TIDMIPEL
RNS Number : 4332F
Impellam Group plc
28 July 2016
INTERIM RESULTS - UNAUDITED
Impellam Group plc ("Impellam") - London AIM: IPEL; 28 July
2016
Impellam announces its unaudited interim results for the 26
weeks ended 1 July 2016
Key financial highlights
H1 2016 H1 2015 Inc/(Dec)
Managed Services spend
under management (GBP
millions)* GBP2,057.1 GBP952.2 116.0%
Group Supply (GBP
millions)* GBP512.4 GBP379.6 35.0%
Revenue (GBP millions) GBP1,085.6 GBP831.6 30.5%
Gross Profit (GBP
millions) GBP139.0 GBP108.8 27.8%
Managed Services and
Specialist Staffing
operating profit (GBP
millions)* GBP31.4 GBP23.4 34.2%
Profit conversion** 21.7% 20.0% 1.7 ppts
Profit before tax**
(GBP millions) GBP25.7 GBP20.1 27.9%
(4.4)
Tax rate 14.9% 19.3% ppts
Adjusted Basic EPS**
(pence) 44.9p 33.0p 36.1%
Interim dividend (pence) 7.0p 7.0p -
Net debt (GBP millions) GBP109.7 GBP39.4 178.4%
DSO (days) (4.2
36.3 days 40.5 days days)
* 2015 restated to incorporate Carlisle Support
Services into the Managed Services UK, Europe
and Australasia segment and other minor reallocations
between segments to align to the regular management
reporting of the Group
** before separately disclosed items, share-based
payments and customer relationship amortisation
Key operational highlights
-- Cultural change programme continues to gather pace across the
Group and a new role of Group Transformation Officer has been put
in place to accelerate the achievement of our vision of becoming
"the world's most trusted staffing company"
-- High retention strategy delivers 96% customer retention
-- The integration of Global Medics and Bartech into the Group
has been successful with the Bartech MSP business performing ahead
of expectations
-- The newly combined North America business has traded strongly
and delivered expected synergy savings. As planned, the increased
scale of the group in North America following the Bartech
acquisition has been a major factor in the improvement of
conversion of gross profit into operating profit, which is now in
line with the UK business
-- Managed Services revenue satisfied by Group companies
increased by 35.0% to GBP512.4 million and significant opportunity
remains for increasing the group supply into Managed Service
Programmes particularly in North America
-- UK Managed Services businesses have performed strongly with
Lorien growing significantly year on year
-- An increased focus on Australasia following the acquisition
of Global Medics and investment in Comensura provides further
geographic diversification to the Group and high growth potential.
Comensura has won, and is in the process of implementing, 25 new
Managed Service contracts
-- Strong cash performance with cash generated from operations
of GBP22.9 million (2015: GBP12.8 million outflow) and a reduction
in DSO of 4.2 days
Julia Robertson, Chief Executive Officer, commented:
"I am pleased to report that we continue to make good progress
against the 2016 strategic priorities outlined in our 2015 Annual
Report.
At the end of last year I stated that my major priorities for
2016 were people and cash. That has not changed and I am pleased to
report that this focus together with the clarity of purpose around
achieving our vision of being "the world's most trusted staffing
company" means that we can be trusted, even in these uncertain
times.
Our focus on Managed Services and Specialist Staffing aimed
largely at the contingent workforce, where 90% of our gross profit
is derived from temporary or contractor placements, puts us in a
strong place both with customers seeking to build better businesses
and with candidates who are looking for flexibility, a sense of
purpose and employers who value their contribution.
In North America, which is now under single leadership following
the Bartech acquisition, our businesses are performing well, and
the increased scale has helped to drive the conversion of gross
profit to operating profit in line with UK levels. Our focus on
driving synergy savings mean that there will be further full year
benefits next year which will deliver further conversion
improvement.
We are pleased with the progress we have made in Australia where
we have increased the scale of our healthcare business, Medacs
Global Group, and have seen accelerated growth on the back of
investment in Comensura which is implementing 25 new Managed
Service contracts and has a strong public and private sector
pipeline.
