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Empresaria Group PLC
21 January 2010

Empresaria Group plc ("Empresaria" or the "Company")

Trading Update

Full year pre-exceptional earnings in line with market expectations
Strong cash generation in H2 with reported net debt reduced by approximately £3m since June
Second half revenues from continuing businesses of £103m (H2 2008: £104m) down 1%
Second half net fee income from continuing businesses of £22m (H2 2008: £25m) down 12%
Full year revenues of £195m (2008: £208m), down 6%
Full year net fee income of £41m (2008: £51m), down 20%
Positive performance in H2 reflecting stable or improved trading conditions in selective markets (most notably UK and
Germany), increasing contribution from smaller companies in developing economies and the benefit of cost savings

More stable market conditions in the UK and improved trading conditions in Germany and within developing economies have
resulted in a much better performance in the second half of the year. It is encouraging that, through a process of
selective cost reduction balanced by support for growing operations, Empresaria has maintained a global network and
staffing infrastructure and is well positioned to take advantage of opportunities created both by strengthening economies
in Asia and Latin America and economic recovery in more developed countries.
As suggested in September, when reporting on results for the first half of the year, the more stable market conditions have
led to only limited operational restructuring in the second half and consequently only a small exceptional cash charge to
profits. Non-cash exceptional charges will be higher as, in assessing the performance of individual companies and markets,
the Board has decided to write down goodwill carrying values of a number of smaller companies in the Group amounting to
approximately £4.5m where a combination of profitability relative to carrying values and concern as to market outlook for
some of these businesses justifies a prudent approach to impairment review.
The Board anticipates pre-exceptional profits for the year ended 31 December 2009 to be in line with current market
Empresaria starts 2010 with a lower cost base, with lower debt levels, with positive sales momentum from temporary staffing
operations (representing 80% of group net fee income), and with optimism as to prospects for the New Year in a number of
its key markets. Increased demand for temporary staff, particularly within Germany and the UK at the end of 2009 and in
early 2010, has resulted in a better than anticipated performance in December and an expectation of a stronger than
anticipated performance in January. The group will benefit in 2010 from its international diversification strategy with
only 36% of group net fee income generated directly from the UK economy.
The Board, mindful of the continuing uncertain global economic outlook, will continue to manage the group prudently in 2010
with a particular focus on cost management, cash generation and profit growth. Over the longer term the Board is confident
that trends underlying specialist recruitment, which include liberalisation of labour markets, demographic changes, skill
shortages and demand for flexible labour solutions, will provide exciting growth potential.

The Group intends to announce its preliminary results for the year ended 31 December 2009 on25 March 2010.

For further information contact:

Empresaria Group plc 01293 649 900
Miles Hunt, Chief Executive
Stuart Kilpatrick, Group Finance Director

Singer Capital Markets Limited 020 3205 7500
Nicholas How

This information is provided by RNS
The company news service from the London Stock Exchange

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