FINANCIALS: Empresaria posts pre-tax profit increase but fall in revenues
5 March 2015
International specialist staffing group Empresaria has seen year-on-year group revenues fall 3% but net fee income (NFI) increased 5% in 2014, according to its results for the year ended 31 December 2014.
Thu, 5 Mar 2015International specialist staffing group Empresaria has seen year-on-year group revenues fall 3% but net fee income (NFI) increased 5% in 2014, according to its results for the year ended 31 December 2014.
The results, published today [5 March], reveal revenues across the group fell from £194.4m to £187.9m between 2013 and 2014.
Empresaria attributes the decline to adverse currency movements in Japan, Indonesia and the Eurozone, reduced volumes of industrial and technical business, and the impact of sale and branch closures outweighing the benefit of new acquisitions.
However, group NFI increased from £42.6m in 2013 to £44.6m in 2014 with Continental Europe seeing NFI jump from £13.9m in 2013 to £15m in 2014.
Finance director Spencer Wreford told Recruiter much of the improved continental performance was down to a restructuring of the group’s German operations in 2012 and 2013, which makes up around 90% of the Empresaria’s mainland European business.
The average number of Empresaria employees in Continental Europe was 198 in 2012 but was cut to 132 by 2014.
“We reduced the cost base, closed a number of branches that were not generating sufficient returns and made sure we aligned the cost base much more to the top line, and that way we have seen the better returns come through this year,” Wreford said.
While UK NFI increased from £15.8m to £15.9m in 2014, headcount, which remained static year-on-year at 197 employees, will increase organically with no new offices planned, according to chief executive Joost Kreulen.
The results, published today [5 March], reveal revenues across the group fell from £194.4m to £187.9m between 2013 and 2014.
Empresaria attributes the decline to adverse currency movements in Japan, Indonesia and the Eurozone, reduced volumes of industrial and technical business, and the impact of sale and branch closures outweighing the benefit of new acquisitions.
However, group NFI increased from £42.6m in 2013 to £44.6m in 2014 with Continental Europe seeing NFI jump from £13.9m in 2013 to £15m in 2014.
Finance director Spencer Wreford told Recruiter much of the improved continental performance was down to a restructuring of the group’s German operations in 2012 and 2013, which makes up around 90% of the Empresaria’s mainland European business.
The average number of Empresaria employees in Continental Europe was 198 in 2012 but was cut to 132 by 2014.
“We reduced the cost base, closed a number of branches that were not generating sufficient returns and made sure we aligned the cost base much more to the top line, and that way we have seen the better returns come through this year,” Wreford said.
While UK NFI increased from £15.8m to £15.9m in 2014, headcount, which remained static year-on-year at 197 employees, will increase organically with no new offices planned, according to chief executive Joost Kreulen.
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