Our cultural change programme is now well underway and over 300
Impellam people have now embarked on a development programme based
on effective promise management which is designed both to hasten
our progress towards our vision of becoming "the world's most
trusted staffing company" and to ensure we operate at optimal
levels through increased agility. We have created a new role of
Group Transformation Officer to help drive this cultural
change.
The UK education market has been challenging for a number of
months and we are anticipating that this will continue during the
remainder of 2016. This has impacted the performance of our
teaching businesses in the first half of 2016.
The English healthcare market has seen major disruption in the
first half of 2016 with junior doctors' strikes and the imposition
of rate caps. As expected our doctors business was adversely
impacted but our nursing business and the other healthcare
businesses grew during the first half. The doctors market in
England appears to have normalised following the disruption caused
by the rate caps and we remain confident that our focus on Managed
Services and Specialist Staffing will deliver a strong
performance.
The Group is concentrating on bedding in the 4 acquisitions made
over the past two years, tuning into customers and candidates and
focussing on cash collection with a view to reducing our net debt
so that we are strongly positioned to take advantage of
opportunities that might occur later in 2016 and during 2017. We
have made good progress so far this year and net debt has reduced
by GBP8.5 million from the year end to GBP109.7 million which is in
line with our expectations.
The combination of the robustness of our Managed Service
offering, geographic spread, concentration on the contingent
workforce and the Global Medics and Bartech acquisitions has helped
us to deliver an overall 35.9% improvement (GBP8.8 million) in
EBITDA in H1 to GBP33.3 million."
Outlook
Like many of our competitors, we have seen a softening in the
permanent recruitment market in the UK since Q4 2015. Given the
current social, economic and political uncertainties in the UK we
do not expect this outlook to change. However, we expect our
businesses to continue to perform well in our key markets and we
are confident that our differentiated high retention strategy, our
portfolio of market focused contingent worker Specialist Staffing
businesses complemented by our high performing Managed Services
businesses, will deliver results for the full year in line with
management expectations.
Managed Services UK, Europe and Australasia
Gross profit increased by 15.2% to GBP29.6 million (2015:
GBP25.7 million). Operating profit increased to GBP9.6 million
(2015: GBP8.5 million) with conversion of gross profit to operating
profit of 32.4% compared to 33.1% in the same period last year.
Lorien, the acquisition we made in 2014, continues to perform well
and has grown its Managed Service gross profit by 24.8% and EBITDA
by 35.6% year on year, demonstrating its strategic fit within the
Impellam Group.
Specialist Staffing UK, Europe and Australasia
Gross profit increased by 9.5% to GBP72.5 million (2015: GBP66.2
million). Operating profit was GBP12.6 million (2015: GBP14.8
million) with conversion of gross profit to operating profit of
17.4%, compared to 22.4% in the same period last year, primarily
due to lower permanent recruitment fees, the removal of travel and
subsistence advantages and continued investment in headcount to
drive future performance. Our UK Specialist business was
complemented by the acquisition of Global Medics in 2015, a
healthcare business specialising in locum doctors serving clients
across the UK, Ireland and Australasia. We are pleased with the
performance of the Global Medics business which is in line with our
expectations.
US Managed Services
Gross profit increased by GBP13.9 million to GBP22.2 million
(2015: GBP8.3 million) an increase of 155.9% after adjusting for
currency movements. Operating profit increased to GBP5.7 million
(2015: GBP0.6 million). Conversion of gross profit to operating
profit improved substantially from 7.2% in 2015 to 25.7% in 2016.
The increases were driven by the acquisition in late 2015 of
Bartech. On a standalone like-for-like basis, adjusting for
constant currency, Bartech Managed Services business has grown its
gross profit by 14.5%.
US Specialist Staffing
Gross profit increased by GBP6.1 million to GBP14.7 million
(2015: GBP8.6 million), an increase of 61.5% after adjusting for
currency movements. Operating profit increased by GBP4.0 million to
GBP3.5 million (2015: GBP0.5 million loss). Conversion of gross
profit to operating profit improved to 23.8% from (5.8%). The
Bartech acquisition was the driver for the growth in this
segment.
