Business
Trading update, acq. of non-controlling interest
Trading update, acq. of non-controlling interest.
About this update from Empresaria Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8348N\n Empresaria Group PLC\n 26 May 2020\n \n \n \n \n 26 May 2020\n \n \n \n \n \n Empresaria Group plc\n \n \n (\"Empresaria\", \"the Group\" or \"the Company\") \n \n \n \n \n \n Trading and COVID-19 update, acquisition of non-controlling interest and related party transaction\n \n \n \n \n \n \n \n \n Empresaria, the global specialist staffing group, will hold its Annual General Meeting today at 1.00pm. At the meeting the Chairman, Tony Martin, will make the following statement:\n \n \n \n \n \n \"Update on 2020 trading and outlook\n \n \n \n \n \n The Group had a strong start to the year delivering year on year operating profit growth in each of the first three months. Net fee income for the quarter was down 5% compared to the prior year with the vast majority of this reduction coming in March as COVID-19 started to impact the Group. The strong profit performance in the first quarter was an early demonstration that the operational initiatives we put in place last year are having a positive impact on the business.\n \n \n \n \n \n The Group remained profitable in April, the first full month of COVID-19 impact, despite net fee income being down 30% against prior year.\n \n \n \n \n \n As previously announced, we have responded quickly and decisively to make necessary cost reductions and other changes to mitigate the impact and we are continuing to develop and adjust these measures as the situation evolves. The leadership team throughout the Group have agreed to temporary reductions in pay, and the Board has, temporarily, reduced all directors' fees by 20%. \n \n \n \n \n \n Despite the worldwide impact of COVID-19, the Group continues to benefit from the diversity of our operations. While some areas, particularly our Professional sector, which includes our aviation, domestic services, corporate events and new home sales sectors, have seen very significant impact from COVID-19, others, such as our IT sector and our logistics business in Germany, have continued to perform well.\n \n \n \n \n \n The situation across the globe continues to develop and we are encouraged by the positive developments of countries exiting lockdown and the selective reopening of businesses and general return of economic ac...