Half-year Report

Released : 28.07.2016 07:00

RNS Number : 4332F
Impellam Group plc
28 July 2016
 

 

 

 

 

INTERIM RESULTS - UNAUDITED

Impellam Group plc ("Impellam") - London AIM: IPEL; 28 July 2016
Impellam announces its unaudited interim results for the 26 weeks ended 1 July 2016

 

 

Key financial highlights



H1 2016

H1 2015

Inc/(Dec)

Managed Services spend under management (£ millions)*


£2,057.1

£952.2

116.0%






Group Supply (£ millions)*


£512.4

£379.6

35.0%






Revenue (£ millions)


£1,085.6

£831.6

30.5%






Gross Profit (£ millions)


£139.0

£108.8

27.8%






Managed Services and Specialist Staffing operating profit (£ millions)*


£31.4

£23.4

34.2%






Profit conversion**


21.7%

20.0%

1.7 ppts






Profit before tax** (£ millions)


£25.7

£20.1

27.9%






Tax rate


14.9%

19.3%

(4.4) ppts






Adjusted Basic EPS** (pence)


44.9p

33.0p

36.1%






Interim dividend (pence)


7.0p

7.0p

-






Net debt (£ millions)


£109.7

£39.4

178.4%






DSO (days)


36.3 days

40.5 days

(4.2 days)

 

* 2015 restated to incorporate Carlisle Support Services into the Managed Services UK, Europe and Australasia segment and other minor reallocations between segments to align to the regular management reporting of the Group

** before separately disclosed items, share-based payments and customer relationship amortisation

 

Key operational highlights

§ Cultural change programme continues to gather pace across the Group and a new role of Group Transformation Officer has been put in place to accelerate the achievement of our vision of becoming "the world's most trusted staffing company''

§ High retention strategy delivers 96% customer retention

§ The integration of Global Medics and Bartech into the Group has been successful with the Bartech MSP business performing ahead of expectations

§ The newly combined North America business has traded strongly and delivered expected synergy savings. As planned, the increased scale of the group in North America following the Bartech acquisition has been a major factor in the improvement of conversion of gross profit into operating profit, which is now in line with the UK business

§ Managed Services revenue satisfied by Group companies increased by 35.0% to £512.4 million and significant opportunity remains for increasing the group supply into Managed Service Programmes particularly in North America

§ UK Managed Services businesses have performed strongly with Lorien growing significantly year on year

§ An increased focus on Australasia following the acquisition of Global Medics and investment in Comensura provides further geographic diversification to the Group and high growth potential. Comensura  has won, and is in the process of implementing, 25 new Managed Service contracts

§ Strong cash performance with cash generated from operations of £22.9 million (2015: £12.8 million outflow) and a reduction in DSO of 4.2 days

 

Julia Robertson, Chief Executive Officer, commented:

"I am pleased to report that we continue to make good progress against the 2016 strategic priorities outlined in our 2015 Annual Report.

At the end of last year I stated that my major priorities for 2016 were people and cash. That has not changed and I am pleased to report that this focus together with the clarity of purpose around achieving our vision of being "the world's most trusted staffing company'' means that we can be trusted, even in these uncertain times.

Our focus on Managed Services and Specialist Staffing aimed largely at the contingent workforce, where 90% of our gross profit is derived from temporary or contractor placements, puts us in a strong place both with customers seeking to build better businesses and with candidates who are looking for flexibility, a sense of purpose and employers who value their contribution.

In North America, which is now under single leadership following the Bartech acquisition, our businesses are performing well, and the increased scale has helped to drive the conversion of gross profit to operating profit in line with UK levels.  Our focus on driving synergy savings mean that there will be further full year benefits next year which will deliver further conversion improvement.

We are pleased with the progress we have made in Australia where we have increased the scale of our healthcare business, Medacs Global Group, and have seen accelerated growth on the back of investment in Comensura which is implementing 25 new Managed Service contracts and has a strong public and private sector pipeline.

Our cultural change programme is now well underway and over 300 Impellam people have now embarked on a development programme based on effective promise management which is designed both to hasten our progress towards our vision of becoming "the world's most trusted staffing company" and to ensure we operate at optimal levels through increased agility.  We have created a new role of Group Transformation Officer to help drive this cultural change.

The UK education market has been challenging for a number of months and we are anticipating that this will continue during the remainder of 2016.  This has impacted the performance of our teaching businesses in the first half of 2016. 

