20
August 2024
Empresaria
Group plc ("Empresaria" or the
"Group")
Unaudited interim results for
the six months ended 30 June 2024
Encouraging resilience in
temporary and contract despite ongoing challenging market
conditions
Empresaria Group plc (AIM: EMR), the
global specialist staffing group, announces its
unaudited interim results for the six months ended 30 June
2024.
Overview of the half year
|
|
H1
2024
|
H1
2023
|
%
change
|
% change
(CC LFL)2
|
|
Revenue
|
£121.8m
|
£125.7m
|
-3%
|
+4%
|
|
Net fee income
|
£25.3m
|
£29.7m
|
-15%
|
-9%
|
|
Adjusted operating
profit1
|
£1.0m
|
£1.3m
|
-23%
|
-8%
|
|
Operating (loss)/profit
|
£(3.6)m
|
£0.6m
|
|
|
|
Adjusted profit before
tax1
|
£0.2m
|
£0.5m
|
-60%
|
|
|
Loss before tax
|
£(4.4)m
|
£(0.2)m
|
|
|
|
Adjusted, diluted loss per
share1
|
(1.2)p
|
(0.8)p
|
-50%
|
|
·
Challenging market conditions continued throughout
the first half of 2024 which impacted net fee income:
o Overall reduction of 9% CC LFL to £25.3m
o Permanent placement reduced by 21% CC LFL
o Temporary and contract reduced by 1% CC LFL
o Offshore Services reduced by 10% CC
·
Adjusted operating profit down 8% CC LFL, with
reported figure down 23% to £1.0m, reflecting the impact of the
reduction in net fee income, offset by the ongoing benefits of our
continued focus on costs which delivered year-on-year reductions of
£2.3m CC LFL
·
Adjusted, diluted loss per share of 1.2p
reflecting the reduction in profit and the allocation of earnings
to non-controlling interests
·
Adjusted net debt increased to £13.5m (31 December
2022: £11.1m) with headroom of £10.5m
·
Full year adjusted results are expected to be
broadly in line with current market expectations3
although market conditions remain challenging
1 Adjusted to
exclude amortisation of intangible assets identified in business
combinations, impairment of goodwill and other intangible assets,
loss on sale of subsidiaries, exceptional items, fair value charge
on acquisition of non-controlling shares and, in the case of
earnings, any related tax.
2 CC LFL -
Constant currency and excluding exited operations. Calculated
by translating the 2023 results at the 2024 exchange rates and
excluding the results of exited operations in Vietnam, China and
Finland from both years.
3 The company
understands that market consensus for adjusted profit before tax is
£4.3m and for adjusted EPS is 1.65p
Chief Executive Officer, Rhona Driggs,
commented:
"Challenging conditions have
continued to impact recruitment demand in the first half of
2024. Permanent recruitment continues to see the greatest
impact while our temporary and contract business remained broadly
stable, showing more resilient year-on-year net fee income
performance.
We continue to prioritise our
strategic initiatives and have made significant progress in
building a more scalable and resilient business while reducing
complexity across the Group. Our focus remains on positioning
the business to capture new growth opportunities, strengthening our
sales capabilities, maximising our cross-selling efforts and
diversifying our service offering, while maintaining rigorous cost
control.
I am confident in our ability to
navigate the current environment effectively and optimistic about
our ability to rebound quickly when the market
improves."
Investor presentation
In line with Empresaria's commitment
to ensuring appropriate communication structures are in place for
all shareholders, management will deliver an online presentation,
available to all existing and potential shareholders, on the
interim results for the six months ended 30 June 2024 via the
Investor Meet Company platform on Tuesday 20 August 2024 at 12:00pm
UK time.
Questions can be submitted pre-event
through the platform or at any time during the live
presentation. Management may not be in a position to answer
every question it receives but will address those it can while
remaining within the confines of information already disclosed to
the market.
Q&A responses will be published
at the earliest opportunity on the Investor Meet Company
platform.
Investors can sign up for free
via:
https://www.investormeetcompany.com/empresaria-group-plc/register-investor.
Those who have already registered and requested to meet the Company
will be automatically invited.
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation (2014/596) which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to
time.
