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% 552.50p 550.00p 555.00p 552.50p 550.00p 552.50p 0 11:00:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2,171.3 37.9 61.9 8.9 277.71

Impellam Share Discussion Threads

Showing 376 to 400 of 400 messages
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DateSubjectAuthorDiscuss
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
14/7/2015
14:13
I agree with you Paul. But it hasn't been moving anywhere recently. Might take something big like an acquisition to make this move.
richardlusty1
25/6/2015
22:32
Any thoughts - any thoughts on the share price increasing? The business looks sound
paulturner006
22/6/2015
20:50
very strange. Up or down? Big retracement without any real news to justify it. Any thoughts?
paulturner006
15/6/2015
09:57
Thanks for your inputs gdjs100. I spoke with Impellam this morning. Apparently they are hoping to send out more details concerning the divi and choices on 13 july. Eligible shareholders will have until 23 July to make a decision between cash or shares. BTW I was also informed that eligible shareholders will have to make an election to receive cash. If they don't they will automatically receive shares. Anyway I'm glad everyone can have cash. Strange how share price is behaving though.
eaglefan1
Chat Pages: 16  15  14  13  12  11  10  9  8  7  6  5  Older
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