The English healthcare market has seen major disruption in the first half of 2016 with junior doctors' strikes and the imposition of rate caps.  As expected our doctors business was adversely impacted but our nursing business and the other healthcare businesses grew during the first half.  The doctors market in England appears to have normalised following the disruption caused by the rate caps and we remain confident that our focus on Managed Services and Specialist Staffing will deliver a strong performance.

The Group is concentrating on bedding in the 4 acquisitions made over the past two years, tuning into customers and candidates and focussing on cash collection with a view to reducing our net debt so that we are strongly positioned to take advantage of opportunities that might occur later in 2016 and during 2017.  We have made good progress so far this year and net debt has reduced by £8.5 million from the year end to £109.7 million which is in line with our expectations.

The combination of the robustness of our Managed Service offering, geographic spread, concentration on the contingent workforce and the Global Medics and Bartech acquisitions has helped us to deliver an overall 35.9% improvement (£8.8 million) in EBITDA in H1 to £33.3 million."

Outlook

Like many of our competitors, we have seen a softening in the permanent recruitment market in the UK since Q4 2015.  Given the current social, economic and political uncertainties in the UK we do not expect this outlook to change.  However, we expect our businesses to continue to perform well in our key markets and we are confident that our differentiated high retention strategy, our portfolio of market focused contingent worker Specialist Staffing businesses complemented by our high performing Managed Services businesses, will deliver results for the full year in line with management expectations.

Managed Services UK, Europe and Australasia

Gross profit increased by 15.2% to £29.6 million (2015: £25.7 million).  Operating profit increased to £9.6 million (2015: £8.5 million) with conversion of gross profit to operating profit of 32.4% compared to 33.1% in the same period last year. Lorien, the acquisition we made in 2014, continues to perform well and has grown its Managed Service gross profit by 24.8% and EBITDA by 35.6% year on year, demonstrating its strategic fit within the Impellam Group.

Specialist Staffing UK, Europe and Australasia

Gross profit increased by 9.5% to £72.5 million (2015: £66.2 million).  Operating profit was £12.6 million (2015: £14.8 million) with conversion of gross profit to operating profit of 17.4%, compared to 22.4% in the same period last year, primarily due to lower permanent recruitment fees, the removal of travel and subsistence advantages and continued investment in headcount to drive future performance. Our UK Specialist business was complemented by the acquisition of Global Medics in 2015, a healthcare business specialising in locum doctors serving clients across the UK, Ireland and Australasia. We are pleased with the performance of the Global Medics business which is in line with our expectations. 

US Managed Services

Gross profit increased by £13.9 million to £22.2 million (2015: £8.3 million) an increase of 155.9% after adjusting for currency movements. Operating profit increased to £5.7 million (2015: £0.6 million). Conversion of gross profit to operating profit improved substantially from 7.2% in 2015 to 25.7% in 2016. The increases were driven by the acquisition in late 2015 of Bartech. On a standalone like-for-like basis, adjusting for constant currency, Bartech Managed Services business has grown its gross profit by 14.5%.  

US Specialist Staffing

Gross profit increased by £6.1 million to £14.7 million (2015: £8.6 million), an increase of 61.5% after adjusting for currency movements. Operating profit increased by £4.0 million to £3.5 million (2015: £0.5 million loss). Conversion of gross profit to operating profit improved to 23.8% from (5.8%). The Bartech acquisition was the driver for the growth in this segment.

Cash flow, net debt and net assets:

The Group generated £22.9 million of cash from operations in the first twenty-six weeks of the year (2015: £12.8 million outflow), a principle factor being the increased focus on cash collections in the period. One of our main measure of working capital management, days sales outstanding (DSO), was 36.3 days at 1 July 2016 compared to 40.5 days at 1 July 2015. Day to day control of cash and tight control of working capital continues to be a priority for the Group.

In November 2015 the Group replaced its receivable financing agreements and term loans in the UK and US with a four year £250 million global Revolving Credit Facility (RCF). The facility is provided by a syndicate of six banks led by Barclays, with an option to extend to November 2020 and with an accordion element of an additional £50 million. The new RCF provides the Group with the flexibility to fund its working capital as well as future M&A activity and significantly reduces the operational complexity associated with the invoice discounting facility that it replaced. As at 1 July 2016 net debt was £109.7 million.  In the first half of 2016 the Group used £4.1 million of cash on capital expenditure (2015: £3.2 million).  £3.5 million has been paid in interest (2015: £1.1 million). With continuing profitability the Group paid £5.1 million in corporation tax in the period (2015: £3.5 million).

