FINANCIALS: Impellam sees increase in revenue but slight profit fall

Impellam Group has posted a 5.7% increase in revenue year-on-year, according to unaudited results for the 53-week period to 4 January 2019.

The results, released this morning, reveal group revenue increased from £2.17bn to £2.27bn driven by the group’s managed services division, while gross profit was down slightly to £282.3m from £285.5m but up 0.1% in constant currency amid “challenging” market conditions in UK healthcare, education and retail recruitment markets. 

But GP growth was recorded for the group’s UK managed services, technology, office, engineering, legal and blue-collar divisions, as well as for its US technology and engineering and Australia managed services, healthcare and engineering divisions.

The group also hailed the impact of its continued investment in the development of its Virtuoso culture, growing its global managed services business and by increasing the scale and competitiveness of its international businesses.

The group has now developed 400 Virtuosos, graduates of the group’s leadership and cultural change programme, which has a mission to enable staff to "make the difference in building trust, stronger relationships and improved experiences for clients and candidates across the world".

The past year has also seen the group launch Guidant Global in October 2018 from the merger of Guidant Group in the UK with Bartech Managed Services in the US and the de-merger of Carlisle Support Services Group.

Chairman Lord Ashcroft said: “We have continued to invest selectively in line with our strategy, while maintaining control on costs and cash. Our focus on international expansion to reduce reliance on the UK and to increase scale continues, while we continue to strengthen our managed services proposition globally.

“Our managed services businesses delivered strong growth, particularly in Australia. The merger of our UK and US managed services businesses has further broadened our capabilities and service offering. We have also seen expansion of our specialist staffing businesses in Europe, with new locations opened in Germany and Switzerland.

“We have also continued to invest in our people and technology to ensure that Impellam Group is equipped to adapt to the changing world of work… We enter 2019 with a clear plan and look forward to reporting our progress in the coming year.”

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