International recruiter Empresaria Group has seen revenues rise but group performance has not met expectations, according to results for the six months ended 30 June 2011.

The group’s results reveal:

· Revenue increased 1% to £105.2m (June 2010: £104.4m)

· Permanent revenue increased 26% and temporary staffing revenues decreased 1% year on year

· Adjusted profit before tax* of £1.2m (June 2010: £2.6m)

· Loss before tax of £1.9m (June 2010: profit of £2.3m)

· Net debt at period end of £8.5m (June 2010: £7.6m)

* adjusted to exclude amortisation of intangible assets, exceptional items and movements in the fair values of put and call options

Chief executive Miles Hunt says: “Overall, group performance in the period did not meet our expectations. Although we grew revenue slightly, net fee income was flat during the period, albeit with strong performances from individual companies, particularly within the Asia region.

“Investments in new start ups and office openings in Asia and Australia did impact on profitability during the period, as planned, but are all developing positively. The group faced unexpected challenges in the period, particularly the impact of the earthquake and tsunami in Japan and, of greater short-term financial consequence, the adoption of new collective labour agreements in Germany following court rulings, which required us to increase pay rates to temporary workers as well as incur substantial one-off legal costs.”