Cash flow, net debt and net assets:
The Group generated GBP22.9 million of cash from operations in
the first twenty-six weeks of the year (2015: GBP12.8 million
outflow), a principle factor being the increased focus on cash
collections in the period. One of our main measure of working
capital management, days sales outstanding (DSO), was 36.3 days at
1 July 2016 compared to 40.5 days at 1 July 2015. Day to day
control of cash and tight control of working capital continues to
be a priority for the Group.
In November 2015 the Group replaced its receivable financing
agreements and term loans in the UK and US with a four year GBP250
million global Revolving Credit Facility (RCF). The facility is
provided by a syndicate of six banks led by Barclays, with an
option to extend to November 2020 and with an accordion element of
an additional GBP50 million. The new RCF provides the Group with
the flexibility to fund its working capital as well as future
M&A activity and significantly reduces the operational
complexity associated with the invoice discounting facility that it
replaced. As at 1 July 2016 net debt was GBP109.7 million. In the
first half of 2016 the Group used GBP4.1 million of cash on capital
expenditure (2015: GBP3.2 million). GBP3.5 million has been paid in
interest (2015: GBP1.1 million). With continuing profitability the
Group paid GBP5.1 million in corporation tax in the period (2015:
GBP3.5 million).
In addition, the Group has outstanding letters of credit drawn
against its US borrowing facilities amounting to $4.6 million (1
January 2016: $6.7 million).
At 1 July 2016, the Group had net assets of GBP214.3 million (1
January 2016: GBP192.3 million).
Dividend and dividend policy:
The interim dividend is maintained at 7.0 pence per share (2015:
7.0 pence per share). This is a prudent approach given the current
uncertain economic environment. The Board will review this at the
year end in light of our stated policy of maintaining dividend
cover between 4-5 times adjusted earnings per share
Directorate Change
Darren Mee, Group Finance Director, will be stepping down as
director with immediate effect and will leave the Company at the
end of July 2016 in order to pursue other interests. Darren has
been Group Finance Director since January 2015. In that time Darren
has been an active member of the Board, has significantly improved
the capability of the finance function, has played a key role in
the acquisitions made by the Group and the funding available to the
Group under its revolving credit facility.
Alison Wilford, Group Financial Controller, joins the Board with
immediate effect and will take over as Group Finance Director.
Darren will support Alison over the remainder of 2016 in her new
role.
Alison, aged 51, is currently a director of Leeward Property
Management Limited. She was also previously a director of the
following companies during the past five years:
-- Aviva Global Services (Management Services) Private Limited; and
-- Waveney Asset Management Limited.
Alison has a beneficial interest in 2,714 ordinary shares in the
Company.
Save as disclosed above, there are no other matters which are
required to be disclosed in accordance with Rule 17 and paragraph
(g) of Schedule Two of the AIM Rules for Companies.
Financial results for the twenty-six weeks to 1 July 2016
The table below sets out the results for the Group by segment
for the first half of 2016.
Unaudited Revenue Gross profit Operating
profit
------------------- --------------------------------
GBP'million 2016 2015(4) % change(3) 2016 2015(4) % change(3) 2016 2015(4)
------------------- -------- -------- ------------
Spend Under
Management(1)
- UK, Europe
and Australasia 692.3 608.3 13.8
Spend Under
Management(1)
- North America 1,364.8 343.9 272.9
Group Supply(2)
- UK, Europe
and Australasia 410.8 353.9 16.1
Group Supply(2)
- North America 101.6 25.7 271.1
------------------- -------- -------- ------------
Managed Services
- UK, Europe
and Australasia 498.1 400.5 24.4 29.6 25.7 15.2 9.6 8.5
