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| Date/Time | Headline | Source |
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| 07-09-09 | RNS |
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RNS Number : 6509Y Impellam Group plc 07 September 2009 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights
Other (please specify):______________
3. Full name of person(s)
subject to notification
obligation:
4. Full name of shareholder(s)
(if different from 3):
5. Date of transaction (and
date on which the threshold is
crossed or reached if
different):
6. Date on which issuer
notified:
7. Threshold(s) that is/are crossed or reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
Total (A+B)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable: Lord Ashcroft controls Velvet Hights Limited and Manco Investment Limited Proxy Voting: 10. Name of proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone name: +501 227 6525 For notes on how to complete form TR-1 please see the FSA website. Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in shares A: Identity of the persons or legal entity subject to the notification obligation Full name (including legal form of legal entities) Contact address (registered office for legal entities) Phone number & email Other useful information (at least legal representative for legal persons) B: Identity of the notifier, if applicable Full name Contact address Phone number & email Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation) C: Additional information This information is provided by RNS The company news service from the London Stock Exchange END
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| 07-09-09 | RNS |
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RNS Number : 6267Y Impellam Group plc 07 September 2009 Impellam Group plc ("Impellam" or the "Company") Director Dealing Impellam has been notified that on 7th September 2009 Cheryl Jones, Chairman of the Company, acquired 900,000 ordinary shares of 1p each in the Company ('Ordinary Shares') at a price of 30 pence per share. Following this acquisition, Cheryl Jones is interested in 1,200,000 Ordinary Shares, representing approximately 2.67 per cent of the issued share capital of the Company. For further information, please contact:- Impellam Group plc
Cenkos Securities plc (Nominated Adviser and Broker to Impellam)
This information is provided by RNS The company news service from the London Stock Exchange END
RDSILFILAAIDIIA More |
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| 07-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5994Y
Impellam Group plc
07 September 2009
7 September 2009
INTERIM FINANCIAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2009
Highlights **
Turnover down 2.8% to £500.9 million (June 2008: £515.5 million ^)
Gross profit down 11.4% to £83.6 million (June 2008: £94.5 million ^)
Fees from permanent placements down 50.9% to £7.9 million (June 2008: £15.9 million).
Permanent fees now represent 9.4% of gross profit (June 2008: 17.0%)
Operating costs*** reduced by 14.1% to £77.1 million (June 2008: £89.8 million ^)
Conversion of gross profit into operating profit improved to 7.8% (June 2008: 5.0%)
Operating profit*** £6.5 million (June 2008: £4.7 million ^)
Operating profit £0.5 million (June 2008: loss £0.1 million ^)
Adjusted earnings per share of 10.3p (June 2008: 7.7p ^)***
Unadjusted loss per share of 3.2p (June 2008: 16.4p ^)
The Group generated £9.5 million of cash from operations (June 2008: £10.9 million) in the first six months
Debtor days have been well controlled at 35.5 days (December 2008: 38.3 days)
Net debt decreased by £4.8 million to £57.0 million as at 30 June 2009
** comparatives for June 2008 on a pro forma basis (see note 1-III)
*** before exceptional items, share option charges and the amortisation of intangible assets
^ after adjusting for provisions against revenues of Recruit Event Services Limited (see note 1 - IV)
Cheryl Jones, Chairman, commented:
"The marked contraction in economic activity in the two principal geographies in which the group operates required an acceleration of our strategic initiatives, the rationalisation of business activities and decisive reductions in the cost base of the Group. Accordingly, although volumes have reduced, group profitability in the six months to 30 June 2009 has improved when compared to the same period in 2008."
For further information please contact:
Impellam Group plc
Cheryl Jones, Chairman Tel: 01582 692658
Andrew Burchall, Group Finance Director Tel: 01582 692658
Naomi Stuart, Marketing and Communications Manager Tel: 01582 692624
Cenkos Securities plc
(Nominated Advisor and Broker to Impellam)
Nicholas Wells Tel: 020 7397 8900
Threadneedle Communications Tel: 020 7653 9848
John Coles
Interim management report
Financial results for the six months to 30 June 2009
The table below sets out the results for the Group by segment for the first half of 2009 with pro forma comparisons against the same period in the prior year (see note 1 - III).
