Empresaria Group plc - Half Yearly Results for the six months ended 30 June 2016

18/08/2016

Empresaria Group plc (AIM: EMR), the international specialist staffing group, announces its unaudited interim results for the six month period ended 30 June 2016.

Empresaria continues to deliver on its strategy with a solid first half performance showing strong growth in profit over the prior half year with adjusted earnings per share up 26% on 2015.

Financial Highlights

 

2016

 

2015

 

% change

 

% change (constant currency)**

Revenue

£106.1m

£92.4m

15%

11%

Net fee income (gross profit)

£27.2m

£24.1m

13%

9%

Operating profit

£3.4m

£2.9m

17%

14%

Adjusted operating profit*

£4.0m

£3.0m

34%

27%

Profit before tax

£3.1m

£2.7m

15%

10%

Adjusted profit before tax*

£3.7m

£2.8m

30%

24%

Diluted earnings per share

3.4p

3.2p

6%

 

Diluted adjusted earnings per share*

4.3p

3.4p

26%

 

 

  • Diversified business model delivering strong growth in profit
  • Adjusted profit before tax up 30% (constant currency up 24%)
  • Permanent revenue up 4% (constant currency up 2%)
  • Temporary revenue up 17% (constant currency up 12%)
  • Net fee income (“NFI”) up 13% (constant currency up 9%)
  • Twelve consecutive quarters of underlying growth in NFI over the prior year
  • Conversion ratio (adjusted operating profit divided by net fee income) increased to 14.8% (2015: 12.4%)
  • Debt to debtors ratio of 28% with net debt of £10.2m (2015: 32% with net debt of £9.9m)

  

Chief Executive Officer, Joost Kreulen said:

“Empresaria’s diversified business model has delivered strong results for the first half of the year with adjusted profit before tax up 30% on the prior year.  We continue to deliver on our strategy, driving both organic growth and undertaking further external investments as we develop leading brands that are diversified and balanced by geography and sector. The stronger growth in temporary and contract income has progressed alongside further growth from professional and specialist job levels.  Our aim is to protect against any particular slowdown in any region of the world or staffing industry sector.  So far this has produced twelve consecutive quarters of balanced growth.

We are pleased to have finalised our recent investment in Rishworth Aviation, the second largest international recruitment company in the Aviation sector and whose revenues are geographically diversified.  We look forward to integrating it into our Group and providing a platform for its further growth and development.  We expect it to be earnings enhancing on an adjusted basis this year.

Our focus on continuing to drive organic growth is matched with an invest and develop approach with a pipeline of interesting prospects.  We see good growth opportunities across our existing brands and from further potential investments.  We remain confident in our ability to meet current market expectations.”

 

* Adjusted to exclude amortisation of intangible assets, exceptional items, gain or loss on disposal of business and fair value charges on acquisition of non-controlling interests.

** The constant currency movement is calculated by translating the 2015 results at the 2016 exchange rates.

 - Ends –

 

Enquiries:

Empresaria Group plc

Joost Kreulen, Chief Executive Officer

Spencer Wreford, Group Finance Director

 

via Redleaf

Arden Partners (Nominated Adviser and Broker)
John Llewellyn-Lloyd / Steve Douglas / Ciaran Walsh

020 7614 5900

 

Redleaf Communications (Financial PR)
Rebecca Sanders Hewett / Sarah Fabietti-Dallison / Sam Modlin

020 7382 4730

empresaria@redleafpr.com

 

The investor presentation of these results will be made available during the course of today on Empresaria’s website: empresaria.com

 

Notes for editors:

  • Empresaria Group plc is an international specialist staffing group operating in 19 countries across the globe in the UK, Germany, Japan, India, UAE, Indonesia, China, Chile, Australia, Thailand, Singapore, Finland, USA, New Zealand, Austria, Mexico, Malaysia, Hong Kong and the Philippines.
  • Empresaria offers Temporary/Contract and Permanent staffing solutions as well as Offshore Recruitment Services in seven key sectors including Technical & Industrial, Aviation services, IT & Design, Professional services, Healthcare and Retail.
  • Empresaria applies a multi brand, management equity philosophy and business model, with Group company management teams holding significant equity in their own business.
  • Empresaria is listed on AIM under ticker EMR. For more information:empresaria.com