Recruit Events Services Limit

RNS Number : 6469Q

Impellam Group plc

16 April 2009

 



Impellam Group plc

Recruit Events Services Limited ('Events')

16 April 2009

Impellam Group plc ('Impellam' or the 'Group'), today announces that it has commenced an investigation into the recovery of billed and unbilled receivables within its wholly owned subsidiary, Recruit Events Services Limited. The investigation is on-going and is anticipated to take at least another four weeks to conclude. Accounting records are in the process of being re-created and it is currently expected that the Group's pro forma earnings before tax has been overstated by up to a total of £5.0 million across 2008 and prior years. It is therefore anticipated that the Group's pro forma earnings before tax in 2008 will be materially below market expectations and that a material adjustment will need to be made to the Group's pro forma earnings before tax in 2007. An update on the investigation will be provided in due course.

The Group's preliminary results for the period ended 31 December 2008 will not be announced until the investigation is complete.  

For further information please contact:

Impellam Group plc
Desmond Doyle - Group Chief Executive Officer	Tel: [phone]
Andrew Burchall - Group Finance Director	Tel: [phone]
Cenkos Securities plc
Nicholas Wells	Tel: [phone]
Beth McKiernan	Tel: [phone]
Threadneedle Communications
John Coles	Tel: [phone]
Josh Royston	Tel: [phone]

 

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