FINAL RESULTS FOR THE YEAR ENDED 30 DECEMBER 2022

Impellam Group plc

28 April 2023

("Impellam", the "Group" or the "Company")

FINAL RESULTS FOR THE YEAR ENDED 30 DECEMBER 2022 - AUDITED

Impellam Group plc (AIM: IPEL) announces its audited final results for the 52 weeks ended 30 December 2022

RECORD RESULTS IN AN EXCEPTIONAL YEAR

TOTAL GROUP RESULTS ⁽¹⁾ -	FY 2022	FY 2021	Actual Improve / (Decline)	Like-for-like⁽³⁾ Improve / (Decline)
Revenue (£ millions)	2,528.3	2,262.4	11.8%	10.1%

Gross profit (£ millions)	314.8	267.0	17.9%	14.4%

Operating profit (before amortisation and impairment) (£ millions) ⁽²⁾	41.5	29.3	41.6%	35.8%
Operating profit (£ millions)	34.4	19.5	76.4%	60.9%
Basic EPS	55.9p	18.3p	305.5%
Net cash/(debt) (£ millions) pre IFRS 16 ⁽⁴⁾	30.3	(15.0)
Net cash/(debt) (£ millions)	20.4	(31.5)

CONTINUING GROUP RESULTS -	FY 2022	FY 2021	Actual Improve / (Decline)	Like-for-like⁽³⁾ Improve / (Decline)
Revenue (£ millions)	1,947.4	1,580.3	23.2%	20.5%

Gross profit (£ millions)	204.9	161.0	27.3%	19.8%

Operating profit (before amortisation and impairment) (£ millions) ⁽²⁾	27.8	20.1	38.3%	27.9%

Operating profit (£ millions)	21.0	13.7	53.3%	60.3%

Continuing basic EPS	32.6p	7.3p	446.6%

The audited results above include the following changes to the preliminary results released on 30 March 2023:

· With no effect on gross profit and operating profit, and representing a netting of pass-through cost, Total Group and Continuing Group Revenue has decreased by £10.7m.

· The Total Group and Continuing Group tax charge has been reduced by £8.4m as a result of removing a deferred tax balance that was not required to have been recognised. This has increased profit after tax by this amount as well as improving earnings per share. There is no cash impact of the adjustment.

(1) Total Group results are presented before the discontinued operations

(2) Operating profit before amortisation of acquired intangible assets and impairment (see note 2)

(3) % change measured at constant exchange rates

(4) Net cash/(debt) pre IFRS 16 is used as the basis for banking covenant calculations

Key operational highlights

Impellam delivered strong financial results in 2022 and our strategic progress has accelerated as a result of the divestment of traditional businesses in our Regional Specialist Staffing and Healthcare portfolios setting Impellam up for sustainable growth.

Full-year performance for the total Group led to record highs in revenue of £2.53bn (2021: £2.26bn) and gross profit of £314.8m (2021: £267.0m). Adjusted operating profit¹ was up 41.6% to £41.5m (2021: £29.3m).

Special dividends of £50m were declared in 2022 (110.8 pence per share) with £25m recognised and paid in the year. A further Special dividend of £35m (77.8 pence per share) was declared in March 2023 following the completion of the sale of the Healthcare and Regional Specialist Staffing businesses. Going forward this allows the Group to return to a dividend policy. As previously announced, it is the Company's intention, subject to the Group's trading performance, to re-commence the payment of annual dividends, starting in January 2024 of £25m. This represents a 9% forward yield on closing share price on 28 March 2023.

All onward financial information, unless otherwise stated, is based on the Continuing Operations of the Group.

Group revenue was up 23.2% (20.5%*) on the prior year at £1.95bn (2021: £1.58bn) and gross profit was up 27.3% (19.8%*) to £204.9m (2021: £161.0m). Adjusted operating profit¹ was up 38.3% (27.9%*) to £27.8m (2021: £20.1m).

STRATEGIC

· To accelerate progress with our long-term strategy to focus on high-value growth opportunities across our UK & Europe, North America and APAC regions - in January 2023 we entered into an agreement to sell Healthcare (Medacs Global Group in the UK, Ireland and APAC) and Regional Specialist Staffing (Blue Arrow, Chadwick Nott, Career Teachers and Tate in the UK). This transaction completed on 3 March 2023 for cash consideration of £85m on a debt-free, cash, normalised working capital basis. This followed the sale in February 2022 of Corestaff in North America to swipejobs Inc.

· Continuing operations are our digitally-enabled Managed Services (Guidant Global, Comensura and Flexy in the UK & Europe, North America and APAC) and our talent-rich STEM businesses (Lorien, SRG, Carbon60 and Bartech in the UK & Europe and North America).

· We are now a more focused and agile business, well positioned for growth globally across attractive Managed Services and STEM markets.

· Throughout the year, we continued to make key investments in people, technology and customer centricity.

FINANCIAL (CONTINUING OPERATIONS)

· Exceptional performance across the Group delivered 38.3% (27.9%*) increase in adjusted operating profit¹.

· Strong revenue and gross profit growth across all regions with APAC delivering a record increase of 31.6% (30.8%*) in gross profit, UK & Europe up 26.2% (25.7%*) and North America up 28.3% (14.6%*).

· Net cash (pre IFRS 16) of £30.3m compared to net debt¹ of £(15.0)m in 2021 (includes net sale proceeds from Corestaff of £15.4m and final repayments of Covid-19 related support of £9.1m as well as a £25m special dividend paid in December 2022).

1. Explanations of Alternative Performance Measures are at the end of the report

*Calculated by multiplying the prior year functional currency amount by the current year foreign exchange rate

Financial results for the fifty-two weeks to 30 December 2022 - audited

The table below sets out the results for the continuing operations of the Group by region for 2022.

	Revenue			Gross profit			Operating profit²
£'million	2022	2021	Like-for-like change¹	2022	2021	Like-for-like change¹	2022	2021	Like-for-like change¹
UK & Europe	1,506.2	1,205.8	25.1	112.8	89.4	25.7	20.5	17.4	15.7
Gross profit %				7.5%	7.4%
North America	394.1	358.3	(1.5)	81.7	63.7	14.6	10.6	8.6	3.2
Gross profit %				20.7%	17.8%
Asia Pacific	47.1	16.2	168.8	10.4	7.9	30.8	2.0	1.6	23.1
Gross profit %				22.1%	46.7%
Total	1,947.4	1,580.3		204.9	161.0		33.1	27.6
Corporate costs							(5.3)	(7.5)
Operating profit²							27.8	20.1
Amortisation of acquired intangible assets							(6.8)	(6.4)
Operating profit							21.0	13.7

1. % change measured at constant exchange rates

2. Before amortisation of acquired intangibles and impairment

Financial results for the fifty-two weeks to 30 December 2022 - audited

The table below sets out the results for the continuing operations of the Group by segment for 2022.

	Revenue			Gross profit
£'million	2022	2021	Like-for-like change¹	2022	2021	Like-for-like change¹
Global Managed Services	974.4	838.7	13.9	97.1	79.2	16.4
Gross profit %				9.9%	9.4%
STEM	999.7	759.6	28.4	107.8	81.8	26.9
Gross profit %				10.8%	10.8%
Inter-segment revenues²	(26.7)	(18.0)		-	-
Total	1,947.4	1,580.3		204.9	161.0

1. % change measured at constant exchange rates

2. Elimination of inter-segment sales which are all within the UK & Europe region

Chairman's Statement on the Results

The Group has delivered record results in an exceptional year. Adjusted operating profits¹ 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. Our 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 we collaborated across our brands.

In April 2022, I informed the Board that I wanted to explore opportunities to dispose of my shareholding in the Group and have worked constructively with the Company to ensure the interests of all shareholders were properly considered. The sale of Corestaff in North America in February 2022, followed by the disposal of our Regional Specialist Staffing (RSS) and Healthcare brands in Q1 2023 will enable the Group to focus on the fast-growing Managed Services and Science, Technology and Engineering markets (STEM) where our specialist expertise and track record positions us for high growth in these attractive market sectors. This is a bold step for Impellam, and I know the Executive team have the experience and drive to ensure its success and to use it as a springboard to accelerate the Group's long-term strategy.

There have been no changes to the Board during the year, providing a stable foundation to support the Group during this period of transformation and I thank the Board for their contributions through the year.

I am pleased that we announced two special dividends in 2022, which will return £50m to our shareholders. The Group announced a further special dividend of £35m following the disposal of the RSS and Healthcare brands in early 2023. Going forward this allows the Group to return to a dividend policy.

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. I would like to thank each and every one of them for their hard work, commitment, and ability to respond positively to a changing environment.