Revenue Gross profit Operating profit
£*million 2009 2008 % change* 2009 2008 % change* 2009 2008
UKstaffing * Commercial 196.4 215.9 (9.0) 28.4 38.2 (25.6) 1.6 1.4
UKstaffing * Professional & 86.8 88.7 (2.2) 14.3 17.5 (18.2) 1.2 1.8
Technical
UKstaffing * Healthcare 80.8 64.7 24.9 13.0 10.0 30.0 4.5 2.2
US staffing 85.2 87.2 (26.4) 17.7 17.6 (24.1) 0.0 0.8
UKsupport services ^ 51.7 59.0 (12.4) 10.2 11.2 (9.3) 0.4 1.2
500.9 515.5 (2.8) 83.6 94.5 (11.4) 7.7 7.4
Central costs (1.2) (2.7)
Operating profit before 6.5 4.7
amortisation of intangibles
and exceptional items
Amortisation of intangibles (1.7) (0.7)
Exceptional items (4.3) (4.1)
Operating profit /(loss) 0.5 (0.1)
* measured in local currency
^ 2008 after adjusting for provisions against revenues of Recruit Event Services Limited (see note 1 - IV)
UK staffing - Commercial: turnover down 9.0% to £196.4 million and gross profit down by 25.6% to £28.4 million. Underlying operating profit of the segment rose to £1.6 million.
UK staffing - Professional & Technical: turnover down by 2.2% to £86.8 million with gross profit down by 18.2% to £14.3 million and a decrease in operating profit to £1.2 million.
UK staffing - Healthcare: turnover up by 24.9% to £80.8 million. Gross profit in this segment increased by 30.0% to £13.0 million and operating profit increased to £4.5 million.
US staffing: turnover fell by 26.4%* to £85.2 million, with gross profit reducing by 24.1%* at £17.7 million. Underlying operating profit of the segment was break-even.
UK support services: turnover down by 12.4% to £51.7 million. Gross profit decreased 9.3% to £10.2 million, although the gross margin percentage increased to 19.7% from 19.0%. Operating profit is down to £0.4 million.
Cash flow and net debt
The Group generated £9.5 million of cash from operations (June 2008: £10.9 million) in the first six months of the year. Net debt has reduced by £4.8 million to £57.0 million as at June 2009 (December 2008: £61.8 million). In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to £4.7 million (December 2008: £6.1 million).
Cheryl Jones
Chairman
Consolidated income statement
For the six months ended 30 June 2009
Statutory Pro forma
2009 2008
restated
Notes £m £m
Continuing operations
Revenue 2 500.9 515.5
Cost of sales (417.3) (421.0)
__________ __________
Gross profit 83.6 94.5
Administrative expenses (83.1) (94.6)
__________ __________
Operating profit/(loss) 2 0.5 (0.1)
Operating profit before amortisation and 6.5 4.7
exceptional items
Amortisation of customer relationships (1.7) (0.7)
Exceptional items 3 (4.3) (4.1)
__________ __________
Operating profit/(loss) 0.5 (0.1)
Finance income 0.5 0.3
Finance expense (2.4) (2.9)
Exceptional finance expense 3 - (0.4)
__________ __________
Loss before taxation (1.4) (3.1)
Taxation 4 - (0.3)
__________ __________
Loss for the period (attributable to equity shareholders) (1.4) (3.4)
__________ __________
Earnings/(loss) per share (basic and diluted) 5 Pence Pence
Unadjusted (3.2)p (16.4)p
__________ __________
Adjusted 10.3p 7.7p
__________ __________
Consolidated statement of comprehensive income
For the period ended 30 June 2009
Statutory
2009 2008
restated
£m £m
Loss for the period (1.4) (2.0)
Other comprehensive income:
(Losses)/gains recognised directly in
equity
Currency translation differences (1.7) (0.1)
Corporation tax related to currency translation differences 1.2 -
__________ __________
Other comprehensive income for the year, net of tax (0.5) (0.1)
__________ __________
Total comprehensive income for the year (1.9) (2.1)
__________ __________
Consolidated condensed balance sheet
At 30 June 2009
Statutory
30 June 2009 31 December 2008
£m £m
Non-current assets
Property, plant and equipment 7.9 8.6
Goodwill 59.9 59.9
Other intangible assets 53.4 55.0
Deferred tax assets 4.3 4.3
Financial assets 4.2 4.8
_________ _________
129.7 132.6
_________ _________
Current assets
Trade and other receivables 172.7 185.4
Cash and short-term deposits 8.9 11.3
_________ _________
181.6 196.7
_________ _________
Total assets 311.3 329.3
_________ _________
Current liabilities
Trade and other payables 141.6 147.5
Taxation liabilities - 0.3
Bank overdrafts and other short-term borrowings 45.1 51.5
Derivative financial instruments 0.5 0.5
Provisions 4.7 6.3
_________ _________
191.9 206.1