Gross profit
% 5.9% 6.4%
Specialist
Staffing
- UK, Europe
and Australasia 403.7 362.4 11.4 72.5 66.2 9.5 12.6 14.8
Gross profit
% 18.0% 18.3%
Managed Services
- North America 118.8 44.8 149.2 22.2 8.3 155.9 5.7 0.6
Gross profit
% 18.7% 18.5%
Specialist
Staffing
- North America 95.7 44.8 100.9 14.7 8.6 61.5 3.5 (0.5)
Gross profit
% 15.4% 19.2%
Inter-segment
revenues (30.7) (20.9) - - - -
Total 1,085.6 831.6 139.0 108.8 31.4 23.4
-------- -------- ------ --------
Corporate
costs (1.2) (1.6)
Amortisation of
customer relationships (1.7) (0.9)
------ --------
Operating profit
before separately
disclosed items
and share-based
payments 28.5 20.9
----------------------------- -------- ------------ ------ -------- ------------ ------ --------
Add-back:
depreciation
and amortisation 4.8 3.6
------ --------
EBITDA 33.3 24.5
------------------- -------- -------- ------------ ------ -------- ------------ ------ --------
Separately
disclosed
items (6.0) (1.1)
Share-based (0.5) -
payments
------ --------
Operating
profit 22.0 19.8
------ --------
1. Spend Under Management is the total value of client funds
managed including where we operate as an agent
2. Group Supply includes amounts within Managed Services Spend
Under Management fulfilled either by a fellow Group brand or
through a direct contract with the worker supplied
3. % change measured at constant currency rates (2015 results restated at 2016 rates)
4. 2015 restated to incorporate Carlisle Support Services into
the Managed Services UK, Europe and Australasia segment and other
minor reallocations between segments to align to the regular
management reporting of the Group
Consolidated income statement
For the twenty-six weeks ended 1 July 2016
26 weeks 26 weeks
1 July 3 July
2016 2015
Notes GBPm GBPm
Unaudited Unaudited
Continuing operations
Revenue 2 1,085.6 831.6
Cost of sales (946.6) (722.8)
__________ __________
Gross profit 139.0 108.8
Administrative expenses (117.0) (89.0)
__________ __________
Operating profit 2 22.0 19.8
----------------------------------- ----- ---------- ------------
Operating profit before separately
disclosed items 28.5 20.9
Separately disclosed items 4 (6.0) (1.1)
Share-based payment (0.5) -
__________ __________
Operating profit 22.0 19.8
----------------------------------- ----- ---------- ------------
Finance expense 5 (4.5) (1.7)
__________ __________
Profit before taxation 17.5 18.1
Taxation 6 (2.6) (3.5)
__________ __________
Profit for the period attributable
to owners of the parent Company 14.9 14.6
__________ __________
Earnings per share for equity
holders of the parent Company
Basic 7 29.9p 29.7p
Diluted 7 29.3p 29.7p
__________ __________
Consolidated statement of comprehensive income
For the twenty-six weeks ended 1 July 2016
26 weeks 26 weeks
1 July 3 July
2016 2015
GBPm GBPm
Unaudited Unaudited
Profit for the period 14.9 14.6
Other comprehensive income:
Items that may be subsequently
reclassified into income:
Currency translation differences
(net of tax) 0.6 (0.4)
__________ __________
Total comprehensive income for the
period, net of tax, attributable
to owners of the parent Company 15.5 14.2
__________ __________
Consolidated balance sheet
As at 1 July 2016
1 July 1 January
2016 2016
GBPm GBPm
Unaudited Audited
Non-current assets
Property, plant and equipment 7.7 7.3
Goodwill 158.0 160.0
Other intangible assets 132.0 129.6
Deferred tax assets 7.3 7.1
Financial assets 1.2 1.7
_________ _________
306.2 305.7
_________ _________
Current assets
Trade and other receivables 698.8 553.3
Cash and cash equivalents 78.6 66.0
_________ _________
777.4 619.3
_________ _________
Total assets 1,083.6 925.0
_________ _________
Current liabilities
Trade and other payables 634.0 498.6
Taxation liabilities 5.8 6.5
Short-term borrowings 44.9 40.7
Provisions 1.2 1.4
_________ _________
685.9 547.2
_________ _________
Net current assets 91.5 72.1
_________ _________
Non-current liabilities
Other payables 9.3 11.9
Long-term borrowings 143.4 143.5
Provisions 3.0 2.0
Deferred taxation liabilities 27.7 28.1
