30th Mar 2023 17:19
(Alliance News) - Impellam Group PLC on Thursday reported record annual turnover and gross profit as a tight labour market drove demand for scarce talent.
The Luton, England-based staffing firm saw revenue grow to GBP2.54 billion in the year to December 30 from GBP2.26 billion a year prior while gross profit of GBP314.8 million compared to GBP267.0 million in 2021. Pretax profit jumped to GBP16.1 million from GBP9.8 million.
Impellam said operating profit was up significantly across all segments and in all regions reflecting a "talent scarcity and a buoyant labour market."
The company said the labour market remained tight driven by global skills and talent shortages, the 'great resignation', the early retirement of over 50s, high attrition and a booming post Covid-19 job market creating a positive trading environment for all its businesses.
Julia Robertson Chief Executive Officer said: "Trading in 2023 began above our expectations, albeit we have noted some hesitancy during the first quarter on permanent hiring, particularly amongst professional and financial services clients," adding, "pipelines remain strong."
Impellam paid two special dividends during the year and it intends to recommence the payments of annual dividends from January 2024.
Shares in Impellam closed up 3.9% at 647 pence in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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