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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Impellam Group Plc | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 875.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMIPEL
RNS Number : 2143M
Impellam Group plc
27 July 2017
INTERIM RESULTS - UNAUDITED
Impellam Group plc ("Impellam") - London AIM: IPEL; 27 July 2017
Impellam announces its unaudited interim results for the 6 months ended 30 June 2017
Managed Services providing resilience in uncertain times
Hot Features
Premium
Actual
H1 2017 H1 2016 Inc/(Dec)
Managed Services
spend under management
(GBP millions) (1,3) GBP2,073.2 GBP1,980.6 4.7%
Group Supply (GBP
millions) (2,3) GBP539.2 GBP516.1 4.5%
Revenue (GBP millions)
(3) GBP1,077.0 GBP1,052.0 2.4%
Gross Profit (GBP
millions) GBP140.1 GBP139.0 0.8%
Adjusted Operating
profit (4)
(GBP millions) GBP19.1 GBP28.5 (33.0)%
Adjusted Operating
profit conversion (6.9)
(5) 13.6% 20.5% ppts
Operating profit
(GBP millions) GBP15.4 GBP22.0 (30.0)%
Adjusted Basic EPS
(6) 29.8p 44.9p (33.6)%
Basic EPS 20.9p 29.9p (30.1)%
Interim dividend 7.0p 7.0p -
Net debt (GBP millions) GBP92.1 GBP109.7 (16.0)%
(1) Spend Under Management (SUM) is the total amount of client expenditure, excluding VAT, which our managed services brands (across all geographies) have been able to fill whether acting as a principal or an agent. This has been calculated either through the total amount invoiced to the client excluding VAT or, where we operate a direct engagement model, the value of the salaries and related costs of temporary staff we introduce to and administer for the client, plus our fee for this service.
(2) Group Supply is the value of the Spend Under Management supplied by other areas of the Group.
(3) Following a Group Revenue Recognition policy review the 2016 North America Revenue, Cost of Sales, Spend Under Management and UK and US Group Supply numbers have been restated. This has no impact on gross profit.
(4) Before separately disclosed items (see note 4) and share-based payments.
(5) Calculated as Adjusted Operating Profit / Gross Profit.
(6) Before separately disclosed items, share-based payments and customer relationship amortisation.
Key operational highlights
-- Revenues increased by 2.4% and gross profit increased by 0.8% over the same period last year (down 3.7% on a like for like currency basis), impacted by challenging conditions in our UK Specialist Staffing and Healthcare businesses. Gross profit from non-UK operations as a proportion of total gross profit increased from 33.2% to 37.6%, reducing our dependency on the UK, as planned.
-- Managed services businesses in the UK, US, Australia and the Middle East performed in line with expectations, with spend under management increasing by 4.7%, and 16 new business wins under implementation in H1. Healthcare Managed Services continues to perform well in the UK and Australia, protecting our position in a turbulent market.
-- Conversion of gross profit to adjusted operating profit in H1 was down from 20.5% to 13.6% driven by challenging conditions in the UK Specialist markets, the impact of off-payroll working legislation (IR35) in the UK Doctors and Nursing market, increased investment in both IT and in integrating and upgrading our US finance operations. Actions have been taken to reduce cost to best protect our financial performance and significantly improve the conversion of gross profit to adjusted operating profit in the second half of the year.
-- We continue to invest in developing great managers through our Virtuoso Management development programme which was delivered to 120 of our highest potential managers in H1. We know that virtuoso managers make a critical difference to our customers, candidates and to our financial performance. We also now have 270 apprentices across the business.
-- Net debt reduced to GBP92.1m with good operating cash generation of GBP21.9m.
-- Interim dividend of 7p, unchanged from H1 2016.
Julia Robertson, Chief Executive Officer, commented:
"During the first half of 2017 we have seen our Managed Services businesses across the world, aimed largely at the contingent workforce, continue to perform in line with expectations; with customer retention at 94% (based on our largest 50 customers), a record number of new programmes in implementation and a strong sales pipeline. In particular Guidant, Comensura and Lorien in the UK have all delivered strong H1 performances. We continue to win new business in the competitive Healthcare managed services market in the UK as we work with the NHS to provide them with visibility, control and cost savings, and likewise in Australia. In North America our Managed Services and Onsite programmes continue to perform well with a higher than planned win ratio, although H1 was impacted by the timing of wins over losses. Investment in Managed Services continues in line with increased demand from our customers who recognise the benefits of a high retention proposition, where the focus on controlled talent acquisition is paramount to commercial success.