- Ends -
Enquiries:
|
Empresaria Group plc
Rhona
Driggs, Chief Executive Officer
Tim Anderson, Chief Financial Officer
|
via Alma PR
|
|
Singer Capital Markets (Nominated Adviser and Joint
Broker)
Shaun Dobson / Alex
Bond
|
020 7496 3000
|
|
Cavendish Capital Markets Limited (Joint
Broker)
Katy Birkin (Corporate
Finance)
Michael Johson / Jasper Berry
(Sales)
|
020 7220 0500
|
|
Alma PR (Financial PR)
Sam
Modlin / Rebecca Sanders-Hewett / Will Merison
|
020 3405 0205
empresaria@almastrategic.com
|
The investor presentation of these
results will be made available during the course of today on
Empresaria's website: www.empresaria.com.
Notes for
editors:
§ Empresaria
Group plc is a global specialist staffing group. We are
driven by our purpose to positively impact the lives of
people, while delivering exceptional talent to our clients
globally. We offer temporary and contract recruitment,
permanent recruitment and offshore services across six sectors:
Professional, IT, Healthcare, Property, Construction &
Engineering, Commercial and Offshore Services.
§ Empresaria
is structured in four regions (UK & Europe, APAC, Americas and
Offshore Services) and operates from locations across the world
including the four largest staffing markets of the US, Japan, UK
and Germany along with a strong presence elsewhere in Asia Pacific
and Latin America.
§ Empresaria
is listed on AIM under ticker EMR. For more information visit
www.empresaria.com.
Cautionary statement
regarding forward-looking statements
This announcement may contain forward-looking statements which
are made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
sometimes, but not always, identify these statements by the use of
a date in the future or such words as "will", "anticipate",
"estimate", "expect", "project", "intend", "plan", "should", "may",
"assume" and other similar words. By their nature,
forward-looking statements are inherently predictive and
speculative and involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the
future. You should not place undue reliance on these
forward-looking statements, which are not a guarantee of future
performance and are subject to factors that could cause our actual
results to differ materially from those expressed or implied by
these statements. Except as required by applicable law or
regulation, Empresaria undertakes no obligation to update any
forward-looking statements contained in this document, whether as a
result of new information, future events or
otherwise.
Finance and operating review
For the six months ended 30 June
2024, net fee income was down 15% on prior year on a reported basis
and 9% down in constant currency and excluding exited operations
("CC LFL"). Adjusted operating profit was £1.0m, down £0.3m
from prior year (down 8% CC LFL) reflecting the benefits of cost
actions taken in 2023 and ongoing tight control over
costs.
Challenging market conditions remain
The industry-wide weakness in demand
and slow hiring decisions that we experienced in late 2022 and
throughout 2023 has continued through the first half of 2024.
This impacted results across the Group with all of our regions
showing a year-on-year reduction in net fee income. Permanent
recruitment has been most heavily impacted with net fee income down
21% CC LFL (reported figure down 27%). Temporary and contract
showed resilience with net fee income down 1% CC LFL (reported
figure down 8%), while in Offshore Services, which delivered a
record year in 2023, net fee income reduced by 10% CC (reported
figure down 14%).
Our IT sector continues to be most
significantly impacted reducing from 17% of our total net fee
income in the first half of 2023 to 13% in the first half of
2024. We are seeing this reduction across all of our regions
and while the US and UK were hardest hit for much of 2023, Asia has
also been significantly impacted in 2024.
Within our Professional sector we
have seen mixed results. Our aviation operation has delivered solid
growth as we diversify out of our traditional pilot contracting
offering, while others have seen net fee income decline in line
with the wider market.
Our Commercial operations in Germany
and South America, where many of our clients operate in the
supermarket industry supply chain, have performed solidly during
the period and continue to be a strong profit generator for the
Group. Our Commercial operation in Germany was significantly
impacted by a bad debt provision of £3.0m (excluding recoverable
sales taxes) with a single client which is described in more detail
in the regional commentary below and has been treated as an
exceptional item in the interim results.
Managing our cost base
We continue to maintain tight
control of our cost base, with administrative costs for the first
half of 2024 down £2.3m CC LFL on the prior year, largely
reflecting the run rate benefit of actions taken in 2023. We
are making limited investments in our sales teams and protecting
our core consultant base to ensure we are well positioned for
market recovery. We continue to keep costs under tight
control, but do not anticipate making any significant headcount
reductions unless the market deteriorates further.
