Impellam Group plc Trading Update (8923R)
15 December 2016 - 6:00PM
UK Regulatory
TIDMIPEL
RNS Number : 8923R
Impellam Group plc
15 December 2016
Impellam Group plc
("Impellam" or the "Company")
Trading update
Impellam plc, a leading provider of managed services and
specialist staffing expertise, issues the following update prior to
entering the closed period for its full year results for the 52
weeks ended 30(th) December 2016.
Trading performance
Notwithstanding the well-publicised disruption in the UK
healthcare market and the increased uncertainty following the UK
referendum, the Board expects to deliver 2016 EBITDA broadly in
line with market expectations.
Trading performance in the UK has been mixed. Some of our UK
specialist businesses have seen weaker performance compared to the
same period last year and we continue to be impacted by disruption
in the healthcare markets as a result of Government announcements
regarding caps on locum pay rates and agency margins. This has
impacted performance within our UK doctors business. Our market
leading managed services businesses have continued to perform well,
benefiting from 10 new client wins including Willis Tower Watson,
Veolia, Johnson Matthey and Kings College Hospital and have a
strong pipeline.
Since the announcement of the interim results on 30(th) July
2016, the Company has continued to see strong performance across
its US businesses. The integration of the Bartech business
continues to proceed as planned and the business has performed well
in 2016 with some notable new client wins and extensions of
services. Delivery of the synergy cost benefits following the
combination of the legacy Impellam and Bartech businesses are in
line with management's expectations. In addition, the weakening of
sterling has provided a currency translation benefit.
Our Australian business, whilst relatively small continues to
perform well with sizeable new contracts wins in our Comensura
business including New South Wales and New South Wales Justice.
On a group level, cash generation continues to be strong and we
expect net debt to be materially lower than at the end of 2015 and
in line with market expectations.
Outlook
Whilst the Board is pleased with the positive results from
Impellam's UK Managed Services, US and Australian businesses and
the progress made in 2016 with the Group's strategic plan, it
recognises the prevailing uncertainty in the UK and will therefore
continue to manage the business prudently, whilst investing in
opportunities to drive profitable growth.
Enquiries: For further information please contact the
appropriate individual below:
Impellam Group plc
Julia Robertson, Chief Tel: 01582 692658
Executive Officer
Alison Wilford, Group Finance
Director
Cenkos Securities plc (NOMAD and Corporate Broker
to Impellam)
Nicholas Wells Tel: 020 7397 8900
Mark Connelly
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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