Our Specialist Staffing businesses, particularly in the UK, have proved less resilient to the unpredictable climate and economy we are experiencing. However, as planned, Group Supply has increased by 4.5%. As customers continue to tread cautiously, with confidence to hire weakening in the lead up to and following the UK General Election, our UK Specialist Staffing businesses have had a challenging first half, with our Education, Office and Legal businesses each facing year on year gross profit decline.
Notwithstanding this, Blue Arrow (Industrial/Office/Catering) has a strong pipeline of client implementations for H2 and is investing in technology to free up staff from administrative tasks to concentrate on adding value to customers and candidates. Our Engineering, Aviation, Construction, Scientific and Clinical businesses have all produced strong performances.
In our Healthcare business, the impact of off-payroll working legislation (IR35) has compounded a market already suffering from reduced doctor and nurse availability due to rate caps, with a longer lead time for placements and delays in submitting timesheets.
Whilst we continue to invest in our growing Specialist Staffing markets, actions are in place to reduce headcount and other areas of the cost base to protect the financial performance of this segment.
Outside the UK, market conditions are more favourable. In the US, Specialist Staffing has seen particularly strong performances in our technology and clinical brands. Growth in our Australian businesses, although relatively small, remains strong with gross profit up 24% and operating profit has more than doubled from H1 2016.
We have continued to invest in the business with two strategic IT initiatives; the first one will benefit our Specialist Staffing businesses with improved productivity and efficiency as well as an enhanced digital experience for customers and candidates, and the second to enhance our offering in the Healthcare Managed Service market. Furthermore we have invested in the development of our virtuoso managers who are central to the achievement of our strategy and ambitious financial goals.
In North America, we have invested in integrating our financial systems and upgrading our finance back office to create a more robust platform to support our market facing brands.
In summary, notwithstanding the economic, political, social and technological turbulence we are experiencing in our two major geographic markets and a disappointing first half, driven primarily by market specific issues, I see opportunities across our business to drive financial performance by both reducing overhead costs and driving organic growth."
Managed Services UK, Europe and Australasia
Gross profit increased by 0.7% to GBP29.8 million (2016: GBP29.6 million). Operating profit decreased to GBP8.0 million (2016: GBP9.6 million) with conversion of gross profit to operating profit of 26.8% compared to 32.4% in the same period last year. Gross profit has increased across most of our UK Managed Services businesses with the fall in conversion driven by some volume losses in the technology sector and ongoing investment in our new Younifi proposition (managed social healthcare) which is on track to win its first customer in 2017.
Specialist Staffing UK, Europe and Australasia
Gross profit decreased by 4.3% to GBP69.4 million (2016: GBP72.5 million). Operating profit was GBP7.1 million (2016: GBP12.6 million) with conversion of gross profit to operating profit of 10.2%, compared to 17.4% in the same period last year. We saw lower fees in both temporary and permanent recruitment in the office, education and legal sectors. The Healthcare business experienced challenges in UK Doctors and Nursing primarily as a result of the new IR35 legislation which impacted in Q2 and resulted in a 13% reduction in gross profit.
US Managed Services
Gross profit increased by GBP2.1 million to GBP24.3 million (2016: GBP22.2 million). After adjusting for currency movements this was an underlying decrease of 5.8%. Operating profit decreased to GBP4.1 million (2016: GBP5.7 million). Conversion of gross profit to operating profit reduced from 25.7% in 2016 to 16.9% in 2017 impacted by a small number of client losses.
US Specialist Staffing
Gross profit increased by GBP1.9 million to GBP16.6 million (2016: GBP14.7 million). After adjusting for currency movements this was broadly flat. Operating profit decreased by GBP0.5 million to GBP3.0 million (2016: GBP3.5 million). Conversion of gross profit to operating profit reduced from 23.8% in 2016 to 18.1% in 2017. Strong gross profit growth in the Technology (10.9%) and Clinical (7.0%) sectors was offset by a reduction in Automotive (12.7% decline).
