Results for the year ended 31 December 2021
March 17, 2022 by Erin Smyth
Empresaria Group plc (“Empresaria” or the “Group”)
Results for the year ended 31 December 2021
Strong net fee income growth and 65% increase in profit, benefiting from the Group’s diversification
Empresaria, the global specialist staffing group, reports its unaudited preliminary results for the year ended 31 December 2021.
Highlights
- Progressive growth in net fee income
- H2 up 21% on prior year (up 26% in constant currency)
- Full year up 10% to £59.5m (up 14% in constant currency)
- Strong growth in profits
- Adjusted profit before tax up 65% to £8.6m
- Adjusted, diluted earnings per share up 110% to 8.6p, slightly ahead of 2019
- Benefits from diversification by geography and sector demonstrated again
- Record net fee income and profit in Healthcare and Offshore Recruitment Services sectors
- Strong growth in profits in Professional and IT
- More than offsetting challenges in aviation and logistics
- Strategic and operational investments accelerated
- Investment in new regional structure and senior leadership
- More than half the Group live on our common front office platform with nine more locations added in the year
- Increased working capital requirements resulted in a £0.4m increase in adjusted net debt to £14.0m
- Proposed dividend of 1.2p per share, an increase of 20%
*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 2020 results at the 2021 exchange rates.
Chief Executive Officer, Rhona Driggs, commented:
“We are pleased to have delivered 65% growth in profit and progressive growth in net fee income, again supported by our diversity by both geography and sector. The shift from recovery mode to growth mode has enabled us to continue to make significant investments in the future of the Group both in our leadership team and our technology.
Our teams around the world have done an incredible job of navigating the pandemic in 2021 and I am proud of their continued resilience and commitment. We have made great progress with our Stronger Together initiatives, which are aimed at driving greater synergies and collaboration across the Group and it is particularly pleasing to see the impact this has had on our culture. Testament to this is our recent award of 3rd place in the ‘Top 100 Staffing Firms to Work For in 2022’ at the World Staffing Summit.
I also want to acknowledge the devasting events unfolding in Ukraine. Our heartfelt thoughts go out to all the people in Ukraine. We are actively looking at ways in which our businesses can contribute to helping those impacted by the conflict. It is too early to know how the developing situation will affect the global economy. We are not experiencing any significant direct impact at present as we do not have operations in either Russia or Ukraine.
We look forward to the year ahead with optimism. Our steadfast focus on our strategic initiatives along with the investments we have made leave us well positioned for growth and we are confident on demonstrating this potential in 2022.”
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 Thursday 17 March 2022 at 12:30pm UK time.
Investors can sign up for free via: https://www.investormeetcompany.com/empresaria-group-plc/register-investor.
Questions can be submitted pre-event through the platform or at any time during the live presentation. Management may not be in a position to answer every question it receives but will address those it can while remaining within the confines of information already disclosed to the market.
Q&A responses will be published at the earliest opportunity on the Investor Meet Company platform. Those who have already registered and requested to meet the Company will be automatically invited.
Enquiries:
| 2021 | 2020 | % change | % change (constant currency)*2 | |
|---|---|---|---|---|
| Revenue | £258.4m | £256.5m | +1% | +4% |
| Net fee income | £59.5m | £54.0m | +10% | +14% |
| Opertaing profit/(loss) | £6.7m | £(1.0)m | +770% | |
| Adjusted operating profit*1 | £9.3m | £6.2m | +50% | +60% |
| Profit/(loss) before tax | £6.0m | £(2.0)m | +400% | |
| Adjusted profit before tax*1 | £8.6m | £5.2m | +65% | |
| Diluted profit/(loss) per share | 4.5p | (6.2)p | +173% | |
| Adjusted diluted earnings per share | 8.6p | 4.1p | +110% |
Empresaria Group plc via Alma PR
Rhona Driggs, Chief Executive Officer
Tim Anderson, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker)
020 7614 3000
Shaun Dobson
James Moat
Alma PR (Financial PR)
020 3405 0205, empresaria@almapr.com
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Rebecca Sanders-Hewett
Sam Modlin
Hilary Buchanan
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 and Engineering, Commercial and Offshore Recruitment Services.
- Empresaria operates from locations across the world including the 5 largest staffing markets of the US, Japan, UK, Germany and Australia 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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