_________ _________
Net current liabilities (10.3) (9.4)
_________ _________
Non-current liabilities
Long-term borrowings 20.8 21.6
Other payables due in greater than 1 0.6 2.0
year
Provisions 9.2 8.4
Deferred taxation liability 15.5 16.0
_________ _________
46.1 48.0
_________ _________
Total liabilities 238.0 254.1
_________ _________
Net assets 73.3 75.2
_________ _________
Consolidated condensed balance sheet (continued)
At 30 June 2009
Statutory
30 June 2009 31 December 2008
£m £m
Equity
Issued share capital 0.4 0.4
Share premium 15.5 15.5
_________ _________
15.9 15.9
Other reserves 92.6 93.1
Retained deficit (35.4) (34.0)
_________ _________
Total equity attributable to equity holders 73.1 75.0
of the parent company
Minority interest 0.2 0.2
_________ _________
Total equity 73.3 75.2
_________ _________
Consolidated cash flow statement
For the six months ended 30 June 2009
Statutory Pro forma
2009 2008
restated
Notes £m £m
Cash flows from operating
activities
Cash generated by operations 6 9.5 10.9
Taxation refunded/(paid) 0.1 (0.3)
________ ________
Net cash generated by operating activities 9.6 10.6
________ ________
Cash flows from investing
activities
Costs associated with acquisition of CSG - (2.0)
Purchase of property, plant and equipment (PPE) (1.3) (2.6)
Purchase of intangible assets (0.5) (0.8)
Net movement in other financial (0.1) -
assets
Finance income received 0.5 0.4
________ ________
Net cash utilised on investing activities (1.4) (5.0)
________ ________
Cash flows from financing
activities
Net movement in other long-term (0.6) (10.0)
borrowings
Net movement in short-term (9.4) 10.6
borrowings
Capital element of finance lease (0.2) (0.2)
payments
Finance expense paid (2.3) (2.7)
Dividend in specie via disposal of - (4.0)
subsidiary
________ ________
Net cash outflow from financing (12.5) (6.3)
activities
________ ________
Net decrease in cash and (4.3) (0.7)
equivalents
Opening cash and cash equivalents 8.6 5.9
Foreign exchange loss on cash and cash equivalents (1.5) 0.1
________ ________
Closing cash and cash equivalents 2.8 5.3
________ ________
30 June 2009 30 June 2008
Cash and short term deposits 8.9 7.4
Bank overdrafts (6.1) (2.1)
________ ________
Cash and cash equivalents 2.8 5.3
________ ________
Consolidated statement of changes in equity
For the period ended 30 June 2009
Statutory
Total Other reserves Retained deficit Minority interest Total equity
share capital and
share premium
Notes £m £m £m £m £m
1 January 2009 15.9 93.1 (34.0) 0.2 75.2
______ ______ ______ ______ ______
Currency translation - (0.5) - - (0.5)
differences (net of tax)
Loss for the period - - (1.4) - (1.4)
______ ______ ______ ______ ______
Total comprehensive income for - (0.5) (1.4) - (1.9)
the period ended 30 June 2009
______ ______ ______ ______ ______
30 June 2009 15.9 92.6 (35.4) 0.2 73.3
______ ______ ______ ______ ______
Notes to the interim financial statements
1. Basis of preparation
I. Statement of Compliance
The condensed interim financial statements presented in this financial report have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations that are expected to be applicable to the consolidated financial statements for the year ending 31 December 2009. As permitted, this interim report has been prepared in accordance with AIM Listing Rules and does not seek to comply with IAS 34 "Interim Financial Reporting".
The standards are subject to ongoing review and endorsement by the European Union, or possible amendment by interpretive guidance from the International Accounting Standards Board (IASB), and are therefore still subject to change. Accordingly, the accounting policies and presentation will be determined finally only when the consolidated financial statements for the year ending 31 December 2009 are prepared.
II. Statutory information
With the exception of comparative income statement and cash flow information, the information presented herein is for the Group on a statutory basis.
The statutory financial information, which is unaudited, for the six months to 30 June 2009 does not constitute the statutory accounts of the Group for the relevant period. The pro forma financial information for the six months to 30 June 2008 has been extracted from the statutory accounts of the Group and the underlying accounting records prepared in accordance with IFRS.
