Impellam Group plc (IPEL.L) said its trading for the first five months of 2013 has been broadly in line with the board's view. The Group's North American business returned to year-on-year net fee income growth in the second quarter of 2012 and expects the United Kingdom business to report similar growth in the second quarter this year. Both businesses are also reporting increases in EBITDA year-over-year, as a result of both net fee income growth and improvements in efficiency.
However, Impellam's Medacs Healthcare business is facing challenging market conditions with volumes and net fee income under pressure. The company expects increased costs related to both enhanced compliance requirements and in the sourcing of the required medical professionals for the demand available. Therefore, the Group anticipates to see both net fee income and EBITDA compression in the first half.
However, there would be no repeat of the prior year restructuring charges. Hence, unadjusted earnings per share in the first half are expected to be broadly flat over the prior year.
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