Lord Ashcroft KCMG PC

Chairman

1. Explanations of Alternative Performance Measures are at the end of the report

CEO Review

OVERVIEW

2022 was a defining year for Impellam. Not only did we deliver strong and consistent operational performance and financial growth but we also responded to our majority shareholder's intent to explore options around his shareholding. We entered into negotiations that were substantially concluded in December 2022 and saw the Group complete the disposal of its Regional Specialist Staffing and Healthcare businesses on 3 March 2023. This followed the sale of Corestaff, our North America Specialist Staffing business, to swipejobs Inc in February 2022.

This bold strategic move enhances the investment case for Impellam's connected and collaborative, digitally-enabled businesses. Our continuing operations are now focused on the key growth markets of multidisciplinary workforce solutions in the UK & Europe, North America and Asia Pacific and the specialist talent verticals of Science, Technology and Engineering.

The year began with optimism and confidence delivering gross profit growth across all our regions when compared to 2021. This growth was achieved despite a backdrop of political and economic upheaval caused by the combined factors of the global pandemic, the war in Ukraine, the impact of Brexit and the fast-emerging cost-of-living crisis, particularly in the UK. Despite these headwinds, the labour market remained tight driven by global skills and talent shortages, the 'great resignation', the early retirement of over 50s, high attrition and a booming post Covid-19 job market creating a positive trading environment for all our businesses.

As a result, our continuing operations delivered gross profit of £204.9m and operating profit growth of 53.3% (60.3%*). Including discontinued operations we generated £69.1m of cash and were able to announce dividends of £50m to shareholders.

IMPACT OF INVESTMENT

We capitalised on the increased demand for our services by continuing to invest in people, technology and customer centricity.

We developed our service offerings to respond quickly and decisively to meet our customers' evolving needs, with our key investments in 2022 underpinning our core principle that Virtuosity is our strategic advantage.

PEOPLE AND VIRTUOSITY

Our customers consistently tell us that they love what we do, but even more importantly they love how we do it. That's Virtuosity. Our people are really close to our customers and that means we take the utmost care of them. We hire, develop and nurture our people to become Virtuosos, so that in turn they support our customers to build better businesses.

During 2022 more than 268 colleagues joined our Group as customer demand increased. We expanded our teams in key growth markets with a 20.3% increase in headcount in our UK and North America STEM businesses and an 8.3% increase in our GMS businesses across the world, supporting exciting new customer wins. Alongside this expansion in headcount, we also increased our productivity with gross profit per FTE rising from £100.2k in 2021 to £112.3k in 2022.

We supported our people's performance and wellbeing, enabling them to work flexibly between our offices, their homes and customer sites. We worked hard to get the balance right between providing collaboration technology and ensuring they received maximum benefit from in-person teamwork. Understanding that managers make the difference to engagement, we also focused on reigniting the beautiful basics of thoughtful people management. We made it a priority that all our people enjoyed quality time with their manager to explore how the things that mattered most to them personally aligned to the goals and ambitions of our business.

We have a diverse and talented global workforce who are connected and who collaborate more than ever before to make sure there is never a reason for a customer to leave Impellam. We are keen to make sure that our people enjoy a fulfilling career with us and as we grow, our goal is to create compelling opportunities across our global business. In 2022, more than 50 colleagues embarked on exciting new careers in a different part of the Group.

At Impellam, we listen to our people. Our Virtuoso Alliance continued to influence our strategy. Across two cohorts, 22 Virtuosos made a significant contribution to our performance and development strategy, our refreshed Impellam brand and proposition, our EVP, our blended working strategy and our response to shifting candidate market dynamics.

Similarly, our people shout loudly about the things that matter to them and I am proud of the great strides we took in 2022 in equity, diversity and inclusion (ED&I). We launched our Unity council globally and we had highly active Business Resource Groups helping us understand and celebrate our differences as we came together for particularly memorable events for International Women's Day, Pride, Mental Fitness Month and Disability Awareness.

As we say goodbye to almost 1,300 colleagues leaving the Group for their new home following the divestment of our Regional Specialist Staffing and Healthcare businesses, I would like to thank all Impellam colleagues for the wonderful part they have played in making our Company special and delivering such impressive operational and financial results in 2022.

CUSTOMER CENTRICITY

Our Virtuoso strategy means that our people are close to their customers and their voice is heard directly by the Executive team. We have a non-hierarchical organisation structure with few layers between our customers and me, ensuring that decisions are always made with customers front of mind.

Our customers have trusted us to find their contingent and permanent talent in a candidate short market. Following the combined effect of the profound disruption in our markets across the world outlined in my introduction, there has been a huge increase in demand across all our vertical market specialisms and within our 271 managed service and RPO customers.

In particular rapid global digitisation led to a buoyant market for those with tech, digital and analytical skills and we also saw increased demand for engineers, scientists and clinicians, as organisations began to invest again, all coming together to create the future through the power of work.

In 2021, we established our Customer Office (CO) with the intention that there should never be a reason for a customer to leave Impellam. The CO celebrated its first anniversary in July 2022 with an impressive 100% account retention and an increase in the lifetime value² of our CO customers of 5.6%. Our customer focused Centre of Excellence (CoE) brought new capabilities to our clients and important efficiencies to our business. The CoE managed 55 discrete projects to launch, enhance or expand customer relationships. The CoE Analytics team developed new intelligence dashboards for use across the customer portfolio while the Talent Marketing team's highly successful campaigns resulted in up to 2,000 hires per individual customer. Our VMS team collaborated closely with our technology channel partners and was subsequently recognised through our Guidant Global brand as SAP Fieldglass MSP partner of the year. We automated many key business processes, eliminating thousands of hours of manual work annually.

As a Company, we came together in 2022 to secure and share 2,450 new client wins across our regions.

We also expanded our work within existing customers through strong collaboration and service diversification leading to a significant increase in customer spend, alongside deepening those relationships leading to a 9.2% rise in customer retention compared to 2021.

We trained and led our people to price confidently reflecting our premium position in a buoyant market and were delighted that our customers continued to value our people so highly.

We ended the year by launching our refreshed Impellam branding. We are building a consistent and cohesive customer narrative and proposition, confident of our belief in the power of work and our combined and connected ability to deliver market-leading workforce and specialist recruitment solutions in the UK & Europe, APAC and North America.

TECHNOLOGY AND DIGITAL

Our investments in digital technology are focused on our strategic objective to free up our Virtuosos to do their best work whilst enabling collaborative teamwork across our diverse global workforce, wherever they are based. In 2022 we enhanced our overall digital experience, achieving our target to be 65% digital³ by the end of the year.

During the year, we completed the implementation of Bullhorn CRM and RSM in our UK STEM businesses. We now operate on a common platform across the front and back office leading to an enhanced customer and candidate experience, increased collaboration and improved productivity and efficiency. Going forward, we will invest in selected additional digital technology to enhance operational productivity and increase the profit-per-consultant.

In our Managed Services businesses, our investment in digitising service delivery has been a key contributor to increasing our productivity. Our investment in an Integration Platform as a Service (IPaaS) has enabled us to bring together the core functionality and benefits of multiple applications, both proprietary and third party, improving customer and user experience while removing manual data entry and workflows.

In addition, the deployment of Robotic Process Automation (RPA) tools has enabled the automation of a significant number of repetitive tasks allowing our Virtuosos to focus on higher value activities while increasing our access to large volumes of meaningful data. Using sophisticated reporting tools, we can now benchmark our recruiters against market data showing clear evidence that our productivity metrics are ahead of the programmes run by our competitors and in-house teams.

We also made significant investments in technology platforms to drive customer and candidate relationship management and applicant tracking. Our priority is to drive initiatives that free up time for our Virtuosos so they can focus on building trust and delivering on their promises to clients and candidates.

We continued to invest in customer-facing digital solutions and during 2022 we launched our first fully integrated platform solution, leveraging our proprietary technologies EVO and Flexy as well as our newly launched payroll app. We are proud of this solution and intend to introduce it to more of our managed service customers in 2023, and to support new services such as Direct Sourcing.

The divestment of our RSS and Healthcare businesses means that we will now move away from legacy systems and will operate entirely in the Cloud using either software-as-a-service applications, or Microsoft Azure facilities. This transaction removes complexity from the overall Group technology estate by removing multiple overlapping legacy applications; simplifying physical infrastructure and reducing manpower costs to support diverse systems.

OUTLOOK

Our strategic realignment following the disposal of our RSS and Healthcare businesses in March 2023 enables us to focus our investments and the efforts of our Virtuosos on high growth and attractive markets where we have greater visibility of future revenue with improved conversion of gross profit to adjusted operating profit¹.

The disposal also enables us to streamline operations whilst increasing collaboration and removes significant complexity from our technology, property estate and our back-office processes.

Trading in 2023 began above our expectations, albeit we have noted some hesitancy during Q1 on permanent hiring, particularly amongst professional and financial services clients. Pipelines remain strong but we will continue to remain vigilant, given the political and economic headwinds of inflationary pressure and interest rate rises, continuing events in Ukraine and ongoing talent shortages across all our regions.

We are confident that the strategic moves we have made will continue to enhance the investment case for Impellam and will return significant value to shareholders.