_________ _________
183.4 185.5
_________ _________
Total liabilities 869.3 732.7
_________ _________
Net assets 214.3 192.3
_________ _________
Equity
Issued share capital 0.5 0.5
Share premium account 30.1 30.1
_________ _________
30.6 30.6
Other reserves 116.0 108.9
Retained earnings 67.7 52.8
_________ _________
Total equity attributable to owners
of the parent Company 214.3 192.3
_________ _________
Consolidated cash flow statement
For the twenty-six weeks ended 1 July 2016
26 weeks 26 weeks
1 July 3 July
2016 2015
GBPm GBPm
Unaudited Unaudited
Cash flows from operating activities
Profit before taxation 17.5 18.1
Adjustments for:
Net interest charge 4.5 1.7
Depreciation and amortisation 4.8 3.6
________ ________
26.8 23.4
Increase in trade and other receivables (107.3) (53.2)
Increase in trade and other payables 102.9 18.4
Increase / (decrease) in provisions 0.5 (1.4)
________ ________
Cash generated / (utilised) by operations 22.9 (12.8)
Taxation paid (5.1) (3.5)
________ ________
Net cash generated / (utilised) by
operating activities 17.8 (16.3)
________ ________
Cash flows from investing activities
Payment of deferred consideration (6.6) (2.6)
Purchase of property, plant and equipment (1.5) (1.9)
Purchase of intangible assets (2.6) (1.3)
Net movement in other financial
assets - 0.1
________ ________
Net cash utilised on investing activities (10.7) (5.7)
________ ________
Cash flows from financing activities
Net movement in short-term borrowings 4.2 14.5
Finance expense paid (4.3) (1.6)
Capital element of Finance Lease
payments (0.1) -
________ ________
Net cash (outflow) / inflow from
financing activities (0.2) 12.9
________ ________
Net increase / (decrease) in
cash and equivalents 6.9 (9.1)
Opening cash and cash equivalents 66.0 53.4
Foreign exchange gain / (loss) on
cash and cash equivalents 5.7 (0.3)
________ ________
Closing cash and cash equivalents 78.6 44.0
________ ________
Consolidated statement
of changes in equity
For the twenty-six weeks Total
ended 1 July 2016 share
capital
and share Other Retained Total
premium reserves earnings equity
Unaudited GBP m GBP GBP GBP m
m m
1 January 2016 30.6 108.9 52.8 192.3
______ ______ ______ ______
Other comprehensive income - 0.6 - 0.6
Profit for the period - - 14.9 14.9
Merger reserve created
on deferred consideration
part satisfied by issue
of shares (note 8) - 6.0 - 6.0
Share-based payment 0.5 0.5
______ ______ ______ ______
1 July 2016 30.6 116.0 67.7 214.3
______ ______ ______ ______
Notes to the interim financial statements
1 Basis of preparation
I. Statement of compliance
The interim financial statements presented in this financial
report have been prepared in accordance with International
Financial Reporting Standards (IFRS) and the IFRS Interpretations
Committee (IFRIC) interpretations as endorsed by the European Union
that are expected to be applicable to the consolidated financial
statements for the 52 weeks ending 30 December 2016. As permitted,
this interim report has been prepared in accordance with the AIM
Rules for Companies and does not seek to comply with IAS 34
"Interim Financial Reporting".
II. Statutory information
The financial information for the twenty-six weeks to 1 July
2016 does not constitute the statutory accounts of the Group for
the relevant period within the meaning of section 434 of the
Companies Act 2006.
The published annual report and accounts of Impellam Group plc
for the 52 weeks ended 1 January 2016 were reported on by the
auditors without qualification, did not contain an emphasis of
matter paragraph, did not contain any statement under section 498
of the Companies Act 2006, and have been delivered to the Registrar
of Companies.
III. Accounting policies, new IFRS and interpretations
The accounting policies used in this report are consistent with
those applied at 1 January 2016.
No new and/or revised IFRS and IFRIC publications that come into
force in the period have any material impact on the accounting
policies, financial position or performance of the Group.
