News blog

Empresaria Group

  • BY: Andrew Hore |
  • POSTED: 20/03/2013 |

International staffing services provider Empresaria Group managed to edge up its profit even though net fee income fell in 2012.

Net fee income declined by 6% to £43.9m, while underlying pre-tax profit edged ahead from £4.5m to £4.6m. That figure does not include £1.1m of restructuring charges in Germany, which was partly offset by the release of £400,000 worth of provisions – part of the previous year’s £2.2m exceptional. Acquiring minority interests helped earnings per share improve from 4p to 5p.

Continental Europe and the UK each generate just over one-third of net fee income. However, the decline in net fee income was in Continental Europe and this was the only division to generate a lower underlying operating profit. The biggest improvement in profit came from the Rest of the World, even though Chile was loss-making.

Empresaria says that UK market conditions were poor and the second half revenues were lower than those of the first half.

This year there should be a positive contribution from Singapore and the Germany and Chile operations should perform better.

Net debt fell from £15.7m to £14.5m. The dividend is unchanged at 0.35p a share.

At 36p a share, Empresaria is valued at £16m.

Allenby forecasts a 2013 profit of £5.5m, which values the company at six times prospective earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2013_42.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds