Impellam Shares Fall 40%
Impellam Shares Fall By 40%
Impellam Group plc has announced that it has commenced an investigation into the recovery of billed and unbilled receivables within its wholly owned subsidiary, Recruit Events Services Limited. The investigation is on-going and is anticipated to take at least another four weeks to conclude. Accounting records are in the process of being re-created and it is currently expected that the Group's pro forma earnings before tax has been overstated by up to a total of 5.0 million across 2008 and prior years. It is therefore anticipated that the Group's pro forma earnings before tax in 2008 will be materially below market expectations and that a material adjustment will need to be made to the Group's pro forma earnings before tax in 2007. An update on the investigation will be provided in due course.
The Group's preliminary results for the period ended 31 December 2008 will not be announced until the investigation is complete.
Shares fell by 40%.