23rd Jan 2014 12:19
LONDON (Alliance News) - Recruitment company Empresaria Group PLC Thursday said it expects profitability for its last financial year to be in line with market expectations, boosted by swings to profit in Chile and Singapore.
The company said it expects to see a 17% increase adjusted pretax profit - which excludes amortisation of intangible assets, exceptional items and movements in the fair values of options - for the year ended December 31, 2013.
Last year, Empresaria made a GBP4.6 million adjusted pretax profit.
Net fee income is expected to be "marginally below" last year's, which were reported at GBP43.9 million. That was a decline on the GBP46.9 million reported for 2011, which was broadly in line with the GBP46.5 million reported for 2010.
"We are encouraged by the progress of the group, with underlying profit growth from all of our reporting regions. We are particularly pleased with the performances in Chile and Singapore, where losses in 2012 have been turned into profits in 2013," Joost Kreulen, chief executive, said in a statement.
Kreulen also said the restructuring of its operating units in Germany has been completed, while new worker claims are out of the questions as they are now time barred.
"The business in Germany has been stabilised, is yielding an increase in underlying profitability and is now in a position to benefit from the improving economic conditions in the region," he said.
"We are looking at selective investment opportunities to expand the geographic reach of our operations either by way of investment in existing brands or the acquisition of complementary brands and expect to see continued organic growth from our existing businesses," Kreulen added.
Empresaria said it expects its reported net debt to fall by about 25% against 2012's GBP8.1 million.
Empresaria's results for the full-year ended December 31, 2013 are scheduled for March 11.
Empresaria shares were Thursday quoted at 49.96 pence, up 2.46 pence, or 5.2%.
By Samuel Agini; [email protected]; @samuelagini
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