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Empresaria Benefits From Strong Rest of World Performance

Empresaria Benefits From Strong Rest of World Performance

Empresaria Group plc the international specialist staffing group has announced its unaudited interim results for the six month period ended 30 June 2013.

Financial Highlights

&middot      Revenue decreased 2% to &pound95.6m (June 2012: &pound97.8m), with permanent revenue up 7% and temporary staffing revenues down 3%, year on year

&middot      Net fee income (gross profit) decreased 7% to &pound20.9m (30 June 2012: &pound22.4m)

&middot      Adjusted* operating profit up 11% at &pound2.0m (June 2012: &pound1.8m)

&middot      Net fee income diversified by geography with UK 38%, Continental Europe 32% and Rest of the World 30% (June 2012: UK 35%, Continental Europe 38%, Rest of the World 27%)

&middot      Conversion ratio improved to 9.4% (June 2012: 7.7%)

&middot      Adjusted* profit before tax up 21% to &pound1.7m (June 2012: &pound1.4m)

&middot      Earnings per share** up 29% to 1.8p (June 2012: 1.4p)

&middot      Net debt of &pound8.9m at period end (June 2012: &pound8.5m December 2012: &pound8.1m) after acquisition of minority interests

Operational Highlights

&middot      Strong performance from Rest of the World region

&middot      Focus on operational efficiency has helped to increase profitability despite slightly reduced revenue levels

&middot      Restructuring of German operations substantially completed

&middot      Investment in staff and new office space in South East Asia driven by continued strong demand

&middot      Acquisitions of minority interests in Japanese and Finnish businesses  

* adjusted to exclude amortisation of intangible assets and exceptional items
** earnings per share is from continuing and discontinued operations

Joost Kreulen, Chief Executive Officer of Empresaria said:

"The Group has delivered growth of 21% in adjusted profit before tax on the prior year, despite a fall in revenue and net fee income.  We have seen another strong performance from the Rest of the World region which now represents 30% of Group net fee income.  The UK has been fairly stable and shows signs of improving over the second half of the year.  The markets in Continental Europe have been the most challenging, but cost controls have helped offset lower net fee income.

We remain focused on improving operational efficiency to deliver sustainable profit growth.  We are committed to developing the Group through organic expansion and by taking a selective approach to external investment opportunities."


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