18 May 2026

 

Empresaria Group plc

("Empresaria", the "Company" or the "Group")

 

Results for the year ended 31 December 2025

 

 

Empresaria (AIM: EMR), the global specialist staffing group, reports its results for the year ended 31 December 2025.

 

Financial highlights

	2025	2024	% change	% change CC LFL2
Revenue	£239.0m	£246.2m	-3%	+2%
Net fee income	£47.3m	£50.4m	-6%	0%
Adjusted operating profit1	£5.7m	£3.8m	+50%	+48%
Operating loss	£(2.7)m	£(3.6)m	+25%
Adjusted profit before tax1	£4.0m	£2.2m	+82%
Loss before tax	£(4.4)m	£(5.2)m	+15%
Adjusted diluted loss per share1	(0.6)p	(1.0)p	+40%
Diluted loss per share	(19.0)p	(21.2)p	+10%

 

1    Adjusted to exclude amortisation of intangible assets identified in business combinations, impairment of goodwill and other intangible assets, exceptional items, loss on sale of subsidiaries, fair value charges on acquisition of noncontrolling shares and, in the case of earnings, any related or exceptional tax.

2    CC LFL - Constant currency and excluding exited operations. Calculated by translating the 2024 results at the 2025 exchange rates and excluding the results of operations exited in 2024 and 2025 from both years.

 

·    Net fee income flat on a CC LFL basis (reported figure down 6% to £47.3m)

o  Offshore Services once again achieved a very strong net fee income growth of 16% (CC LFL)

o  Reductions in net fee income across other operations bar the US which delivered growth of 23% (CC LFL)

o  Temporary and contract net fee income reduced by 4% (CC LFL)

o  Permanent placement continues to be challenging with net fee income reduced by 9% (CC LFL)

·    Adjusted operating profit up 50% to £5.7m - reduction in net fee income offset by cost reductions

·    Adjusted profit before tax up 82% to £4.0m - driven by increase in adjusted operating profit

·    Adjusted, diluted loss per share improved to 0.6p, reflecting the increase in adjusted operating profit before tax

·    Net debt increased to £17.1m (31 December 2024: £15.3m) with headroom (excluding invoice financing) of £5.4m

·    No final dividend proposed for 2025 reflecting the current challenging trading environment and the Group's financial position

·    Subsequent to the balance sheet date, the Group's revolving credit facility has been extended to October 2027

 

Reassessment of the Group's strategy

 

·    From 1 January 2026, following the new management team's review, the Group formally concluded its prior transformation strategy and returned to a decentralised, multi-branded staffing model aligned with Empresaria's founding principles

·    The Group's strategic focus is now:

o	Stabilising the business and eliminating loss-making activities
o	Reinstating a regional reporting structure, moving away from the classification of operations as 'Core' and 'Non-core'
o	Delivering balanced, profitable growth alongside strengthened cost control, financial discipline and governance
o	Empowering operating companies through decentralised leadership, specialist focus and entrepreneurial agility

 

Joost Kreulen, Empresaria's Chairman, commented:

 

"The staffing market remained challenging throughout 2025. While operational efficiencies improved, it became clear to the Board that the centralised transformation strategy initiated in 2024 by the previous board and management was not delivering the expected commercial outcomes. Notwithstanding this, our Offshore Services business has continued to perform strongly and delivered pleasing growth.

 

The move toward a single-brand structure and the classification of operations as "Core" and "Non-core" introduced complexity and diluted the entrepreneurial strengths that historically underpinned Empresaria's success.

 

At the end of 2025, the new Board undertook a comprehensive review and concluded that a strategic reset was required, and the Group has returned to a decentralised, multi-branded staffing model aligned with Empresaria's founding principles. We believe that the Group now has a much clearer strategic focus that empowers the operating companies and will leave Empresaria well placed for when the market recovers."

 

Enquiries:

Empresaria Group plc Nigel Marsh, Chief Executive Officer Spencer Wreford, Chief Financial Officer	via Alma PR
Allenby Capital Limited (Nominated Adviser and Broker) Nick Naylor / Vivek Bhardwaj (Corporate Finance) Tony Quirke (Equity sales) / Ian Jermin (Research)	020 3328 5656
Alma Strategic Communications (Financial PR) Sam Modlin / Rebecca Sanders-Hewett / Sarah Peters	020 3405 0205 [email protected]

 

Chairman's statement

 

2025 performance

The staffing market remained challenging throughout 2025.

