Empresaria Group (EMR) H2 2025 earnings summary

Executive summary

• Delivered improved adjusted profit before tax of £4.0m, up 82% year-over-year, despite a 6% decline in net fee income to £47.3m amid challenging staffing markets.

• Offshore Services and US healthcare segments achieved strong net fee income growth of 16% and 19% (CC LFL), respectively.

• Strategic reset in late 2025 returned focus to decentralised, multi-branded, director-led value creation and disciplined, profitable growth.

• No final dividend proposed for 2025 due to financial position and negative distributable reserves.

Financial highlights

• Revenue decreased 3% to £239.0m; net fee income down 6% to £47.3m (flat at constant currency).

• Adjusted operating profit rose 50% to £5.7m; adjusted diluted loss per share improved to 0.6p from 1.0p.

• Net debt increased to £17.1m, driven by minority dividends, tax, FX losses, and exceptional costs.

• Reported loss before tax was £4.4m (2024: £5.2m loss); diluted loss per share 19.0p.

• Free cash flow improved to £2.3m from a £3.9m outflow in 2024.

Outlook and guidance

• Trading outlook for 2026 remains uncertain due to macroeconomic and geopolitical factors.

• 2026 strategy targets balanced, profitable growth, improved cost discipline, and higher investment in Offshore Services.

• Focus on eliminating loss-making activities, strengthening accountability, and reducing net debt.