The published annual report and accounts of Impellam Group plc for the period ended 31 December 2008 were reported on by the auditors without qualification or statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies.
III. Pro forma financial information
In order to enable a meaningful comparison, the comparative income statement and cash flow information included in this report for the period to 30 June 2008 has been included on a pro forma basis for the Group as if the merger of Carlisle Group Limited ("Carlisle") and The Corporate Services Group plc ("CSG") had taken place on 1 January 2007 rather than in May 2008.
This treatment does not fully reflect the requirements of IAS 1, Presentation of Financial Statements - revised, IAS 27, Consolidated and Separate Financial Statements and IFRS 3, Business Combinations which would require presentation of the results of Impellam from the date of its incorporation (21 February 2008), Carlisle from 1 April 2008 and CSG from the date of acquisition by Impellam Group plc (7 May 2008) to 30 June 2008.
The pro forma financial information, which is unaudited, has been prepared for illustrative purposes only, through the aggregation of statutory and internal management financial information of Carlisle and CSG which has otherwise been prepared in accordance with IFRS. It has not been designed to, and nor does it, give a presentation of the income statement and balance sheet of the Group that would have been reported in accordance with IFRS had the combination actually taken place in 2007.
IV. Restatement
The pro forma financial information has been restated from those originally reported in June 2008. As fully explained in the 2008 annual report and accounts, certain accounting irregularities were identified in one of the Group companies which resulted in provisions being made against revenues and associated billed and unbilled receivables. These adjustments have impacted the previously reported pro forma information for June 2008.
V. Accounting policies, new IFRS and interpretations
The accounting policies used in this report are consistent with those applied at December 2008 with the exception of the following new or revised IFRS publications that have been adopted in the period:
International Accounting Standards (IAS / IFRS) Effective date
IAS 1 - Presentation of financial statements (revised) 1 January 2009
IFRS 8 - Operating segments 1 January 2009
No other new and/or revised IFRS and IFRIC publications, which came into force in the period have any impact on the Group.
2. Segmental information
The Group is reporting under IFRS 8 for the first time. IFRS 8 - "operating segments" requires that the Group firstly:
* identifies its "Chief operating decision maker" ("CODM"), which has currently been assessed as the Group's Chairman, who reviews the Groups internal reporting in order to assess performance and allocate resources
and secondly:
* by reference to the information supplied to the CODM identify its operating segments and from these to identify its reportable segments.
The Chairman receives reports and discusses performance with management of the following five reportable segments:
* UK commercial staffing
* UK professional and technical staffing
* UK healthcare staffing
* US commercial staffing
* UK support services
Statutory
Six months ended 30 June 2009
Continuing operations UK staffing - UK staffing UK staffing - US staffing UK support services Group
Commercial -Professional & Healthcare total
technical
£m £m £m £m £m £m
Segment revenue 196.4 86.8 80.8 85.2 51.7 500.9
_______ _______ _______ _______ _______ _______
Segment EBIT 1.6 1.2 4.5 - 0.4 7.7
_______ _______ _______ _______ _______
Unallocated - Corporate cost (1.2)
_______
Operating profit before 6.5
amortisation and exceptional
items
Amortisation of customer (1.7)
relationships
Exceptional items (4.3)
_______
Operating profit before 0.5
finance costs and taxation
Finance costs - net (1.9)
_______
Loss before taxation (1.4)
Taxation -
_______
Loss for the period (1.4)
_______
Pro forma
Six months ended 30 June 2008 - restated
Continuing operations UK staffing UK staffing UK staffing - US staffing UK support services Group
-Commercial -Professional & Healthcare total
technical
£m £m £m £m £m £m
Segment revenue 215.9 88.7 64.7 87.2 59.0 515.5
_______ _______ _______ _______ _______ _______
Segment EBIT 1.4 1.8 2.2 0.8 1.2 7.4
_______ _______ _______ _______ _______
Unallocated - Corporate cost (2.7)
_______
Operating profit before 4.7
amortisation and exceptional
items
Amortisation of customer (0.7)
relationships
Exceptional items (4.1)
_______
Operating loss before finance (0.1)
costs and taxation
Finance costs - net (2.6)
Exceptional finance costs (0.4)
_______
Loss before taxation (3.1)
Taxation (0.3)
_______
Loss for the period (3.4)
_______
3. Exceptional items
Statutory Pro forma
2009 2008
£m £m
Restructuring and other costs 4.3 0.7
Cost associated with the merger - 3.0
Loss on disposal of joint venture or subsidiary and - 0.4
impairment of
Investments
____ ____
Total exceptional items included in operating profit 4.3 4.1
Financing expenses written off on merger - 0.4
____ ____
Total exceptional items before tax 4.3 4.5
Taxation - (0.2)
____ ____
Total exceptional items after tax 4.3 4.3
____ ____
Restructure costs relate to reorganisation and redundancy costs following a comprehensive review of structures in both the UK and US in response to the economic downturn; in 2008 certain rationalisation costs were incurred following the combination of the two businesses to form Impellam Group plc.