Julia Robertson

Group Chief Executive Officer

1. Explanations of Alternative Performance Measures are at the end of the report

2. Life Time Value (LTV) is defined as average margin per client x average length of contract.

3. Digital - Data and Digital Technology, supported by monetisable data, automated process, cloud-based systems and flexible, mobile channels.

*Calculated by multiplying the prior year functional currency amount by the current year foreign exchange rate

Group Chief Financial Officer's Review

INTRODUCTION

Revenue from continuing operations for the year was up 23.2% (20.5%*) and gross profit increased by 27.3% (19.8%*), reflecting the buoyant labour market across our regions and high demand for temporary and permanent staff.

To support this growth, we invested in customer-facing staff adding 268 to our headcount during the year. Our staff productivity (gross profit divided by FTE heads) was higher than in previous years and this, together with tightly controlled costs meant that adjusted operating profit¹ from continuing operations increased by 38.3% to £27.8m (2021: £20.1m). Operating profit after the amortisation of acquired intangibles was £21.0m (2021: £13.7m).

The difference between adjusted operating profit¹ and operating profit is reconciled in note 2 and relates to the amortisation of acquired intangibles.

DISCONTINUED OPERATIONS

We completed the sale of Corestaff in the US to swipejobs Inc. in February 2022 and in January 2023 we announced the sale of our UK Regional Specialist Staffing businesses (Blue Arrow, Tate, Chadwick Nott and Career Teachers) and the UK, Ireland and APAC Healthcare business (MGG) to Twenty20 Capital for a cash consideration of £85.0m on a debt-free, cash-free normalised working capital basis. This sale completed on 3 March 2023. All financials, unless otherwise stated, are based on the continuing operations of the Group.

GOVERNMENT SUPPORT

Following support received in 2020 for Covid-19 the Group repaid £3.3m of deferred VAT payments and US$8m (£5.8m) of federal tax deferred under the CARES initiative. There are no further payments due under these schemes.

FOREIGN EXCHANGE

Currency movements against Sterling positively impacted our reported performance, largely due to the strengthening of US Dollar against Sterling. Over the course of the year to December 2022, the total impact of exchange movements on gross profit and adjusted operating profit¹ were £8.2m favourable and £1.1m favourable, respectively. Fluctuations in the rates of the Group's key operating currencies versus Sterling continue to represent a sensitivity for the reported performance of our business. By way of illustration, each 1 cent movement in annual exchange rates of the US Dollar impacts gross profit by £0.6m per annum and adjusted operating profit¹ by £0.1m per annum. The exchange rate between the US Dollar and Sterling over the year ended 30 December 2022 averaged US$1.2372 (2021: US$1.3757) and closed at US$1.2077 (2021: US$ 1.3536). As the Group expands further in overseas territories the impact of changes in exchange rates will increase.

CAPITAL INVESTMENT

Capital expenditure on tangible and intangible fixed assets in the period was £11.3m (2021: £5.8m), as we continued our investment in our core systems to further digitalise the business with roll outs of new front office systems, new bill and pay systems and new finance systems. The deployment will continue in 2023, though revisions will take into account the disposed businesses and associated separation plans. As well as some general IT equipment refreshes, we also continued investment in our proprietary vendor management systems (VMS) and the development of our digital platform, Flexy. The net repayment of finance leases amounted to £5.5m (2021: £7.2m).

INTEREST AND DEBT

Net cash generated from operations (including discontinued operations) during the period was £69.1m (2021: £10.2m). During the year final deferred tax payments of £9.1m (2021: £38.9m) were made. Excluding the impact of these tax deferrals, cash generated from operations was £78.2m (2021: £49.1m). Excluding deferred taxes, the conversion of adjusted operating profit¹ to net cash generated is 248.7% (2021: 167.6%). Cash generation from operations was enhanced by an improvement in Days Sales Outstanding (DSO) which stood at 34.8 days (2021: 35.4 days) at the end of 2022.

In addition to the strong operating cash flows, £15.4m of cash proceeds (net of disposal expenses) were received following the disposal of Corestaff in February 2022.

Finance expenses for the Group, including discontinued operations, were higher than the prior year at £5.2m (2021: £4.3m). Lease interest was lower at £0.4m (2021: £0.6m) and interest cost on financing facilities increased to £4.5m (2021: £3.5m) as a result of interest rates rises. At the balance sheet date net cash¹, excluding the adjustments for IFRS 16, was £30.3m compared to £(15.0)m net debt in 2021, an increase of £45.2m.

The net cash flow from operations was primarily utilised as follows:

• Special dividend £25m

• Investment in fixed assets and software development: £11.3m

• Net lease repayment: £5.5m

• Share buybacks: £1.2m

• Net interest paid on borrowings and leases: £4.9m.

The Group's operations are financed by retained earnings and bank borrowings. The Group manages working capital requirements through a £182.5m global revolving credit facility (RCF) approved in December 2021. This £182.5m RCF has an accordion element of an additional £40m which is available for three years with options to extend for a further two years. Rates of interest for the RCF are based on SOFRA/SONIA plus a margin calculated on the net debt¹ to adjusted EBITDA¹ leverage. The RCF also includes a letter of credit facility which amounted to £2.7m (2021: £3.0m) at the end of 2022.

The Group takes advantage of a number of nonrecourse supplier finance arrangements organised by clients of the Group to allow for the acceleration of payment of the Group's receivables. At the end of 2022, we did not utilise these arrangements (2021: £8.2m).

These agreements accrue interest at between 0.65% and 1.75% over SONIA applied to the number of days the drawdown takes place before the due date. During 2022, the Group paid less than £0.1m in other interest (2021: less than £0.1m).

Following the completion of the sale of the RSS and Healthcare businesses in March 2023 the RCF was reduced to £132.5m and the accordion reduced to £30m.

A significant priority for the Group remains the focus on the conversion of operating profit into sustained positive cash flow by controlling working capital. The Group measures three covenants as required by the facility - interest cover, adjusted leverage ratio (defined as net debt¹ less loan notes and restricted cash to adjusted EBITDA¹) and debtor cover. All covenants were met during the year. Borrowing levels are controlled by the Group Finance department, which manages treasury risk in accordance with policies set by the Board.

The Group's financial liabilities are denominated primarily in Sterling. Exposure to currency risk at a transactional level is generally minimal, with most transactions being carried out in local currency.

TAXATION

The tax charge (including discontinued operations) in the period of £1.4m (2021: £7.1m) represents an effective tax rate of 14.5% (2021: 45.8%) and arises on the Group's activities in the UK and overseas. The lower effective tax rate is driven by prior year adjustments to deferred tax on overseas intangibles to calculate the opening deferred tax position at the local rate. Excluding adjustments in respect of previous periods, the effective tax rate is 23.8%.

The Group's contribution to the UK Treasury in the period amounted to £347.4m (2021: £331.9m) and consisted of VAT, income tax, national insurance and corporation tax. Of this amount, employer's national insurance, apprenticeship levy, irrecoverable VAT and corporation tax totalling £46.9m (2021: £37.7m) was a cost to the business.

EARNINGS PER SHARE

Continuing basic earnings per share increased to 32.6p (2021: 7.3p) as underlying profit after tax from continuing operations increased by £11.4m. Total group (including discontinued operations) basic earnings per share increased to 55.9p (2021: 18.3p) with underlying profit after tax increasing by £19.9m.

The weighted average number of shares in 2022 was 45.1m, 0.4m lower than 2021 due to the ongoing share buyback programme. Continuing adjusted earnings per share increased to 44.3p (2021: 18.2p) and reflects the underlying performance of the business, excluding impairment and amortisation of acquired intangibles and their respective taxation impact.

CAPITAL MANAGEMENT

The Group's capital base is primarily used to finance its working capital requirement, the key component of which is trade receivables. Trade receivables in the staffing and support services sectors are managed according to a range of DSO targets. Terms of trade are monitored, and the extended payment terms require senior finance approval. In some of the Group's Managed Services businesses, the amounts payable to third party suppliers are not due until shortly after the receipt of the client receivable. As noted above, the Group has committed facilities that ensure there is sufficient liquidity to meet ongoing business requirements. The primary objectives of the Group's capital management are to ensure that it maintains a good credit rating in order to support its business, maximise shareholder value and to safeguard the Group's ability to continue as a going concern.

GOING CONCERN

After making appropriate enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. In coming to their conclusion, the Directors have considered the Group's profit and cash flow plans for the coming period. The amount of borrowing required to fund the Group's activities is determined based on these projections, together with expected returns to shareholders and planned capital expenditure. This is then compared to the bank lending facilities currently committed and expected to be available to the Group.

Following the sale of the RSS and Healthcare business in 2023 the continuing requirements of the Group has been assessed in line with revised profit and cash flow plans and bank lending facilities.

