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NFI up 16% YoY for Empresaria

Empresaria Group has reported its results for year ended 31st December 2015, announcing record profit.


The company confirmed revenue of £187.3m, up 0.3% YoY (3% in constant currency) from 187.9m in 2014. Net fee income (NFI) was £49.2m, up 10% YoY (16% in constant currency) from £44.6m in 2014.


Operating profit totalled 7.6m, rising a notable 19% (29% in constant currency) from 6.4m a year earlier.


Adjusted operating profit was up 21% (30% in constant currency) to £8m (2014: 6.6m). Profit before tax was £7.1m, up 20% (30% in constant currency) from £5.9m in 2014. Adjusted profit before tax was £7.5m, up 23% (44% in constant currency) from £6.1m in 2014.


Earnings per share (diluted) was 9.3p, up 24% from 7.5p in 2014, while adjusted earnings per share were 9.9p, up 24% from 8.0p in 2014. Final dividend was 1.0p, up 43% from 0.70%


Empresaria achieved ten consecutive quarters of net fee income growth, its conversion ratio increased to 16.3% (2014: 14.7%), while its proposed final dividend increased by 43% to 1.0p (2014: 0.70p). It also reported a 26% reduction in net debt to £7.3m (2014: £9.8m).


The Group stated its business in Germany and offshore recruitment services based in India continued to perform well, while its investments made in 2014 has been successfully integrated into the Group. It added it had completed the purchase of pharmaceutical strategies in the US.


Chief executive, Joost Kreulen, said, “Announcing record profit levels and our largest investment for eight years is testament to the strength of our strategy of building a diversified group and developing leading brands.  We have made good progress against this strategy, with net fee income growth across all of our regions and an improved conversion ratio, helping to reduce debt levels again, down below our target ratio of 25% debt to debtors'.


“Our purchase of pharmaceutical strategies (“PS”) opened up a new region in the USA, further diversifying the Group geographically and at the same time strengthening our presence in the healthcare sector, a high growth market sector with good long-term prospects.


“In line with our brand led strategy we continued to invest in the business with average staff numbers up 16% year on year.  We opened a second brand in the UAE.  The investments made in 2014 have been successfully integrated into the group and with the new office openings have contributed positively against the prior year.


“We see exciting opportunities across the group in spite of current global uncertainty, and are confident in our ability to deliver profitable growth.”



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