Trading Update and Notice of Results
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Adjusted profit before tax expected to at least meet current market expectations despite ongoing difficult trading conditions.
Empresaria (AIM: EMR), the global specialist staffing group, provides a trading update for the financial year ended 31 December 2024 ahead of announcing its full year results on 27 March 2025.
Trading update
- Net fee income down 6% CC LFL* (reported figure down 12% to £50.4m)
- Reductions in net fee income across all regions bar Americas which delivered growth of 5% CC LFL
- Temporary and contract net fee income growth of 2% (CC LFL)
- Permanent placement continues to be challenging with net fee income reducing by 21% (CC LFL)
- Offshore Services net fee income reduced by 6% (CC LFL)
- Adjusted profit before tax expected to at least meet current market expectations
Net fee income by region for the year ended 31 December was as follows:
| £m | 2024 | 2023 | % change | % change (CC LFL)* |
|---|---|---|---|---|
| UK & Europe | 22.7 | 24.9 | -9% | -6% |
| APAC | 10.1 | 13.6 | -26% | -13% |
| Americas | 6.0 | 6.1 | -2% | +5% |
| Offshore Services | 12.7 | 14.0 | -9% | -6% |
| Intragroup | (1.1) | (1.1) | - | - |
| Total | 50.4 | 57.5 | -12% | -6% |
* CC LFL - Constant currency and excluding exited operations. Calculated by translating the 2023 results at the 2024 exchange rates and excluding the results of operations exited in 2023 and 2024 from both years.
Financing
Net debt** increased in line with market expectations to £15.3m at 31 December 2024 (31 December 2023: £10.8m). Headroom, excluding invoice financing facilities, was £4.1m at 31 December 2024.
Given the ongoing trading environment, the expected profit for the year, and the increased net debt position, the Board does not expect to recommend the payment of a final dividend for 2024.
** Excludes lease liabilities. The Group previously presented an adjusted net debt measure which also excluded unrestricted cash held in respect of pilot bonds in our aviation recruitment operation. These bonds used to be very significant but at 31 December 2024 are £0.2m (31 December 2023: £0.3m) and so for future reporting no adjustment will be made.
Rhona Driggs, CEO of Empresaria, commented:
"Challenging market conditions have continued to persist throughout 2024 with no significant indication of improvement in the short term. We have made good progress on our strategic objectives and in further simplifying the Group, and we remain focussed on improving performance in the current environment."
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