Impellam reports record results in 'exceptional year'

The AIM-traded firm said its gross profit increased 17.9% over 2022, to reach £314.8m.

Operating profit saw a significant increase of 53.3%, reaching £29.9m, while basic earnings per share rocketed 103.3% to 37.2p.

Continuing basic earnings per share surged 154.8%, to reach 18.6p.

Impellam Group reported a positive net cash pre-IFRS 16 position of £30.2m at year-end on 31 December, swinging from the previous year's net debt of £15m.

“The group has delivered record results in an exceptional year,” said Impellam’s chairman, the Lord Ashcroft.

“Adjusted operating profits were up significantly across all segments and in all regions as we responded to talent scarcity and a buoyant labour market.

“This was achieved against a backdrop of political and economic uncertainty, the war in Ukraine and resulting rising energy costs contributing to a cost-of-living crisis, particularly in the UK.”

Lord Ashcroft said the company’s “agile response” to the global skills shortage, the “great resignation”, and post-pandemic bounce-back in the jobs market resulted in new customer wins and increased levels of customer retention as it collaborated across brands.

“It's been a fast-paced year and our people have risen to the challenges and opportunities, building close working relationships with their colleagues and customers.”

At 1241 BST, shares in Impellam Group were up 1.2% at 630p.

Reporting by Josh White for Sharecast.com.