders of £4.4 million.

Subject to shareholder approval, the Board is proposing a final dividend in respect of 2013 of 7p per share, amounting to £3.1 million, to be paid on 25 July following the Annual General Meeting. 

Total dividends in respect of 2013 are more than four times covered against adjusted earnings per share.

Business segment results

−      Impellam United Kingdom: Turnover increased 1.4% to £772.5 million whilst gross profit increased by 1.8% to £104.4 million.  Operating profit increased by £1.3 million, to £27.8 million.

−      Impellam North America: Turnover increased 6.6%* to £192.4 million and gross profit increased by 7.4%* to £39.1 million.  Operating profit increased by £1.2 million to £5.0 million.

−      Medacs Healthcare Group: Turnover decreased 8.3% to £172.1 million while gross profit decreased by 2.7% to £25.3 million.  Operating profit decreased to £5.1 million.

−      Carlisle Support Services: Turnover decreased 10.7% to £74.0 million and gross profit decreased 52.6% to £4.5 million.  Operating profit decreased to a loss of £4.0 million.

* Impellam North America percentage changes are measured in local currency

Cash flow, debt and net assets

The Group generated £18.3 million of cash from operating activities in the year (2012: £26.7 million).  Days sales outstanding for the Group was 37.2 at 27 December 2013 compared to 38.4 at 28 December 2012.

Net cash decreased by £8.8 million to a net cash position of £8.0 million as at 27 December 2013 (28 December 2012: £16.8 million).  In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to £4.2 million (28 December 2012: £3.8 million).

At 27 December 2013, the Group had net assets of £112.1 million (28 December 2012: £133.5 million).

Financial results for the fifty-two weeks ended 27 December 2013 - unaudited

The table below sets out the financial results for the Group by segment for the fifty-two weeks ended 27 December 2013

		Revenue				Gross profit				Operating profit
£'million		2013	2012		% change	2013	2012	% change	2013		2012
Impellam United Kingdom		772.5	762.2		1.4	104.4	102.6	1.8	27.8		26.5
Impellam North America *		192.4	178.0		6.6	39.1	36.0	7.4	5.0		3.8
Medacs Healthcare Group		172.1	187.7		(8.3)	25.3	26.0	(2.7)	5.1		8.3
		1,137.0	1,127.9		0.8	168.8	164.6	2.6	37.9		38.6
Carlisle Support Services		74.0	82.9		(10.7)	4.5	9.5	(52.6)	(4.0)		0.4
Intra-group revenue		(4.8)	-		-	-	-	-	-		-
		1,206.2	1,210.8		(0.4)	173.3	174.1	(0.5)	33.9		39.0
Add back: Depreciation and amortisation									5.7		5.6
EBITDA									39.6		44.6
Corporate costs									(5.3)		(5.4)
Operating profit before non-recurring items									28.6		33.6
Non-recurring items									(23.2)		(5.7)
Goodwill impairment									(5.0)		(9.0)
Share based payment									-		(1.6)
Operating profit									0.4		17.3

* Impellam North Americapercentage changes are measured in local currency

Consolidated income statement		Unaudited	Audited
For the fifty-two weeks ended 27 December 2013		27 December	28 December
		2013	2012
	Notes	£ m	£ m
Revenue	2	1,206.2	1,210.8
Cost of sales		(1,032.9)	(1,036.7)
		_________	_________
Gross profit		173.3	174.1
Administrative expenses		(172.9)	(156.8)
		_________	_________
Operating profit	2	0.4	17.3
Operating profit before non-recurring items		28.6	33.6
Non-recurring items	3	(23.2)	(5.7)
Goodwill impairment		(5.0)	(9.0)
Share based payment		-	(1.6)
		_________	_________
Operating profit		0.4	17.3
Finance expense		(1.5)	(1.5)
		_________	_________
(Loss) / profit before taxation		(1.1)	15.8
Taxation credit / (charge)	4	0.1	(6.0)
		_________	_________
(Loss) / profit for the period attributable to owners of the parent Company		(1.0)	9.8
		_________	_________

