28 Mar 2017 14:21
28 March 2017
Empresaria Group plc("Empresaria" or the "Company")
Annual Report and Accounts and Notice of AGM
Technical change to Preliminary Statement
Empresaria, the international specialist staffing group, is today posting its Annual Report and Accounts for the year ended 31 December 2016 and Notice of Annual General Meeting ("AGM") and Form of Proxy to its shareholders. The AGM will be held at 1 p.m. on Wednesday 3 May 2017 at the Company's head office at Old Church House, Sandy Lane, Crawley Down, Crawley, West Sussex RH10 4HS.
Copies of the Annual Report and Accounts, Notice of AGM and Form of Proxy will be available to download from the Governance section of the Company's website (empresaria.com).
We draw your attention to a change made to the disclosures presented in the Consolidated Cashflow Statement within the Preliminary Statement announced on 1 March 2017, as detailed below.
Following a review of the Group's accounting policy, the presentation of the movement in invoice financing in the Cashflow Statement has been amended with a restatement of the prior year presentation, to provide shareholders with a clearer understanding of the operating cash flows of the Group. Under the revised accounting treatment this is now presented as part of 'Cash flow from financing activities' rather than 'Cash flow from operating activities'. The impact of the restatement is a disclosure change only and is summarised below.
In the Cashflow Statement:
Year to 31 December 2016 | Cash generated from operations | Net cash from operating activities | Net cash from financing activities | Movement in net cash and cash equivalents |
Previously disclosed: Increase | 11.9 | 6.4 | 9.3 | 8.7 |
Adjustment in invoice financing presentation |
(0.8) |
(0.8) |
0.8 |
- |
Restated: Increase | 11.1 | 5.6 | 10.1 | 8.7 |
Year to 31 December 2015 | Cash generated from operations | Net cash from operating activities | Net cash from financing activities | Movement in net cash and cash equivalents |
Previously disclosed: Increase | 7.6 | 5.3 | 1.4 | 0.1 |
Adjustment in invoice financing presentation | 1.2 | 1.2 |
(1.2) |
- |
Restated: Increase | 8.8 | 6.5 | 0.2 | 0.1 |
There was no impact of the above changes on the Consolidated Income Statement, the Consolidated Balance Sheet and earnings per share. The revised Cashflow Statement can be reviewed in the Report and Accounts which will be made available on the Company's website.
Enquiries:
Empresaria Group plcJoost Kreulen, Chief Executive OfficerSpencer Wreford, Group Finance Director | via Redleaf |
Arden Partners (Nominated Adviser and Broker)John Llewellyn-Lloyd / Steve Douglas / Ciaran Walsh | 020 7614 5900 |
Redleaf Communications (Financial PR)Rebecca Sanders Hewett / Sam Modlin | 020 7382 4730empresaria@redleafpr.com |
Notes for editors:
§ Empresaria Group plc is an international specialist staffing group with 21 brands operating in 19 countries across the globe including the UK, Germany, Japan, India, UAE, Indonesia, Chile, Australia, Thailand, Singapore, Finland, USA, New Zealand, China, Malaysia and the Philippines.
§ Empresaria offers temporary/contract and permanent staffing solutions as well as Offshore Recruitment Services in seven key sectors: Technical & Industrial, Aviation Services, IT & Design, Professional Services, Healthcare, Executive search and Retail.
§ Empresaria applies a multi brand, management equity philosophy and business model, with Empresaria group company management teams holding significant equity in their own business.
§ Empresaria is listed on AIM under ticker EMR. For more information: empresaria.com
Empresaria Group (EMR)