Cash flow, net debt and net assets:
The Group generated GBP21.9 million of cash from operations in the first twenty-six weeks of the year (2016: GBP22.9 million). Good underlying cash performance was the result of the continued focus on cash collections and working capital management activities. Days sales outstanding (DSO), was 40.7 days as at 30 June 2017 (2016 36.3 days). Day-to-day control of cash and tight control of working capital continues to be a priority for the Group.
In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to $5.7 million (31 December 2016: $4.6 million).
At 30 June 2017, the Group had net assets of GBP252.1 million (31 December 2016: GBP246.8 million).
Dividend and dividend policy:
The interim dividend is 7.0 pence per share (2016: 7.0 pence per share) payable on 6(th) October 2017 to those shareholders on the share register on 1(st) September 2017. This is in line with our stated policy of maintaining dividend cover of between 4-5 times adjusted earnings per share.
Trading Outlook:
Whilst trading conditions remain challenging, particularly in the UK Specialist Staffing and UK Healthcare Markets, our Managed Services businesses are continuing to perform well across all our geographies. The remainder of the year will see the benefit of our cost reduction actions, our implementations of new Managed Service programmes and our strong sales pipeline. These, combined with the normal uplift in H2 due to the seasonal nature in some of our businesses, means that we expect to see a significantly improved performance in the second half of the year.
Financial results for the twenty-six weeks to 30 June 2017
The table below sets out the results for the Group by segment for the first half of 2017.
Unaudited Revenue Gross profit Operating
Profit
GBP'million 2017 2016 % change(3) 2017 2016 % change(3) 2017 2016
---------------------- -------- -------- ------------
Spend Under
Management(1)
- UK, Europe
and Australasia 717.0 692.3 3.6
Spend Under
Management(1,4)
- North America 1,356.2 1,288.3 (5.3)
Group Supply(2,4)
- UK, Europe
and Australasia 377.1 375.2 0.5
Group Supply(2,4)
- North America 162.1 140.9 4.3
---------------------- -------- -------- ------------
Managed Services
- United Kingdom 496.3 498.1 (0.4) 29.8 29.6 0.7 8.0 9.6
Gross profit
% 6.0% 5.9%
Specialist Staffing
- United Kingdom 399.6 403.7 (1.0) 69.4 72.5 (4.3) 7.1 12.6
Gross profit
% 17.4% 18.0%
Managed Services
- North America(4) 99.9 85.2 6.6 24.3 22.2 (5.8) 4.1 5.7
Gross profit
% 24.3% 26.1%
Specialist Staffing
- North America 111.2 95.7 2.2 16.6 14.7 (0.2) 3.0 3.5
Gross profit
% 14.9% 15.4%
Inter-segment
revenues (30.0) (30.7) - - - -
Total 1,077.0 1,052.0 140.1 139.0 22.2 31.4
-------- -------- ------ ------
Corporate costs (1.2) (1.2)
Amortisation of customer
relationships (1.9) (1.7)
Adjusted Operating Profit
(before separately disclosed
items and share based
payments) 19.1 28.5
Add-back: depreciation
and amortisation 5.1 4.8
EBITDA 24.2 33.3
---------------------- -------- -------- ------------ ------ ------ ------------ ---------- ------
Separately disclosed
items (3.2) (6.0)
Share-based
payments (0.5) (0.5)
---------- ------
Operating profit 15.4 22.0
---------- ------
1. Spend Under Management (SUM) is the total amount of client expenditure, excluding VAT, which our managed services brands (across all geographies) have been able to fill whether acting as a principal or an agent. This has been calculated either through the total amount invoiced to the client excluding VAT or, where we operate a direct engagement model, the value of the salaries and related costs of temporary staff we introduce to and administer for the client, plus our fee for this service.
2. Group Supply is the value of the Spend Under Management supplied by other areas of the Group.
3. % change measured at constant currency rates (2016 results restated at 2017 rates).
4. Following a Group Revenue Recognition policy review the 2016 North America Revenue. Cost of Sales and Spend Under Management and UK and US Group Supply numbers have been restated. This has no impact on gross profit.