Also considered is the projection of compliance with the financial covenants implied by these plans. In addition, these figures are tested for sensitivity to possible changes to the economic environments in which the Group operates. The Group has no operations in Ukraine or surrounding regions and therefore there is no direct impact on the Group's trading. However, any indirect impact, such as a worsening in economic conditions, would represent such a sensitivity.

The impact on Group liquidity and covenants of each of these sensitivities is then evaluated together with the likelihood of each of these occurring either individually or in combination.

On a regular basis, and at least quarterly, the Board reviews updated projections of future borrowing requirements, facility usage and resulting headroom, together with projected covenant compliance; these are based upon the latest actual results and borrowing position supplemented by regularly updated profit forecasts. Based on the above, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

DIVIDENDS AND SHARE BUYBACK

Approval was gained at the 2021 AGM to commence an updated programme authorising the Board to purchase up to a maximum of 4,560,363 shares, representing 10% of the issued Ordinary Share capital of the company (as at 17 May 2021) until the earliest of the 2022 AGM or 30 June 2022. Under this programme a total of 188,255 shares were purchased at a value £0.8m in 2022.

An updated programme was approved at the 2022 AGM authorising the purchase of a maximum of £0.5m of Ordinary Shares (by market value) per calendar month until the 2023 AGM. Under this programme a total of 65,360 shares were purchased at a value £0.4m in 2022. A further 106,597 shares have been purchased up to 30 March 2023 at a value of £0.7m.

On the 8 November 2022 the Board announced a special dividend of 55.4p per share, amounting to £25m, which was paid on 9 December 2022. On 22 December 2022 the Board announced a second special dividend of 55.4p per share, amounting to £25m, which was paid on the 27 January 2023.

On 3 March 2023 the Board announced a further special dividend in connection with the sale of the RSS and Healthcare businesses of 77.8p per share, amounting to £35m to be paid on the 6 April 2023.

See note 11 Post Balance Sheet Events - Important Information.

INSURANCE

The Group maintains a comprehensive insurance programme with several reputable third-party underwriters. Insurance is brokered at a Group level. The Group's insurance policies are reviewed and updated annually to ensure that there is adequate cover for insurable risks and that the terms of those policies are optimised.

OUTLOOK

We experienced positive trading conditions in 2022 supported by the investments made in revenue generating headcount in 2021 and through 2022 whilst maintaining our focus on cost management. Operational cash flow was strong with further improvements in DSO which enabled an underlying reduction in borrowings and facility levels. This positive cash flow also facilitated returns to shareholders with special dividends totalling £50m paid or proposed during the year. The strategic disposal of the RSS and Healthcare businesses in March 2022 and the cash received, net of a further distribution of shareholders of £35m, will further bolster this position.

Tim Briant

Group Chief Financial Officer

1. Explanations of Alternative Performance Measures are at the end of the report

*Calculated by multiplying the prior year functional currency amount by the current year foreign exchange rate

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF

IMPELLAM GROUP PLC ON THE PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS

As the independent auditor of Impellam Group Plc ('the company') we have been asked by the directors to agree to the publication of the company's preliminary statement of annual results for the period ended 30/12/2022 which includes key operational highlights, Chairman's statement, narrative disclosures and the financial results.

Use of our report

This report and our auditor's report on the company's financial statements are made solely to the company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006 and the terms of our engagement. Our work on the preliminary statement of annual results has been undertaken so that we might state to the company's members those matters we have agreed to state to them and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our work on the preliminary statement of annual results, for this report, or for the opinions we have formed.

Responsibilities of directors and auditor

The directors of the company are responsible for the preparation, presentation and publication of the preliminary statement of annual results. We are responsible for agreeing to the publication of the preliminary statement of annual results, having regard to the Financial Reporting Council's Bulletin "The Auditor's Association with Preliminary Announcements made in accordance with the requirements of UK Listing Rules".

Status of our audit of the financial statements

Our audit of the annual financial statements of the Company is complete and we signed our auditor's report on 27 April 2023. Our auditor's report is not modified and contains no emphasis of matter paragraph.

Our auditor's report on the full financial statements contained the following information regarding key audit matters and how they were addressed by us in the audit, our application of materiality and the scope of our audit.

Overview

Coverage[1]

77% (2021: 88%) of Net fee income

69% (2021: 73%) of Group absolute* adjusted operating profit

72% (2021: 70%) of Group absolute* profit before tax

82% (2021: 79%) of Group revenue

85% (2021: 82%) of Group gross assets

* Absolute refers to the cumulative value of figures regardless of whether it is a positive or negative value

Key audit matters

Key audit matter	2022	2021
Risk of fraud or cut-off error in revenue recognition on temporary contractor revenue and complex accounting on managed service contracts	P	P
Compliance with employment laws and regulations	P	P

Materiality

Group financial statements as a whole

£3.8m (2021: £1.45m) based on 1.2% of net fee income (Gross profit) (2021: 5.0% of the average of adjusted operating profit).

An overview of the scope of our audit

Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the Group's system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have represented a risk of material misstatement.

We designed an audit strategy to obtain the required audit assurance for each component for the purposes of our Group audit opinion (ISA 600 (UK)). Components were scoped in to address aggregation risk and to ensure sufficient coverage was obtained of Group balances on which to base our audit opinion. The percentage coverage of key financial statement areas by our audit procedures is summarised graphically below and then detailed in the following table.

Significant components

• We identified eight significant components, which were subject to full scope audit procedures.

• Three of the full scope audits of significant components were performed by component auditors, under the direction and supervision of the Senior Statutory Auditor; who issued detailed instructions, reviewed component audit files and attended local audit close meetings. All significant components were audited by BDO LLP utilising the Group audit team and UK component auditors, other than one component, which was audited by a BDO member firm in the US.

Specified audit procedures

• Specified audit procedures were performed to address the risk of material misstatement arising from key balances in non-significant components, with testing performed on all material balances within these components.

• All testing was performed by BDO LLP, other than for the components in Australia, which were performed by a BDO member firm in Australia. All testing was under the direction and supervision of the Senior Statutory Auditor via detailed instructions and via review of selected working papers on significant risk areas.

• This specific scope testing was performed on components that contribute 14% (2021: 8%) of Net fee income, 24% (2021: 21%) of the Group Absolute Adjusted Operating Profit, 21% (2021: 25%) of the Group Absolute Profit before Tax, 10% (2021: 16%) of the Group revenue and 11% (2021: 15%) of Group Gross Assets.

Remaining components

• All other components, not included in the above, were scoped in for analytical review procedures to confirm our conclusion that there were no significant risks of material misstatement of the aggregated financial information.

Parent Company and consolidation

• The Parent Company is located in the UK and was audited by the Group audit team. The Parent Company is treated as a significant component for the Group.

• The Group audit team have performed testing of the consolidation and related consolidation adjustments posted in preparation of the Group financial statements.

Our involvement with component auditors

For the work performed by component auditors, we determined the level of involvement needed in order to be able to conclude whether sufficient appropriate audit evidence has been obtained as a basis for our opinion on the Group financial statements as a whole. Our involvement with component auditors included the following:

We assessed the competence and independence of the component auditors. Direction and supervision over their work performed was also provided by the Group audit team through group audit instructions. We attended the component auditors' planning and completion meetings. The Group audit team reviewed the work of the component auditors in order to gain comfort over the audit of the significant components, specified audit procedures on specific scope entities, and reviews over the remaining insignificant components.

Key audit matter

Description

How we addressed the key audit matter in the audit

Risk of fraud or cut-off error in revenue recognition on temporary contractor revenue and complex accounting on managed service contracts

· The risk of fraudulent revenue recognition arises from revenue in relation to temporary contractors and permanent placements. Management applies judgements and estimates concerning the completeness, accuracy and cut-off of revenue around the period end, therefore a risk of material misstatement exists either through error or in order to meet financial targets or performance related bonuses.

· The risk of erroneous revenue recognition arises from complex accounting on rebates related to managed service contracts. Accounting and potential understatement of these rebate agreements could result in a material error within the revenue stated for the period.

· This results in the cut-off of temporary revenue and complex accounting on Managed Service Contracts being assessed as a significant risk of material misstatement and a key audit matter.

Temporary contractor revenue

· To address the risk around cut-off of revenue, on a sample basis, revenue around the period end was tested against underlying supporting documentation, such as engagement letters, timecards, payments to temporary workers and monies received from the clients to check revenue was recognised in the correct period.

· We recalculated late timecard accrued revenue and cost based on timecards submitted after period end that relate to services provided in the period with historical trends

· The completeness of revenue was tested by sampling timecards around period end and tracing them to the revenue and accrued income and checking they have been recognised in the correct period.

· A sample of credit notes raised after the period end that relate to the FY22 period were reviewed in order to assess the validity of the sales invoices raised in the financial period.

Complex accounting on Managed Service Contracts

· Revenue recognition on a sample of Managed Services Contracts was assessed for compliance with IFRS 15 Revenue from Contracts with Customers recognition requirements, with a specific focus on the principal v agent treatment of the whole arrangement or specific service elements therein.

