Empresaria Group Plc · LSE:EMR
Empresaria — H1 2010 Earnings Presentation
16 slides from Empresaria's earnings presentation, Sep 9, 2010
Slide 1: Interim results 2010
Interim results 2010 9 September 2010 Miles Hunt – Chief Executive Spencer Wreford – Finance Director
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law
Slide 3: Trading highlights
Trading highlights • Strong first half performance with improved market conditions in all regions • Revenue up 20% and Net fee income up 29% on prior year • Increased international diversity with Net fee income from outside of UK at 66% (2009: 61%) • Recovery in permanent recruitment activity with p
Slide 4: Strategy and Structure
Strategy and Structure • Developing a leading international specialist staffing group • Balanced growth • Investment emphasis on developing staffing markets and emerging economies • Focus on more stable temporary staffing revenues • Decentralised structure and management equity philosophy 4
Slide 5: Financial highlights
Financial highlights 6 months to 30 6 months to 30 % change June 2010 June 2009 Financial highlights Revenue £108.2m £89.9m 20% Gross profit £23.8m £18.5m 29% Adjusted operating profit * £3.1m £0.1m > 100% Adjusted profit/(loss) before tax * £2.6m (£0.3m) Adjusted earnings/(loss) per share *# 1.9p (
Slide 6: Income statement – Six months to June 2010
Income statement – Six months to June 2010 Income statement £m 2010 2009 Change Revenue increased by 20%, with a 19% increase Revenue 108.2 89.9 20% in temporary sales and 54% in permanent sales. There was minimal currency impact (like-for-like Net fee Income/ Gross profit 23.8 18.5 29% revenues wer
Slide 7: Income statement – Profit bridge
Income statement – Profit bridge Empresaria Group - Adjusted profit before tax bridge (£'000) 4,750 4,000 3,250 2,500 1,750 1,000 250 (500) PBT (Adj) H1 2009 UK NFI growth Europe NFI growth ROW NFI growth Overheads and finance PBT (Adj) H1 2010 costs 7
Slide 8: Balance sheet – June 2010
Balance sheet – June 2010 £m 2010 2009 Property, plant & equipment 1.8 2.0 Impact of impairment in H2 09 and Goodwill and intangibles 28.0 32.5 forex Associates 0.0 0.1 Deferred tax asset 0.5 0.9 Call option asset 0.6 0.4 30.9 35.9 Average debtor days consistent with Trade and other receivables 33.4
Slide 9: Cash flow – Six months to June 2010
Cash flow – Six months to June 2010 Cash flow statement £m 2010 Profit for the period 1.7 Depreciation and amortisation 0.6 Tax and interest added back 1.4 Profit on disposal of subsidiary (0.3) Working capital (1.9) Cash generated from operations was £1.5m Cash generated from operations 1.5 Tax, in
Slide 10: Regional review - Overview
Regional review - Overview Revenue (£m) NFI (£m) Adjusted operating profit (£m) 50.0 12.0 1.6 45.0 1.4 10.0 40.0 1.2 35.0 1.0 8.0 30.0 0.8 25.0 6.0 0.6 20.0 0.4 4.0 15.0 0.2 10.0 2.0 0.0 5.0 (0.2) 0.0 0.0 (0.4) UK Continental Rest of the UK Continental Rest of the UK Continental Rest of the Europe W
Slide 11: Regional split
Regional split 2010 Net Fee Income by region 1% 2% 1%1% 3% 2% Rest of the 3% Continental 6% 40% World Europe 22% 44% 7% 34% UK 34% Germany UK Indonesia Japan Finland/Estonia Chile India Australia China Czech/Slovakia Other SE Asia 11
Slide 12: Outlook
Outlook • Positive trading continuing into Q3 with full year results expected to be above current market expectations • Cautious about strength of economic recovery, with cost control a key focus • Recovery in Germany supported by underlying structural stimulus with changes to regulatory environment
Slide 13: Appendices
Empresaria Group plc International Specialist Temporary & Permanent Staffing Group Appendices
Slide 14: Management team
Management team The Board of Directors Miles Hunt Spencer Wreford Tony Martin Zach Miles Penny Freer CEO FD Chairman Non-exec director Non-exec director 13 years industry Over 10 years senior Over 20 years Over 20 years 5 years industry experience finance experience industry experience industry expe
Slide 15: Directors
Directors Tony Martin - Chairman Tony was appointed Chairman of Empresaria in July 2004. Prior to joining Empresaria, Tony served as Chairman and Chief Executive of Select Appointments (Holdings) PLC from 1992 to 1999, which he and his team built into a global recruitment business before agreeing to
Slide 16: Shareholder information
Shareholder information Shareholder Number of % of total shares (m) Caledonia Investments plc 10.3 23 Tony Martin 9.2 21 Miles Hunt 4 9 Ennismore Fund Management 2.9 7 Liontrust Asset Management 2.8 6 T J D Sheffield 2 5 Notes: Other directors hold 30,000 shares Total number of shares in issue is 44