In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to $4.6 million (1 January 2016: $6.7 million).  

At 1 July 2016, the Group had net assets of £214.3 million (1 January 2016: £192.3 million).

Dividend and dividend policy:

The interim dividend is maintained at 7.0 pence per share (2015: 7.0 pence per share). This is a prudent approach given the current uncertain economic environment. The Board will review this at the year end in light of our stated policy of maintaining dividend cover between 4-5 times adjusted earnings per share

Directorate Change

Darren Mee, Group Finance Director, will be stepping down as director with immediate effect and will leave the Company at the end of July 2016 in order to pursue other interests. Darren has been Group Finance Director since January 2015.  In that time Darren has been an active member of the Board, has significantly improved the capability of the finance function, has played a key role in the acquisitions made by the Group and the funding available to the Group under its revolving credit facility.

Alison Wilford, Group Financial Controller, joins the Board with immediate effect and will take over as Group Finance Director.  Darren will support Alison over the remainder of 2016 in her new role.

Alison, aged 51, is currently a director of Leeward Property Management Limited. She was also previously a director of the following companies during the past five years:

·      Aviva Global Services (Management Services) Private Limited; and

·      Waveney Asset Management Limited.

Alison has a beneficial interest in 2,714 ordinary shares in the Company.

Save as disclosed above, there are no other matters which are required to be disclosed in accordance with Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.

Financial results for the twenty-six weeks to 1 July 2016

The table below sets out the results for the Group by segment for the first half of 2016.

Unaudited

Revenue

Gross profit

Operating profit

£'million

2016

20154

% change3

2016

20154

% change3

2016

20154

Spend Under Management1

- UK, Europe and Australasia

692.3

608.3

13.8






Spend Under Management1

- North America

1,364.8

343.9

272.9






Group Supply2

- UK, Europe and Australasia

410.8

353.9

16.1






Group Supply2

- North America

101.6

25.7

271.1






Managed Services

- UK, Europe and Australasia

498.1

400.5

24.4

29.6

25.7

15.2

9.6

8.5

Gross profit %




5.9%

6.4%




Specialist Staffing

- UK, Europe and Australasia

403.7

362.4

11.4

72.5

66.2

9.5

12.6

14.8

Gross profit %




18.0%

18.3%




Managed Services

- North America

118.8

44.8

149.2

22.2

8.3

155.9

5.7

0.6

Gross profit %




18.7%

18.5%




Specialist Staffing

- North America

95.7

44.8

100.9

14.7

8.6

61.5

3.5

(0.5)

Gross profit %




15.4%

19.2%




Inter-segment revenues

(30.7)

(20.9)


-

-


-

-

Total

1,085.6

831.6


139.0

108.8


31.4

23.4

Corporate costs







(1.2)

(1.6)

Amortisation of customer relationships






(1.7)

(0.9)

Operating profit before separately disclosed items and share-based payments






28.5

20.9

Add-back: depreciation and amortisation







4.8

3.6

EBITDA







33.3

24.5

Separately disclosed items







(6.0)

(1.1)

Share-based payments







(0.5)

-

Operating profit







22.0

19.8

 

1.     Spend Under Management is the total value of client funds managed including where we operate as an agent

2.     Group Supply includes amounts within Managed Services Spend Under Management fulfilled either by a fellow Group brand or through a direct contract with the worker supplied

3.     % change measured at constant currency rates (2015 results restated at 2016 rates)

4.     2015 restated to incorporate Carlisle Support Services into the Managed Services UK, Europe and Australasia segment and other minor reallocations between segments to align to the regular management reporting of the Group



Consolidated income statement

For the twenty-six weeks ended 1 July 2016


26 weeks

1 July

2016

26 weeks

3 July

2015

Notes

£m

£m


Unaudited

Unaudited

Continuing operations




Revenue

2

1,085.6

831.6

Cost of sales


(946.6)

(722.8)



__________

__________

Gross profit


139.0

108.8

Administrative expenses


(117.0)

(89.0)



__________

__________

Operating profit

2

22.0

19.8

Operating profit before separately disclosed items


28.5

20.9

Separately disclosed items

4

(6.0)

(1.1)

Share-based payment


(0.5)

-



__________

__________

Operating profit


22.0

19.8

Finance expense

5

(4.5)

(1.7)



__________

__________

Profit before taxation


17.5

18.1

Taxation

6

(2.6)

(3.5)



__________

__________

Profit for the period attributable to owners of the parent Company

14.9

14.6



__________

__________

 

 