· The period end rebate liability was further analysed against the prior period's rebate liability in order to understand key movements in rebates and form an expectation on the liability position at the period end.

· A sample of rebates were recalculated using the terms of the supplier contracts and/or correspondences and volume of placements obtained from the information held on the audited entity's system.

Key observations:

From the work performed, we did not identify any evidence that temporary or managed service revenue has not been recognised in the correct period or at the correct value.

The judgements and estimates applied were consistent with our expectations.

Key audit matter

Description

How we addressed the key audit matter in the audit

Compliance with employment laws and regulations

· The Group is subject to both local and international legal and regulatory requirements that vary between the different industries and jurisdictions that the Group operates. The Group has an in-house legal team who assist management in the determination of its financial obligations.

· The Group has recorded a number of balances in relation to its ongoing obligations to comply with the regulatory and legal environment - varying levels of judgement are required to estimate the impact of these on the financial statements.

· The key areas of compliance relate to workers' rights, such as PAYE underpayment, national minimum wage,Fair Labour Standards Act (USA) and holiday pay.

· Provisions have been made for the expected cost of settling these matters, these are inherently judgemental.

· Any non-compliance may result in fines, unrecorded liabilities and reputational damage to the Group.

· The compliance with employment laws and regulations has been assessed as a significant risk of material misstatements and related disclosures and a key audit matter.

· We held meetings with the Group's legal counsel to understand areas of non-compliance with laws or regulation and the progress of any significant ongoing legal areas.

· We obtained confirmation from external counsel concerning any potential claims or areas of non-compliance.

· The outcome of prior period claims has been evaluated against the current period provisions settlements to gain assurance over the historical reliability and completeness of the liability.

· We assessed by brand, the Group's policies and practices in relation to holiday pay, in the context of relevant legal requirements. We reviewed the basis and appropriateness of holiday pay accruals and level of payout by sampling contractors and employees to underlying contracts and system generated reports.

· We assessed the Group's control environment around national minimum wage compliance and made enquires to assess areas of potential exposure, inspecting and assessing correspondence and management's expert assessment of exposure.

· We assessed the appropriateness of the disclosures covering provisions, estimates and judgements within the financial statements from our work performed.

Key observations:

We did not identify, either from external or internal sources, any material compliance issues not already included in the provisions.

Based on the work performed, we did not identify any inappropriate judgements or estimates made by management, all provisions fell within our range of potential outcomes.

We did not identify any disclosure deficiencies that describes the degree of inherent uncertainty in the assumptions and estimates used in assessing the value of associated non-compliance provisions.

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that are taken on the basis of the financial statements.

In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows:

Group Materiality

	2022	2021
Materiality	£3.8m	£1.45m
Basis	1.2% of Net Fee Income (Gross profit)	5.0% of Adjusted Operating Profit[2]
Rationale	During the period, we have reconsidered the most appropriate benchmark on which to set materiality and this has resulted in a change to the benchmark. We consider Net Fee Income (Gross profit) to be the most appropriate benchmark as it is less volatile than Adjusted Operating Profit, in a low margin / high volume business such as the Group, and it is also a key measure of trading activities for stakeholders. In setting our materiality percentage of Net Fee Income, we have benchmarked against recruitment company peers, using a variety of income statement metrics, to derive an appropriate materiality metric and value.

Performance Materiality	£2,660k	£1,015k
Measure	70% of Materiality	70% of Materiality
Application	Based on history of adjustments and an assessment of the aggregated risk.

Parent Company Materiality

	2022	2021
Materiality	£2.09m	£1.38m
Basis	95% Group materiality
Rationale	Calculated as a percentage of the Group materiality given the assessment of the aggregation risk.

Performance Materiality	£1,460k	£964k
Measure	70% of Materiality	70% of Materiality
Application	Based on history of adjustments and an assessment of the aggregated risk.

Component materiality

We set materiality for each component of the Group based on a percentage of between 10% (2021: 12%) and 95% (2021: 95%) of Group materiality dependent on the size and our assessment of the risk of material misstatement of that component. Significant component materiality ranged from £377k (2021: £170k) to £1.19m (2021: £1.38m). In the audit of each significant component, we further applied performance materiality levels of 70% (2021: 70%) of the component materiality to our testing to ensure that the risk of errors exceeding component materiality was appropriately mitigated.

Reporting threshold

We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £190k (2021:£58k). We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.

Procedures performed to agree to the preliminary statement of annual results

In order to agree to the publication of the preliminary statement of annual results of the company we:

· checked the accuracy of extraction of the financial information in the preliminary statement from the audited financial statements of the company;

· considered whether any "alternative performance measures" and associated narrative explanations may be misleading; and

· read the management commentary and considered whether it is in conflict with the information that we have obtained in the course of our audit.

Mark Cardiff (Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

London, UK

27 April 2023

Consolidated income statement

For the fifty-two weeks to 30 December 2022

		Audited 52 weeks 30 December 2022	Re-presented 52 weeks 31 December 2021
	Notes	£m	£m

Revenue	2	1,947.4	1,580.3
Cost of sales		(1,742.5)	(1,419.3)
Gross profit	2	204.9	161.0
Administrative expenses		(183.9)	(147.3)
Operating profit	2	21.0	13.7
Operating profit before impairments, amortisation of brand value and customer relationships		27.8	20.1
Amortisation of brand value and customer relationships		(6.8)	(6.4)
Operating profit		21.0	13.7
Finance income		0.1	0.2
Finance expense	3	(5.0)	(4.1)
Profit before taxation		16.1	9.8
Taxation	4	(1.4)	(6.5)
Profit from continuing operations		14.7	3.3
Profit from discontinued operations, net of tax 6		10.5	5.0
Profit for the period		25.2	8.3

Earnings per share for equity holders of the parent Company
Basic	5	55.9p	18.3p
Continuing basic	5	32.6p	7.3p

Consolidated statement of comprehensive income

For the fifty-two weeks to 30 December 2022

	Audited 52 weeks 30 December 2022	Restated 52 weeks 31 December 2021
	£m	£m
Profit for the period	25.2	8.3
Other comprehensive income:
Foreign currency translation differences - foreign operations	14.0	(1.4)
Reduction in non-controlling interests	-	(0.3)
Total comprehensive income for the period, net of tax	39.2	6.6
Total comprehensive income for the period attributable to: Equity holders of the Parent Company	39.0	6.6
Non-controlling interest	0.2	-
	39.2	6.6

Consolidated balance sheet

As at 30 December 2022

		Audited 30 December 2022	Audited 31 December 2021
	Notes	£m	£m
Non-current assets
Property, plant and equipment		3.4	4.2
Right-of-use assets		9.1	15.9
Goodwill		109.5	128.9
Other intangible assets		49.8	85.3
Financial assets		1.0	1.7
Deferred tax assets		3.2	8.3
Trade and other receivables		0.7	0.9
		176.7	245.2
Current assets
Trade and other receivables		636.8	605.5
Tax receivable		4.0	0.9
Assets held for sale	6	171.2	-
Cash and cash equivalents	7	112.4	90.9
		924.4	697.3
Total assets		1,101.1	942.5
Current liabilities
Short-term borrowings	7	-	0.1
Lease liabilities	7	3.0	5.1
Trade and other payables		677.7	568.7
Tax payable		0.4	0.7
Liabilities held for sale	6	87.1	-
Provisions		2.0	8.3
		770.2	582.9
Net current assets		154.2	114.4
Non-current liabilities
Long-term borrowings	7	77.8	101.9
Lease liabilities	7	6.9	11.4
Provisions		1.7	3.8
Deferred tax liabilities		7.7	18.7
		94.1	135.8
Total liabilities		864.3	718.7
Net assets		236.8	223.8
Equity
Issued share capital		0.5	0.5
Share premium account		30.1	30.1
		30.6	30.6
Other reserves		130.9	116.9
Retained earnings		75.0	76.2
Total equity attributable to owners of the parent Company		236.5	223.7
Non-controlling interest		0.3	0.1
Total equity		236.8	223.8

Consolidated statement of changes in equity

For the fifty-two weeks to 30 December 2022

	Total share capital and share premium	Other reserves	Retained earnings	Total equity attributable to equity owners of the parent	Non-controlling interest	Total equity
	£ m	£ m	£ m	£ m	£ m	£ m
Audited 1 January 2022	30.6	116.9	76.2	223.7	0.1	223.8
Profit for the period	-	-	25.0	25.0	0.2	25.2
Other comprehensive income	-	14.0	-	14.0	-	14.0
Total comprehensive (loss)/income in the period	-	14.0	25.0	39.0	0.2	39.2
Transactions with owners, recorded directly in equity
Dividends			(25.0)	(25.0)	-	(25.0)
Purchase and cancellation of own shares	-	-	(1.2)	(1.2)	-	(1.2)
Audited 30 December 2022	30.6	130.9	75.0	236.5	0.3	236.8