The Group has performed ahead of expectations with improved operating profits against a backdrop of challenging market conditions. Our Offshore Services business delivered a healthy growth in net fee income of 16% (CC LFL) and there was strong fee growth of 19% (CC LFL) in our US healthcare business. The Group experienced varied market conditions during the year in other regions, and in particular the UK, Germany and APAC.

 

People

I would like to acknowledge and thank all our teams for their hard work and dedication in delivering improved results during what has been a challenging year. Their perseverance and determination have been exemplary. It is the strength of our people and Managing Directors' leadership that will enable us to execute our balanced growth strategy successfully and continue delivering sustainable value to our shareholders.

 

Dividend

The Board has reviewed the dividend in light of the 2025 results, the current trading environment and the financial position of the Company and the Group. As a result, the Board is proposing not to pay a final dividend in respect of the year ended 31 December 2025 (31 December 2024: £nil).

 

2025: A necessary reassessment

I was appointed to the Board on 15 October 2025, together with my fellow Non-Executive Directors, with a mandate to stabilise the Group's financial and operational controls, re-engage with the Managing Directors across the Group's businesses, and undertake a comprehensive review of the Group's strategy.

 

In the second half of 2025, the new Board undertook this comprehensive review and concluded that a strategic reset was required. A key priority has been to reaffirm the Group's core principles: entrepreneurial freedom of action, a decentralised multi-branded business model and director-led value creation.

 

As a newly constituted Board, we have discontinued the accelerated growth at all costs strategy pursued by the previous Board, which proved unsuccessful in both conception and execution. We have instead adopted a balanced and sustainable growth strategy for the years ahead.

 

Strategy for 2026 onwards

From 1 January 2026, we formally ended the prior transformation strategy and returned to a decentralised, multi-branded model aligned with Empresaria's founding principles.

 

The new Board's mandate was clear, being:

·      Stabilise the Group

·      Eliminate pockets of losses

·      Restore financial discipline

·      Reassess strategic direction

 

We will operate across UK & Europe, APAC and the Americas, supporting all Group companies and moving away from "Core" and "Non-core" classifications.

 

This structure restores local accountability while strengthening central oversight and financial control.

 

Balanced and profitable growth

Our focus shifts decisively from "growth at all costs" to balanced, profitable growth and the Group's 2026 budget reflects this discipline at the net fee income and operating profit levels.

 

Improvements will be driven by:

·      Stopping loss-making activity

·      Strengthening cost control

·      Empowering operating company leadership

·      Improving accountability and execution

 

Selective disposals will be considered only where there is a clear commercial rationale and stakeholder alignment.

 

Rebuilding confidence

Empresaria was founded on decentralised leadership, specialist focus and entrepreneurial agility.

 

Our revised strategy restores that identity while embedding stronger financial discipline and governance.

 

Outlook

The challenging economic environment we have seen across the staffing industry in recent years has continued into 2026 and the Group's trading outlook remains uncertain at the macroeconomic and global political levels.

 

Notwithstanding this, we enter 2026 with a stabilised operating model, clear financial targets, improved cost discipline and stronger accountability. We have clear priorities including delivering consistent, profitable growth, strengthening the balance sheet, rebuilding shareholder confidence and higher investment in Offshore Services.

 

By combining entrepreneurial freedom with disciplined financial control, we believe Empresaria is well positioned to create sustainable long-term value.

 

Joost Kreulen

Chairman of the Board

15 May 2026

 

 

Operating review

 

The operating review by segment below follows the classification of "Core" (UK, US and Offshore Services) and "Non-core" operations as adopted by the former Board. From 1st January 2026, the new Board will move away from labelling operating companies as "Core" and "Non-core", with all Group companies supported and nurtured by the central plc team.

