Connecting to LinkedIn...

Blank

EMPRESARIA GROUP PLC Announces Results

EMPRESARIA GROUP PLC Announces Results for the year ended 31 December 2010

Strong performance with growth across all reporting regions

Financial Highlights

2010

2009Restated

% change

% change (constant currency)

Revenue

223.4m

190.5m

17%

14%

Net fee income

49.0m

40.6m

21%

20%

Operating profit/(loss)

7.5m

(1.0m)

Adjusted operating profit

7.8m

4.3m

81%

Profit/(loss) before tax

6.7m

(1.5m)

Adjusted profit before tax

6.8m

3.5m

94%

Earnings/(loss) per share

7.0p

(11.6p)

Adjusted earnings per share

6.2p

3.1p

100%

58% growth in permanent revenue
15% growth in temporary revenue
Conversion ratio improved to 16%
Strong cash generation with cash generated from operations of 8.3m
Net debt reduced by 1.9m to 6.1m# despite investment of 2m in minority share purchases and investment in working capital for growth

# Net debt, as disclosed in the trading update released on 31 January 2011 was 5.5m, which included an adjustment of 0.6m for cash in transit
Note: Adjusted results exclude amortisation of intangible assets, movements on values of put and call options and exceptional items

Operational Highlights
Operational focus on strengthening and investing in existing operations as well as adding new capabilities
NFI growth across all reporting regions
31% in Rest of World
21% in Continental Europe
15% in UK
Development of incubator concept in Asia with first hub established in Singapore with support from four group brands
Empresaria has operations in 18 countries through more than 100 offices and approximately 900 staff

Tony Martin Chairman commented,

The Group performed strongly in the year, in line with expectations that were revised upwards on a number of occasions. The focus during 2010 has been on strengthening our operations throughout the world through investment in new capabilities and resources within our existing businesses. This approach has paid dividends in the form of impressive net fee income and profit growth, with revenues and profit before tax in the year exceeding previous highs.

Group operations around the world continue to benefit from broadly positive market environments. Our South East Asia markets have been particularly strong in recent months. The two geographies where we are experiencing some challenges and market uncertainty are Japan and Germany. In the case of Japan, our two trading companies have both been adversely affected by the earthquake and tsunami and we do expect some months of further disruption. In the case of Germany, recent legal challenges to certain collective labour agreements have created some short term market turbulence and gross margin erosion as well as exposed a significant number of staffing companies operating in Germany to possible future claims from third parties.

Forward visibility, as ever, remains somewhat limited but the Group is well positioned to benefit from its exposure to growing markets as well as from its continued investment in people and capabilities.

A presentation of these results will be made to analysts and investors at 9.00am on 31 March 2011 and an edited copy of this will be made available later that morning on the Empresaria Group plc website: www.empresaria.com

Tags:

Articles similar to

Articles similar to