(Loss) / earnings per share	5
Attributable to equity holders of the parent Company -   basic -   diluted		(2.3)p (2.3)p	22.2p 22.1p

Consolidated statement of comprehensive income		Unaudited	Audited
For the fifty-two weeks ended 27 December 2013		27 December	28 December
		2013	2012
		£ m	£ m
(Loss) / profit for the period		(1.0)	9.8
Other comprehensive income: Items that may be subsequently reclassified into income:
Currency translation differences (net of tax)		(0.7)	0.3
		_________	_________
Total comprehensive income for the period, net of tax attributable to owners of the parent Company		(1.7)	10.1
		_________	_________

Consolidated balance sheet		Unaudited	Audited
As at 27 December 2013		27 December	28 December
		2013	2012
		£ m	£ m
Non-current assets
Property, plant and equipment		4.3	5.2
Goodwill		46.8	51.1
Other intangible assets		47.2	47.7
Deferred tax assets		2.9	3.1
Financial assets		1.7	1.8
		_________	_________
		102.9	108.9
		_________	_________
Current assets
Trade and other receivables		225.3	227.8
Cash and short-term deposits		35.1	37.8
		_________	_________
		260.4	265.6
		_________	_________
Total assets		363.3	374.5
		_________	_________
Current liabilities
Trade and other payables		192.9	197.3
Taxation liabilities		-	3.3
Short-term borrowings		27.1	21.0
Provisions		7.0	3.8
		_________	_________
		227.0	225.4
		_________	_________
Net current assets		33.4	40.2
		_________	_________
Non-current liabilities
Other payables		-	0.1
Provisions		15.3	5.5
Deferred tax liabilities		8.9	10.0
		_________	_________
		24.2	15.6
		_________	_________
Total liabilities		251.2	241.0
		_________	_________
Net assets		112.1	133.5
		_________	_________
Equity
Issued share capital		0.4	0.4
Share premium account		15.6	15.5
		_________	_________
		16.0	15.9
Other reserves		92.3	93.0
Retained earnings		3.8	24.6
		_________	_________
Total equity attributable to equity holders of the parent Company		112.1	133.5
		_________	_________

Consolidated cash flow statement		Unaudited	Audited
For the fifty-two weeks ended 27 December 2013		27 December	28 December
		2013	2012
		£ m	£ m
Cash flows from operating activities
(Loss) / profit before taxation		(1.1)	15.8
Adjustments for:
Net finance expense		1.5	1.5
Goodwill impairment		5.0	9.0
Depreciation and impairment of property, plant and equipment		2.1	2.5
Amortisation of software and client relationships		3.8	3.6
Loss / (profit) on disposal of property, plant and equipment		0.6	(0.2)
		_________	_________
		11.9	32.2
Decrease / (increase) in trade and other receivables		1.5	(35.2)
(Decrease) / increase in trade and other payables		(3.2)	36.3
Increase / (decrease) in provisions		12.6	(0.4)
		_________	_________
Cash generated by operations		22.8	32.9
Taxation paid		(4.5)	(6.2)
		_________	_________
Net cash generated by operating activities		18.3	26.7
		_________	_________
Cash flows from investing activities
Acquisition of subsidiary		(0.6)	-
Purchase of property, plant and equipment		(1.9)	(2.0)
Purchase of intangible assets		(3.4)	(3.2)
Proceeds of disposal of property, plant and equipment		0.1	0.3
Net movement in other financial assets		0.1	0.5
		_________	_________
Net cash utilised by investing activities		(5.7)	(4.4)
		_________	_________
Cash flows from financing activities
Shares issued on exercise of options		0.1	-
Net movement in short-term borrowings		6.1	0.5
Purchase and cancellation of own shares		-	(2.8)
Dividends paid		(19.8)	(3.1)
Finance expense paid		(1.1)	(1.2)
		_________	_________
Net cash outflow from financing activities		(14.7)	(6.6)
		_________	_________
Net (decrease) / increase in cash and cash equivalents		(2.1)	15.7
Opening cash and cash equivalents		37.8	22.3
Foreign exchange losses on cash and cash equivalents		(0.6)	(0.2)
		_________	_________
Closing cash and cash equivalents *		35.1	37.8
		_________	_________

