Empresaria Group PLC Trading Update (1930H)
02 December 2020 - 6:00PM
UK Regulatory
TIDMEMR
RNS Number : 1930H
Empresaria Group PLC
02 December 2020
2 December 2020
Empresaria Group plc
("Empresaria" or the "Group")
Trading update
Empresaria, the global specialist staffing group, provides the
market with an update on trading for the current financial year
ending 31 December 2020.
Trading update
The Group has continued to demonstrate the financial benefits of
its diversity by both geography and sector through the third
quarter and the first part of the fourth quarter. Having delivered
profits in the first quarter and in the second quarter under
extremely challenging circumstances, the Group has continued to
progress in the second half delivering profits in each month to
date (adjusted profit before tax). Evidence of recovery is being
seen across many parts of the Group but this remains slow in some
cases and local conditions can be volatile as each location reacts
to the ongoing impact from coronavirus.
We have continued to accelerate our key operational changes and
improvements to ensure the Group is well positioned for the future.
Alongside this, we have also progressed our investment in our front
office systems including Bullhorn as our core technology platform,
and we expect to see further benefits from these changes as we move
through 2021. Our stronger together initiatives have continued to
be a driver in uniting the Group behind both groupwide projects and
localised change.
While protecting key investments, cost control has continued to
be a priority as we navigate the current environment. Costs have
increased over recent months as usage of furlough or similar
schemes has reduced and demand has started to return, but this has
been managed against increases in net fee income to ensure that the
Group is able to deliver improved profit performance.
We anticipate that the Group's full year net fee income will be
in the range of GBP52m to GBP55m and adjusted profit before tax is
expected to be in the range of GBP4.4m to GBP4.9m. At 30 October
adjusted net debt was GBP11.4m, the increase from 30 June primarily
reflecting the repayment of certain tax liabilities which were
deferred in the second quarter of 2020 and the impact of increased
working capital requirements as net fee income has improved. We
would expect net debt to continue to return towards pre-COVID
levels as net fee income recovers. Headroom remains strong at
GBP17.6m excluding invoice financing facilities (30 June 2020
GBP18.1m).
The Group expects to provide a further update on trading for the
year ended 31 December 2020 in January 2021.
- Ends -
Enquiries:
Empresaria Group plc via Alma PR
Rhona Driggs, Chief Executive Officer
Tim Anderson, Chief Financial Officer
N+1 Singer (Nominated Adviser and
Broker)
Shaun Dobson / James Moat 020 7614 3000
Alma PR (Financial PR) 020 3405 0205
Rebecca Sanders-Hewett empresaria@almapr.com
Sam Modlin
David Ison
Notes for editors:
-- Empresaria Group plc is a global specialist staffing group
offering temporary and contract recruitment, permanent recruitment
and offshore recruitment services across 6 sectors: Professional,
IT, Healthcare, Property, Construction & Engineering,
Commercial and Offshore Recruitment Services.
-- Empresaria operates from locations across the world including
4 of the largest staffing markets of the US, Japan, UK and Germany
along with a strong presence in Asia Pacific and Latin America.
-- Empresaria is listed on AIM under ticker EMR. For more
information visit empresaria.com.
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END
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