21 Mar 2019 09:00
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:
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(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 |
| £m | £m |
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 |
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Weighted average number of shares | 50,171,830 | 50,322,196 |
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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
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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 largest1 staffing business in the UK and sixth largest2 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