* Unrestricted cash, available to the Group

Consolidated statement of changes in equity		Unaudited
For the fifty-two weeks ended 27 December 2013	Total share capital and share premium	Other reserves	Retained earnings	Total equity
	£ m	£ m	£ m	£ m
29 December 2012	15.9	93.0	24.6	133.5
	______	______	______	______
Currency translation differences (net of tax)	-	(0.7)	-	(0.7)
	______	______	______	______
Total other comprehensive income	-	(0.7)	-	(0.7)
Loss for the period	-	-	(1.0)	(1.0)
	______	______	______	______
Total comprehensive income in period	-	(0.7)	(1.0)	(1.7)
Exercise of share options	0.1	-	-	0.1
Dividends paid	-	-	(19.8)	(19.8)
	______	______	______	______
27 December 2013	16.0	92.3	3.8	112.1
	______	______	______	______

Notes to the consolidated financial statements

For the fifty-two weeks ended 27 December 2013

1          Basis of preparation

·      Statement of compliance

The financial statements presented in this financial report have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union that are applicable to the consolidated financial statements for the period ended 27 December 2013.

·      Financial information

The financial information, which is unaudited, for the fifty two weeks to 27 December 2013 does not constitute the statutory accounts of the Group for the relevant period within the meaning of section 434 of the Companies Act 2006. Such statutory accounts will be completed in due course and delivered to the Registrar of Companies.

·      Accounting policies, new IFRS and interpretations

The accounting policies used in this report are consistent with those applied at 28 December 2012. No other new and/or revised IFRS and IFRIC publications that come into force in the period and were adopted have had any impact on the accounting policies, financial position or performance of the Group.

2          Segment information

Fifty-two weeks ended 27 December 2013 - Unaudited

	Impellam United Kingdom	Impellam North America	Medacs Healthcare Group	Carlisle Support Services	Intra-group	Group total
	£m	£m	£m	£m	£m	£m
Revenue	772.5	192.4	172.1	74.0	(4.8)	1,206.2
	_______	_______	_______	_______	_______	_______
EBITDA	30.8	6.6	5.8	(3.6)		39.6
Depreciation & amortisation *	(3.0)	(1.6)	(0.7)	(0.4)		(5.7)
	_______	_______	_______	_______		_______
Segment operating profitbefore non-recurring items	27.8	5.0	5.1	(4.0)		33.9
	_______	_______	_______	_______		_______
Non-recurring items# (note 3)	-	-	-	(23.3)		(23.3)
	_______	_______	_______	_______		_______

* a further £0.2 million of depreciation relating to the Carlisle Support Services business is charged above the line in cost of sales.

^# Non-recurring items comprise onerous contract and contract exit costs in the Carlisle Cleaning business.

Included within the United Kingdom sales are sales of £13.8 million to the European Union, £8.0 million in Switzerland and £6.3 million in Australasia.

Reconciliation of segment operating profit to profit after tax is as follows:

	£m
Segment operating profitbefore non-recurring items	33.9
Corporate costs	(5.3)
	_______
Operating profit before non-recurring items	28.6
Non-recurring items# (note 3)	(23.2)
Goodwill impairment^ (note 3)	(5.0)
	_______
Operating profit	0.4
Finance expense	(1.5)
Taxation credit	0.1
	_______
Loss for the period	(1.0)
	_______

^# Non-recurring items comprise onerous contract and contract exit costs in the Carlisle Cleaning business and a net credit on certain corporate property exit costs.

^ Goodwill impairment relates to a write down in the carrying value of the Carlisle Support Services business.