Earnings per share for equity holders of the parent Company




Basic

7

29.9p

29.7p

Diluted

7

29.3p

29.7p



__________

__________

 

Consolidated statement of comprehensive income

For the twenty-six weeks ended 1 July 2016



26 weeks

1 July

2016

26 weeks

3 July

2015



                 £m

£m



Unaudited

Unaudited

Profit for the period


14.9

14.6

Other comprehensive income:




Items that may be subsequently reclassified into income:




Currency translation differences (net of tax)


0.6

(0.4)



__________

__________

Total comprehensive income for the period, net of tax, attributable to owners of the parent Company

15.5

14.2



__________

__________

 



Consolidated balance sheet

As at 1 July 2016



1 July 2016

1 January 2016

 



£m

£m

 



Unaudited

Audited

 

Non-current assets



 

Property, plant and equipment


7.7

7.3

 

Goodwill


158.0

160.0

 

Other intangible assets


132.0

129.6

 

Deferred tax assets


7.3

7.1

 

Financial assets


1.2

1.7

 



_________

_________

 



306.2

305.7

 



_________

_________

 

Current assets




 

Trade and other receivables


698.8

553.3

 

Cash and cash equivalents


78.6

66.0

 



_________

_________

 



777.4

619.3

 



_________

_________

 

Total assets


1,083.6

925.0

 



_________

_________

 





 

Current liabilities




 

Trade and other payables


634.0

498.6

 

Taxation liabilities

5.8

6.5

 

Short-term borrowings

44.9

40.7

 

Provisions


1.2

1.4

 



_________

_________

 



685.9

547.2

 



_________

_________

 

Net current assets


91.5

72.1

 



_________

_________

 

Non-current liabilities




 

Other payables


9.3

11.9

 

Long-term borrowings


143.4

143.5

 

Provisions


3.0

2.0

 

Deferred taxation liabilities


27.7

28.1

 



_________

_________

 



183.4

185.5

 



_________

_________

 

Total liabilities


869.3

732.7

 



_________

_________

 

Net assets


214.3

192.3

 



_________

_________

 

Equity




Issued share capital


0.5

0.5

Share premium account


30.1

30.1



_________

_________



30.6

30.6

Other reserves


116.0

108.9

Retained earnings


67.7

52.8



_________

_________

Total equity attributable to owners of the parent Company

214.3

192.3



_________

_________


Consolidated cash flow statement

For the twenty-six weeks ended 1 July 2016


26 weeks

1 July

2016

26 weeks

3 July

2015


                   £m

                   £m


Unaudited

Unaudited

Cash flows from operating activities



Profit before taxation

17.5

18.1

Adjustments for:



       Net interest charge

4.5

1.7

       Depreciation and amortisation

4.8

3.6


________

________


26.8

23.4

Increase in trade and other receivables

(107.3)

(53.2)

Increase in trade and other payables

102.9

18.4

Increase / (decrease) in provisions

0.5

(1.4)


________

________

Cash generated / (utilised) by operations

22.9

(12.8)

Taxation paid

(5.1)

(3.5)


________

________

Net cash generated / (utilised) by operating activities

17.8

(16.3)


________

________

Cash flows from investing activities



Payment of deferred consideration

(6.6)

(2.6)

Purchase of property, plant and equipment

(1.5)

(1.9)

Purchase of intangible assets

(2.6)

(1.3)

Net movement in other financial assets

-

0.1


________

________

Net cash utilised on investing activities

(10.7)

(5.7)


________

________

Cash flows from financing activities



Net movement in short-term borrowings

4.2

14.5

Finance expense paid

(4.3)

(1.6)

Capital element of Finance Lease payments

(0.1)

-


________

________

Net cash (outflow) / inflow from financing activities

(0.2)

12.9


________

________

Net increase / (decrease) in cash and equivalents

6.9

(9.1)

Opening cash and cash equivalents

66.0

53.4

Foreign exchange gain / (loss) on cash and cash equivalents

5.7

(0.3)


________

________

Closing cash and cash equivalents

78.6

44.0


________

________

 



 

Consolidated statement of changes in equity




 

For the twenty-six weeks ended 1 July 2016

Total share capital and share premium

Other reserves

Retained earnings

Total equity

Unaudited

£ m

£ m

£ m

£ m

 1 January 2016

30.6

108.9

52.8

192.3


______

______

______

______

Other comprehensive income

-

0.6

-

0.6

Profit for the period

-

-

14.9

14.9

Merger reserve created on deferred consideration part satisfied by issue of shares (note 8)

