AGM Statement

RNS Number : 0038I

Empresaria Group PLC

07 June 2011

 



7 June 2011

Empresaria Group plc

AGM Statement

At today's Annual General Meeting of Empresaria Group plc ("Empresaria" or "the Group"), the international specialist staffing group, the Board is making the following statement:

Group operating performance in the year to date reflects the trading environment highlighted in the statements accompanying the release of our 2010 results in March.  Both revenue and net fee income in the financial year to April are up on the same period in 2010.

In Japan, both our Tokyo businesses returned to profitability in April after the impact of the earthquake in March.  Gross margins in Germany are recovering following changes to certain temporary workers' pay tariffs and subsequent negotiations with clients over billing rates, having, as previously highlighted, been adversely impacted in the early part of the year. The legal challenges to the temporary staffing industry in Germany continue through the courts with no expectation of any resolution or clarification as to any potential liability in the near future. 

Our investment in a new Singapore hub with brands that we have brought in from the UK at the start of the year is showing encouraging results and we are currently planning further investment in the hub concept within other Asian markets.

We continue to review Group operations in line with our stated objective to increase over time the financial contribution of professional staffing operations over technical/blue collar businesses.  In this context we recently completed on the sale of our UK supply chain operations to the management team.  The disposal is expected to have only a modest impact on full year profits. 

Market conditions across the Group remain broadly positive.  Although the Board remains cautious as to short term outlook it is confident as to Group prospects.

For further information contact:  

Empresaria Group plc                                                         01342 711430

Miles Hunt, Chief Executive  

Spencer Wreford, Group Finance Director  

Altium                                                                                 0207 484 4040  

Tim Richardson

Notes for editors:

About Empresaria

*Empresaria operates out of 18 countries and over 100 offices and has over 900 internal staff. 

*65% of the Group's net fee income is generated outside the UK, and approximately 75% of net fee income is generated from temporary and contract business 

*Empresaria applies a management equity philosophy and business model with each group company management team holding significant equity in its own business

 

END

 

 

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