LONDON (Alliance News) - The chair of recruitment firm Empresaria Group PLC said Tuesday the company was on course to meet full year forecasts after first quarter net fee income grew on the year prior.
In his annual general meeting statement, Chair Tony Martin explained that it had "delivered year on year growth in net fee income for the first quarter of 2019."
Consequently, it was "on course to meet market expectations for the full year, with the group's profit contribution anticipated to be more second half weighted due to the previously highlighted increase in central staff costs, new office openings and our brands in Germany and Japan starting this year from a lower base position."
In 2018, Empresaria generated GBP9.4 million in pretax profit on revenue of GBP366.8 million. Net fee income stood at GBP72.3 million.
Martin added that its investment in Grupo Solimano in Peru was "performing well and in line with our expectations." In July 2018, Empresaria acquired a 60% stake in staffing services firm Solimano for up to GBP2.1 million.
Shares in Empresaria were 0.7% lower at 73.51 pence on Tuesday. The firm will release its interim results on August 21.
Empresaria Group (EMR)