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Impellam Group Annual General Meeting - Trading update

Impellam Group Annual General Meeting - Trading update 

Impellam Group plc ("Impellam" or "the Group") will issue the following trading update at today's Annual General Meeting.

"Trading in the first five months of 2013 has been broadly in line with the Board's expectations.  Our United Kingdom and North America Staffing businesses are both reporting increased activity and growth in net fee income, year over year.  Our North America business returned to year on year net fee income growth in Q2 of 2012 and we expect the United Kingdom business to report similar growth in Q2 this year.  Both businesses are also reporting increases in EBITDA when compared to prior year periods as a result of both net fee income growth and improvements in efficiency. 

However, our Medacs Healthcare business is seeing challenging market conditions with volumes and net fee income under pressure.  We are also seeing increased costs associated with both enhanced compliance requirements and in the sourcing of the required medical professionals for the demand available.  We therefore expect to see both net fee income and EBITDA compression in the first half.   

Our Carlisle Support Services business is also continuing to see little or no recovery in demand in the retail market.  In addition, costs associated with the mobilisation of recent contract wins are depressing gross margin percentages compared to prior periods. 

However, there will be no repeat of the prior year restructuring charges.

Accordingly, in the first half of the year, unadjusted earnings per share are expected to be broadly flat compared to the prior year."   

Impellam expects to publish trading results for the 26 weeks to 28th June 2013 on 25th July 2013.


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