6 Mar 2023 11:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
6 March 2023
Impellam Group plc
("Impellam" or the "Company" or the "Group")
Completion of Transaction and Special Dividend
Notice of Results and Trading update
As previously announced, Impellam Group plc (AIM: IPEL) has completed the sale of the Regional Specialist Staffing and Healthcare Staffing businesses to Twenty20 Capital for a cash consideration of £85m on a debt-free, cash free, normalised working capital basis (the "Transaction").
As a result of this Transaction, the Board of Impellam is pleased to declare a special dividend of £35m (77.8 pence per share).
The dividend timetable is set out below:
Ex Date: Record Date: Payment Date: | 16 March 2023 17 March 2023 6 April 2023 |
The Impellam Board is also pleased to confirm its intention, subject to the Group's trading performance, to re-commence the payment of annual dividends, starting in January 2024 of £25m. This represents an 8.05% forward yield on closing share price on 3 March 2023.
The Group expects to release its results for the financial year ended 31 December 2022 on 30 March 2023. The Group had a strong finish to the year and, as previously announced, expects to report annual gross profit of £315m, being growth of 23.7% compared to FY2021. Annual gross profit from continuing operations is expected to be around £205m, being growth of 27.3%.
Julia Robertson, Chief Executive Officer commented:
"This strategic realignment enables us to focus our investments on the delivery of digitally enabled, multi-disciplinary workforce and specialist recruitment solutions to our customers in the UK and Europe, North America and AsiaPac. As an upper-quadrant industry leader in the provision of Managed Services Programmes (MSP), Recruitment Process Outsourcing (RPO), Services Procurement and Recruitment Solutions our unique proposition combines market leading recruitment outsourcing capability with extensive Science, Technology and Engineering talent acquisition expertise.
The investment case for Impellam is enhanced by this Transaction with greater visibility of future revenue and increased efficiency, led by our virtuosos and underpinned by proprietary digital technology and partnerships with market leading software providers future proofing our services and driving higher margins and return on capital".
Impellam Group plc Julia Robertson, Chief Executive Officer | 01582 692 658 |
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Canaccord Genuity Ltd (Nomad and Sole Broker) Bobbie Hilliam Emma Gabriel Thomas Diehl | 020 7523 8150 |
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Houlihan Lokey (Financial Adviser to Impellam) | 020 7839 3355 |
Thomas Bailey Tim Richardson Arthur Callaghan |
The Person responsible for release of the inside information contained in this announcement at the Company is Julia Robertson.
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
Note to Editors:
Impellam is a connected group providing global workforce and specialist recruitment solutions. Our 2000 people and market leading brands work across a broad spectrum of industries and job categories throughout North America, the UK and Europe and Asia Pac.
Our award-winning Global Managed Services provide a diverse range of digitally enabled, multi-disciplinary workforce solutions to organisations around the world. We are upper quadrant industry leaders in Managed Service Provision and Services Procurement, and the seventh largest Managed Service Provider in the world with over £4bn SUM (Spend under Management).
Our STEM businesses are specialists in recruiting and engaging talent in the key growth markets of technology, digital, data, science, clinical and engineering and work with clients across all sectors and sizes delivering services that span Managed Services (MSP), Recruitment Process Outsourcing (RPO), Statement of Work (SOW) and specialist recruitment.
Led by our Virtuosos, our capabilities are underpinned by our proprietary digital technology and unique partnerships with market-leading software providers, enabling us to transform and future-proof our services.
We believe in the power of work. Through the power of work, we build better businesses and help people lead more fulfilling lives.
For more information about Impellam Group please visit: www.impellam.com
Rule 26.1 disclosure:
In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will be available on the investor section of the Company's website at https://investors.impellam.com/ by no later than 12 noon (London time) on the business day immediately following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.