 

 

UK

 

£m	2025	2024
Revenue	18.8	22.4
Net fee income	3.9	4.4
Adjusted operating loss	(0.1)	(0.8)
% of Group net fee income	8%	9%
Average number of staff	40	43

 

In the UK, revenue decreased by 16% and net fee income declined by 11% year-on-year. The adjusted operating loss reduced by 88%, driven by strong cost control and efficiencies gained from operating under a single brand, bringing the business closer to break-even.

 

The decline in net fee income primarily reflected a 20% reduction in temporary and contract activity, partially offset by a 32% increase in permanent net fee income. Within the Professional sector, net fee income reduced significantly due to weaker demand across our client base.

 

Towards the end of 2024, the UK operation was consolidated under a single leadership and management structure to seek to enhance efficiency and strengthen cost control. The new Board is resetting that strategy to enable business Managing Directors across the Group to operate with greater entrepreneurialism and a balanced, sales-driven focus, with continued support from the central plc team.

 

 

 

US

 

£m	2025	2024
Revenue	11.8	10.5
Net fee income	2.7	2.3
Adjusted operating loss	(0.7)	(0.7)
% of Group net fee income	6%	4%
Average number of staff	22	16

 

In US, our revenue increased by 12% (16% CC LFL) and net fee income increased by 17% (23% CC LFL). Adjusted operating loss remained unchanged at £0.7m.

 

Our US Healthcare operation, which has underperformed in recent years, delivered a strong performance in the second half of 2024 and continued this momentum into 2025, achieving solid profitability and year-on-year growth in net fee income of 15% (19% CC LFL). This improvement reflects supportive market conditions and the operational actions taken to strengthen the business. We are encouraged by the improvement in performance during 2025, which demonstrates the operation's strong underlying growth potential.

 

Our US IT operation continued to face a challenging and cautious market with the growth of AI replacing IT roles, resulting in further declines in net fee income in 2025. Cost-saving initiatives were implemented during the period, resulting in a modest improvement in reported losses compared with the prior year. Our focus is now on strengthening our sales strategy to position the business to benefit from improving market conditions.

 

Our US Professional operation was launched in 2023 amid a challenging market and achieved substantial growth in 2025, with revenue increasing by 229% (240% CC LFL) and net fee income increasing by 184% (194% CC LFL). Continued investment in building the sales team to support this growth resulted in an increased operating loss during the period.

 

 

Offshore Services

 

£m	2025	2024
Revenue	28.8	26.9
Net fee income	13.8	12.7
Adjusted operating profit	7.0	5.8
% of Group net fee income	29%	25%
Average number of staff	2,697	2,521

 

 

The Group's Offshore Services delivered a solid performance in 2025, with revenue up 7% (15% CC LFL), net fee income up 9% (16% CC LFL) and profits up 21% (30% CC LFL).

 

Our Offshore Services operations provide operational and recruitment process support, principally in the UK and the US. These services include compliance, finance and accounting, and other business-critical functions, supporting both third-party clients and our own Group businesses. This capability enhances operational efficiency and scalability and is delivered from our centres in India and the Philippines.

 

In the UK, following a reduction in net fee income in 2024, we returned to growth in 2025. Demand strengthened during the year, and at the end of 2025 billable seats increased by 13% compared with the end of 2024, reflecting a sustained focus on Education, Engineering and light industry sectors creating a more balanced revenue base and reduced dependence on the healthcare sector, paving the way for future growth and building on the positive business momentum.

 

In the US, market conditions stabilised during the period, with billable seats increasing by 11% at the end of 2025 compared with the prior year end. The US region continues to show structural strength and has become more of a balanced business portfolio.

 

Overall, the UK region has successfully mitigated sectoral contractual risks and regained a growth trajectory. Accounting, business back-office and digital marketing outsourcing witnessed structural growth momentum as businesses increasingly outsource non-core functions optimising costs amid macroeconomic volatility.

 

Non-core operations (reclassified with effect from 1 January 2026)

 

£m	2025	2024
Revenue	180.7	180.8
Net fee income	28.0	30.4
Adjusted operating profit	3.0	4.3
% of Group net fee income	57%	62%
Average number of staff	422	478

 

In the non-core operations, revenue was unchanged in the year (up by 1% CC LFL), net fee income decreased by 8% (8% CC LFL), and profit decreased by 30% (down by 28% CC LFL).

