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Empresaria Group plc has announced strong growth

Empresaria Group plc has announced strong growth in revenue and gross profit for the year ended 31st December 2008. Further progress has also been made in diversifying its operations internationally and growing net fee income from its contract and temporary businesses.

Revenue increased by 41% to 207.7m, net fee income was up 21% to 51.5m, and adjusted profit before tax grew 3% to 6.4m. Adjusted earnings per share reduced from 9.2p to 8.6p.

The Group also announced that 76% of its net fee income was generated by its temporary and contract businesses, compared to 72% in 2007. The contribution from the Groups international businesses grew significantly, contributing 59% of net fee income, up from 51% last year.

Empresaria has operations in 20 countries through more than 130 offices and with more than 1,000 staff.

Chairman Tony Martin commented: 2008 was a satisfactory year for the Group in what was an increasingly challenging global economic environment. The Group is in the early stages of its development. Investment is heavily focused on emerging economies and staffing markets, in particular those that are relatively new to the concept of flexible employment solutions. Our objective is to establish a footprint in those markets where we anticipate staffing industry development over time. Our priority at this stage is to establish and grow this business base, delivering high quality services. In each case we have been investing for growth and sustainable returns rather than short term profit, although we have seen profits grow in individual
companies and markets as they develop. In each of our geographical territories our market share is relatively small, leaving significant scope for expansion.
With the steps that have already been taken and that are planned to shield the Group against the present slowdown and with the growth opportunities that are apparent even now, Empresaria has started the current year with optimism, although we are, at the same time, realistic as to the current market challenges. Any assessment of outlook for the year is difficult given the prevailing uncertain economic outlook however, the Board remains confident of the prospects for the Group.

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