Empresaria Group (EMR) H1 2025 TU earnings summary

Executive summary

• Net fee income returned to growth in H1 2025, with Q2 up 2.0% year-on-year (CC LFL) and sequential Q2 growth of 7% over Q1.

• US and Offshore Services core operations drove performance, offsetting a 9% decline in UK net fee income.

• Full year results are expected to be in line with board expectations despite ongoing macroeconomic challenges.

• Progress continues on the exit programme for non-core operations, with active discussions underway.

Financial highlights

• H1 net fee income up 0.1% year-on-year (CC LFL); reported net fee income down 8% to £23.4m due to 2024 exits and FX movements.

• US net fee income rose 38% and Offshore Services up 11% (CC LFL); UK net fee income fell 9%.

• Net debt increased to £16.1m at 30 June 2025 (from £15.3m at 31 December 2024), mainly due to adverse FX impact.

• Headroom, excluding invoice financing, stable at £3.7m (31 December 2024: £4.1m).

Outlook and guidance

• Full year results expected to meet board expectations.

• Macroeconomic environment for staffing remains challenging and is expected to persist through 2025.

• Confidence in H2 performance supported by H1 results and ongoing cost control.