The Impellam Group plc has announced its preliminary results for the period ended 31 December 2008.
Financial highlights - pro forma basis:
Turnover up 9.7% to 1,070.0 million (December 2007: 975.3 million)
Gross profit up 1.7% to 189.6 million (December 2007: 186.3 million)
Operating profit, before exceptional items and amortisation of intangible assets, 11.9 million (December 2007: 15.5 million)
Operating loss 2.4 million (December 2007: loss 3.4 million)
Net debt reduced to 61.8 million (December 2007: 63.3 million)
Adjusted earnings per share of 16.1p (December 2007: 30.5p)**
Financial highlights - statutory basis
Turnover up 87.1% to 755.6 million (year ended 31 March 2008: 403.8 million)
Gross profit up 76.1% to 131.9 million (year ended 31 March 2008: 74.9 million)
Operating profit, before exceptional items and amortisation of intangible assets, 8.8 million (year ended 31 March 2008: 3.8 million)
Operating loss 3.8 million (March 2008: profit 2.2 million)
Adjusted earnings per share of 10.7p (year ended 31 March 2008: 12.1p)**
Operational highlights - pro forma basis
Merger of Carlisle and CSG completed. Impellam now one of the largest UK quoted staffing business as measured by net fee income.
Merger synergies of 10.3 million identified and implemented.
Annualised cost base entering 2009 is 20.0 million lower than the cost base entering 2008.
Positive cash generation from operations, and net debt reduced.
Recruit Event Services Limited update
Discovery of accounting irregularities in Recruit Event Services Limited dating back to the start of 2007. Investigation completed and increased central control being introduced.
Desmond Doyle, Chief Executive Officer of Impellam, commented:
"Considering the extraordinary economic conditions in our key markets of the USA and UK I believe these are solid results. The business rationale for the merger of Carlisle and CSG has not changed and we continue to review our portfolio of businesses to ensure we have a strong focused Group well placed to benefit when the economic environment improves."