Consolidated cash flow statement

For the fifty-two weeks to 30 December 2022

	Audited 52 weeks 30 December 2022	Re-presented Audited 52 weeks 31 December 2021
	£m	£m
Cash flows from operating activities
Profit before taxation - continuing operations	16.1	9.8
Profit before taxation - discontinued operations	13.2	5.6
Adjustments for:
Depreciation and amortisation	2.6	2.4
Amortisation of right-of-use assets	5.5	7.0
Amortisation of other intangible assets	14.9	15.1
Impairment of asset held for sale	1.9	-
Loss / (profit) on disposal of property, plant and equipment	0.2	(0.2)
Gain on disposal of discontinued operations	(4.6)	-
Finance income	(0.1)	(0.2)
Finance expense	5.2	4.3
	54.9	43.8
(Increase) in trade and other receivables	(111.7)	(46.0)
Increase in trade and other payables	136.3	12.1
(Decrease) / Increase in provisions	(3.0)	2.0
Cash generated by operations	76.5	11.9
Taxation paid	(7.4)	(1.7)
Net cash generated by operating activities	69.1	10.2
Cash flows from investing activities
Cash flow from disposal of operations, net of cash	15.4	-
Purchase of property, plant and equipment	(3.3)	(1.5)
Purchase of intangible assets	(8.0)	(4.3)
Receipt from lease debtors	-	1.7
Decrease in other financial assets	0.7	-
Finance interest received	0.1	0.2
Net cash inflow / (utilised) on investing activities	4.9	(3.9)
Cash flows from financing activities
Drawdown of short-term borrowings	151.2	292.0
Repayment of short-term borrowings	(175.3)	(308.7)
Increase in overdraft	0.4	1.0
Dividends paid	(25.0)	-
Purchase and cancellation of own shares	(1.2)	(1.9)
Interest paid on lease liabilities	(0.4)	(0.6)
Interest paid on borrowings	(4.5)	(3.5)
Repayment of lease liabilities	(5.5)	(8.9)
Net cash (outflow) from financing activities	(60.3)	(30.6)
Net increase / (decrease) in cash and equivalents	13.7	(24.3)
Opening cash and cash equivalents	90.9	117.9
Foreign exchange gain / (loss) on cash and cash equivalents	7.8	(2.7)
Closing cash and cash equivalents	112.4	90.9

Notes to the interim financial statements

1 Basis of preparation

I. Non-statutory information

The financial information for the 52 weeks to 30 December 2022 does not constitute the statutory accounts of the Group for the relevant period within the meaning of section 435 of the Companies Act 2006.

The annual report and accounts for the 52 week period ended 30 December 2022 have been audited and the audit report was unqualified and did not contain any statement under section 498 of the Companies Act 2006.

The consolidated financial statements have been prepared on a going concern basis in accordance with UK adopted international accounting standards. In coming to their conclusion the Directors have considered the Group's profit and cash flow plans for the coming period, together with outline projections for 2024 and 2025. At the end of the year the Group had a net cash position of £31.0m (excluding IFRS 16 lease liabilities) and has a further £105.0m available to drawdown on the Group's revolving credit facility. Following the sale of the Regional Specialist Staffing and Healthcare businesses in March 2023 the Group's revolving credit facility was reduced by £50m to £132.5m in line with the revised projections of the Group's activities. The amount of borrowing required to fund the Group's activities is determined based on these projections, together with expected returns to shareholders and planned capital expenditure. Also considered is the projection of compliance with the financial covenants implied by these plans. In addition, these figures are tested for sensitivity to possible changes to the economic environments in which the Group operates. The Group has no operations in Ukraine or surrounding regions and therefore there is no direct impact on the Group's trading, however, any indirect impact such as a worsening in economic conditions, would represent such a sensitivity. The impact on Group liquidity and covenants of each of these sensitivities is then considered together with the likelihood of each of these occurring either individually or in combination. Given this analysis, the Directors have determined that there are no likely downside scenarios which would cause the Group a concern.

II. Accounting policies

The accounting policies used in this report are those which applied at 30 December 2022.

No new and/or revised IFRS and IFRIC publications that come into force in the period have any material impact on the accounting policies, financial position or performance of the Group.

2 Segmental information

In line with internal reporting the primary segment is presented by region. In addition, as a secondary segment we presented our revised business segments of Global Managed Services, STEM, Regional Specialist Services and Healthcare within this report. The disposals during the year and after the year-end comprised the entirety of the Regional Specialist Staffing and Healthcare segments but these have been retained in this note to reflect what was reviewed by the CODM throughout the period.

Fifty-two weeks to 30 December 2022 - audited

	Revenue	Gross profit	Adjusted operating profit
	£ m	£ m	£ m
UK & Europe	1,506.2	112.8	20.5
North America	394.1	81.7	10.6
Asia Pacific	47.1	10.4	2.0
Operating regions	1,947.4	204.9	33.1

Fifty-two weeks to 31 December 2021 - restated

	Revenue	Gross profit	Adjusted operating profit
	£ m	£ m	£ m
UK & Europe	1,205.8	89.4	17.4
North America	358.3	63.7	8.6
Asia Pacific	16.2	7.9	1.6
Operating segments	1,580.3	161.0	27.6

	Audited 52 weeks 30 December 2022 £ m	Restated 52 weeks 31 December 2021 £ m
Segment adjusted operating profit	33.1	27.6
Corporate costs	(5.3)	(7.5)
Operating profit before amortisation and impairment	27.8	20.1
Amortisation of acquired intangibles	(6.8)	(6.4)
Operating profit	21.0	13.7
Finance income	0.1	0.2
Finance expense	(5.0)	(4.1)
Taxation charge	(1.4)	(6.5)
Profit for the period	14.7	3.3

Where the Group places workers between operational segments, the relevant segments each record the gross revenue for placing the worker on an arm's-length basis. An adjustment has been made to remove the impact of inter-segment revenues from the Group results.

The Group has adopted adjusted operating profit as its Alternative Performance Measure, to include depreciation and amortisation of assets but excluding amortisation of acquired intangibles.

Adjusted operating profit is not defined by IFRS and therefore may not be directly comparable with other companies' alternative profit measures. It is not intended to be a substitute, or superior to, IFRS measurements of profit.

3 Finance expense

Finance expense	Audited 52 weeks 30 December 2022 £m	Audited 52 weeks 31 December 2021 £m
Revolving credit facilities	4.6	3.4
Interest on lease liabilities	0.4	0.6
Unwind discount on provisions	0.1	0.2
Other interest expense	0.1	0.1
Total finance expense	5.2	4.3
Continuing operations	5.0	4.1
Discontinuing operations	0.2	0.2
Total	5.2	4.3

4 Taxation

Tax charge in the income statement
	Audited 52 weeks 30 December 2022	Audited 52 weeks 31 December 2021
	£m	£m
Current income tax
UK corporation tax on results for the period	3.1	2.8
Adjustments in respect of previous periods	(0.6)	(0.5)
	2.5	2.3
Foreign tax in the period	2.3	1.6
Total current income tax	4.8	3.9
Deferred tax charge	(0.7)	3.2
Total taxation charge in the income statement	4.1	7.1
Continuing operations	1.4	6.5
Discontinuing operations	2.7	0.6
Total	4.1	7.1

5 Earnings per share

Basic earnings per share amounts are calculated by dividing the profit for the period attributable to the owners of the Company by the weighted average number of Ordinary shares outstanding during the period.

There was no dilutive effect in 2022. For 2021 there were 19,841 shares owned by The Corporate Services Group Ltd Employee Share Trust which hold the shares remaining after various historic option plans lapsed. Excluding these shares, the weighted average number of shares in 2022 is 45,147,337 (2021: 45,538,963) and the fully diluted average number of shares is 45,152,679 (2021: 45,558,804). The calculations of both basic and diluted earnings per share ('EPS') are based upon the following consolidated income statement data:

	Audited 52 weeks 30 December 2022	Audited 52 weeks 31 December 2021
	£m	£m
Continuing profit for the period	14.7	3.3
Discontinued profit for the period	10.5	5.0
Total profit for the period	25.2	8.3
Impairment of asset held for sale (net of tax) - discontinued	1.9	-
Customer relationship and brand amortisation (net of tax) - continuing	5.3	5.0
Customer relationship and brand amortisation (net of tax) - discontinued	2.3	2.7
Total adjusted profit for the period	34.7	16.0
Continuing adjusted profit for the period	20.0	8.3
Discontinued adjusted profit for the period	14.7	7.7

