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IMPELLAM INTERIM FINANCIAL REPORT

IMPELLAM INTERIM FINANCIAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2009

Turnover down 2.8% to 500.9 million (June 2008: 515.5 million )
Gross profit down 11.4% to 83.6 million (June 2008: 94.5 million )
Fees from permanent placements down 50.9% to 7.9 million (June 2008: 15.9 million).
Permanent fees now represent 9.4% of gross profit (June 2008: 17.0%)
Operating costs*** reduced by 14.1% to 77.1 million (June 2008: 89.8 million )
Conversion of gross profit into operating profit improved to 7.8% (June 2008: 5.0%)
Operating profit*** 6.5 million (June 2008: 4.7 million )
Operating profit 0.5 million (June 2008: loss 0.1 million )
Adjusted earnings per share of 10.3p (June 2008: 7.7p )***
Unadjusted loss per share of 3.2p (June 2008: 16.4p )
The Group generated 9.5 million of cash from operations (June 2008: 10.9 million) in the first six months
Debtor days have been well controlled at 35.5 days (December 2008: 38.3 days)
Net debt decreased by 4.8 million to 57.0 million as at 30 June 2009

** comparatives for June 2008 on a pro forma basis (see note 1-III)
*** before exceptional items, share option charges and the amortisation of intangible assets
after adjusting for provisions against revenues of Recruit Event Services Limited (see note 1 - IV)

Cheryl Jones, Chairman, commented: "The marked contraction in economic activity in the two principal geographies in which the group operates required an acceleration of our strategic initiatives, the rationalisation of business activities and decisive reductions in the cost base of the Group. Accordingly, although volumes have reduced, group profitability in the six months to 30 June 2009 has improved when compared to the same period in 2008."

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