Empresaria Group published a trading update today for the six months ended 30 June 2019 reporting net fee income growth of 7% and 6% in constant currency. 

Net fee income by sector was broken down as follows. 

“As part of the group's ‘Stronger Together’ initiative, launched in May, brands have been aligned to the Group's core staffing sectors,” the company stated. “This will be a key driver in delivering improved results through increased collaboration in ‘like’ businesses, driving operational efficiencies and maximising synergies in each of the sectors.”

Empresaria’s Professional sector reported positive performances overseas and, in the UK, more than offsetting the adverse impact of Brexit uncertainty on those UK businesses that operate in the financial services and new house sales markets.

The group's IT sector has grown, more than offsetting the challenges of rebuilding the temp base in Japan following regulatory changes last year.

The group's Engineering sector, which is primarily based in the UK, has struggled in the first half with challenging market conditions and the ongoing impact from Brexit. The business has been restructured with changes to key management and refocused to target the more lucrative white collar part of the market and the group expects to see improved results starting to come through in the second half of the year.

The Commercial sector has a significant presence in Germany where the focus is on rebuilding the temp base following the changes in legislation last year. This has been progressing well but has been offset by the weaker German automotive sector which represents a key market. The group's investment in July 2018 in the Commercial sector, Grupo Solimano in Peru, contributed £0.9m to net fee income in the period as expected.

The group's Offshore Recruitment Services business in India continues to build on the strong growth of 2018 with another period of significant growth in the first half of 2019. Empresaria expects this sector to continue to be a strong driver of growth in the future.

On 27 June 2019 Empresaria announced that Spencer Wreford stepped down from his position as CEO. Rhona Driggs, who most recently served as the company’s COO, was appointed as Empresaria Group’s new CEO.

Driggs, commented, "We have remained focused on efforts to improve organic growth across the group and as a result our net fee income continues to show improvement. Our sector alignment and continued investment in best in class technology, along with recent actions taken in underperforming businesses, means that we are well placed to continue to drive organic net fee income growth and to improve profitability."

The group will announce its interim results on Wednesday 21 August 2019.

As of last trade Empresaria Group traded at £67.15, down 1.97% on the day and 4.51% above its 52-week low of £64.25, set on 23 January 2019. Based on its current share price the company has a market value of £33.58 million.