Continuing to deliver on strategic
initiatives
We announced in March our intention
to exit four of our smaller operations in markets or sub-sectors
where we do not plan to invest as part of our focus on scaling our
core sectors of Professional, IT and Healthcare, and reducing the
complexity of the Group. In the first half of 2024 we sold
our loss-making Healthcare operation in Finland and closed our
Professional operation in China. We expect to complete the
remaining two exits in the second half of the year.
We have streamlined our operating
structures, including the consolidation of management structures to
create greater sales and cost synergies and have completed the move
to a more scalable and efficient model in our core sectors with
dedicated sales and delivery teams. In addition, we have
rolled out enhancements to our common front office technology
platform that are targeted at improving productivity across the
Group.
Outlook
We expect weak hiring trends to
continue in the second half of 2024 although we believe we have
seen the bottom of the market and are starting to see some cautious
positive movement in demand in some areas. Our focus is on
positioning the business to capture new growth opportunities and
market share while keeping tight controls on costs and are
confident in our ability to rebound quickly when the market
improves.
Full year adjusted results for 2024
are expected to be broadly in line with current market expectations
although market conditions remain challenging.
Regional Performance
Net fee income by region:
|
£m
|
6 months
ended
30
June
2024
|
6 months
ended
30
June
2023
|
%
change
|
% change
(CC LFL)
|
|
UK & Europe
|
11.6
|
12.6
|
-8%
|
-5%
|
|
APAC
|
5.5
|
7.3
|
-25%
|
-12%
|
|
Americas
|
2.6
|
3.4
|
-24%
|
-16%
|
|
Offshore Services
|
6.1
|
7.0
|
-13%
|
-9%
|
|
Intragroup eliminations
|
(0.5)
|
(0.6)
|
|
|
|
Total
|
25.3
|
29.7
|
-15%
|
-9%
|
Performance in each of our regions
is analysed below.
UK
& Europe
|
£m
|
6 months
ended
30
June
2024
|
6 months
ended
30
June
2023
|
%
change
|
% change
(CC LFL)
|
|
Revenue
|
58.3
|
58.7
|
-1%
|
+3%
|
|
Net fee income
|
11.6
|
12.6
|
-8%
|
-5%
|
|
Adjusted operating profit
|
1.3
|
0.9
|
+44%
|
+30%
|
|
% of Group net fee income
|
46%
|
42%
|
|
|
In UK & Europe, revenue was down
1% on a reported basis, but up 3% CC LFL, with net fee income down
8% on a reported basis and down 5% CC LFL. These results
reflect a greater fall in permanent placements compared to a more
resilient performance in temporary and contract. Adjusted
operating profit was up 44% primarily due to reductions in
costs.
The UK continues to see subdued
demand, particularly in our IT and Professional operations, and
this is reflected in a 2% fall in revenue and a 9% drop in net fee
income. Permanent placement is the main driver of these
reductions while temporary and contract has been more
resilient.
In Germany and Austria, net fee
income was in line with prior year as growth in our logistics
business offset reductions elsewhere. In January, we brought
our operations in Germany and Austria under a single leader as part
of our strategy to simplify our operating structures and to improve
cross-sell and create synergies across these businesses.
During the period the Group sold its
loss-making Healthcare operation in Finland and the results of this
operation are excluded in the CC LFL measures presented.
In July 2024, weLOG, a significant
client of our operations in Germany, went into provisional
self-administration. We remain in discussions with weLOG
regarding the recoverability of outstanding amounts, which at 30
June 2024 totalled £3.0m (net of recoverable sales taxes) with a
further £0.2m (net of recoverable sales taxes) in July 2024.
Under IAS 10 (Events after the Reporting Period) this is considered
to be an adjusting post balance sheet event, and so, in the absence
of any definitive information on recoverability, a provision for
the full amount has been reflected in these interims and is
presented in the income statement as an exceptional
item.
APAC
|
£m
|
6 months
ended
30
June
2024
|
6 months
ended
30
June
2023
|
%
change
|
% change
(CC LFL)
|
|
Revenue
|
23.8
|
26.0
|
-8%
|
+1%
|
|
Net fee income
|
5.5
|
7.3
|
-25%
|
-12%
|
|
Adjusted operating loss
|
(0.4)
|
(0.6)
|
+33%
|
+57%
|
|
% of Group net fee income
|
21%
|
24%
|
|
|
In APAC, revenues reduced by 8% on a
reported basis but increased by 1% CC LFL with net fee income down
25% on a reported basis and down 12% CC LFL. The operating
loss reduced from prior year predominantly due to cost
actions.
