Impellam Share Discussion Threads

[interceptor2] 05/11/2014 09:55

Yep, I might have misread the impact of the acquisition.

Good sector...

[battlebus2] 05/11/2014 09:42

Moving along nicely now.

[interceptor2] 04/11/2014 16:29

It may sound like headless chicken mode, but I sold my small holdings here today.

I thought the acquisition was a decent one, but not a huge bargain, and due to the size of the acquired company may test the new management here. I also feel that a UK and USA focused company in this sector should be performing ahead of expectations at this time.

Will wait on the sideline now and keep an eye out for an ahead statement.

Hope they do well for holders.

[interceptor2] 04/11/2014 08:09

Certainly interesting battlebus.

A large acquisition and plenty of figures to work out. Using the initial £30.2m cost, they are buying the business for a PSR of 0.09, or 0.156 if future earn outs are included, I haven't included the debt taken on. I think that's fair? IPEL are on a PSR of 0.17. Net margins are about the same for both businesses at 2.1%.

So not easy to work out, but it looks a fair price imv.

One concern for me is that I was hoping for more than an in line statement at this time!

[battlebus2] 04/11/2014 07:50

Interesting news this morning IC2.

[interceptor2] 28/10/2014 14:36

Board is rather quiet here. I like the recruitment sector and the fact that IPEL are in the main UK and USA focussed. Should be a chance that H2 will surprise with an upbeat statement. Carlisle division seems to have been tackled with new management in place, and a kitchen sink job from the new CEO.

USA should be stronger in H2 after the severe weather early in 2014 which effected HI.

Noticed there has been no broker coverage here since March. So very much under the radar.

[jeff h] 14/5/2014 07:18

Multi-sector recruiter Impellam Group has launched Guidant Group, a new international managed services and recruitment outsourcing specialist, to serve clients' cross-border talent needs. The brand has been created by merging Carlisle Managed Solutions with its US counterpart Guidant. The merger of the two companies will see 230 employees serve the recruitment needs of 60 businesses across a wide range of industry sectors in the UK, US, Canada and Mainland Europe. Melanie Forbes is Guidant Group's managing director, UK & Europe. Andrew Zarkadas is managing director for Guidant Group North America. The UK headquarters will be situated in Devonshire Square, London. The US headquarters are in Atlanta, Georgia. In the UK, the business serves clients in sectors such as energy and utilities, business services, air transportation, manufacturing, hospitality, retail, insurance, local and central government with temporary and contractor managed services and full recruitment process outsourcing solutions. - See more at:

[tiredandweary] 17/12/2013 11:11

Oh dear
It appears that impel lam have blotted their copybook
Looks like the new CEO is sweeping out all of the old
To allow the 2014 performance to look reasonable

[v11slr] 11/12/2013 10:27

Quiet board this. Bought in here today. Just wanting to see if there is anyone else invested?

[phoenix1234] 25/7/2013 17:28

Impellam Group - interim results analysis: avoid

[waterloo01] 25/7/2013 11:56

stockpedia paul scotts blog

[martinc] 25/7/2013 10:56

that URL got edited out.. where is it?

[waterloo01] 25/7/2013 09:43

Well worth a read:

[spot1034] 25/7/2013 09:06

A good moment for a rival to make an approach. That's how this will end almost for sure, and maybe the time isn't far off. The company would probably benefit from being part of a larger operation. The shares are cheap enough for one of the majors to offer a decent premium and still get a very good return if they can integrate it into their existing business.

[martinc] 25/7/2013 08:53

Yes, but Carlisle is quite a small part of the business. Medacs is responsible for broadly the same amount of bad news. The write up for both is a bit vague.. they seem to be blaming external events for Medacs, which I think is bad news as they cna't control external events.

I'm a bit alarmed by the cash flow; my accounting skills aren't good enough for me to evaluate their excuse about timings of VAT payments

[edmundshaw] 25/7/2013 07:53

Seems to be problems with Carlisle. I am not getting the impression management is on top of things, and no clear indications of what Medacs strategy is. Based on lack of confidence in management, even though this is cheap, for now at least I am out.

[phoenix1234] 19/6/2013 15:56

Impellam Group - AGM trading update hxxp://www.shareprophets.com/views/737/impellam-group-agm-trading-update

[britishb] 19/6/2013 09:40

Yes, CB7, there may be some H2 bias, My estimates perhaps on the low side. Reckon 45-52p for the year. As you say best to see what the broker says for a clearer picture.

[cb7] 19/6/2013 08:56

In the last 3 years, eps has always been noticeably greater in H2. So eps in the 50's seems the most likely outcome...lets see what the brokers amended estimates are.

[britishb] 19/6/2013 07:44

No, you're wrong WJ.

They say "Accordingly, in the first half of the year, unadjusted earnings per share are expected to be broadly flat compared to the prior year"

Last H1 unadjusted eps was 22.1p, so broadly flat might mean 22p. I don't believe there's much seasonality, so guess headed for 40-46p full year vs 65.8p forecast.Unless H2 picks up that's a huge profit warning - tho they say "Trading in the first five months of 2013 has been broadly in line with the Board's expectations" so maybe they expect a better H2.

Agree that even at 40-46p they are reasonably cheap given cash generation, just can't see much short term upside. Will revisit after interims etc.

[wjccghcc] 19/6/2013 07:36

Huh? They made 59p EPS last year and forecast this year is 65.8p, so a 13% increase. With H1 EPS flat at 28p and UK staffing (68% operating profits) returning to grwth in Q2, an increase of H2 EPS by 20% isn't out of the question.

I suspect they may miss by a few p if Medacs isn't sorted out but even if they only make 60p, it's still on a PE of 6 with no debt and stonking cash generation.

[spot1034] 19/6/2013 07:32

Weakness might lead to a bid from one of the majors, you never know. That's almost certainly how it will end sooner or later, and you can never be sure when they might pounce.

I think it has gone xd this morning as well - record date for the final 5p dividend is Friday.

[britishb] 19/6/2013 07:25

Sounds like a monster profit warning to me. Headed for £25m pretax vs £37m forecast if unadjusted H1 is flat IMO. Maybe H2 will be better as they say broadly in line for the year? Slightly confused and happy to have dumped first thing! Fairly cheap even if £25m but hard to see upward momentum for a bit. Who knows?

[edmundshaw] 30/5/2013 07:49

Welcome to what appears a select club (for now)!

[matt123d] 29/5/2013 21:09

Bought in two lots up to 420p today, very little supply about.