Global staffing firm Impellam Group plc reported today that full-year revenue rose 14.7% in constant currency in 2021. The UK-headquartered company cited improved economic conditions in the wake of the pandemic and rising demand for temporary and permanent staff across regions and segments.
Revenue at Impellam has now recovered to pre-pandemic levels.
“We believe we are well-placed for further success in 2022 and beyond, although we are mindful of the potential global economic impact of the current conflict in Ukraine,” Chief Executive Julia Robertson wrote.
| (£ millions) | FY 2021 | FY 2020 | % change | % change constant currency | FY 2021 (US$ millions) |
| Revenue | 2,262.4 | 2,000.9 | 13.1% | 14.7% | 3,051.8 |
| Gross profit | 267.0 | 228.1 | 17.1% | 19.5% | 360.2 |
| Gross margin | 11.8% | 11.4% | |||
| Profit for the period | 15.4 | (20.4) | nm | 36.6 |
North American gross profit rose 8.5% year over year in 2021 and was 11.6% higher than in 2019. Impellam’s UK and Europe businesses saw an unexpected, rapid bounce-back from the pandemic-driven revenue dip in 2020.
In addition, the company reported Flexy, the digital platform it launched in 2020 to serve Australia, delivered GBP 400,000 (US$539,576) in gross profit.
Globally, Impellam’s internal staff increased by a net 440 people during the year.
Revenue by geography
| (£ millions) | FY 2021 | FY 2020 | % change (constant currency) | FY 2021 (US$ millions) |
| UK and Europe | 1,741.4 | 1,539.5 | 13.6% | 2349.0 |
| North America | 456.3 | 401.5 | 20.4% | 615.5 |
| Asia Pacific | 64.7 | 59.9 | 5.9% | 87.3 |
Impellam reported revenue grew in all four of its reporting segments, with healthcare leading the way.
Revenue by segment
| (£ millions) | FY 2021 | FY 2020 | % change (constant currency) | FY 2021 (US$ millions) |
| Global Managed Services | 838.7 | 745.8 | 14.1% | 1,131.4 |
| STEM | 759.6 | 712.2 | 8.6% | 1,024.7 |
| Regional Specialist Staffing | 430.7 | 356.4 | 22.6% | 581.0 |
| Healthcare | 295.3 | 231.3 | 27.8% | 398.3 |
| Intersegment revenue | (61.9) | (44.8) | (83.5) | |
| Total | 2,262.4 | 2,000.9 | 14.7% | 3,051.8 |
In 2021, Impellam sold its North American Corestaff unit, which provided light industrial staffing, for $19 million.
Outlook
“2021 has seen a significant recovery in trading in our regions and segments from the sharp declines experienced in 2020,” CFO Tim Briant wrote. “Trading as we exited 2021 was above pre-pandemic levels and this has continued in the first few months of 2022.”
Share price and market cap
Shares in Impellam closed down 8.10% to GBP 420.00 (US$551.50); they were 20.00% below their 52-week high, according to FT.com. The company had a market cap of GBP 206.7 million (US$271.5 million).