Business
Revision: Trading Update and Notice of Results
Revision: Trading Update and Notice of Results.
About this update from Empresaria Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6951U\n Empresaria Group PLC\n 31 July 2020\n \n \n \n \n \n \n \n \n \n \n REVISION: TRADING UPDATE and NOTICE OF RESULTS\n \n \n \n \n \n The following amendments have been made to the \"Trading Update and Notice of Results\" announcement released on 22/07/2020 at 7:00am under RNS No 6819T.\n \n \n \n \n \n ·\n The original announcement stated that net debt reduced to £11.6m. This has now been revised to an improved position of £8.9m.\n \n \n ·\n The original announcement stated a £7.5m reduction in net debt from 31 December 2019. This has now been revised to an increased reduction of £10.2m.\n \n \n \n \n \n All other details remain unchanged. The full amended announcement is set out below.\n \n \n \n \n \n \n \n \n Empresaria Group plc\n \n \n (\"Empresaria\" or the \"Group\") \n \n \n \n \n \n Trading Update and Notice of Results\n \n \n \n \n \n \n \n \n Profitability and financial strength demonstrated in face of COVID-19 impact\n \n \n \n Empresaria (AIM: EMR), the international specialist staffing group, provides a trading update ahead of announcing its interim results for the six months ended 30 June 2020 on Wednesday 12 August 2020.\n \n \n \n \n \n Trading update\n \n \n \n \n \n · \n Profitable in both the first and second quarters despite impact of COVID-19 (adjusted profit before tax)\n \n \n · \n Year on year profit growth in the first quarter pre-pandemic\n \n \n · \n Net debt significantly reduced to £8.9m and headroom increased to £18.1m\n \n \n · \n Operational investments and initiatives continue to position the Group for long-term growth\n \n \n \n \n \n As we communicated in our May trading update, the Group had a strong start to the year and in the first quarter to the end of March delivered year on year growth in operating profit in every month as the operational initiatives put in place last year started to have a positive impact. Net fee income for the first quarter was down 5% on 2019 with the vast majority of this reduction being in March as COVID-19 started to impact the Group.\n \n \n \n \n \n The second quarter was fully impacted by COVID-19 with net fee income for the quarter down 39% on 2019 resulting in 2020 first half net fee income being 22% lower than last year...