Empresaria Group operating profit up 16% YoY
· 36% reduction in net debt to £9.8m (2013: £15.2m)
· Strong performance in Germany post restructuring
· Continued growth in Offshore Recruitment Services in India
· Investments in Dubai in March and UK in December 2014
· New offices opened in Chile, Hong Kong, Malaysia, Mexico and UK
* adjusted to exclude amortisation of intangible assets, exceptional items and gain or loss on disposal of business
% change (constant currency)
Net fee income
Adjusted operating profit*
Profit before tax
Adjusted profit before tax*
Earnings per share (diluted)
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CEO, Joost Kreulen, said, "2014 has been a strong year for the Group with robust profit growth and a number of strategic milestones achieved. Following our brand led strategy, we have continued to invest in our existing businesses, opening several new offices worldwide, and have seen particularly positive results in Germany, India, Japan, Thailand and Australia.
"The two investments made in the year, BW&P in Dubai and Ball and Hoolahan in the UK, were in line with our continuing strategy of maintaining a diversified balance of brands by geography and sector with Ball and Hoolahan strengthening our existing presence in the Creative and Digital arena and BW&P providing entry into a new geography. We expect both investments to contribute profitable growth for the Group in 2015.
"We believe that market conditions are favourable and we look forward to growing our business further and creating value for our shareholders."