Staffing group Impellam (IPEL) saw like-for-like revenue stay largely flat in the year to 3 January, coming in at £2.25bn. While gross profit dipped just 2.2 per cent, statutory operating profit plunged by over a third to £14m on the back of higher amortisation of brand value and customer relationships, and the impairment of intangible assets.
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Disruption from the Covid-19 pandemic saw gross profit in the first quarter of this year decline by 5.1 per cent, with the sharpest drop in the UK. The regional specialist staffing business was most affected, particularly in manufacturing, retail and hospitality. The group anticipates a "more pronounced" impact on trading in the second quarter.
