Empresaria Group (EMR) H2 2025 TU earnings summary

Executive summary

• Adjusted profit before tax for 2025 is expected to be slightly ahead of market expectations despite challenging trading conditions.

• Net fee income remained flat on a constant currency like-for-like basis, but reported net fee income declined by 6% to £47.3m year-over-year.

• Offshore Services achieved strong net fee income growth of 16% (CC LFL), while the US saw 23% growth (CC LFL); other regions experienced declines.

Financial highlights

• Net fee income for 2025 was £47.3m, down 6% from £50.4m in 2024.

• Temporary and contract net fee income decreased by 4% (CC LFL); permanent placement net fee income fell by 9% (CC LFL).

• Net debt (excluding lease liabilities) increased to £17.1m at year-end 2025 from £15.3m in 2024.

Outlook and guidance

• Market conditions remain challenging with little sign of short-term improvement, except in Offshore Services.

• The Board will not recommend a final dividend for 2025 due to the trading environment and increased net debt.

• The Group is focused on stabilising financial control and positioning for market recovery.