2 Segmental information
Twenty-six weeks ended 1 July 2016 - unaudited
Segment
Operating
EBITDA profit
before before
separately separately
disclosed disclosed
Revenue items Depreciation items
GBP m GBP GBP m GBP m
m
Managed Services - UK,
Europe and Australasia 498.1 10.3 0.7 9.6
Specialist Staffing - UK,
Europe and Australasia 403.7 14.3 1.7 12.6
Managed Services - North
America 118.8 6.2 0.5 5.7
Specialist Staffing - North
America 95.7 3.7 0.2 3.5
Inter-segment revenues (30.7) - - -
-------- ------------ ------------- ------------
Operating segments 1,085.6 34.5 3.1 31.4
-------- ------------ ------------- ------------
Twenty-six weeks ended 3 July 2015 - unaudited
Segment
Operating
profit
EBITDA /(loss)
before before
separately separately
disclosed disclosed
Revenue items Depreciation items
GBP m GBP m GBP m GBP m
Managed Services* - UK,
Europe and Australasia 400.5 9.0 0.5 8.5
Specialist Staffing* -
UK, Europe and Australasia 362.4 16.3 1.5 14.8
Managed Services - North
America 44.8 1.1 0.5 0.6
Specialist Staffing -
North America 44.8 (0.3) 0.2 (0.5)
Inter-segment revenues (20.9) - - -
-------- ------------ ------------- ------------
Operating segments 831.6 26.1 2.7 23.4
-------- ------------ ------------- ------------
* 2015 restated to incorporate Carlisle Support Services into
the Managed Services - UK, Europe and Australasia segment and other
minor reallocations to align to the regular management reporting of
the Group
Reconciliation of segment operating profit
to profit after tax is as follows:
Unaudited 26 weeks 26 weeks
1 July 3 July
2016 2015
GBP GBP
m m
Segment operating profit before
separately disclosed items 31.4 23.4
Corporate costs (1.2) (1.6)
Amortisation of customer
relationships (1.7) (0.9)
--------- ---------
Operating profit before
separately disclosed
items 28.5 20.9
Separately disclosed
items (6.0) (1.1)
Share-based payment (0.5) -
--------- ---------
Operating profit 22.0 19.8
Finance expense (4.5) (1.7)
Taxation charge (2.6) (3.5)
--------- ---------
Profit for the period
from continuing operations 14.9 14.6
--------- ---------
3 Spend under management and group supply - unaudited
26 weeks 26 weeks
1 July 3 July
2016 2015
GBP m GBP m
Spend under management - UK, Europe
and Australasia 692.3 608.3
Spend under management - North America 1,364.8 343.9
Group Supply - UK, Europe and Australasia 410.8 353.9
Group Supply - North America 101.6 25.7
--------- ---------
Group Supply includes amounts within Managed Services Spend
Under Management fulfilled either by a fellow Group brand or
through a direct contract with the worker supplied.
4 Separately disclosed items - unaudited
26 weeks 26 weeks
1 July 3 July
2016 2015
GBP m GBP m
Acquisition costs 4.8 -
Closure of business in Spain - 0.2
US restructure 0.3 0.8
Redundancies and branch closures 0.9 0.1
6.0 1.1
-------- --------
In 2016 acquisition costs includes contingent consideration in
respect of Lorien Limited, as well as other acquisition related
costs. During the year we have restructured both the US business
and other interests worldwide which have given rise to costs
associated with closing branches.
The separately disclosed items in 2015 result from the closure
of the Spanish business of Carlisle following the termination of
the only contract there. In the US we have restructured the
business. This resulted in redundancy costs and property exit, or
partial exit, costs associated with offices in New York and
Atlanta. In the UK we also reviewed our management structure in
Carbon 60 and Chadwick Nott in order to better position those
brands going forward.
5 Finance expense - unaudited
26 weeks 26 weeks
1 July 3 July
2016 2015
Finance expense GBP m GBP m
Revolving credit facilities 3.0 0.8
Other interest expense 0.5 0.3
--------- ---------
Total interest payable 3.5 1.1
Unwinding of discount on deferred
consideration 0.8 0.5
Unwinding of discount on provisions 0.2 0.1
--------- ---------
Income statement 4.5 1.7
--------- ---------
6 Taxation - unaudited
Income tax expense is recognised based on management's best
estimate of the effective annual income tax rate expected for the
full financial year.
7 Earnings per share - unaudited
Basic earnings per share amounts are calculated by dividing the
profit for the period attributable to the owners of the Company by
the weighted average number of Ordinary shares outstanding during
the period.
