Share Name Share Symbol Market Type Share ISIN Share Description
Impellam Group LSE:IPEL London Ordinary Share GB00B8HWGJ55 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 587.50p 575.00p 600.00p 587.50p 587.50p 587.50p 10,300 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2,171.3 37.9 61.9 9.5 295.30

Impellam Share Discussion Threads

Showing 376 to 400 of 400 messages
Chat Pages: 16  15  14  13  12  11  10  9  8  7  6  5  Older
DateSubjectAuthorDiscuss
27/9/2018
19:11
Interesting to see what Cenkos make of today's trading statement and 17% price fall .
bench2
10/8/2018
11:43
Twas too cheap IMO, now less so.
spooky
10/8/2018
11:39
Someone paid 600p for 4k , any thoughts on why the sudden jump post the dull interim results ???
bench2
26/7/2018
10:22
Cenkos; Impellam Group Plc (IPEL LN, 460p, £225.5m, BUY) Strong Managed Services Growth Impellam’s interims reflect a resilient performance over H1/18A despite facing unfavourable USD:GBP FX movements and continued market challenges within UK public sector markets (healthcare and education). Outperformance by UK/AUS/EUR Managed Services underpins this delivery, alongside growth across private sector focused Specialist brands in these territories. We expect another strong H2E weighting to results again this year given the typical seasonality, added to by the group’s strong new businesses pipeline and measurable returns on strategic growth initiatives. n H1/18A results: Impellam delivered NFI of £135.5m (-3.3% YoY) and adj EBITDA of £22.2m (-8.3%) which was materially skewed by unfavourable USD:GBP FX versus H1/17A (Underlying NFI -0.5% YoY, adj EBITDA -5.0%). Trading updates included: § UK/AUS/EUR Managed Services performed ahead of expectations, growing 13.8% YoY, supported by 14 new client wins and several expansions within existing clients. Slightly lower EBITDA conversion of 27.1% (H1/17A: 29.5%) arose from changing client mix and internal investment. The business currently holds a strong sales pipeline, positively positioning itself for further growth. § UK/AUS/EUR Specialist Staffing continued to experience challenges with regards public sector cost constraint in UK healthcare and education markets, as well as facing a full year effect of IR35 legislation. This lead to overall YoY declines of 5.5% in NFI and 23.9% in EBITDA. For healthcare, this masked the fact that within this declining market Impellam is materially winning market share and delivering increasingly cost effective solutions for the NHS. Beyond this, private sector focused brands have traded much more positively, growing NFI by 5% YoY. § Both US Managed Services and Specialist businesses witnessed underlying YoY decreases in NFI of 3.6% and 4.7% respectively, owing to a small number of client losses in Managed Services, alongside reduced automotive sector volumes and some candidate shortages within the Specialist brands. That said, the far larger Managed Services business grew underlying EBITDA by 15.8% partly through integration synergies and ongoing increases in fill rates of client spend, which have improved 24% YoY. n Working capital outflow: A working capital outflow of £13.1m was witnessed in H1/18A, owing to the unwind of overly favourable US cash receipts prior to the FY17A year-end. This led to net debt of £79.1m for H1/18A, on a higher trajectory than that expected by our previous FY18E full year forecast of £51.1m. We expect conversion rates however to improve over H2/18E, such that net debt is now expected to come in at £66.2m (1.1x EBITDA) by the year-end. n Share buyback in place of dividends: The Board has announced no interim dividend will be payable in respect of H1/18A, instead favouring a material ramp up in its share buyback programme from Q3/18. This is to take advantage of the company’s current undervaluation. The programme will last for 12 months with purchases up to the c£12m dividend cash cost expected to have been paid in respect of FY18A. We therefore amend forecasts accordingly, eliminating our FY18E DPS and expecting a c2.5m reduction in the share count by the end of FY19A. n Forecasts largely unchanged: Our income statement forecasts remain unchanged from today’s update, expecting a 64% (FY17A: 59%) H2E weighting to adj EBITDA this year. We update elsewhere for the effects of the working capital outflow & buyback. n Valuation – now below book value: We consider Impellam’s current valuation, now below its NAV p/s of 541p (p/book of 0.85x) and at 5.6x its FY18E’s adjusted earnings, as a clear mispricing. We feel the market has yet to fully recognise progress made in recent years in geographically diversifying the business, alongside the continued shift in mix to the higher quality of earnings delivered by Managed Services. At present, we believe the market has discounted to severely for the challenges currently faced in UK public sector markets and consider current pricing to be very attractive.
