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Impellam Group PLC on Monday reported a rise in revenue but a fall in profitability as challenging markets hit client and candidate confidence. The Luton, Bedfordshire-based recruiter said revenue in the 26 weeks ended June 30 rose 10% to £1.03 billion from £933.7 million the year before with trading up in the UK & Europe by 11% and in Asia Pacific by 35%, with a slight decline in North America of 1.4%. Gross profit climbed 2% to £97.6 million from £95.7 million with a 6.8% rise in temporary and contingent margin offset by a 55% drop in permanent placement margin. In the UK & Europe, gross profit fell 3.1% to £52.6 million from £54.2 million in ‘challenging market conditions,’ particularly in technology. Julia Robertson, chief executive officer, said: ‘Our [first half] trading has delivered a robust result against the backdrop of muted client and candidate confidence which resulted in declines in permanent placement against strong prior year comparators.’ Pre-tax profit fell to £2.7 million from £3.7 million while total basic earnings per share declined to 9.8 pence from 22.5p. Impellam said it continues to work with Michael Ashcroft in relation to his plans to seek to sell his shareholding and confirmed talks with HeadFirst Global, in relation to a possible offer for the company, continue. The firm said an extension to the put up, or shut up deadline, has been granted by the Panel on Takeovers & Mergers until August 31. Shares in Impellam closed down 0.7% at 707.90p each in London on Monday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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