 

Non-core operations regions continued to be affected by the wider recruitment market, particularly in Professional, IT and Commercial sectors.

 

In UK & Europe, our two largest profit contributors in 2025 were headway in Germany and Greycoat in the UK. Greycoat, which operates in private household services and corporate hospitality, reported a 3% increase in revenue year-on-year, but a reduction of net fee income by 6%, reflecting a strong comparative performance in 2024. headway reported a 4% decline in revenue year-on-year, primarily driven by challenging conditions in the commercial sector.

 

In Japan, our IT recruitment operation delivered a solid performance in 2025, with net fee income increasing by 4% year-on-year (up by 6% CC LFL), reflecting improved conditions in the IT sector following a challenging 2024.

 

Our aviation operation, operating across New Zealand, Singapore and Sweden, achieved 5% net fee income growth in constant currency and returned to profitability in 2025 after several years of losses. The improved performance reflects strategic reductions in the cost base and continued diversification of the revenue mix, supported by strong growth in permanent recruitment and early signs of recovery in our core pilot leasing offering.

 

For the other operations in the APAC region, the wider recruitment market remains challenging. In Malaysia, we continued to see good progress with net fee income growing by 7% year-on-year, and good progress on profits which has increased by 19% year-on-year. While this remains our smallest operation in the region it is a market with strong drivers for growth including from increased foreign investment.

 

In South America, our largest profit for the non-core operations, being the Chile operation, has continued to deliver good growth with a 7% increase in net fee income (up by 12% CC LFL), and a 18% increase in profit (up by 22% CC LFL). In our smaller operation in Peru we saw significant growth in net fee income of 21% year-on-year, with profits also doubling in the year.

 

 

 

Finance review

 

Overview

 

The Group's 2025 results reflect ongoing challenging market conditions, with revenue down 3% (up 2% CC LFL) and net fee income down 6% (unchanged on a constant currency basis). Despite this, adjusted operating profit increased by 50% (48% CC LFL). This improvement in adjusted operating profit drove an 82% increase in adjusted profit before tax to £4.0m, with adjusted diluted loss per share improving to 0.6p from a loss per share of 1.0p in the prior year.

 

Net debt increased to £17.1m at 31 December 2025 (31 December 2024: £15.3m), mainly driven by external dividends paid to minority interests, tax payments, foreign exchange translation losses resulting from the depreciation of the Indian rupee in the second half of 2025 ("H2"), and exceptional costs. The Group is targeting to eliminate its net debt through improved trading results, reduced tax bills by utilising deferred tax losses and by

effective and consistent management of working capital. Facility headroom at 31 December 2025 was £5.4m (excluding invoice financing) which will be used for organic growth.

 

Income statement

	2025 £m	2024 £m	% change	% change CC LFL2
Revenue	239.0	246.2	-3%	+2%
Net fee income	47.3	50.4	-6%	0%
Operating loss	(2.7)	(3.6)	+25%
Adjusted operating profit1	5.7	3.8	+50%	+48%
Loss before tax	(4.4)	(5.2)	+15%
Adjusted profit before tax1	4.0	2.2	+82%
Diluted loss per share	(19.0)p	(21.2)p	+10%
Adjusted, diluted loss per share1	(0.6)p	(1.0)p	+40%

 

¹ Adjusted to exclude amortisation of intangible assets identified in business combinations, impairment of goodwill and other intangible assets, exceptional items, loss on sale of subsidiaries, fair value charges on acquisition of noncontrolling shares and, in the case of earnings, any related or exceptional tax. See note 6 for a reconciliation between profit before tax and adjusted profit before tax.

² CC LFL - Constant currency and excluding exited operations. Calculated by translating the 2024 results at the 2025 exchange rates and excluding the results of operations exited in 2024 and 2025 from both years.

 

Revenue decreased by 3% (up 2% CC LFL) with net fee income decreasing by 6% (unchanged on a constant currency basis). The greater fall in net fee income reflects the revenue mix with net fee income from permanent placement down 14% (9% CC LFL) and temporary and contract down 9% (down 4% CC LFL), offset by offshore services up 9% (19% CC LFL). Staff productivity improved slightly, ongoing cost actions partially offset the reduction in net fee income with adjusted operating profit up 50% (48% CC LFL) to £5.7m.