Diluted earnings per share amounts are calculated on the same
basis but after adjusting the denominator for the effects of
dilutive options. The only potentially dilutive shares arise from
the share options issued by the Group under its share-based
compensation plans. There were 1,300,000 options outstanding at 1
July 2016.
Excluding the 19,841 shares owned by The Corporate Services
Group Ltd Employee Share Trust, the weighted average number of
shares in 2016 is 49,951,001 (2015: 49,005,154) and the fully
diluted average number of shares is 50,887,148 (2015:
49,005,154).
EPS - Basic Calculation 26 weeks 26 weeks
1 July 3 July
2016 2015
Pence Pence
Unadjusted earnings per share 29.9 29.7
Separately disclosed items (net
of tax) 12.1 1.7
Customer relationship amortisation
(net of tax) 2.9 1.6
-------- --------
Adjusted earnings per share 44.9 33.0
-------- --------
EPS - Diluted Calculation 26 weeks 26 weeks
1 July 3 July
2016 2015
Pence Pence
Unadjusted earnings per share 29.3 29.7
Separately disclosed items (net
of tax) 11.8 1.7
Customer relationship amortisation
(net of tax) 2.7 1.6
-------- --------
Adjusted earnings per share 43.8 33.0
-------- --------
8 Deferred acquisition costs - unaudited
On 5 April 2016 the Company issued 719,344 ordinary shares of 1p
each to the vendors of Lorien at a price of GBP8.31 per share
("Consideration Shares"). These shares were issued to part satisfy
deferred consideration payable of GBP11.95 million, in accordance
with the terms of the earn-out. Subject to satisfactory conclusions
of outstanding claims, an additional cash payment of approximately
GBP0.104 million may be payable to the vendors of Lorien.
9 Additional cash flow information - unaudited
1 January Foreign 1 July
Unaudited 2016 Cash flow exchange 2016
GBP m GBP m GBP m GBP m
Cash and short-term
deposits 66.0 6.9 5.7 78.6
Revolving credit (183.7) 1.0 (5.2) (187.9)
Hire purchase (0.5) 0.1 - (0.4)
Net debt (118.2) 8.0 0.5 (109.7)
--------- --------- --------- -------
10 Dividends - unaudited
During the period a final dividend in respect of 2015 of 10.0
pence per share (2015: re 2014 7.75 pence per share) was approved
at the Annual General Meeting and will be paid on 28 July 2016,
amounting to GBP5.0 million (2015: re 2014 GBP3.8 million).
The Board also announces the payment of an interim dividend of
7.0 pence per share (2015: 7.0 pence per share), amounting to
GBP3.5 million (2015: GBP3.4 million) payable on 14 October 2016 to
all shareholders on the register on 2 September 2016.
Enquiries: For further information please contact the
appropriate individual below:
Impellam Group plc
Julia Robertson, Chief Executive Tel: 01582 692658
Officer Darren Mee, Group Tel: 01582 692658
Finance Director
Cenkos Securities plc (NOMAD and Joint Corporate
Broker to Impellam)
Nicholas Wells Mark Connelly Tel: 020 7397 8900
Investec Bank plc (Joint Corporate Broker to Impellam)
Chris Treneman James Rudd Tel: 020 7597 4000
Josh Levy
Note to Editors:
Impellam Group plc, traded on the AIM (Symbol: IPEL) is a
leading provider of Managed Services and Specialist Staffing
expertise and is primarily based in the UK and North America, with
smaller operations in Asia Pacific, Ireland and mainland Europe.
Impellam Group plc provides fulfilling jobs at all levels,
including doctors, lawyers, accountants, nurses, teachers,
scientists, receptionists, drivers, chefs, administrators,
engineers, technology specialists, cleaners, security guards, and
manufacturing and warehouse operatives. Impellam Group plc is the
2nd largest staffing business in the UK and 6th largest MSP
provider worldwide (as measured by Spend Under Management),
employing over 3,300 people across 220 worldwide locations.
-END-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFIEDTIDFIR
(END) Dow Jones Newswires
July 28, 2016 02:00 ET (06:00 GMT)
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