Empresaria announces drop in pre-tax profits for 2008

Tue, 31 Mar 2009

Profits before tax fell to £1.3m for the year ending 31 December 2008 compared to £6m in 2007.

Revenue increased by 41% to £207.7m (2007: £147.8m).

Adjusted profit before tax rose 3% to £6.4m (2007:£6.2m). This figure excludes £4.8m in exceptional charges.

The contribution from the group’s international business grew to 59% of net fee income from 51% in the previous year.

More than three quarters (76%) of net fee income was generated from the group’s temporary and contract businesses, compared to 72% in 2007.

UK revenue increased 3% to £83.6m (2007: £81.2m).

Empresaria chairman Tony Martin says: “2008 was a satisfactory year for the group in what was an increasingly challenging global economic environment.

“Investment is heavily focused on emerging economies and staffing markets, in particular those that are relatively new to the concept of flexible employment solutions. Our objective is to establish a footprint in those markets where we anticipate staffing industry development over time.

“With the steps that have already been taken and that are planned to shield the group against the present slowdown and with the growth opportunities that are apparent even now, Empresaria has started the current year with optimism, although we are, at the same time, realistic as to the current market challenges.

“Any assessment of outlook for the year is difficult given the prevailing uncertain economic outlook; however, the board remains confident of the prospe