davebowler
08/3/2018
09:19
Cenkos; Impellam has delivered FY17A results in-line with our expectations (NFI: £285.6m, adj EBITDA: £58.3m), confirming a strong H2/17A delivery (£35.2m adj EBITDA vs £24.2 in H1/17A). This robust performance has been based upon another sound Managed Services delivery, which comprises an increasing share of NFI and profit. The business continues to face structural headwinds in certain UK Specialist Staffing markets, which caused YoY decline in FY17A profits. Despite this, we expect Impellam to deliver growth in FY18E, in part through expansion into international growth markets outside the UK, increasing digital and people investment, and by the effective management of the cost base. n Robust FY17 results: FY17A NFI declined 1.1% YoY to £285.5m, benefitting from favourable FX (NFI declined 3.1% on CC basis). Adj EBITDA declined 15.3% to £59.4m, principally reflecting the ongoing challenges in UK Specialist Staffing (see below), and costs incurred in integrating the US business. Despite the profit decline, DPS has been maintained at 20.5p p/s, indicating confidence in the future. n Managed services an increasing share of NFI/profit: Managed Services accounted for 39% of NFI and 52% of adj EBITDA in FY17A. This represents a material shift in mix when compared to only 12.5% of adj EBITDA in FY12. In UK/Eur/Aus Managed Services NFI grew 2.1% this year, while the US business demonstrated underlying growth despite showing flat NFI from the timing of wins and losses. Managed Services provides a high quality of earnings given the high retention rates of 96%. n UK Specialist Staffing still challenging: Impellam has faced structural headwinds in UK healthcare (doctor/nurse pay caps, IR35) and education (pay restraint, teachers leaving the profession), which has made filling roles more challenging despite strong demand. We do not see these conditions improving in the short term. This has weighed on UK Specialist Staffing results along with economic uncertainty, with adj EBITDA reducing 20% this year to £23.6m. This is despite the more technical brands (science, engineering etc) continuing to grow strongly this year. n ...but progress is being made: We are cognisant of progress Impellam has made in UK Healthcare, gaining market share. Several new NHS Trust contracts have been won by utilising technology to support the government’s cost saving targets. n Material cash flow outperformance: FY17A net debt came in £75.9m, materially ahead of our forecast of £88.8m. Stronger US collections prior to year-end helped to prompt this healthy cash performance. Free cash of £36.9m (FY16A: £32.0m) was produced despite the company increasing its total capex commitment to £11.3m (FY16A: £8.2m). This gives a FCF yield of 12.7% for FY17A, reflecting both the current focus on cash collections and the company’s current undervaluation. n Increasingly geographically diversified: Impellam is becoming increasingly diversified away from the UK, with 34% of NFI in FY17A generated overseas (from 19% in FY14A). Investment is being focused in growth markets beyond the UK, such as the successful Australian business given current UK economic uncertainties. n Growth initiatives underway: Impellam is currently investing in its people and IT infrastructure to stimulate future growth. It has invested in the development of 96 virtuoso managers this year, yielding £7m of additional NFI, with plans for a further 150 managers in FY18E. This increasing opex investment is being carefully managed to ensure delivery of profitable outcomes and margin enhancement. n Group fill improves: As the sixth largest staffer globally by spend under management (£4.4bn), Impellam has improved its own group fill to 25.2% this year (FY16A: 24.5%), producing £3.7m of additional NFI. Going forward, we believe opportunities exist to improve the generally lower US fill rates by encouraging greater brand collaboration. n Share buyback underway: In December, the company announced a share buyback plan limited to purchases of £75k per month up to the June 2018 AGM. To date, 38,750 shares have been purchased, with the company paying between 540-597p p/s. We see this as a positive indicator of FY18E FCF’s and the board’s belief in the true value of the company, despite its current low rating. n FY18 forecasts rebased to reflect greater UK caution: We see a more stable performance ahead as Impellam adapts its offer to the new normal in its challenged markets. That said, the optimism for UK markets per our previous FY18 forecasts no longer holds. We therefore pair back our FY18E to now expect adj EBITDA growth of 4.4% to £62.0m (was £67.7m) with a 15.4% reduction in adj EPS to 81.5p p/s. Adj EPS is still expected to improve by 10.4% this year, as the positive effect of the share buyback is witnessed. n Valuation – unbeatable value: Impellam trades on low multiples of FY18E P/E of 7.1x or 5.5x on an EV/EBITDA basis. Given the strong cash generation and increasingly de-risked model through geographic diversification, we do not feel the market is valuing Impellam appropriately, when comparing to similar recruitment peers at mid-teens P/E multiples.
