6th Mar 2023 15:39
(Alliance News) - Impellam Group PLC on Monday said it completed the sale of its regional specialist staffing and healthcare staffing businesses to Twenty20 Capital for GBP85 million, alongside declaring a special dividend of 77.8 pence per share.
Impellam Group shares were 2.5% higher in London on Monday afternoon at 704.55 pence.
The group, which is based in Luton, England and provides workforce and specialist recruitment solutions, said the sale was completed for a cash consideration of GBP85 million on a debt-free, cash free, normalized working capital basis.
This comes as Impellam plans to release its results for the financial year ended December 31 at the end of March.
The group said it expects to report 2022 gross profit of GBP315 million, which is an increase of 24% from 2021. The annual gross profit from continuing operations is expected to have grown by 27%, at around GBP205 million.
Impellam also confirmed its intention to re-launch the payment of annual dividends of GBP25 million in January 2024, representing an 8.1% forward yield on closing share price on March 3.
Chief Executive Officer Julia Robertson said: "This strategic realignment enables us to focus our investments on the delivery of digitally enabled, multidisciplinary workforce and specialist recruitment solutions to our customers in the UK and Europe, North America and AsiaPac.
"The investment case for Impellam is enhanced by this Transaction with greater visibility of future revenue and increased efficiency, led by our virtuosos and underpinned by proprietary digital technology and partnerships with market leading software providers future proofing our services and driving higher margins and return on capital."
By Sabrina Penty; Alliance News reporter
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