Revenues and net fee income fell
across the region reflecting the challenging market
conditions. The most notable exception to this was our
aviation operation which delivered net fee income growth of more
than 20% in constant currency reflecting success in diversifying
revenue streams outside of our core pilot leasing offering and into
engineering and permanent placement. Elsewhere, our IT sector
was the most significantly impacted with falls in both permanent,
and temporary and contract net fee income. Japan was most
significantly impacted, with net fee income down more than 20% in
constant currency, while reductions were also seen in Singapore and
the Philippines.
The region continued to deliver an
operating loss, although this was reduced from prior year
reflecting cost actions that offset net fee income reductions as
well as significant reductions in losses reported in aviation and
Australia.
During the year we closed our small
Professional operation in China and these results are excluded from
the CC LFL measures presented.
Americas
|
£m
|
6 months
ended
30
June
2024
|
6 months
ended
30
June
2023
|
%
change
|
% change
(CC LFL)
|
|
Revenue
|
27.1
|
28.4
|
-5%
|
8%
|
|
Net fee income
|
2.6
|
3.4
|
-24%
|
-16%
|
|
Adjusted operating loss
|
(0.4)
|
(0.3)
|
-33%
|
+0%
|
|
% of Group net fee income
|
10%
|
11%
|
|
|
In the Americas, revenue was down 5%
on a reported basis, but up 8% in constant currency, while net fee
income was down 24% on a reported basis and down 16% in constant
currency. The reported operating loss increased slightly on
last year due to currency movements.
Results for the period are driven by
our US operations which saw a 50% year-on-year drop in net fee
income resulting in an increased loss for the period. The IT
sector continues to be extremely challenging in the US and we are
yet to see any sustained signs of improvement. Costs have
been cut as far as practical to limit losses while protecting the
ability to recover. In Healthcare we saw positive momentum as
H1 progressed and have a solid pipeline for H2.
Our Commercial operations in South
America showed strong growth in net fee income of more than 10% in
constant currency. Due to currency movements the reported net
fee income showed a small fall but reported profits increased year
on year.
Offshore Services
|
£m
|
6 months
ended
30
June
2024
|
6 months
ended
30
June
2023
|
%
change
|
% change
(CC LFL)
|
|
Revenue
|
13.1
|
13.2
|
-1%
|
+3%
|
|
Net fee income
|
6.1
|
7.0
|
-13%
|
-9%
|
|
Adjusted operating profit
|
2.6
|
3.7
|
-30%
|
-28%
|
|
% of Group net fee income
|
23%
|
23%
|
|
|
Offshore Services delivered a fall
in reported revenue of 1% (up 3% in constant currency) with
reported net fee income down 13% (down 9% in constant
currency). Revenue reflects some low margin temporary and
contract business which was not present in the prior year.
Excluding this, revenue in the core offshore services offering was
down 6%.
Offshore Services showed strong
resilience last year, delivering record net fee income despite
market challenges as they benefited from the full year effect of
the strong growth they delivered in 2022. At the end of 2023
and the start of 2024, UK Healthcare demand fell significantly in
response to the NHS targeting reductions in agency spend.
Demand has stabilised in both the UK and US but remains muted
reflecting the wider conditions for the recruitment industry where
the vast majority of our clients operate. We see
opportunities to diversify our client base, particularly in our
accounting and finance offering, to help offset this
exposure. The results reflect some additional pressure on
margins with inflationary rises in the cost base and greater
challenges in passing these increases on to clients in the current
economic environment.
Financing
Net finance costs for the period
were £0.8m (2023: £0.8m) with the impact of higher interest rates
and higher average levels of net debt in the period offset by
improved cash efficiency.
Net cash inflow from operating
activities was nil (2023: £4.6m), reflecting trading for the period
and the impact of an exceptional bad debt provision recognised in
the period which was partially offset by a net working capital
inflow across the Group.
The Group sold its Finland based
Healthcare operation in the first half of 2024 resulting in a £0.4m
cash inflow. Capital expenditure was £0.4m (2023: £0.9m)
significantly reduced from the prior year which included
infrastructure investment to support growth in Offshore
Services. The Group's dividend to its shareholders resulted
in a £0.5m outflow
(2023: £0.7m) and dividends to non-controlling interests were £0.3m
(2023: £0.4m).