davebowler
18/1/2018
20:58
What are your thoughts on impellam vs staffline group? Do u know inpellams market share ?
lullabite
16/3/2017
14:41
Results looked decent. Lifting last couple of days, move to highs of this time last year finally?
shoee62
26/5/2016
09:59
Last June I remarked that I was a little perplexed as to why the share price had retraced 12%. This year we have another mystifying 12% retracement after a good Q1. Is it the time of year? Am I missing something? Or is time to top up again!
foxman14
20/5/2016
11:58
Seems a cheap stock:- Investec have EPS of 110p for 2016 and 118p for 2017 forecast, so a current year P/E of 7...not as though current trading is bad either:- http://www.investegate.co.uk/impellam-group-plc--ipel-/rns/q1-trading-update/201605050700133005X/ ....seems very cheap to me.
jeff h
11/3/2016
12:28
Buy recommendation in I.C. today. Forward PE estimated to be 8!! Seems a steal at current share price
eaglefan1
03/3/2016
07:35
Spectacular results. PER 9.1, albeit helped by very low tax rate owing to US losses. Confident outlook statement despite the challenges and I rather like the somewhat different style of the CEO here.
18bt
03/3/2016
07:34
Today's results looks excellent. I note the earnings per share up from 68.1 to 88.4. PE ratio at last night's price under 10. Surely undervalued in my opinion. Good luck to all!!
eaglefan1
02/3/2016
10:14
Results tomorrow??
eaglefan1
27/11/2015
07:49
Waiting to see what kind of divi i receive today. At the previous divi time I checked with Selftrade and was told my SIPP account could not accept the kind of shares being offered as an alternative to cash.I therefore really didn't have to take any action in order to make sure I received cash. This time I am not so sure though. I sold my IPEL shares at Selftrade but still have some in another SIPP at Stocktrade. By the time I discovered the different way this divi was organised it was too late to make any attempt at getting something signed. Why do they make it such a lottery? It must be why the share price has dropped again like at the last divi time. I must say however this company has been a very good investment over the last few years and,although I took some profits in september, I intend to stick with them as long as I receive cash divis. Good luck to all! DYOR.
eaglefan1
29/10/2015
17:11
I share your concerns too but am trying not to throw the baby out with the bathwater here as the company is trading well and is still good value. Lord Ashcroft does appear to be running this like a private company since he became non-exec chairman, with us small shareholders being nothing more than a nuisance.I will talk to my broker about how best to elect for cash - they managed to elect cash for me on the previous dividend, and as they are the true owner and I am just the beneficial owner, I assume it is them who will need to complete any forms out correctly.Had Lord Ashcroft made the default option cash, so you had to opt in for shares in Normandy (which he could then do so) I would have less of an issue with the scheme. I have relayed this on to him.
gdjs100
29/10/2015
16:43
Pretty unhappy to be presented with a change in dividend to put me into a new offshore company run by Michael Ashcroft. Doing this just after it's gone ex-dividend too - can't believe this was dreamt up in the last couple of weeks either, especially as Normandy was incorporated a couple of months ago..... And to avoid this, onus put on shareholders to return an independently witnessed form - how does this work for a Nominee account? Announcement at 5.25pm on Tuesday - why not 7am, when people read RNS? And we don't really get to vote on it as Lombard Trust (beneficieries = Ashcroft's children) have 52%. No longer a company I want to have anything to do with - sold yesterday @800p. Complete bargepole.
garbetklb
13/8/2015
08:36
What's the view as to when this will get to 900p? I see a few more buys today, in that they are above the mid price
paulturner006
07/8/2015
10:16
I make that new highs....
battlebus2
04/8/2015
13:03
Very well turned around. I see other people have seen the value in this company - oversold before
paulturner006
03/8/2015
14:22
Well turned around this afternoon :))
battlebus2
30/7/2015
13:08
Looking forward to this reaching new highs!
richardlusty1
30/7/2015
12:33
Pity the sale of 5700 at 725 yesterday afternoon that's just shown up
paulturner006
30/7/2015
08:13
Yes very impressive, £10 isn't out of the question imv.
battlebus2
30/7/2015
08:08
Pretty impressive results
paulturner006
18/7/2015
01:57
You may well be right though the do is starting to slowly move north again
paulturner006
Chat Pages: 16  15  14  13  12  11  10  9  8  7  6  5  Older
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