25 May 2012

Profit surge at Impellam

16/02/2011 Robert Tyerman

Recruitment specialist Impellam (IPEL) is pondering acquisitions after hoisting annual profits more than fourfold to £26.8 million pre-tax. The Luton-based company, whose stable of brands includes Blue Arrow and other well-known names on both sides of the Atlantic, increased global turnover 6.6 per cent to £1.1 billion in 2010, thanks chiefly to progress in healthcare staffing and UK commercial staffing, and upped fees from permanent placements 18.4 per cent to £18.7 million.  

AIM-quoted Impellam, whose once-ailing fortunes have been transformed by American executive chairman Cheryl Jones, improved the conversion of gross profit into operating profit from 6 per cent to 16.8 per cent last year. Jones says the company improved profitability through efficiency drives, continued brand rationalisation and 'service innovation' and, even where turnover eased, as in US staffing and UK professional and technical staffing, operating profits increased..

Impellam generated £57.5 million cash in 2010, against £1.3 million in 2009, and slashed net debt from nearly £70 million to £17.8 million. Jones says the company has extended its primary commercial banking facility to 2013 and argues it is now 'well-positioned to take advantage of market opportunities and improving economic conditions', which company spokesmen agree will include consideration of potential acquisitions. 

The Jones treatment has been good for Impellam's tightly-held shares, which have risen from 62.5p to 237.5p over the past year. They should still outperform some sector peers.   

Tags: Blue Arrow, Cheryl Jones, Luton, Recruitment, Tightly-held

Sector: Support Services

Companies: Impellam

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