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The international staffing group Empresaria Group plc (EMR:LSE) today issued a trading update for its financial year ended 31 December 2011 in which the chief executive Joost Kreulen spoke of “disappointing first half results.”
Despite this, the Board also confirmed that full year trading is expected to be broadly in line with current market expectations.
Mr Kreulen said, "After a disappointing first half result, the Group saw an improved second half performance across all regions, despite more challenging trading conditions in Europe in the last quarter of the year.”
“The Rest of World region delivered stronger second half profits than in the prior year, even after the costs of investing in new offices in Asia. In Germany, margins improved as a result of price increases and cost reduction measures.”
“The potential claims for retrospective pay and social security contributions in Germany are still subject to ongoing court proceedings. The social security department has started to audit our branch network in Germany and we hope to update the market when we present our full year results in March.”
Although wary of the current economic climate, Mr Kreulen remains positive. “The global economic conditions remain uncertain, however, we still see opportunities for organic growth, in particular in the emerging markets," he said.
Empresaria operates in over 17 countries, employing over 800 members of staff. The firm specialises in providing temporary and permanent recruitment and recruitment process outsourcing. Consensus analyst estimates forecast sales of 221.45 million Pounds for the year ended December 2011, implying a similar result to the full year 2010.
The firm, which was ranked 40th in Staffing Industry Analysts' list of the largest staffing firms in the UK, expects to release the full results for the year ended 31 December 2011 on 21 March 2012.
In early trading, Empresaria’s shares were up by +2.4% at 21 Pence, (down -63% on a year before) valuing the company at 9.25 million Pounds.