 

A detailed analysis of the results by region is provided in the Operating Review. Central costs decreased to £3.5m (2024: £4.1m) following some cost savings made in the year.

 

Adjusted profit before tax increased by 82% to £4.0m reflecting the improvement in adjusted operating profit. Net interest costs increased by £0.1m to £1.7m due to the impact of higher net debt partially offset with improved cash management. The reported loss before tax of £4.4m (2024: loss of £5.2m) is stated after amortisation of intangible assets identified in business combinations of £1.1m (2024: £1.2m), impairment of goodwill of £5.3m (2024: £1.1m) and exceptional items of £2.0m (2024: £4.1m).

 

Exceptional items of £2.0m comprised £0.9m for the termination costs for the departure of the former executives and reconstitution of the Board in October 2025; £0.7m for legal and professional costs incurred in respect of  the aborted takeover offers; £0.2m in restructuring costs of the Germany operations; and £0.2m in suspending the costs incurred by the former Board of its failed strategy implementation in the first half of 2025 ("H1").

 

The goodwill impairment recognised during the year relates to four businesses, two within the core operations in the UK and the US and two within the non-core operations in the UK and Peru. The charges reflect weaker trading performance in recent years within the US IT operation, alongside continued challenging recruitment market conditions in the UK as well as challenges within the commercial operations in Peru.

 

The total tax for the year is a charge of £3.2m (2024: £3.7m). This is due to tax being charged on profits arising from certain group companies, without any benefit from tax losses in the other  group companies.  The new strategy to eliminate loss making entities and stabilise the financial position will help address this going forward. On an adjusted basis, the effective tax rate for the group is 64% (2024: 55%). The effective tax rate is higher than the underlying tax rates due to a number of factors, including:

·	expenses not deductible for tax purposes (£0.9m);
·	withholding taxes, dividend taxes and deferred tax liabilities on unremitted earnings in respect of our overseas operations (£0.9m); and
·	deferred tax assets not recognised on certain tax losses around the Group (£1.5m).

          

 

The adjusted diluted loss per share of 0.6p (2024: loss per share of 1.0p) reflects the increase in adjusted profit before tax. Reported diluted loss per share was 19.0p reflecting the exceptional items and impairment charges.

 

Balance sheet

 

	2025	2024 (Restated)
	£m	£m
Goodwill and other intangible assets	25.9	32.3
Trade and other receivables	38.2	39.1
Cash and cash equivalents	17.6	17.2
Right-of-use assets	6.4	5.9
Other assets	7.7	6.0
Total assets	95.8	100.5
Trade and other payables	(28.9)	(26.8)
Borrowings	(34.7)	(32.5)
Lease liabilities	(6.6)	(6.2)
Other liabilities	(5.4)	(3.6)
Total liabilities	(75.6)	(69.1)
Net assets	20.2	31.4

 

Goodwill and other intangible assets arise from the investments and acquisitions the Group has made. At 31 December 2025 the balance was £25.9m (2024: £32.3m) with the movement in 2025 due to £1.2m of amortisation of intangible assets (2024: £1.4m), foreign exchange gain of £0.1m (2024: losses of £0.7m), goodwill impairment charge of £2.8m (2024: £1.5m) and no additions in the year (2024: £0.2m).

 

Trade and other receivables include trade receivables of £29.5m (2024: £29.7m). Average debtor days for the Group in 2025 reduced to 38 days (2024: 39), with debtor days at 31 December 2025 year-end of 39 days (2024: 40). The income statement includes a charge of £0.5m (2024: £3.2m) in respect of impairment losses on trade receivables which for 2024 all related to the exceptional bad debt expenses.

 

Cash and borrowings are discussed in the financing section below.

 

Cash flow

 

The Group measures its free cash flow as a key performance indicator and defines this as net cash from operating activities per the cash flow statement after deducting payments made under lease agreements.

