Empresaria Group (EMR) Trading Update summary

Trading performance

• Net fee income declined 6% on a constant currency like-for-like basis, with reported net fee income down 12% to £50.4m.

• Americas region achieved 5% net fee income growth (CC LFL), while all other regions saw declines.

• Temporary and contract net fee income grew 2% (CC LFL), but permanent placement net fee income fell 21% (CC LFL).

• Offshore Services net fee income decreased by 6% (CC LFL).

• Adjusted profit before tax is expected to at least meet current market expectations.

Financial position and outlook

• Net debt increased to £15.3m at year-end, in line with expectations; headroom (excluding invoice financing) was £4.1m.

• No final dividend is expected for 2024 due to trading conditions and higher net debt.

• CEO noted ongoing challenging market conditions with no short-term improvement expected.

• Progress made on strategic objectives and group simplification.

Company background

• Empresaria is a global specialist staffing group operating in four regions: UK & Europe, APAC, Americas, and Offshore Services.

• Services include temporary, contract, permanent recruitment, and offshore services across six sectors.

• Operates in major staffing markets including the US, Japan, UK, and Germany.

• Listed on AIM under ticker EMR.