Impellam announces trading update and appointment of joint corporate broker
Impellam has provided a trading update following the Group's financial year end on 1st January 2016 and ahead of the preliminary results due to be announced on 3rd March 2016.
The Board expects to report results for the full year in line with expectations. The Group say it has seen a strong performance in its UK Specialist Staffing businesses, despite ongoing disruption in the English healthcare market, and across the managed services businesses in the UK, USA and Australia. The businesses acquired in 2014, Lorien and Career Teachers, have now been fully integrated into the Group. Career Teachers has performed in line with expectations and Lorien has performed ahead of expectations.
Net debt at year end was in line with expectations at [£121m] reflecting £102m of borrowings in relation to the acquisitions of Global Group and Bartech during the second half of last year. The integration of the two acquisitions is proceeding as planned and both businesses are performing in line with expectations.
Impellam has also announced the appointment of Investec Bank plc as joint corporate broker with immediate effect.
Julia Robertson, CEO, commented, "2015 was another important year for Impellam where significant progress was made in the delivery of our strategy. We have successfully integrated the two acquisitions made in 2014 and completed two further acquisitions in 2015, each of which has expanded our geographic, sector and service coverage. Our robust and diversified portfolio, and, in particular, our mix between Specialist Staffing and Managed Services has enabled us to take advantage of good market conditions in many of our sectors. Our continued focus on attracting and retaining the best people, working collaboratively with customers who recognise the value of an engaged workforce and our adoption of high road values have ensured that we not only retained but significantly added to our key customer relationships over the course of the year."