 

	2025	2024
	£m	£m
Net cash inflow from operating activities per cash flow statement	7.7	1.4
Deduct payments made under lease agreements	(5.4)	(5.3)
Free cash flow	2.3	(3.9)
Taxation	3.0	2.1
Free cash flow (pre-tax)	5.3	(1.8)

 

Free cash flow increased by £6.2m in 2025 compared to 2024, with the largest driver being the increase in adjusted profit. The Group also presents a pre-tax free cash flow measure as tax payments in an international business can be volatile.

 

 

The reconciliation from free cash flow to the movement in net debt is as follows:

 

	2025	2024
	£m	£m
Free cash flow	2.3	(3.9)
Sale of subsidiaries	-	0.7
Purchase of shares in existing subsidiaries	(0.2)	(0.2)
Purchase of property, plant and equipment, and software	(1.0)	(0.8)
Dividends paid to owners of Empresaria Group plc	-	(0.5)
Dividends paid to non-controlling interests	(1.8)	(0.8)
Other items	(1.1)	1.0
Increase in net debt	(1.8)	(4.5)

 

Purchase of property, plant and equipment, and software of £1.0m principally relates to our Offshore Services business. Dividends paid to our shareholders were £nil (2024: £0.5m) reflecting the prudence in cash flow and the results in the last two years. As there are currently no outstanding vested share options and the Employee Benefit Trust holds 0.8m shares, no purchases were made in 2025. Dividends paid to non-controlling interests in the year were £1.8m (2024: £0.8m) reflecting a strong performance in our Offshore Services business.

 

 

Financing

 

The Group's treasury function is managed centrally.

 

	2025	2024
	£m	£m
Cash and cash equivalents	17.6	17.2
Overdrafts	(14.3)	(14.3)
Invoice financing	(5.2)	(4.1)
Bank loans	(15.2)	(14.1)
Total borrowings	(34.7)	(32.5)
Adjusted net debt	(17.1)	(15.3)

 

Net debt at 31 December 2025 increased to £17.1m (2024: £15.3m) reflecting the cash flows discussed above.

 

During 2025, the month-end average net debt position was £12.9m (2024: £12.1m) with a month end high of £18.0m at 30 November (2024: £15.3m at 31 December) and a month end low of £13.4m at 31 January (2024: £8.9m at 31 January).

 

Our debt to debtors ratio (net debt as a percentage of trade receivables) has increased to 58% (2024: 52%) reflecting the increase in net debt.

 

Total borrowings were £34.7m (2024: £32.5m) with bank overdrafts of £14.3m (2024: £14.3m), invoice financing of £5.2m (2024: £4.1m) and bank loans of £15.2m (2024: £14.1m). The Group's borrowings are principally held to fund working capital requirements and are mainly due within one year. As at 31 December 2025, no borrowings were classified as non-current (2024: £14.0m). The movement reflects changes in the classification of the Group's revolving credit facility.

The Group maintains a range of facilities to manage its working capital and financing requirements. At 31 December 2025, the Group had facilities totalling £41.9m (2024: £39.6m).

 

	2025	2024
	£m	£m
UK facilities
Overdrafts	8.0	8.0
Revolving credit facility	15.0	15.0
Invoice financing facility	3.8	3.8
Total UK facilities	26.8	26.8
Continental Europe facilities	7.4	7.0
APAC facilities	0.8	0.9
Americas facilities	6.9	4.9
	41.9	39.6
Undrawn facilities (excluding invoice financing)	5.4	4.1

 

The Group's facilities were broadly unchanged in 2025. Subsequent to the balance sheet date the, the Group's revolving credit facility has been extended.

 

Covenants are tested on a quarterly basis in respect of the Group's £15.0m revolving credit facility and all covenants were met during the year. The covenants, and our performance against them at 31 December 2025, are as follows:

 

Covenant	Target	Actual
Net debt: EBITDA	<3.0 times	2.6
Interest cover	>3.0 times	4.7

 

Subsequent to the balance sheet date, on 15 April 2026 the Group signed extended facilities with its senior debt provider. The key changes included extending the revolver credit facility of £15m for a further 13 months to October 2027 and reducing the overdraft facility for our German business to Euro 8.25m. The Group has delivered a stable financial platform by securing these extended bank facilities.