Consolidated income statement
For the twenty-six weeks ended 30 June 2017
26 weeks 26 weeks
30 June 30 June
2017 2016
Notes GBPm GBPm
Unaudited Unaudited
Continuing operations
Revenue (1) 2 1,077.0 1,052.0
Cost of sales (1) (936.9) (913.0)
__________ __________
Gross profit 140.1 139.0
Administrative expenses (124.7) (117.0)
__________ __________
Operating profit 2 15.4 22.0
----------------------------------- ----- ---------- ------------
Operating profit before separately
disclosed items 19.1 28.5
Separately disclosed items 4 (3.2) (6.0)
Share-based payment (0.5) (0.5)
__________ __________
Operating profit 15.4 22.0
----------------------------------- ----- ---------- ------------
Finance expense 5 (3.3) (4.5)
__________ __________
Profit before taxation 12.1 17.5
Taxation 6 (1.6) (2.6)
__________ __________
Profit for the period attributable
to owners of the parent Company 10.5 14.9
__________ __________
Earnings per share for equity
holders of the parent Company
Basic 7 20.9p 29.9p
Diluted 7 20.6p 29.3p
__________ __________
(1) Following a Group Revenue Recognition policy review the 2016 North America Revenue numbers have been restated. This has no impact on gross profit.
Consolidated statement of comprehensive income
For the twenty-six weeks ended 30 June 2017
26 weeks 26 weeks
30 June 30 June
2017 2016
GBPm GBPm
Unaudited Unaudited
Profit for the period 10.5 14.9
Other comprehensive income:
Currency translation differences
(net of tax) (5.7) 0.6
__________ __________
Total comprehensive income for the
period, net of tax, attributable
to owners of the parent Company 4.8 15.5
__________ __________
Consolidated balance sheet
As at 30 June 2017
30 June 31 December
2017 2016
GBPm GBPm
Unaudited Audited
Non-current assets
Property, plant and equipment 7.5 7.2
Goodwill 163.3 167.2
Other intangible assets 132.4 133.6
Deferred tax assets 18.1 19.2
Financial assets 1.4 1.3
_________ _________
322.7 328.5
_________ _________
Current assets
Trade and other receivables 670.5 623.3
Cash and cash equivalents 77.2 54.8
_________ _________
747.7 678.1
_________ _________
Total assets 1,070.4 1,006.6
_________ _________
Current liabilities
Trade and other payables 614.8 568.9
Taxation liabilities 2.4 5.7
Short-term borrowings 44.3 30.1
Provisions 1.3 1.2
_________ _________
662.8 605.9
_________ _________
Net current assets 84.9 72.2
_________ _________
Non-current liabilities
Other payables 1.5 3.9
Long-term borrowings 125.0 120.0
Provisions 2.1 2.1
Deferred taxation liabilities 26.9 27.9
_________ _________
155.5 153.9
_________ _________
Total liabilities 818.3 759.8
_________ _________
Net assets 252.1 246.8
_________ _________
Equity
Issued share capital 0.5 0.5
Share premium account 30.1 30.1
_________ _________
30.6 30.6
Other reserves 122.8 128.0
Retained earnings 98.7 88.2
_________ _________
Total equity attributable to owners
of the parent Company 252.1 246.8
_________ _________
Consolidated cash flow statement
For the twenty-six weeks ended 30 June 2017
26 weeks 26 weeks
30 June 30 June
2017 2016
GBPm GBPm
Unaudited Unaudited
Cash flows from operating activities
Profit before taxation 12.1 17.5
Adjustments for:
Net interest charge 3.3 4.5
Depreciation and amortisation 5.1 4.8
________ ________
20.5 26.8
Increase in trade and other receivables (65.6) (107.3)
Increase in trade and other payables 68.2 102.9
(Decrease) / Increase in provisions (1.2) 0.5
________ ________
Cash generated by operations 21.9 22.9
Taxation paid (5.1) (5.1)
________ ________
Net cash generated by operating activities 16.8 17.8
________ ________
Cash flows from investing activities
Payment of deferred consideration (1.6) (6.6)
Purchase of property, plant and equipment (1.5) (1.5)
Purchase of intangible assets (4.2) (2.6)
Net movement in other financial
assets (0.1) -
________ ________
Net cash utilised on investing activities (7.4) (10.7)
________ ________
Cash flows from financing activities
Net movement in short-term borrowings 19.7 4.2
Finance expense paid (3.4) (4.3)
Capital element of Finance Lease
payments (0.1) (0.1)