Costs associated with the merger relate to the various legal and professional costs incurred by both Carlisle Group Limited and The Corporate Services Group plc to effect the merger of the two businesses under the name of Impellam Group plc.
In May 2008 the Group sold its 50% interest in a loss making manned guarding security joint venture in Ireland, Carlisle Security Plus, for a nominal consideration to the joint venture partner.
The impairment of investment relates to the write down of the carrying value of the Group's investment in Clear Technology Inc, an unlisted US software development company.
Finance expenses written off relate to the costs associated with The Corporate Services Group plc's restructure of debt in 2007 which were being amortised over the period of the loans and which, on replacement by the new arrangements for Impellam Group plc, were accelerated and written off in full.
4. Taxation
Income tax expense is recognised based on management's best estimate of the effective annual income tax rate expected for the full financial year.
5. Earnings/(loss) per share
Basic profit/loss per share amounts are calculated by dividing the profit for the year attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted profit/loss per share amounts are calculated on the same basis, but after adjusting the denominator for the effects of dilutive options. The only potentially dilutive shares arise from the share options issued by the Group under its share-based compensation plans. As the Group has been loss-making, any share options in issue are considered to be "anti-dilutive" and, as such, there is no effective change to the earnings per share figures in either period.
The weighted average number of shares has been calculated for the period from 1 January 2009 to 30 June 2009 and from incorporation to 30 June 2008. The number of shares so calculated is 44,998,882 (June 2008 20,757,580) excluding the shares owned by The Corporate Services Group Employee Share Trust.
The calculations of (loss)/earnings per share are based upon the following consolidated income statement data:
Profit/(loss) for the period Earnings/(loss) per share
Statutory Pro Statutory Pro
forma forma
2009 2008 2009 2008
restated restated
£m £m Pence Pence
Basic and diluted
Loss for the year (1.4) (3.4) (3.2) (16.4)
Exceptional items (net of tax) 4.3 4.3 9.6 20.7
Amortisation of intangible 1.7 0.7 3.9 3.4
customer relationships
_________ _________ _________ _________
Adjusted profit for the year 4.6 1.6 10.3 7.7
_________ _________ _________ _________
6. Reconciliation of loss before tax to cash generated by operations
Statutory Pro forma
2009 2008
restated
£m £m
Loss before taxation (1.4) (3.1)
Adjustments for:
Net interest charge 1.9 2.6
Exceptional finance expenses - 0.4
Depreciation and amortisation 4.0 3.1
Other items - 0.5
__________ __________
4.5 3.5
Decrease in trade and other receivables 8.3 11.7
Decrease in trade and other payables (3.1) (3.8)
Decrease in provisions for liabilities and charges (0.2) (0.5)
__________ __________
Cash generated by operations 9.5 10.9
__________ __________
7. Additional cash flow information
Statutory
1 January 2009 Cash flow Foreign exchange Other 30 June 2009
non-cash
changes
£m £m £m £m £m
Cash at bank and in hand 11.3 (0.9) (1.5) - 8.9
Overdrafts (2.7) (3.4) - - (6.1)
__________ __________ _________ __________ __________
8.6 (4.3) (1.5) - 2.8
__________ __________ _________ __________ __________
Guaranteed secured loan note (19.9) - - - (19.9)
Bank loans (2.7) 0.6 0.2 - (1.9)
Finance leases (0.5) 0.2 - (0.1) (0.4)
Revolving credit (47.3) 9.4 0.3 - (37.6)
__________ __________ _________ __________ __________
(70.4) 10.2 0.5 (0.1) (59.8)
__________ __________ _________ __________ __________
(61.8) 5.9 (1.0) (0.1) (57.0)
__________ __________ _________ __________ __________
8. Principal risks and uncertainties
Each business considers strategic, operational and financial risks and identifies actions to mitigate those risks on a regular basis and these risk profiles are communicated to the Group board at least annually. The principal risks and uncertainties for the six months remain as they were at December 2008 and are fully detailed in the annual report and accounts which are available for download on the website.
