Impellam Group plc Preliminary Results: Correction (5148T)
March 21 2019 - 5:00AM
UK Regulatory
TIDMIPEL
RNS Number : 5148T
Impellam Group plc
21 March 2019
PRELIMINARY RESULTS - UNAUDITED
CORRECTION
Impellam Group plc ("Impellam" or "the Group") - London AIM:
IPEL: 21 March 2019
Further to its preliminary unaudited results announcement
released on 14 March 2019, the Company wishes to make the following
amendments in respect of adjusted EPS, which was under-stated in
that announcement due to the treatment of deferred tax on the
adjustments to profit - primarily the impairment of goodwill. The
correction results in the following increases to adjusted EPS and
adjusted profit as follows:
Actual
FY 2018 FY 2017 Inc/(Dec)
Previously Reported
Adjusted Basic EPS (1) 56.8p 74.6p (23.9)%
Corrected
Adjusted Basic EPS (1) 60.8p 75.2p (19.1)%
(1) Before separately disclosed items, impairment, customer
relationship amortisation and share-based payments. Explanation of
this Alternative Performance Measure is below
Alternative Performance Measures
Adjusted earnings per share (EPS)
Definition: Adjusted profit divided by the weighted average
number of ordinary shares outstanding during the year.
Closest equivalent IFRS measure: Basic earnings per share
Rationale for adjustment: The Group uses this measure alongside
the basic EPS calculation as it reflects the underlying trading
performance of the business.
The corrected tables below reflect an increase in impairment of
goodwill (the adjustment was previously shown net of tax but is now
shown as the gross value), as well as higher customer relationship
amortisation, resulting in higher adjusted profit and EPS.
Reconciliation of Adjusted EPS to Basic EPS:
2018 2017
GBPm GBPm
------------------------------------ ----------- -----------
Profit for the period 13.3 31.1
Separately disclosed items (net
of tax) 4.9 3.3
Impairment of goodwill 8.6 -
Customer relationship amortisation
(net of tax) 3.7 3.4
Adjusted profit 30.5 37.8
------------------------------------ ----------- -----------
Weighted average number of shares 50,171,830 50,322,196
Basic EPS 26.5 61.9
------------------------------------ ----------- -----------
Adjusted EPS 60.8 75.2
------------------------------------ ----------- -----------
The Company expects to issue its audited annual report later
today, which will be made available on the Company's website at
www.impellam.com
[END]
For further information please contact:
Impellam Group plc
Julia Robertson, Group Chief Executive Tel: + 44 (0)1582
692658
Cenkos Securities plc (NOMAD and Corporate Broker to
Impellam)
Nicholas Wells Tel: +44 (0)20 7397 8900
Callum Davidson
Note to Editors:
Impellam is the second largest(1) staffing business in the UK
and sixth largest(2) managed services provider worldwide. Our
vision is to be the world's most trusted staffing company - trusted
by our people, our customers and our investors in equal
measure.
We provide Managed Services and Specialist Staffing solutions
across the UK, Europe, US, the Middle East and Australasia. We have
over 3,200 Impellam people throughout our network of 17
market-leading brands across 165 worldwide locations.
Ultimately, Impellam Group's mission is to provide fulfilment
and a sense of purpose to our people and to help customers build
better businesses in a changing world.
For more information about Impellam Group please visit:
www.impellam.com
1 By revenue (2017 published numbers)
2 By SUM (confirmed by Staffing Industry Analysts). Spend Under
Management (SUM) is the total amount of client expenditure which
our Managed Services brands manage on behalf of their clients. This
equates to revenue earned where Impellam acts as principal plus
gross billings to customers where Impellam acts as agent (2017
published numbers). Management use this measure as it reflects the
total value of the client spend to the Group and not just the
revenue generated
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FURJMMTTMBATTAL
(END) Dow Jones Newswires
March 21, 2019 05:00 ET (09:00 GMT)
Impellam (LSE:IPEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Impellam (LSE:IPEL)
Historical Stock Chart
From Apr 2023 to Apr 2024