Weighted average number of shares	45,147,337	45,538,963

	Audited 52 weeks 30 December 2022	Audited 52 weeks 31 December 2021
Basic EPS	Pence	Pence
Continuing unadjusted basic earnings per share	32.6	7.3
Discontinued unadjusted basic earnings per share	23.3	11.0
Total unadjusted basic earnings per share	55.9	18.3
Impairment of asset held for sale (net of tax) - discontinued	4.2	-
Customer relationship and brand amortisation (net of tax) - continuing	11.7	10.9
Customer relationship and brand amortisation (net of tax) - discontinued	5.1	6.1
Total adjusted basic earnings per share	76.9	35.3
Continuing adjusted basic earnings per share	44.3	18.2
Discontinued adjusted basic earnings per share	32.6	17.1

6 Discontinued operations

Profit and loss relating to discontinued operations

	Audited 52 weeks 30 December 2022			Audited 52 weeks 31 December 2021
			£m	£m
Turnover			580.9	682.1
Cost of Sale			(471.0)	(576.1)
Gross Profit			109.9	106.0
Admin expenses			(99.2)	(100.2)
Impairment of goodwill			(1.9)	-
Operating profit			8.8	5.8
Interest			(0.2)	(0.2)
Profit before tax			8.6	5.6
Taxation		(1.3)		(0.6)
Profit from discontinued operations		7.3		5.0
Post tax gain on disposal		3.2		-
Total profit from discontinued operations		10.5		5.0

Cash flows relating to discontinued operations

	52 weeks 30 December 2022	52 weeks 31 December 2021
	£m	£m
Net cash generated by operating activities	4.7	2.9
Net cash generated on investing activities	12.1	(0.6)
Net cash outflow from financing activities	(2.4)	(2.9)
Net cash flows for discontinued operations	14.4	(0.6)

Disposal of Corestaff

On 24 January 2022 the Group announced the sale of the business and assets of Corestaff, the US-based Light Industrial brand, to swipejobs Inc., a US private digital staffing company, for cash consideration of approximately $19 million (£14.1 million) (the "Disposal"). This consideration was based on an agreed net working capital of $10 million on the date of disposal with a $ for $ adjustment to consideration if the net working capital was above or below this amount. The final working capital position was to be determined between 90 and 120 days post completion date and, on 29 June 2022, a final position of $12.9 million was agreed. As a result, an additional $2.9 million (£2.2 million) of consideration was received in July 2022 giving a total of $21.9 million (£16.3 million).

Corestaff is not a separate legal entity but is included within the trade of two US registered legal entities (Corporate Employment Resources Inc and Corestaff Support Services Inc). Assets, liabilities and trade relating to Corestaff are identified by way of specific cost centre combinations that are identified as relating to Corestaff.

Profit from disposal of Corestaff:

			£m
Cash consideration received			16.3
Cash disposed of			-
Expenses relating to disposal			(0.9)
Net cash inflow on disposal of discontinued operation			15.4
Net assets disposed (other than cash):
Right of use asset			(0.2)
Trade and other receivables			(10.9)
Trade and other payables			0.8
Lease liabilities			0.2
Provisions			0.3
			(9.8)
Gain on disposal of discontinued operation before allocated goodwill and tax			5.6
Allocated goodwill			(1.0)
Pre-tax gain on disposal of discontinued operation			4.6
Related tax expense			(1.4)
Gain on disposal of discontinued operation			3.2

Profit and loss relating to discontinued operations

	52 weeks 30 December 2022	52 weeks 31 December 2021
	£m	£m
Turnover	9.8	98.0
Cost of Sale	(8.7)	(85.1)
Gross Profit	1.1	12.9
Admin expenses	(1.1)	(11.4)
Operating profit	-	1.5
Interest	-	-
Profit before tax	-	1.5
Taxation	-	(0.4)
Profit from discontinued operations	-	1.1
Post tax gain on disposal	3.2	-
Total profit from discontinued operations	3.2	1.1

Cash flows relating to discontinued operations

	52 weeks 30 December 2022	52 weeks 31 December 2021
	£m	£m
Net cash generated by operating activities	(0.5)	0.7
Net cash generated on investing activities	13.8	-
Net cash outflow from financing activities	-	0.1
Net cash flows for discontinued operations	13.3	0.8

Effect of disposal on the financial position of the Group

			At disposal
			£m
Allocated goodwill			1.0
Right-of-use			0.2
Trade and other receivables			10.9
Trade and other payables			(0.8)
Lease liabilities			(0.2)
Provisions			(0.3)
Net assets and liabilities			10.8

Disposal of Regional Specialist Staffing and Healthcare Staffing divisions

On 30 January 2023 the Group announced the sale of the business and assets of its Regional Specialist Staffing businesses in the UK (Tate, Blue Arrow Group, Chadwick Nott, Career Teachers) and its Healthcare Staffing business in the UK, Ireland and APAC (Medacs Global Group) to Twenty20 Capital, for cash consideration of £85m on a debt-free, cash-free, normalised working capital basis (the "Transaction"). This consideration was based on an agreed nil cash position and net working capital of £46.3 million on the date of disposal with a £ for £ adjustment to consideration if the final positions were above or below this amount. The final working capital position is to be determined 60 days post completion date. The deal had been deemed to be highly probable on 30 December 2022 and at that time was treated as a discontinued operation and as an asset and liability held for sale. The transaction was completed on 3 March 2023.

Profit and loss relating to discontinued operations

	52 weeks 30 December 2022	52 weeks 31 December 2021
Turnover	571.1	584.1
Cost of Sale	(462.3)	(491.0)
Gross Profit	108.8	93.1
Admin expenses	(98.1)	(88.8)
Impairment of goodwill	(1.9)	-
Operating profit	8.8	4.3
Interest	(0.2)	(0.2)
Profit before tax	8.6	4.1
Taxation	(1.3)	(0.2)
Profit from discontinued operations	7.3	3.9
Post tax gain on disposal	-	-
Total profit from discontinued operations	7.3	3.9

Cash flows relating to discontinued operations

	52 weeks 30 December 2022	52 weeks 31 December 2021
	£m	£m
Net cash generated by operating activities	5.2	2.2
Net cash generated on investing activities	(1.7)	(0.6)
Net cash outflow from financing activities	(2.4)	(3.0)
Net cash flows for discontinued operations	1.1	(1.4)

Effect of disposal on the financial position of the Group

			30 December 2022
			£m
Property, plant and equipment			1.5
Right-of-use			3.4
Goodwill			25.2
Other intangible assets			30.4
Financial assets			0.1
Deferred tax assets			1.7
Trade and other receivables			107.8
Lease receivable			1.1
Total assets held for sale			171.2
Lease liabilities			(4.4)
Trade and other payables			(68.8)
Tax payable			(0.5)
Provisions			(6.6)
Deferred tax payable			(6.8)
Total liabilities held for sale			(87.1)
Net assets and liabilities			84.1

7 Additional cash flow information

Audited	Audited 1 January 2022	Transfer to liabilities held for sale	Cash flow	Interest charged	Interest paid	Drawdown	Foreign exchange	Audited 30 December 2022
	£ m	£ m	£ m	£ m	£ m	£ m	£ m	£ m
Cash and short-term deposits	90.9	-	13.7	(2.4)	2.4	-	7.8	112.4
Bank overdraft	(3.9)	-	(0.4)	-	-	-	-	(4.3)
Revolving credit	(101.9)	-	24.0	(2.0)	2.0	-	0.1	(77.8)
Hire purchase	(0.1)	-	0.1	-	-	-	-	-
Lease liabilities	(16.5)	3.3	5.4	(0.4)	0.4	(1.8)	(0.3)	(9.9)
Lease debtor	-	-	-	-	-	-	-	-
Net cash/(debt)	(31.5)	3.3	42.8	(4.8)	4.8	(1.8)	7.6	20.4

The overdraft is included in trade and other payables on the balance sheet, and the lease debtor is included in trade and other receivables.

8 Dividends

	Audited 52 weeks 30 December 2022	Audited 52 weeks 31 December 2021
	£m	£m
Special dividend paid 9 December 2022	25.0	-
Paid in period	25.0	-

On 22 December 2022 the company announced a further special dividend of 55.4p per share totalling £25.0m to be paid on 27 January 2023 which has not been recognised in these accounts.

On 6 March 2023 the company announced a further special dividend of 77.8p per share totalling £35.0m to be paid on 6 April 2023 which has not been recognised in these accounts.

See note 11 Post Balance Sheet Events - Important Information

9 POST BALANCE SHEET EVENTS - SHARE PURCHASE AND CANCELLATION

Between the end of the year and 30 March 2023, a further 106,597 Ordinary shares of 1p each have been repurchased in the market for total consideration of £0.7m.

See note 11 Post Balance Sheet Events - Important Information

10 POST BALANCE SHEET EVENTS - DISPOSAL OF SUBSIDIARIES

On 30 January 2023 the Group announced the sale of the business and assets of its Regional Specialist Staffing businesses in the UK (Tate, Blue Arrow Group, Chadwick Nott, Career Teachers) and its Healthcare Staffing business in the UK, Ireland and APAC (Medacs Global Group) to Twenty20 Capital, for cash consideration of £85m on a debt-free, cash-free, normalised working capital basis. This consideration was based on an agreed nil cash position and target net working capital of £30.8 million on the date of disposal with a £ for £ adjustment to consideration if the final positions were above or below this amount. The final working capital position is to be determined 60 days post completion date. The deal had been deemed to be highly probable on 16 December 2022 and at that time was treated as a discontinued operation and as an asset and liability held for sale. The transaction was completed on 3 March 2023.

