Empresaria Group (EMR: AIM) the international specialist staffing firm reported revenue of £173.4 million for the half year ending 30 June 2017, an increase of 50% in constant currency (CC) from £92.4 million in 2015.

The group saw revenue contributions from two investments made in 2016. Empresaria states that New Zealand-based Rishworth Aviation, an investment made in July 2016, has performed well and in line with the group’s expectations. Furthermore, ConSol Partners, an investment made in October 2016, has also performed well, according to Empresaria, with the larger UK office trading in line with expectations. Pharmaceutical Strategies, an investment made in 2015, made further progress in diversifying its business away from the largest client, which has reduced its overall agency spend.

Permanent revenue was up 19% (10% in constant currency). This is primarily from ConSol Partners, complemented with organic growth across Japan, Thailand, India and Singapore.

Meanwhile, temporary and contract revenue grew by 70%. This includes a large impact from Rishworth Aviation, which has a high revenue and relatively low margin percentage. However, excluding this, the rest of the Group was up 20% (10% in constant currency), primarily from ConSol Partners, Professional services in the UK, Headway, Japan and Chile. There were lower sales in the Creative sub-sector of IT and in Pharmaceutical Strategies. The temporary margin dropped to 12.7% (2016: 16.4%) due to the impact of the low percentage margin in Rishworth Aviation and a lower margin in Headway.

Net fee income was also up due to investments made in 2016 and the group added that it has now delivered 16 consecutive quarters of net fee income growth over the prior year, helped by its diversification by geography and region. The group generated 65% of net fee income from outside the UK (2016: 66%), with 70% from the four largest staffing markets of USA, Japan, UK and Germany. Permanent sales represented 42% of net fee income (2016: 44%), in line with group strategy to move the business mix more towards temporary or contract sales. The share of net fee income from professional & specialist levels increased to 89% (2016: 88%).

“Empresaria has delivered a record first half result with a strong growth in adjusted earnings per share, demonstrating the strength of our diversified business model,” Chief Executive Officer, Joost Kreulen said. “We are focused on delivering our strategy: strengthening a multi-branded group, with an emphasis on developing leading brands that are diversified and balanced by geography and sector.”

“We are pleased with how both Rishworth Aviation and ConSol Partners have integrated into the group and we see good opportunities for them to grow their businesses as part of Empresaria. In line with the group’s strategy to invest in its leading brands, Empresaria has invested £0.5 million in new staff, bringing together certain brands and opening a new office in Vietnam. The benefits of these actions are expected to be demonstrated over the coming periods. We see good growth opportunities across our brands and from further potential investments. We remain confident in our ability to meet current market expectations for the full year.”

By geography, Empresaria Group reported revenue during 2017 as follows:

The growth in the UK came from the investment in ConSol Partners made in October 2016. In Continental Europe, revenue growth was primarily from the Headway businesses operating in Germany and Austria. Meanwhile, in Asia Pacific, the majority of revenue growth came from the investment in Rishworth Aviation made in July 2016. In the Americas, the group has seen steady trading from Pharmaceutical Strategies. The investment in ConSol Partners also added revenue and net fee income to region.

“We are continuing to invest in our existing brands and to look for suitable external investments,” the group said in a statement. “We follow a balanced growth programme to create a group that is not dependent on one sector or geography for growth. We see growth opportunities across the group and from further potential investments, giving us confidence in our continued profitable growth and prospects.”

As of last trade Empresaria Group PLC traded at £138.15, down 2.37% and 18.71% below its 52-week high of £169.95, set on 31 May 2017. Based on its current share price the company has a market value of £69.36 million.