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Empresaria Group Results for the six months ended 30 June 2012

Empresaria Group Results for the six months ended 30 June 2012

Empresaria Group plc the international, multi branded specialist recruitment group, with a focus on high-growth staffing markets, has delivered an improved overall performance in the first half of the year, compared to a loss for the same period last year.


&middot Revenue decreased 4% to &pound97.8m (June 2011: &pound101.4m)

&middot Permanent revenue increased 13% and temporary staffing revenues decreased 5% year on year

&middot Net fee income (gross profit) increased 1% to &pound22.4m (June 2011: &pound22.2m)

&middot Net fee income diversified by geography (Continental Europe 38%, UK 35%, Rest of the World 27%)

&middot Operating profit of &pound1.8m (June 2011: loss of &pound1.4m)

&middot Adjusted* operating profit increased 6% to &pound1.8m (June 2011: &pound1.7m)

&middot Profit before tax of &pound1.4m (June 2011: loss of &pound1.9m)

&middot Good progress with the CGZP provision after agreeing the German social security liability to 2009

&middot Earnings per share# of 1.4p (June 2011: loss per share of 3.3p)

&middot Net debt unchanged at period end of &pound8.5m (June 2011: &pound8.5m)

* adjusted to exclude amortisation of intangible assets, exceptional items and movements in the fair values of options
# earnings per share is from continuing and discontinued operations

Chief Executive Joost Kreulen said:  "The Group has delivered an improved profit in the period, demonstrating the resilience of its businesses in difficult market conditions. Net fee income grew overall by 1%, despite a small fall in revenue and both operating profit and profit before tax were materially better than last year. The UK performance was stable overall and we have seen some particularly strong performances within the Asian region. In Europe operating profit increased against last year, although revenue declined.

The focus of the Group remains on improving operational performance. Changes are already underway in Headway, our German business, but this restructuring is going to impact short term profits negatively. Overall for the Group we expect performance improvements for the year as a whole, with profits slightly ahead of last year. We remain committed to strengthening the Group and identifying areas for growth and expansion."


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