________ ________
Net cash inflow / (outflow) from
financing activities 16.2 (0.2)
________ ________
Net increase in cash and equivalents 25.6 6.9
Opening cash and cash equivalents 54.8 66.0
Foreign exchange (loss) / gain on
cash and cash equivalents (3.2) 5.7
________ ________
Closing cash and cash equivalents 77.2 78.6
________ ________
Consolidated statement
of changes in equity
For the twenty-six weeks Total
ended 30 June 2017 share
capital
and share Other Retained Total
premium reserves earnings equity
Unaudited GBP m GBP GBP GBP m
m m
1 January 2017 30.6 128.0 88.2 246.8
______ ______ ______ ______
Other comprehensive income - (5.7) - (5.7)
Profit for the period - - 10.5 10.5
Share-based payment charge - 0.5 - 0.5
______ ______ ______ ______
30 June 2017 30.6 122.8 98.7 252.1
______ ______ ______ ______
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 year ending 31 December 2017. 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 26 weeks to 30 June 2017 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 year ended 31 December 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 year
The financial statements have been prepared based on a twenty-six week accounting period ended 30 June 2017 for the current year, and 1 July 2016 for the comparatives. The 2016 full year accounting period ended 30 December 2016. For the purposes of understanding, the references on balance sheet notes to the actual start and end dates of the years have been based on actual calendar dates rather than the start and end dates of the relevant accounting periods.
IV. Accounting policies, new IFRS and interpretations
The accounting policies used in this report are consistent with those applied at 31 December 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 30 June 2017 - unaudited
Segment
Operating
EBITDA profit
before before
separately separately
disclosed disclosed
Revenue items Depreciation items
GBP m GBP GBP m GBP m
m
Managed Services - UK,
Europe and Australasia 496.3 8.8 0.8 8.0
Specialist Staffing - UK,
Europe and Australasia 399.6 8.8 1.7 7.1
Managed Services - North
America 99.9 4.5 0.4 4.1
Specialist Staffing - North
America 111.2 3.3 0.3 3.0
Inter-segment revenues (30.0) - - -
-------- ------------ ------------- ------------
Operating segments 1,077.0 25.4 3.2 22.2
-------- ------------ ------------- ------------
Twenty-six weeks ended 30 June 2016 - unaudited
Segment
Operating
profit
EBITDA /(loss)
before before
separately separately
Revenue disclosed disclosed
(1) items Depreciation items
GBP m GBP m GBP m GBP 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 85.2 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 1,052.0 34.5 3.1 31.4
-------- ------------ ------------- ------------
(1) Following a Group Revenue Recognition policy review the 2016 North America Revenue numbers have been restated. This has no impact on gross profit.
Reconciliation of segment operating profit
to profit after tax is as follows:
Unaudited 26 weeks 26 weeks
30 June 30 June
2017 2016
GBP GBP
m m
Segment operating profit before
separately disclosed items 22.2 31.4
Corporate costs (1.2) (1.2)
Amortisation of customer
relationships (1.9) (1.7)
--------- ---------
Operating profit before
separately disclosed
items 19.1 28.5
Separately disclosed
items (3.2) (6.0)
Share-based payment (0.5) (0.5)
--------- ---------
Operating profit 15.4 22.0
Finance expense (3.3) (4.5)
Taxation charge (1.6) (2.6)
--------- ---------
Profit for the period
from continuing operations 10.5 14.9
--------- ---------
3 Spend under management and group supply - unaudited
26 weeks 26 weeks
30 June 30 June
2017 2016
GBP m GBP m
Spend under management - UK, Europe
and Australasia 717.0 692.3
Spend under management (1) - North
America 1,356.2 1,288.3
Group Supply(1,2) - UK, Europe and
Australasia 377.1 375.2
Group Supply (1,2) - North America 162.1 140.9
--------- ---------
(1) Following a Group Revenue Recognition policy review the 2016 North America Spend Under Management and UK and US Group Supply numbers have been restated. This has no impact on gross profit.
