Empresaria Group plc : Capital Network : Continuing the Run of Strong Results
Empresaria’s H1 results confirm the message of July’s trading update, and the outlook for the full year – continued growth in Net Fee Income (NFI) and EPS. Net Fee Income was up 26% (17% at constant FX), adj. Operating Profit +23% (9% at constant FX).
This has been delivered against a mixed background for the wider peer group. The big generalists such as Hays or Randstad have maintained growth, but some of the specialist peers (notably Impellam plc.) have encountered headwinds. Empresaria has benefitted, in our view, from a balanced geographic footprint and from its multiniche customer industry base.
The company has noted that there has been a slowdown in hiring processes in the UK post-election, but overall the group is on track, and we maintain our FY forecast of 19.5% earnings growth, well ahead of the sector trend.
Empresaria Group is an international specialist staffing group. As of Dec 31 2016, Co. operated in 19 countries across four geographic regions and across seven primary sectors. Co.'s business is segmented into four regions, U.K., Continental Europe, Asia Pacific and the Americas. Co.'s primary sectors include technical and industrial, information technology, digital and design, professional services, retail, executive search, healthcare, aviation services, and other. Co. has three main service lines, temporary and contract recruitment, permanent recruitment and offshore recruitment services.
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