Results for the year ended 31 December 2022
March 27, 2023 by
Empresaria, the global specialist staffing group, reports its final results for the year ended 31 December 2022.
| Highlights | 2022 | 2021 | % change | % change (constant currency)*2 |
|---|---|---|---|---|
| Revenue | £261.3m | £258.4m | +1% | +0% |
| Net fee income | £65.4m | £59.5m | +10% | +8% |
| Operating profit | £8.8m | £6.7m | +31% | |
| Adjusted operating profit*1 | £10.2m | £9.3m | +10% | +6% |
| Profit before tax | £7.6m | £6.0m | +27% | |
| Adjusted profit before tax*1 | £9.0m | £8.6m | +5% | |
| Diluted earnings per share | 6.7p | 4.5p | +49% | |
| Adjusted diluted earnings per share*1 | 8.8p | 8.6p | +2% |
*1 Adjusted to exclude amortisation of intangible assets identified in business combinations, impairment of goodwill and other intangible assets, exceptional items, fair value charges on acquisition of non-controlling shares and, in the case of earnings, any related tax.
*2 The constant currency movement is calculated by translating the 2021 results at the 2022 exchange rates.
- Solid growth in net fee income
- Up 10% year-on-year to £65.4m
- Year-on-year growth in every quarter, but softening as the second half progressed
- Offshore Services up 75% year-on-year
- Strong growth in Professional across theUKand APAC
- Partially offset by the expected reduction in Healthcare after a record 2021
- Adjusted operating profit up 10% to £10.2m
- Adjusted profit before tax up 5% to £9.0m
- Adjusted, diluted earnings per share up 2% against prior year reflecting weighting of performance towards operations with a higher proportion of non-controlling interests
- Adjusted net debt of £7.9m, reduced by £6.1m from 31 December 2021
- Proposed dividend of 1.4p per share, an increase of 17% reflecting the Board's confidence in the Group's prospects and its strong cash generation
- Targeted investment in headcount - Offshore Services up 27%, the rest of the Group up 8% compared to 31 December 2021
- Increase in staff productivity - up 6% year-on-year
- Two new Non-Executive Directors, Steve Bellamy and Ranjit de Sousa, appointed in January 2023 and February 2023 respectively
- Penny Freer appointed as Chair of the Board, having been Interim Chair since June 2022
Chief Executive Officer, Rhona Driggs, commented:
"We are pleased to have delivered solid growth in both net fee income and profits against a rapidly changing economic backdrop which saw demand soften in the second half of the year. We continue to see the benefits of our diversification and are starting to see the positive results from the targeted investments we have made in people, technology and process as evidenced by our strong growth in Offshore Services, our early success in delivering Recruitment Process Outsourcing in APAC, and an increase of 6% in staff productivity.
We look forward to the year ahead with some caution given the ongoing global economic uncertainty. We will continue to focus on executing on ourRoadmap to £20m to deliver on our medium-term ambition to double adjusted operating profit."
Investor presentation
In line with Empresaria's commitment to ensuring appropriate communication structures are in place for all sections of its shareholder base, management will deliver an online results presentation open to all existing and potential investors via the Investor Meet Company platform on Tuesday 28 March 2022 at 3:00pm UK time.
Investors can sign up for free via: https://www.investormeetcompany.com/empresaria-group-plc/register-investor.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under theUKversion 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.
| Enquiries: | |
|---|---|
| Empresaria Group plc | via Alma PR |
| Rhona Driggs, Chief Executive Officer | |
| Tim Anderson, Chief Financial Officer | |
| Singer Capital Markets (Nominated Adviser and Joint Broker) | 020 7614 3000 |
| Shaun Dobson | |
| James Moat | |
| Cenkos Securities plc (Joint Broker) | 020 7397 8900 |
| Katy Birkin/Charlie Combe (Corporate Finance) | |
| Michael Johnson/Jasper Berry (Sales) | |
| Alma PR (Financial PR) | 020 3405 0205 |
| Sam Modlin | empresaria@almapr.com |
| Pippa Crabtree | |
| Hilary Buchanan |
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.
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