30th Jul 2015 08:34
LONDON (Alliance News) - Managed services and staffing company Impellam Group PLC on Thursday reported a rise in pretax profit on the back of much higher revenue for the first half of 2015, with good performances from both its divisions and better-than-expected trading from its acquisitions.
Impellam said its pretax profit in the first half was GBP20.1 million, up from GBP14.3 million a year earlier, as revenue increased by 36% to GBP831.6 million from GBP612.3 million.
The sharp rise in revenue was driven in part by the acquisitions of Career Teachers and Lorien, both of which have been fully integrated and which are performing ahead of expectations, but also by strong performances in its managed services and staffing businesses.
Managed services revenue in the UK was up by 85% in the half, driven by the acquisitions, and rose by 7.5% on a like-for-like basis. Divisional revenue in the US was broadly flat.
Specialist staffing revenue in the UK rose 18% in the half, again driven by acquisitions, while its US staffing revenue fell slightly due to currency effects. Impellam is confident of an improvement in the US arm in the second half following restructuring action it has taken.
Impellam's interim dividend was up 12% to 7.00 pence per share from 6.25p.
Shares in Impellam were up 8.2% to 789.70p in early trade on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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