The Group has a programme of
purchasing shares and transferring these into the Employee Benefit
Trust in order to build shares for the part-settlement of share
options in order to reduce the dilutive impact on exercise.
As there are currently no outstanding, vested share options and the
Employee Benefit Trust holds 0.8m shares, no purchases were made in
the period (2023: £0.1m).
Adjusted net debt (which excludes
£0.2m cash held in
respect of pilot bonds and does not include lease liabilities
recognised under IFRS 16) was £13.5m as at 30 June 2024, an
increase of £2.4m from 31 December 2023. Average month end
adjusted net debt during the period was £10.9m (six months ended 30 June 2023:
£7.9m).
As at 30 June 2024, the Group had
financing facilities totalling £42.1m (31 December 2023:
£50.8m). Excluding invoice financing, undrawn facilities
reduced to £10.5m (31 December 2023: £17.8m) reflecting the higher
level of net debt alongside an improvement in cash management
enabling certain facility limits to be reduced.
The Group's revolving credit
facility covenants are tested on a
quarterly basis. The covenants, and our performance against
them as at 30 June 2024, are as follows:
|
Measure
|
Target
|
Actual
|
|
Net debt to EBITDA
|
< 2.5 times
|
1.7 times
|
|
Interest cover
|
> 4.0 times
|
5.3 times
|
Dividend
In line with prior years, the Board
is not recommending the payment of an interim dividend for 2024
(2023: nil).
20 August
2024
|
Condensed consolidated income statement
|
|
Six
months ended 30 June 2024
|
|
|
|
|
|
|
|
6 months ended 30 June
2024
|
6 months
ended 30 June 2023
|
Year
ended 31
December 2023
|
|
|
|
Unaudited
|
Unaudited
|
|
|
|
Notes
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Revenue
|
3
|
121.8
|
125.7
|
250.3
|
|
Cost of sales
|
|
(96.5)
|
(96.0)
|
(192.8)
|
|
|
|
|
|
|
|
Net
fee income
|
3
|
25.3
|
29.7
|
57.5
|
|
Administrative
costs1
|
|
(24.3)
|
(28.4)
|
(52.4)
|
|
Adjusted operating profit
|
3
|
1.0
|
1.3
|
5.1
|
|
|
|
|
|
|
|
Exceptional
items1
|
5
|
(3.5)
|
-
|
(0.6)
|
|
Loss on sale of
subsidiary
|
|
(0.2)
|
-
|
-
|
|
Fair value charge on acquisition of
non-controlling shares
|
|
(0.4)
|
(0.1)
|
(0.1)
|
|
Impairment of goodwill
|
|
-
|
-
|
(1.5)
|
|
Amortisation of intangible assets
identified in business combinations
|
|
(0.5)
|
(0.6)
|
(1.2)
|
|
Operating (loss)/profit
|
|
(3.6)
|
0.6
|
1.7
|
|
|
|
|
|
|
|
Finance income
|
4
|
0.4
|
0.2
|
0.6
|
|
Finance costs
|
4
|
(1.2)
|
(1.0)
|
(2.2)
|
|
Net finance costs
|
4
|
(0.8)
|
(0.8)
|
(1.6)
|
|
(Loss)/profit before tax
|
|
(4.4)
|
(0.2)
|
0.1
|
|
|
|
|
|
|
|
Taxation
|
7
|
0.9
|
(0.1)
|
(1.4)
|
|
|
|
|
|
|
|
Loss for the period
|
|
(3.5)
|
(0.3)
|
(1.3)
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Owners of Empresaria Group
plc
|
|
(4.1)
|
(1.0)
|
(2.9)
|
|
Non-controlling interests
|
|
0.6
|
0.7
|
1.6
|
|
|
|
(3.5)
|
(0.3)
|
(1.3)
|
|
|
|
|
|
|
|
|
|
Pence
|
Pence
|
Pence
|
|
|
|
Unaudited
|
Unaudited
|
|
|
Earnings per share
|
|
|
|
|
|
Basic
|
8
|
(8.4)
|
(2.0)
|
5.9
|
|
Diluted
|
8
|
(8.4)
|
(2.0)
|
5.9
|
|
|
|
|
|
|
|
Details of adjusted earnings per
share are shown in note 8.
