30 January 2025
Empresaria Group plc
("Empresaria" or the "Group")
Trading Update and Notice of
Results
Adjusted profit before tax
expected to at least meet current market expectations despite
ongoing difficult trading conditions.
Empresaria (AIM: EMR), the global specialist staffing group,
provides a trading update for the financial year ended 31 December
2024 ahead of announcing its full year results on 27 March
2025.
Trading update
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·
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Net fee income down 6% CC LFL*
(reported figure down 12% to £50.4m)
|
|
·
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Reductions in net fee income across
all regions bar Americas which delivered growth of 5% CC
LFL
|
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·
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Temporary and contract net fee
income growth of 2% (CC LFL)
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|
·
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Permanent placement continues to be
challenging with net fee income reducing by 21% (CC LFL)
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·
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Offshore Services net fee income
reduced by 6% (CC LFL)
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·
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Adjusted profit before tax expected
to at least meet current market expectations
|
Net fee income by region for the
year ended 31 December was as follows:
|
£m
|
2024
|
2023
|
%
change
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% change
(CC LFL)*
|
|
UK & Europe
|
22.7
|
24.9
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-9%
|
-6%
|
|
APAC
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10.1
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13.6
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-26%
|
-13%
|
|
Americas
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6.0
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6.1
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-2%
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+5%
|
|
Offshore Services
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12.7
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14.0
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-9%
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-6%
|
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Intragroup
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(1.1)
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(1.1)
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-
|
-
|
|
Total
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50.4
|
57.5
|
-12%
|
-6%
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* CC LFL - Constant currency and
excluding exited operations. Calculated by translating the
2023 results at the 2024 exchange rates and excluding the results
of operations exited in 2023 and 2024 from both years.
Financing
Net debt** increased in line with
market expectations to £15.3m at 31 December 2024 (31 December
2023: £10.8m). Headroom, excluding invoice financing facilities,
was £4.1m at 31 December 2024.
Given the ongoing trading
environment, the expected profit for the year, and the increased
net debt position, the Board does not expect to recommend the
payment of a final dividend for 2024.
** Excludes lease liabilities.
The Group previously presented an adjusted net debt measure which
also excluded unrestricted cash held in respect of pilot bonds in
our aviation recruitment operation. These bonds used to be
very significant but at 31 December 2024 are £0.2m (31 December
2023: £0.3m) and so for future reporting no adjustment will be
made.
Rhona Driggs, CEO of Empresaria, commented:
"Challenging market conditions have continued to persist
throughout 2024 with no significant indication of improvement in
the short term. We have made good progress on our strategic
objectives and in further simplifying the Group, and we remain
focussed on improving performance in the current
environment."
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the UK version of the EU Market
Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and
supplemented from time to time.
- Ends -
Enquiries:
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Empresaria Group plc
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via Alma PR
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Rhona Driggs, Chief Executive
Officer
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Tim Anderson, Chief Financial
Officer
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Singer Capital Markets (Nominated Adviser and Joint
Broker)
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020 7496 3000
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Shaun Dobson / Alex Bond
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Cavendish Capital Markets Limited (Joint
Broker)
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020 7220 0500
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Katy Birkin (Corporate Finance)
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Michael Johson / Jasper Berry (Sales)
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Alma Strategic Communications (Financial PR)
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020 3405 0205
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Sam Modlin / Rebecca Sanders-Hewett
/ Will Merison
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empresaria@almastrategic.com
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Notes for
editors:
§ Empresaria
Group plc is a global specialist staffing group. We are
driven by our purpose to positively impact the lives of people,
while delivering exceptional talent to our clients globally.
We offer temporary and contract recruitment, permanent recruitment
and offshore services across six sectors: Professional, IT,
Healthcare, Property, Construction & Engineering, Commercial
and Offshore Services.
§ Empresaria
is structured in four regions (UK & Europe, APAC, Americas and
Offshore Services) and operates from locations across the world
including the four largest staffing markets of the US, Japan, UK
and Germany along with a strong presence elsewhere in Asia Pacific
and Latin America.
§ Empresaria
is listed on AIM under ticker EMR. For more information visit
empresaria.com.