 

Dividend

 

During the year, the Group paid no dividends (2024: £0.5m). Given the current trading environment and the Group's financial position, the Board is not proposing the payment of a dividend in respect of the year ended 31 December 2025. As a result of impairment charges recognised in the current and prior years, the Company had negative distributable reserves as at 31 December 2025.  The Board are considering strategic options to resolve this in order to allow the Company to return to paying a capital dividend.

 

Going concern

 

The Board has undertaken a recent and thorough review of the Group's budget, forecasts, strategy and associated risks and sensitivities. Given these, the Group is expected to be able to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these accounts. As a result, the going concern basis continues to be appropriate in preparing the financial statements. Further details on going concern are found in note 1 below.

 

Arun Shankardass

Chair of the Audit & Risk Committee

15 May 2026

 

 

Consolidated income statement

for the year ended 31 December 2025

 

		2025	2024
	Note	£m	£m
Revenue	2	239.0	246.2
Cost of sales		(191.7)	(195.8)
Net fee income	2	47.3	50.4
Administrative costs		(41.6)	(46.6)
Adjusted operating profit	2	5.7	3.8
Exceptional items	3	(2.0)	(4.1)
Fair value charge on acquisition of non-controlling shares		-	(0.4)
Loss on sale of subsidiaries		-	(0.6)
Impairment of goodwill	8	(5.3)	(1.1)
Amortisation of intangible assets identified in business combinations	9	(1.1)	(1.2)
Operating loss		(2.7)	(3.6)
Finance income	4	0.7	0.8
Finance costs	4	(2.4)	(2.4)
Net finance costs	4	(1.7)	(1.6)
Loss before tax		(4.4)	(5.2)
Taxation	5	(3.2)	(3.7)
Loss for the year		(7.6)	(8.9)
Attributable to:
Owners of Empresaria Group plc		(9.3)	(10.4)
Non-controlling interests		1.7	1.5
		(7.6)	(8.9)
		Pence	Pence
Loss per share
Basic	7	(19.0)	(21.2)
Diluted	7	(19.0)	(21.2)

Details of adjusted earnings per share are shown in note 7.

 

 

Consolidated statement of comprehensive income

for the year ended 31 December 2025

 

	2025	2024
	£m	£m
Loss for the year	(7.6)	(8.9)
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Exchange differences on translation of foreign operations	(1.4)	(1.1)
Items that will not be reclassified to the income statement:
Exchange differences on translation of non-controlling interests in foreign operations	(0.4)	(0.3)
Other comprehensive loss for the year	(1.8)	(1.4)
Total comprehensive loss for the year	(9.4)	(10.3)
Attributable to:
Owners of Empresaria Group plc	(10.7)	(11.5)
Non-controlling interests	1.3	1.2
	(9.4)	(10.3)

 

 

Consolidated balance sheet

as at 31 December 2025

 

		2025	Restated 2024
	Note	£m	£m
Non-current assets
Property, plant and equipment		1.4	1.6
Right-of-use assets		6.4	5.9
Goodwill	8	21.6	26.6
Other intangible assets	9	4.3	5.7
Deferred tax assets		3.9	4.0
		37.6	43.8
Current assets
Trade and other receivables	10,17	38.2	39.1
Current tax assets		2.4	0.4
Cash and cash equivalents		17.6	17.2
		58.2	56.7
Total assets		95.8	100.5
Current liabilities
Trade and other payables	11,17	28.9	26.8
Current tax liabilities		2.7	1.0
Borrowings	12	34.7	18.5
Lease liabilities		5.4	5.0
		71.7	51.3
Non-current liabilities
Borrowings	12	-	14.0
Lease liabilities		1.2	1.2
Defined benefit pension liability	15	0.4	0.4
Deferred tax liabilities		2.3	2.2
		3.9	17.8
Total liabilities		75.6	69.1
Net assets		20.2	31.4
Equity
Share capital		2.5	2.5
Share premium account		22.4	22.4
Merger reserve		0.9	0.9
Equity reserve		(10.3)	(10.3)
Translation reserve		(0.9)	0.5
Retained earnings		(0.9)	8.4
Equity attributable to owners of Empresaria Group plc		13.7	24.4
Non-controlling interests		6.5	7.0
Total equity		20.2	31.4