Empresaria (AIM: EMR), the international specialist staffing group, reported revenue today for the year ended 31 December 2017 of £357.1 million, an increase of 28% in constant currency, when compared to last year.

Empresaria highlighted that its strongest results were in Japan (IT & design sector), Chile (retail sector) and in the professional services and other specialist sectors of the UK. The group also announced that it had achieved eighteen consecutive quarters of net fee income growth.

Permanent revenue was up 14% and temporary and contract revenue was up 34%.

"We are pleased to be reporting another year of record results, with this period being the sixth year of double digit adjusted diluted earnings per share growth. The strength of the business has again allowed us to increase our annual dividend in line with our progressive dividend policy,” Chief Executive Joost Kreulen said.

“Our diversification by geography and sector places the group in a strong position to withstand localised market issues,” Kreulen said. “The group remains focused on delivering our strategy: strengthening a multi-branded group, with a focus on developing leading brands that are diversified and balanced by geography and sector.”

“The group has a strong platform in place from which to launch the next phase of its growth and we see good opportunities to support the profitable growth of our brands in the year ahead," Kreulen said.

Last year, Empresaria announced that Spencer Wreford is taking on the role of Chief Operating Officer with immediate effect.

Revenue by region was broken down as follows.

In the UK net fee income was up 23%, helped by having a full year of contribution from ConSol Partners, which the group acquired in 2016. However, excluding this the underlying movement in net fee income was a reduction of 2%, due to lower sales within the group’s insurance and technical & industrial brands. In professional services, the group reported positive conditions, with activity levels high throughout the year. 

In Europe net fee income was down by 2%, with the temporary margin down 2% in Germany.

Asia Pacific net fee income grew 19%, largely due to the full year contribution from Rishworth Aviation, which the group acquired in 2016. Rishworth had a temporary margin of 6%, so there was a larger impact on revenue. Excluding this, net fee income was up 3%.

In the Americas, net fee income was up 59%, helped by the first full year contribution from ConSol Partners. Excluding this, net fee income was up 17%. Empresaria saw record profits in Chile.

Looking ahead, Tony Martin, Chairman of Empresaria, commented, “The main markets that we operate in are expected to grow, and this includes the UK where we continue to operate under a cloud of Brexit uncertainty. We are seeing candidate shortages across our markets and regions. We play a vital role in helping client companies find the right resources they need to grow.”

“The positive economic outlook suggests a good year ahead for the staffing sector, with Staffing Industry Analysts forecasting 6% growth in the global staffing sector in 2018. Against this is ongoing geo-political uncertainty, which could derail growth in any territory, as well as the impact of new legislation in our markets, with particular changes in Germany and Japan impacting the temporary staffing markets in 2018. Our diversity puts us in a good position to both manage the impact of localised issues and make the most of positive market conditions,” Martin said.

“The group has a strong platform from which to deliver the next phase of growth. The economic conditions are positive and while we maintain a cautious view on political risk, we see good opportunities to develop our group further during the year ahead. We have a proven strategy and brands that have the potential to grow their profit,” Martin said.

In trading today, Empresaria traded at £87.00, down 7.45% on the day. Based on its current share price the company has a market value of £46.08 million.