Fifty-two weeks ended 28 December 2012 - Audited

	Impellam United Kingdom	Impellam North America	Medacs Healthcare Group	Carlisle Support Services	Group total
	£m	£m	£m	£m	£m
Revenue	762.2	178.0	187.7	82.9	1,210.8
	_______	_______	_______	_______	_______
EBITDA	30.0	4.9	9.0	0.7	44.6
Depreciation & amortisation *	(3.5)	(1.1)	(0.7)	(0.3)	(5.6)
	_______	_______	_______	_______	_______
Segment operating profitbefore non-recurring items	26.5	3.8	8.3	0.4	39.0
	_______	_______	_______	_______	_______
Non-recurring items# (note 3)	(1.7)	(0.9)	(0.3)	(1.3)	(4.2)
	_______	_______	_______	_______	_______

* a further £0.2 million of depreciation relating to the Carlisle Support Services business is charged above the line in cost of sales and £0.3 million of impairment charges relating to Impellam United Kingdom included in non-recurring items.

^# Non-recurring items comprise restructuring costs in all business segments.

Included within the United Kingdom sales are sales of £12.5 million to the European Union, £11.3 million in Switzerland and £5.1 million in Australasia.

Reconciliation of segment operating profit to profit after tax is as follows:

	£m
Segment operating profit before non-recurring items	39.0
Corporate costs	(5.4)
	_______
Operating profit before non-recurring items	33.6
Non-recurring items# (note 3)	(5.7)
Goodwill impairment^ (note 3)	(9.0)
Share based payment	(1.6)
	_______
Operating profit	17.3
Finance expense	(1.5)
Taxation charge	(6.0)
	_______
Profit for the period	9.8
	_______

^# Non-recurring items comprise restructuring costs in all business segments and certain legal costs relating to capital restructuring and reorganisation attributed to corporate costs.

^ Goodwill impairment relates to a write down in the carrying value of the Carlisle Support Services business.

3          Non-recurring items and goodwill impairment

	52 weeks ended 27 December	52 weeks ended 28 December
	2013	2012
	£ m	£ m
Net credit on property exit costs less provision release - Corporate	(0.1)	-
Contract exit costs and onerous contract provision - Carlisle Support Services	23.0	-
Impairment of assets associated with onerous contracts - Carlisle Support Services	0.3	-
Legal costs associated with capital reorganisation and group restructuring - Corporate	-	1.5
Restructuring and relocation - Impellam United Kingdom	-	1.7
Restructuring and relocation - Impellam North America	-	0.9
Restructuring and relocation - Medacs Healthcare Group	-	0.3
Restructuring and relocation - Carlisle Support Services	-	1.3
	______	______
Non-recurring items	23.2	5.7
Goodwill impairment - Carlisle Support Services	5.0	9.0
	______	______
	28.2	14.7
	______	______

The corporate exceptional item arises from the release of £1.2 million of property previously provided for, offset by a new provision of £0.7 million made against a divisional office closed during the period together with a further £0.4 million of tangible asset write downs and dilapidation costs associated with this property. There is no cash impact of this exceptional item in 2013.

The Carlisle Support Services exceptional item arises from the write-off of start-up costs previously capitalised on a contract found to be onerous and the provision for future losses on this contract extending for a further 4.25 years, together with the cost of early exit from a second contract. The cash impact of these items in 2013 has been £7.0 million.

The goodwill impairment relates to a further reduction in the carrying value of the Carlisle Support Services business.  Following the trading and onerous contract losses in 2013 a review of the business is ongoing. While we expect profitability to improve, the reduced size of the business does not support the goodwill carrying value.
 