-

6.0

-

6.0

Share-based payment


0.5


0.5


______

______

______

______

1 July 2016

30.6

116.0

67.7

214.3


______

______

______

______

 





 

Notes to the interim financial statements

1          Basis of preparation

I.            Statement of compliance

The interim financial statements presented in this financial report have been prepared in accordance with International Financial Reporting Standards (IFRS) and the IFRS Interpretations Committee (IFRIC) interpretations as endorsed by the European Union that are expected to be applicable to the consolidated financial statements for the 52 weeks ending 30 December 2016. As permitted, this interim report has been prepared in accordance with the AIM Rules for Companies and does not seek to comply with IAS 34 "Interim Financial Reporting".

II.           Statutory information

The financial information for the twenty-six weeks to 1 July 2016 does not constitute the statutory accounts of the Group for the relevant period within the meaning of section 434 of the Companies Act 2006.

The published annual report and accounts of Impellam Group plc for the 52 weeks ended 1 January 2016 were reported on by the auditors without qualification, did not contain an emphasis of matter paragraph, did not contain any statement under section 498 of the Companies Act 2006, and have been delivered to the Registrar of Companies.

III.          Accounting policies, new IFRS and interpretations

The accounting policies used in this report are consistent with those applied at 1 January 2016.

No new and/or revised IFRS and IFRIC publications that come into force in the period have any material impact on the accounting policies, financial position or performance of the Group.



 

2          Segmental information

Twenty-six weeks ended 1 July 2016 - unaudited



Revenue

EBITDA before separately disclosed items

Depreciation

Segment Operating profit  before separately disclosed items



£ m

£ m

£ m

£ m


Managed Services - UK, Europe and Australasia

498.1

10.3

0.7

9.6


Specialist Staffing - UK, Europe and Australasia

403.7

14.3

1.7

12.6


Managed Services - North America

118.8

6.2

0.5

5.7


Specialist Staffing - North America

95.7

3.7

0.2

3.5


Inter-segment revenues

(30.7)

-

-

-


Operating segments

1,085.6

34.5

3.1

31.4


 

 

Twenty-six weeks ended 3 July 2015 - unaudited



Revenue

EBITDA before separately disclosed items

Depreciation

Segment Operating profit /(loss) before separately disclosed items



£ m

£ m

£ m

£ m


Managed Services* - UK, Europe and Australasia

400.5

9.0

0.5

8.5


Specialist Staffing* - UK, Europe and Australasia

362.4

16.3

1.5

14.8


Managed Services - North America

44.8

1.1

0.5

0.6


Specialist Staffing - North America

44.8

(0.3)

0.2

(0.5)


Inter-segment revenues

(20.9)

-

-


Operating segments

831.6

26.1

2.7

23.4

 

* 2015 restated to incorporate Carlisle Support Services into the Managed Services - UK, Europe and Australasia segment and other minor reallocations to align to the regular management reporting of the Group



 


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



 Unaudited




26 weeks
1 July
2016

 £ m

26 weeks
3 July
2015
£ m


Segment operating profit before separately disclosed items


31.4

23.4


Corporate costs


(1.2)

(1.6)


Amortisation of customer relationships 



(1.7)

(0.9)


Operating profit before separately disclosed items



28.5

20.9


Separately disclosed items




(6.0)

(1.1)


Share-based payment




(0.5)

-


Operating profit




22.0

19.8


Finance expense




(4.5)

(1.7)


Taxation charge




(2.6)

(3.5)


Profit for the period from continuing operations



14.9

14.6








 

3        Spend under management and group supply - unaudited


26 weeks
1 July

2016

£ m

26 weeks
3 July

2015

£ m

Spend under management - UK, Europe and Australasia

692.3

608.3

Spend under management - North America

1,364.8

343.9

Group Supply - UK, Europe and Australasia

410.8

353.9

Group Supply - North America

101.6

25.7

 

Group Supply includes amounts within Managed Services Spend Under Management fulfilled either by a fellow Group brand or through a direct contract with the worker supplied. 

 

 

4        Separately disclosed items - unaudited



26 weeks
1 July

2016

26 weeks
3 July

2015



£ m

£ m

Acquisition costs


4.8

-

Closure of business in Spain


-

0.2

US restructure


0.3

0.8

Redundancies and branch closures


0.9

0.1


6.0

1.1

In 2016 acquisition costs includes contingent consideration in respect of Lorien Limited, as well as other acquisition related costs.  During the year we have restructured both the US business and other interests worldwide which have given rise to costs associated with closing branches.

