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Impellam announce gross profit increase of almost 12%

Revenue increased 9.7% to &pound1.3 billion

Staffing revenues increased 11.5% to &pound1.3 billion

Gross profit increased 11.9% to &pound193.9 million

Staffing gross profit increased 11.1% to &pound187.5 million

Permanent placement mix 13.2% (2013: 11.5%)

Adjusted operating profit* &pound36.7 million (2013: &pound28.6 million)

Staffing operating profit &pound40.5 million (2013: &pound36.8 million) with strong performances across the UK businesses (Managed Services up 11% and Specialist Staffing up 31%)

US businesses issues identified and remedial action taken

Carlisle margin improved and on track for profitability

Exceptional items reduced significantly to &pound2.7 million (2013: &pound23.2 million)

Operating profit &pound34.0 million (2013: &pound0.4 million)

Conversion of gross margin to adjusted operating profit* 18.9% (2013: 16.5%)

Basic earnings per share 59.6 pence (2013: loss 2.3 pence)

Adjusted* basic earnings per share 68.1 pence (2013: 62.0 pence)

Net debt of &pound14.8 million at 2 January 2015 (27 December 2013: cash &pound8.0 million)

 2 acquisitions completed in the period (Lorien & Career Teachers)

UK receivable finance agreement with Barclays increased to &pound120 million and renewed for three more years to November 2017 and term loan, originally of &pound15 million, taken out in connection with Lorien acquisition

Final dividend of 7.75 pence per share, amounting to &pound3.8 million in total, proposed to be approved at the AGM to be convened for 30 June payable on 31 July 2015 to all shareholders on the register at 10 July 2015. This makes a total dividend of 14p for 2014 an increase of 16.7% on 2013

* Adjusted operating profit before pre- tax non-recurring expense items

Julia Robertson, chief executive officer, commented, “I am pleased to report that the Group has delivered a strong financial performance this year in its staffing businesses and has made two excellent acquisitions in Lorien Resourcing & Career Teachers, both of which are performing in line with expectations and will be accretive in their first full year. In addition, we have completed the exit of onerous contracts in Carlisle Support Services and is on track for return to profitability.”

Highlights and financial summary Financial results for the fifty-three weeks ended 2 January 2015 - unaudited The table below sets out the financial results for the Group by segment for the fifty-three weeks ended 2 January 2015 

** % change measured at constant currency rates (2013 results restated at 2014 rates) The above table shows the revised segmental reporting identified in the Group Chief Executives Strategic review last year. These segments are now the basis of regular monthly management reporting and have, therefore, been incorporated into these consolidated Group accounts.

Chairman, Lord Ashcroft KCMG PC, said, “It has been a good year for Impellam. We have traded in line with expectations and have progressed well in delivering our strategic objectives which were set out by our CEO, Julia Robertson, in early 2014. Subject to shareholder approval, the Board are proposing a final dividend of 7.75 pence per share, amounting to &pound3.8m to be paid on 31 July 2015 following the Annual General Meeting on Tuesday 30 June 2015. During the year, Finance Director Andrew Burchall and Non-executive Directors Lincoln Jopp and Eileen Kelliher left the Board. I would like to thank them for their significant contribution and wish them well for the future. The year also saw us welcome Michael Laurie, Sir Paul Stephenson and Derek O’Neill to our Board as Non-executive Directors and most recently, Darren Mee as our Group Finance Director. All bring varied and significant experience to the Group.

"It was, however, with great sadness we reported the passing of Impellam’s former Chairman, Andrew Wilson. He became Chairman in November 2012 having served as a Non-executive Director of the Group since May 2008. Andrew had been part of the business for more than ten years and made an enormous contribution to the success, leading us to become the Group we are today. I joined the Impellam Board in December 2014 and I look forward to working with Julia to deliver further shareholder value. Finally, I would like to acknowledge the contribution and support of the Board and all our employees during 2014 as the Group continues on its strategic journey.” 

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