11 POST BALANCE SHEET EVENTS - IMPORTANT INFORMATION

The Board has become aware of an administrative oversight concerning technical compliance with the Companies Act 2006 ("CA 2006") in respect of the special dividend paid on 27 January 2023 (the "Dividend") and share buybacks effected by the company following this date (the "Post January 2023 Share buybacks"). The amount of the Dividend was £25m and the total amount of the Post January 2023 Share buybacks was approximately £0.6m representing 94,822 shares. The Group's historic reported trading results and financial condition, and ability to pay future dividends are entirely unaffected by this matter. The CA 2006 requires the amount of any dividend distribution and share repurchases to be justified by reference to relevant accounts which show the requisite level of distributable reserves. If a company's last annual accounts do not show the necessary reserves, then the company must prepare interim accounts and, in the case of a public company, file those interim accounts with the Registrar of Companies prior to the payment of the relevant dividend or share repurchase. The Company's last annual accounts did not show the necessary reserves, interim accounts should have been prepared and filed with the Registrar of Companies prior to the payment of the Dividend and the Post January 2023 Share buybacks, but were not. This therefore has the consequent effect on the Dividend and the Post January 2023 Share buybacks.

Due to this administrative oversight the Company has been advised that, as a consequence of the Dividend having been paid otherwise than in accordance with the 2006 Act, the Dividend is technically unlawful and that the Company may have claims against past and present shareholders who were recipients of the Dividend and against persons who were directors of the Company at the time of the payment of the Dividend. In addition, the Company has been advised that the purported purchase and cancellation of the Post January 2023 Share buybacks is void. The ordinary shares of the Company purportedly subject to the Post January 2023 Share buybacks remain technically in issue but the voting rights which attach to them are not capable of being exercised by any person. The Company intends to take action to resolve this matter as soon as practicable.

The Board notes, however, that the Company has no intention of bringing any such claims or to seek the return of funds and that the Group's historic reported trading results and financial condition and ability to pay future dividends and continue its previously announced buyback programme are entirely unaffected by this matter.

The Company will shortly post to shareholders an explanatory circular (the "Circular") in due course and convene a general meeting, at which resolutions authorising various rectifying actions will be proposed which will, if passed and once such actions are completed, put all potentially affected parties, so far as possible, in the position in which they were always intended to be.

Alternative Performance Measures

Certain discussions and analyses set out in this Preliminary Announcement include measures which are not defined by generally accepted accounting principles such as IFRS. We believe this information, along with comparable IFRS measurements, is useful to investors because it provides a basis for measuring our operating performance on a comparable basis. Our management uses these financial measures, along with the most directly comparable IFRS financial measures, in evaluating our operating performance and value creation. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. Non-IFRS financial measures as reported by us may not be comparable with similarly titled amounts reported by other companies.

Adjusted operating profit

Definition: The Group calculates adjusted operating profit as operating profit before amortisation of acquired intangibles and impairment.

Closest equivalent IFRS measure: Operating profit.

Rationale for adjustment: The Directors believe that adjusted operating profit is the most appropriate approach for ascertaining the underlying trading performance and trends as it reflects the measures used internally by senior management for all discussions of performance, including Directors' remuneration, and also reflects the starting profit measure used when calculating the Group's banking covenants. All discussions within the Group on segmental and individual brand performance refer to adjusted operating profit.

Following the adoption of IFRS 16 in 2019 the Group has moved from adjusted EBITDA to adjusted operating profit as its Alternative Profit Measure in 2020, to include depreciation and amortisation of assets but excluding amortisation of acquired intangibles, and this is included in the table below.

Reconciliation of adjusted operating profit to operating profit:

	Audited 2022	Restated 2021
	£m	£m
Segment adjusted operating profit	33.1	27.6
Corporate Costs	(5.3)	(7.5)
Adjusted operating profit	27.8	20.1
Amortisation of brand value and customer relationships	(6.8)	(6.4)
Operating profit	21.0	13.7

The amortisation of acquired intangibles (brand value and customer relationships) charge due to its size and nature is disclosed separately to give a comparable view of the year-on-year trading financial performance.

The impairment charge due to its size is disclosed separately to give a more comparable view of the year-on-year underlying financial performance.

Adjusted EBITDA

Definition: The Group calculates adjusted EBITDA as operating profit before interest, tax, depreciation and amortisation and excludes IFRS 16 adjustments.

Closest equivalent IFRS measure: Operating profit.

Rationale for adjustment: The Group continues to measure EBITDA which is used for banking covenants and internal performance measures. It is also used externally for valuation purposes.

Reconciliation of adjusted EBITDA to operating profit:

	Audited 2022	Restated 2021
	£m	£m
Adjusted EBITDA	34.2	26.2
Amortisation of software	(4.8)	(4.7)
Depreciation	(1.6)	(1.4)
Adjusted operating profit	27.8	20.1
Amortisation of brand value and customer relationships	(6.8)	(6.4)
Operating profit	21.0	13.7

Spend Under Management (SUM)

Definition: Total amount of client expenditure which our Managed Service brands managed 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.

Closest equivalent IFRS measure: Group Revenue.

Rationale for adjustment: The Group uses this measure as it reflects the total value of the client spend to the Group, not just the revenue generated.

Continuing adjusted earnings per share (EPS)

Definition: Continuing adjusted profit divided by the weighted average number of Ordinary shares outstanding during

Closest equivalent IFRS measure: Continuing 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

Reconciliation of Adjusted EPS to Basic EPS:

	Audited 52 weeks 30 December 2022	Audited 52 weeks 31 January 2021
	£m	£m
Continuing profit for the period	14.7	3.3
Acquired intangibles amortisation (net of tax)	5.3	5.0
Continuing adjusted profit	20.0	8.3

Weighted average number of shares	45,147,337	45,538,963

Continuing basic earnings per share	32.6	7.3
Continuing adjusted earnings per share	44.3	18.2

Net debt excluding IFRS 16 'leases'

Definition: The Group calculates net debt as the total of cash and short-term deposits, revolving credit and hire purchase. Following the adoption of IFRS 16 the calculation includes lease liabilities and debtors.

Rationale for adjustment: The Group has used this measure to maintain alignment to the covenant reporting during 2020.

Reconciliation of net debt excluding IFRS 16 to net debt:

	Audited 2022	Audited 2021
	£m	£m
Cash and short-term deposits	112.4	90.9
Bank overdraft	(4.3)	(3.9)
Revolving credit	(77.8)	(101.9)
Hire purchase	-	(0.1)
Net cash / (debt) excluding IFRS 16	30.3	(15.0)
Lease liabilities	(9.9)	(16.5)
Lease debtors	-	-
Net cash / (debt)	20.4	(31.5)

Enquiries: For further information please contact:

Impellam Group plc

Julia Robertson, Group Chief Executive

Tim Briant, Group Chief Financial Officer

Tel: 01582 692658

Canaccord Genuity Ltd (NOMAD and Corporate Broker to Impellam)

Bobbie Hilliam

Emma Gabriel

Thomas Diehl

Tel: 020 7523 8150

Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). 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 SUM¹ (Spend under Management).

Our STEM businesses are specialists in recruiting and engaging talent in the key growth markets of technology, digital, data analytics, 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 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

1 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 (2021 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

-END-

[1] These are areas which have been subject to a full scope audit.

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END

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FINAL RESULTS FOR THE YEAR ENDED 30 DECEMBER 2022

("Impellam", the "Group" or the "Company")

FINAL RESULTS FOR THE YEAR ENDED 30 DECEMBER 2022 - AUDITED

Impellam Group plc (AIM: IPEL) announces its audited final results for the 52 weeks ended 30 December 2022

Audited 1 January 2022

Total comprehensive (loss)/income in the period

Audited 30 December 2022

2 Segmental information

3 Finance expense

4 Taxation

5 Earnings per share

6 Discontinued operations

7 Additional cash flow information

8 Dividends

9 POST BALANCE SHEET EVENTS - SHARE PURCHASE AND CANCELLATION

10 POST BALANCE SHEET EVENTS - DISPOSAL OF SUBSIDIARIES

11 POST BALANCE SHEET EVENTS - IMPORTANT INFORMATION

Enquiries: For further information please contact:

Impellam Group plc

Julia Robertson, Group Chief Executive

Tel: 01582 692658

Canaccord Genuity Ltd (NOMAD and Corporate Broker to Impellam)

Bobbie Hilliam

Emma Gabriel

Thomas Diehl

Tel: 020 7523 8150

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