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EMPRESARIA GROUP PLC Announces Interim Results for the six months ended 30 June 2010

EMPRESARIA GROUP PLC Announces Interim Results for the six months ended 30 June 2010
The Group has delivered a strong performance in the period, benefiting from exposure to emerging economies and developing staffing markets, and experiencing double digit Revenue and Net fee income growth across each of the three reporting regions. The Group now operates from over 100 branches in 17 countries. In the current period 66% of Net fee income was derived from markets outside of the UK.
Highlights
Revenue increased 20% to 108.2m (June 2009: 89.9m)
Permanent revenue increased 54% and temporary staffing revenues increased 19%
Net fee income/gross profit increased 29% to 23.8m (June 2009: 18.5m)
Increased international diversification with 66% of Net fee income from outside the UK (61% in 2009)
Revenue and Net fee income growth across all reporting regions driven particularly by increased demand for temporary staff in Germany, permanent staff in the UK and by market growth in Asia
Continued focus on cost control
Adjusted profit before tax* of 2.6m (June 2009: loss of 0.3m)
Profit before tax of 2.3m (June 2009: loss of 1.6m)
Earnings per share# of 2.2p (June 2009: loss of 3.8p)
Net debt reduced to 7.6m (June 2009: 11.3m)
Trading continues to be strong into the third quarter with full year results expected to be ahead of current market expectations
* adjusted to exclude amortisation of intangible assets, exceptional items (of which there were none in the 6 months to 30 June 2010) and movements in the fair values of put and call options# earnings per share is from continuing and discontinued operations
Chief Executive Miles Hunt said:
"The Group has delivered a strong performance in the period. Revenue and Net fee income grew at double digit rates in each of the reporting regions with particularly strong improvements seen in Germany where temporary staffing demand contributed towards 39% net fee income growth for the Continental European region as well as in the developing Asia markets which contributed towards 36% Net fee income growth for the Rest of the World region.
Empresaria's strategy is to develop a leading international specialist staffing group, balanced in terms of sector, geography and operational coverage. This diversification strategy helped to limit the downside effects to the Group in 2009 from the worldwide economic decline. Our exposure to emerging economies and developing staffing markets helped to drive the growth in the first half of 2010.
The operational focus has been to develop temporary staffing operations, which are generally more stable than permanent recruitment, and to invest in business models and sectors that we perceive to offer attractive long term growth potential, particular examples being our Recruitment Process Outsourcing business in India and our Corporate Training/e-Learning operations in South East Asia.
Trading continues to be strong into the third quarter with full year results expected to be ahead of current market expectations. We are maintaining a firm control on costs and a cautious approach to investment. We continue to strengthen our existing operations both in terms of management and service capability and to identify areas for further expansion. As a consequence we are well placed to take advantage of current and future growth opportunities and to respond to changes in the economic environment."

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