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Impellam Group - interim results analysis: avoid

By Steve Moore | Thursday 25 July 2013

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed staffing and managed services group Impellam (IPEL), which conducts business primarily in the UK and North America, with smaller operations in Australia, Ireland, New Zealand and mainland Europe, has announced, for the first half of 2013, a pre-tax profit of £11.1 million on revenue 1.4% higher than in the comparative prior year period, at £591.7 million, generating earnings per share down by 27.5% on an underlying basis at 20.05p. This has seen the interim dividend – to be paid on 2nd September to shareholders on the register on 2nd August – cut to 5p per share (from 7p).

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