(2) Group Supply is the value of the Spend Under Management supplied by other areas of the Group.
4 Separately disclosed items - unaudited
26 weeks 26 weeks
30 June 30 June
2017 2016
GBP m GBP m
Acquisition costs (1) 0.8 4.8
Business restructuring (2) 0.4 1.2
Settlement of historic US legal
& tax cases (3) 2.0 -
3.2 6.0
-------- --------
(1) Acquisition costs relate to contingent consideration in respect of Global Medics in 2017 and Lorien in 2016. These costs are one-off in nature and have been disclosed in order not to distort the underlying trading performance of the business.
(2) Business restructuring costs are of such significance that they are excluded in order to bring them to the reader's attention in understanding the Group's financial position. The costs relate to the Bartech acquisition and are redundancy costs (2016) and property closure costs (2016 and 2017).
(3) In 2017 the US incurred tax and associated legal costs of GBP0.3 million with regard to the settlement of historic state tax liabilities for the period 2010 to 2016. In addition the US has an ongoing litigation matter for which a provision for settlement and associated legal costs of GBP1.7 million has been made in the period. These are disclosed separately due to their one-off nature and significance.
5 Finance expense - unaudited
26 weeks 26 weeks
1 June 30 June
2017 2016
Finance expense GBP m GBP m
Revolving credit facilities 2.6 3.0
Other interest expense 0.1 0.5
--------- ---------
Total interest payable 2.7 3.5
Unwinding of discount on deferred
consideration 0.6 0.8
Unwinding of discount on provisions - 0.2
--------- ---------
Income statement 3.3 4.5
--------- ---------
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 850,000 options outstanding at 30 June 2017.
Excluding the 19,841 shares owned by The Corporate Services Group Ltd Employee Share Trust, the weighted average number of shares in 2017 is 50,322,530 (2016: 49,951,001) and the fully diluted average number of shares is 50,975,488 (2016: 50,887,148).
EPS - Basic Calculation 26 weeks 26 weeks
30 June 30 June
2017 2016
Pence Pence
Unadjusted earnings per share 20.9 29.9
Separately disclosed items (net
of tax) 6.0 12.1
Customer relationship amortisation
(net of tax) 2.9 2.9
-------- --------
Adjusted earnings per share 29.8 44.9
-------- --------
EPS - Diluted Calculation 26 weeks 26 weeks
30 June 30 June
2017 2016
Pence Pence
Unadjusted earnings per share 20.6 29.3
Separately disclosed items (net
of tax) 5.9 11.8
Customer relationship amortisation
(net of tax) 2.9 2.7
-------- --------
Adjusted earnings per share 29.4 43.8
-------- --------
8 Additional cash flow information - unaudited
31 December Foreign 30 June
Unaudited 2016 Cash flow exchange 2017
GBP m GBP m GBP m GBP m
Cash and short-term
deposits 54.8 25.6 (3.2) 77.2
Revolving credit (149.9) (19.7) 0.4 (169.2)
Hire purchase (0.2) 0.1 - (0.1)
Net debt (95.3) 6.0 (2.8) (92.1)
----------- --------- --------- -------
9 Dividends - unaudited
During the period a final dividend in respect of 2016 of 13.5 pence per share (2016: re 2015 10.0 pence per share) was approved at the Annual General Meeting and will be paid on 10 August 2017, amounting to GBP6.8 million (2016: re 2015 GBP5.0 million).
The Board also announces the payment of an interim dividend of 7.0 pence per share (2016: 7.0 pence per share), amounting to GBP3.5 million (2016: GBP3.5 million) payable on 6 October 2017 to all shareholders on the register on 1 September 2017.
Enquiries: For further information please contact the appropriate individual below:
Impellam Group plc Julia Robertson, Group Chief Tel: 01582 692658 Executive Officer Alison Tel: 01582 692658 Wilford, Chief Financial Officer Cenkos Securities plc (NOMAD and Corporate Broker to Impellam) Nicholas Wells Mark Connelly Tel: 020 7397 8900
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 3,400 people across 182 worldwide locations.
-END-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 27, 2017 02:00 ET (06:00 GMT)
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