Responsibility Statement
The Directors confirm that these condensed interim financial statements have been prepared in accordance with IFRS's as adopted by the European Union, with the exception of the matters noted in the basis of preparation (note 1); however, they have not been prepared in accordance with IAS 34.
The Directors of Impellam Group plc are as listed in the 2008 annual report and accounts, with the exception of the resignation of Desmond Doyle on 14 May 2009. A list of current directors is maintained on the Impellam Group plc website: www.impellam.com.
By order of the Board,
Cheryl Jones Andrew Burchall
Chairman Group Finance Director
Independent review report to Impellam Group plc
Introduction
We have been engaged by the Company to review the interim financial information in the interim financial report for the six months ended 30 June 2009, which comprise the consolidated income statement, condensed statement of comprehensive income, consolidated condensed balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and the related notes. We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial information.
Directors' responsibilities
The interim financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the Company's annual financial statements.
The interim financial report has been prepared in accordance with the basis set out in note 1.
Our responsibility
Our responsibility is to express to the Company a conclusion on the interim financial information in the interim financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Emphasis of matter - basis of preparation adopted for pro forma financial information
In forming our review conclusion, which is not qualified, we have considered the adequacy of the disclosures regarding the basis of preparation set out in these condensed interim financial statements. The Company has presented as comparative information, pro forma results and cash flows for the enlarged Group assuming, for the purposes of the income statement and cash flows only, that the accounting period commenced on1 January 2008 and that the combined Impellam Group plc, Carlisle Group Ltd and The Corporate Services Group plc was accounted for using merger accounting as at 1 January 2007. This represents a departure from the requirements of IAS 1, Presentation of Financial Statements, IAS 27, Consolidated and Separate Financial Statements, and IFRS 3, Business Combination which would require presentation of the results of Impellam Group plc from the date of its incorporation, Carlisle Group Ltd from 1 April 2008 and The Corporate Services Group plc from the date of acquisition by Impellam Group plc (7 May 2008) to 30 June 2008. The Directors have disclosed the reasons for this departure from the requirements of IFRS in the basis of preparation within note 1.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information in the interim financial report for the six months ended 30 June 2009 are not prepared, in all material respects, in accordance with the basis set out in note 1 and the AIM Rules for Companies.
PricewaterhouseCoopers LLP
Chartered Accountants
7 September 2009
St Albans
Notes:
* The maintenance and integrity of the Impellam Group plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.
* Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKAKDQBKDQCK
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| 28-08-09 | RNS |
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RNS Number : 2013Y Impellam Group plc 28 August 2009
The Corporate Services Group Limited financial statements 28 August 2009 Impellam Group plc ("Impellam" or the "Group") announces that its wholly owned subsidiary, The Corporate Services Group Limited ("CSG"), has today published its interim financial report for the six months ended 30 June 2009 ("CSG Report"). The CSG Report relates to CSG only and, is not and should not, be read as being representative of the financial position of Impellam for the six months ending 30 June 2009, which will be released by Impellam. About The Corporate Services Group Limited CSG is a wholly owned subsidiary of Impellam, a human capital resource solutions group whose shares are admitted to trading on the AIM market of the London Stock Exchange plc. Impellam was formed in May 2008 when Carlisle Group Limited merged with The Corporate Services Group plc ("CSG plc"). Upon completion of the merger, CSG plc became a subsidiary of Impellam and subsequently re-registered as a private company. For further information please contact:
Impellam Group plc
Cenkos Securities plc
Threadneedle Communications
This information is provided by RNS The company news service from the London Stock Exchange RNS news service provided by Hemscott Group Limited. This information is provided by RNS The company news service from the London Stock Exchange END
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Yet another bloody accounting mess. Nothing ever changes with this shower. They recruit staff for everybody else but can't seem to find decent accountants for themselves.
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| 26-02-09 | ||||
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Break even of £5 ! Good luck
 I'm at about 28.15p, so I feel slightly more likely to see a decent profit this century. Fingers crossed for you  More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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| 26-02-09 | ||||
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I hold unfortunately. Know I should have dumped them long ago but kept hoping they'd come good. Hope this is the start of a recovery but with a break even price of £5 it has a long way to go for me.
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Just wondering if there are many holders or interested parties out there on this one?
The SP seems to be turning for the better over the last few weeks, though I haven't seen any news or reasoning for it. Anyone got any thoughts on whether they've turned the corner? More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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