4          Taxation

	52 weeks ended 27 December	52 weeks ended 28 December
	2013	2012
	£ m	£ m
Current income tax
UK Corporation tax on results for the period	0.7	5.9
Adjustments in respect of previous periods	(0.4)	-
	______	______
	0.3	5.9
Foreign tax in the period	0.2	0.3
	______	______
Total current income tax	0.5	6.2
Deferred tax credit	(0.6)	(0.2)
	______	______
Total tax (credit) / charge in the income statement	(0.1)	6.0
	______	______

5          (Loss ) / earnings per share

Basic earnings per share amounts are calculated by dividing the profit for the period attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share amounts are calculated on the same basis but after adjusting the denominator for the effects of dilutive options. The only potentially dilutive shares arise from the share options issued by the Group under its share-based compensation plans and those associated with the former Chairman. There were 83,165 options outstanding at 28 December 2012 under the former arrangement and 250,000 under the latter, however, these were exercised or cancelled during the year and there are none now outstanding.

Excluding the 19,841 shares owned by The Corporate Services Group Ltd Employee Share Trust, the weighted average number of shares in 2013 is 43,893,143 (2012: 44,204,842) and the fully diluted average number of shares is 44,004,826 (2012: 44,360,810).

The calculations of both basic and diluted earnings per share ("EPS") are based upon the following consolidated income statement data:

	52 weeks ended 27 December	52 weeks ended 28 December
	2013	2012
	£ m	£ m
(Loss) / profit for the period	(1.0)	9.8
Non-recurring items (pre-tax)	23.2	5.7
Goodwill impairment	5.0	9.0
Share-based payment	-	1.6
	_________	_________
Adjusted profit for the period	27.2	26.1
	_________	_________

EPS - Basic calculation	52 weeks ended 27 December	52 weeks ended 28 December
	2013	2012
	Pence	Pence
(Loss) / profit for the period	(2.3)	22.2
Non-recurring items (pre-tax)	52.9	12.9
Goodwill impairment	11.4	20.3
Share-based payment	-	3.6
	_________	_________
Adjusted earnings per share *	62.0	59.0
	_________	_________

EPS - Diluted calculation	52 weeks ended 27 December	52 weeks ended 28 December
	2013	2012
	Pence	Pence
(Loss) / profit for the period	(2.3)	22.1
Non-recurring items (pre-tax)	52.7	12.8
Goodwill impairment	11.4	20.3
Share-based payment	-	3.6
	_________	_________
Adjusted earnings per share *	61.8	58.8
	_________	_________

* Additional earnings per share calculations have been presented in order to provide information on the underlying performance of the Group before non-recurring expenditure.

6          Net cash

	29 December 2012	Cash flow	Foreign exchange	27 December 2013
	£ m	£ m	£ m	£ m
Cash and short-term deposits	37.8	(2.1)	(0.6)	35.1
Revolving credit	(21.0)	(6.1)	-	(27.1)
	______	_____	_____	______
Net cash	16.8	(8.2)	(0.6)	8.0
	______	_____	_____	______

Enquiries:  For further information please contact the appropriate individual below.

Impellam Group plc
Andrew Wilson, Chairman	Tel: [phone]
Julia Robertson, Chief Executive	Tel: [phone]
Andrew Burchall, Group Finance Director	Tel: [phone]
Cenkos Securities plc (Nominated Advisor and Broker to Impellam)
Nicholas Wells Camilla Hume	Tel: [phone] Tel: [phone]

Note to Editors:

Impellam Group plc, traded on the AIM (Symbol: IPEL) is a leading provider of managed services and specialist staffing expertise and is primarily based in the UK and North America, with smaller operations in Australasia, Ireland and mainland Europe.  Impellam Group plc provides fulfilling jobs to doctors, lawyers, accountants, nurses, teachers, scientists, receptionists, drivers, chefs, administrators, shop assistants and engineers through 14 specialist brands across a broad range of sectors.  Impellam Group plc manage them as teams or individually and help clients build better businesses in a changing world.  Impellam Group plc is the 5^th largest recruitment business in the UK and, 11^th in Europe and 17^th worldwide and employs around 6,000 employees including 2,500 managers and consultants across 250 offices.

.

 

END

 

 

FR ZMGZZNVVGDZM