|
1 The income
statement includes costs in respect of the impairment of trade
receivables totalling £3.0m (2023: £0.3m) of which £nil is included
with administrative costs (2023: £0.3m) and £3.0m is within
exceptional items (2023: nil).
|
Condensed consolidated statement of comprehensive
income
|
|
|
Six
months ended 30 June 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 months ended 30 June
2024
|
6 months
ended 30 June 2023
|
Year
ended 31
December 2023
|
|
|
|
Unaudited
|
Unaudited
|
|
|
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Loss for the period
|
|
(3.5)
|
(0.3)
|
(1.3)
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified
subsequently to the income statement:
|
|
|
|
|
|
Exchange
differences on translation of foreign operations
|
|
(0.5)
|
(2.0)
|
(2.2)
|
|
Items that will not be reclassified
to the income statement:
|
|
|
|
|
|
Exchange
differences on translation of non-controlling interests in foreign
operations
|
|
(0.1)
|
(0.2)
|
(0.4)
|
|
Other comprehensive loss for the period
|
|
(0.6)
|
(2.2)
|
(2.6)
|
|
|
|
|
|
|
|
Total comprehensive loss for the period
|
|
(4.1)
|
(2.5)
|
(3.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Owners of Empresaria Group
plc
|
|
(4.6)
|
(3.0)
|
(5.1)
|
|
Non-controlling interests
|
|
0.5
|
0.5
|
1.2
|
|
|
|
(4.1)
|
(2.5)
|
(3.9)
|
|
Condensed consolidated balance sheet
|
|
|
|
|
|
As
at 30 June 2024
|
|
|
|
|
|
|
|
30 June
2024
|
30 June
2023
|
31
December 2023
|
|
|
|
Unaudited
|
Unaudited
|
|
|
|
Notes
|
£m
|
£m
|
£m
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and
equipment
|
|
2.0
|
2.8
|
2.4
|
|
Right-of-use assets
|
|
4.7
|
5.2
|
6.4
|
|
Goodwill
|
|
28.9
|
31.1
|
29.7
|
|
Other intangible assets
|
|
6.3
|
7.5
|
6.9
|
|
Deferred tax assets
|
|
6.1
|
5.2
|
5.7
|
|
|
|
48.0
|
51.8
|
51.1
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
11
|
41.6
|
44.4
|
44.7
|
|
Cash and cash equivalents
|
10
|
16.5
|
19.6
|
17.1
|
|
|
|
58.1
|
64.0
|
61.8
|
|
|
|
|
|
|
|
Total assets
|
|
106.1
|
115.8
|
112.9
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
12
|
29.8
|
33.2
|
31.5
|
|
Current tax liabilities
|
|
0.9
|
1.2
|
1.3
|
|
Borrowings
|
9
|
19.7
|
18.8
|
18.7
|
|
Lease liabilities
|
|
2.6
|
2.2
|
4.3
|
|
|
|
53.0
|
55.4
|
55.8
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Borrowings
|
9
|
10.1
|
9.0
|
9.2
|
|
Lease liabilities
|
|
2.6
|
3.4
|
2.6
|
|
Deferred tax liabilities
|
|
2.3
|
2.5
|
2.4
|
|
|
|
15.0
|
14.9
|
14.2
|
|
|
|
|
|
|
|
Total liabilities
|
|
68.0
|
70.3
|
70.0
|
|
|
|
|
|
|
|
Net
assets
|
|
38.1
|
45.5
|
42.9
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital
|
|
2.5
|
2.5
|
2.5
|
|
Share premium account
|
|
22.4
|
22.4
|
22.4
|
|
Merger reserve
|
|
0.9
|
0.9
|
0.9
|
|
Retranslation reserve
|
|
1.0
|
1.8
|
1.6
|
|
Equity reserve
|
|
(10.2)
|
(10.2)
|
(10.2)
|
|
Retained earnings
|
|
14.8
|
21.8
|
19.2
|
|
Equity attributable to owners of Empresaria Group
plc
|
31.4
|
39.2
|
36.4
|
|
Non-controlling interests
|
|
6.7
|
6.3
|
6.5
|
|
Total equity
|
|
38.1
|
45.5
|
42.9
|