The separately disclosed items in 2015 result from the closure of the Spanish business of Carlisle following the termination of the only contract there. In the US we have restructured the business. This resulted in redundancy costs and property exit, or partial exit, costs associated with offices in New York and Atlanta.  In the UK we also reviewed our management structure in Carbon 60 and Chadwick Nott in order to better position those brands going forward.

5        Finance expense - unaudited


Finance expense


26 weeks
1 July
2016
£ m

26 weeks
3 July
2015
£ m



Revolving credit facilities


3.0

0.8



Other interest expense


0.5

0.3



Total interest payable


3.5

1.1



Unwinding of discount on deferred consideration


0.8

0.5



Unwinding of discount on provisions


0.2

0.1



Income statement


4.5

1.7


 

6        Taxation - unaudited

Income tax expense is recognised based on management's best estimate of the effective annual income tax rate expected for the full financial year. 



 

7        Earnings per share - unaudited

Basic earnings per share amounts are calculated by dividing the profit for the period attributable to the owners 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. There were 1,300,000 options outstanding at 1 July 2016.

Excluding the 19,841 shares owned by The Corporate Services Group Ltd Employee Share Trust, the weighted average number of shares in 2016 is 49,951,001 (2015: 49,005,154) and the fully diluted average number of shares is 50,887,148 (2015: 49,005,154).

EPS - Basic Calculation


26 weeks
1 July
2016
Pence

26 weeks
3 July
2015
Pence

Unadjusted earnings per share


29.9

29.7

Separately disclosed items (net of tax)


12.1

1.7

Customer relationship amortisation (net of tax)


2.9

1.6

Adjusted earnings per share

44.9

33.0

 

EPS - Diluted Calculation


26 weeks
1 July
2016
Pence

26 weeks
3 July
2015
Pence

Unadjusted earnings per share


29.3

29.7

Separately disclosed items (net of tax)


11.8

1.7

Customer relationship amortisation (net of tax)


2.7

1.6

Adjusted earnings per share

43.8

33.0

 

8        Deferred acquisition costs - unaudited

On 5 April 2016 the Company issued 719,344 ordinary shares of 1p each to the vendors of Lorien at a price of £8.31 per share ("Consideration Shares"). These shares were issued to part satisfy deferred consideration payable of £11.95 million, in accordance with the terms of the earn-out.  Subject to satisfactory conclusions of outstanding claims, an additional cash payment of approximately £0.104 million may be payable to the vendors of Lorien. 

 

9        Additional cash flow information - unaudited

Unaudited

1 January 2016

Cash flow

Foreign exchange

1 July 2016


£ m

£ m

£ m

£ m

Cash and short-term deposits

66.0

6.9

5.7

78.6

Revolving credit

(183.7)

1.0

(5.2)

(187.9)

Hire purchase

(0.5)

0.1

-

(0.4)

Net debt

(118.2)

8.0

0.5

(109.7)

 

10      Dividends - unaudited

During the period a final dividend in respect of 2015 of 10.0 pence per share (2015: re 2014 7.75 pence per share) was approved at the Annual General Meeting and will be paid on 28 July 2016, amounting to £5.0 million (2015: re 2014 £3.8 million).

The Board also announces the payment of an interim dividend of 7.0 pence per share (2015: 7.0 pence per share), amounting to £3.5 million (2015: £3.4 million) payable on 14 October 2016 to all shareholders on the register on 2 September 2016.

 

 

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

Impellam Group plc

                                   

Julia Robertson, Chief Executive Officer

Darren Mee, Group Finance Director

Tel: 01582 692658

Tel: 01582 692658

Cenkos Securities plc (NOMAD and Joint Corporate Broker to Impellam)

Nicholas Wells

Mark Connelly

Tel: 020 7397 8900

 

Investec Bank plc (Joint Corporate Broker to Impellam)

Chris Treneman                                      

James Rudd                                              

Josh Levy                                                

Tel: 020 7597 4000

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 Asia Pacific, Ireland and mainland Europe.  Impellam Group plc provides fulfilling jobs at all levels, including doctors, lawyers, accountants, nurses, teachers, scientists, receptionists, drivers, chefs, administrators, engineers, technology specialists, cleaners, security guards, and manufacturing and warehouse operatives. Impellam Group plc is the 2nd largest staffing business in the UK and 6th largest MSP provider worldwide (as measured by Spend Under Management), employing over 3,300 people across 220 worldwide locations.

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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