Impellam Group plc has published its preliminary results
Impellam Group plc has published its preliminary results for the year ended 31st December 2009.
Total turnover down 2.4% to 1,044.2 million (December 2008: 1,070.0 million)
Turnover from permanent placement fees down 42.8% to 17.5 million (December 2008: 30.6 million)
Total gross profit down 10.0% to 170.2 million (December 2008: 189.6 million)
Gross profit from permanent placement fees down 43.6% to 15.8 million (December 2008: 28.0 million)
Permanent placement fees now represent 9.3% of gross profit (December 2008: 14.8%)
Operating costs reduced by 15.0% to 151.0 million (December 2008: 177.7 million)*
Conversion of gross profit into operating profit improved to 11.3% (December 2008: 6.3%)*
Operating profit 19.2 million (December 2008: 11.9 million)*
Operating profit 10.0 million (December 2008: loss 2.4 million)
Operating profit improved in all staffing segments
Debtor days are at 39.2 days (December 2008: 38.3 days)
Financing costs fell 28.1% to 4.1 million (December 2008: 5.7 million)
Adjusted earnings per share of 44.4p (December 2008: 16.1p)*
Unadjusted earnings per share of 23.9p (December 2008: 25.5p loss)
The comparatives for December 2008 are set out on a pro forma basis in order to give a more meaningful comparison due to the merger of The Corporate Services Group plc and Carlisle Group Limited that concluded on May 7, 2008.
* Before exceptional items and the amortisation of intangible assets
On a statutory basis:
Turnover for 2008 was 755.6 million
Gross profit was 131.9 million
Operating loss was 3.8 million
Unadjusted loss per share of 25.0p
Cheryl Jones, Chairman, commented: "I am pleased to report that Impellam Group plc ("Impellam" or "the Group") has concluded its first complete fiscal year of post-merger trading amidst a very challenging economic environment.
Despite difficult economic conditions, the Group retained top-line performance, and efficiency initiatives were in line with the significant reductions the market experienced relative to the permanent placement sector and the general downturn in the temporary staffing sector.
The first phase of the Group's strategy which included right sizing of the businesses, driving efficiencies into central and back office environments, initial rationalisation of the Group's brand portfolio, and improved cash management focus has been completed. Plans for further alignment to market focus, efficiencies and cash management are on-going."