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21 January 2010
Empresaria Group Plc. (EMR:LSE), the recruitment and management services group, has today issued a trading update on the financial year of 2009 ended 31 December.
Full year revenues were down by -6% from 208 million Pounds in 2008 to 195 million Pounds in 2009. Full year net fee income was down by -20% from 51 million Pounds in 2008 to 41 million Pounds in 2009.
Second half year revenues from continuing businesses were down by -1% from 104 million Pounds in H2 2008 to 103 million Pounds in H2 2009. Second half year net fee income from continuing businesses was down by -12% from 25 million Pounds in H2 2008 to 22 million Pounds in H2 2009.
The company said in a statement "the Board anticipates pre-exceptional profits for the year ended 31 December 2009 to be in line with current market expectations."
"Empresaria starts 2010 with a lower cost base, with lower debt levels, with positive sales momentum from temporary staffing operations (representing 80% of group net fee income), and with optimism as to prospects for the New Year in a number of its key markets."
"Increased demand for temporary staff, particularly within Germany and the UK at the end of 2009 and in early 2010, has resulted in a better than anticipated performance in December and an expectation of a stronger than anticipated performance in January. The group will benefit in 2010 from its international diversification strategy with only 36% of group net fee income generated directly from the UK economy."
"The Board, mindful of the continuing uncertain global economic outlook, will continue to manage the group prudently in 2010 with a particular focus on cost management, cash generation and profit growth. Over the longer term the Board is confident that trends underlying specialist recruitment, which include liberalisation of labour markets, demographic changes, skill shortages and demand for flexible labour solutions, will provide exciting growth potential."
In early trading Empresaria's shares were down by -0.28% to 35.90 Pence