REG - Empresaria Group PLC - Results for the year ended 31 December 2025
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RNS Number : 6147E Empresaria Group PLC 18 May 2026
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
% change CC LFL(2)
2025 2024 % change
Revenue £239.0m £246.2m -3% +2%
Net fee income £47.3m £50.4m -6% 0%
Adjusted operating profit(1) £5.7m £3.8m +50% +48%
Operating loss £(2.7)m £(3.6)m +25%
Adjusted profit before tax(1) £4.0m £2.2m +82%
Loss before tax £(4.4)m £(5.2)m +15%
Adjusted diluted loss per share(1) (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 via Alma PR
Nigel Marsh, Chief Executive Officer
Spencer Wreford, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser and Broker) 020 3328 5656
Nick Naylor / Vivek Bhardwaj (Corporate Finance)
Tony Quirke (Equity sales) / Ian Jermin (Research)
Alma Strategic Communications (Financial PR) 020 3405 0205
Sam Modlin / Rebecca Sanders-Hewett / Sarah Peters
empresaria@almastrategic.com
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 2024 % change
£m £m % change CC LFL(2)
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 profit(1) 5.7 3.8 +50% +48%
Loss before tax (4.4) (5.2) +15%
Adjusted profit before tax(1) 4.0 2.2 +82%
Diluted loss per share (19.0)p (21.2)p +10%
Adjusted, diluted loss per share(1) (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 7.7 1.4
per cash flow statement
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 (0.4) (0.3)
operations
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
Consolidated statement of changes in equity
for the year ended 31 December 2025
Equity attributable to owners of Empresaria Group plc
Share capital Share premium account Merger reserve Equity reserve Translation reserve(1) Retained earnings(1) Total Non-controlling interests Total equity
£m £m £m £m £m £m £m £m £m
At 31 December 2023 2.5 22.4 0.9 (10.2) 1.6 19.2 36.4 6.5 42.9
(Loss)/profit for the year - - - - - (10.4) (10.4) 1.5 (8.9)
Exchange differences on translation of foreign operations - - - - (1.1) - (1.1) (0.3) (1.4)
Total comprehensive (loss)/income for the year - - - - (1.1) (10.4) (11.5) 1.2 (10.3)
Dividends paid to owners of Empresaria Group plc (see note 14) - - - - - (0.5) (0.5) - (0.5)
Dividends paid to non-controlling interests - - - - - - - (0.8) (0.8)
Purchase of own shares in Employee Benefit Trust - - - (0.1) - - (0.1) 0.1 -
Share-based payments - - - - - 0.1 0.1 - 0.1
At 31 December 2024 2.5 22.4 0.9 (10.3) 0.5 8.4 24.4 7.0 31.4
(Loss)/profit for the year - - - - - (9.3) (9.3) 1.7 (7.6)
Exchange differences on translation of foreign operations - - - - (1.4) - (1.4) (0.4) (1.8)
Total comprehensive (loss)/income for the year - - - - (1.4) (9.3) (10.7) 1.3 (9.4)
Dividends paid to non-controlling interests - - - - - - - (1.8) (1.8)
At 31 December 2025 2.5 22.4 0.9 (10.3) (0.9) (0.9) 13.7 6.5 20.2
Consolidated cash flow statement
for the year ended 31 December 2025
2025 2024
£m £m
Loss for the year (7.6) (8.9)
Adjustments for:
Depreciation of property, plant and equipment, and software amortisation 1.2 1.5
Depreciation of right-of-use assets 5.2 5.3
Fair value charge on acquisition of non-controlling shares - 0.4
Loss on sale of subsidiaries - 0.6
Impairment of goodwill 5.3 1.5
Amortisation of intangible assets identified in business combinations 1.1 1.2
Share-based payments - 0.1
Net finance costs 1.7 1.6
Taxation 3.2 3.7
10.1 7.0
Decrease/(increase) in trade and other receivables 0.7 (0.2)
Increase/(decrease) in trade and other payables 2.3 (0.9)
Cash generated from operations 13.1 5.9
Finance costs paid (2.4) (2.4)
Income taxes paid (3.0) (2.1)
Net cash inflow from operating activities 7.7 1.4
Cash flows from investing activities
Purchase of property, plant and equipment, and software (1.0) (0.8)
Cash received on sale of subsidiaries (net of cash in the subsidiaries on sale - -
£nil (2024: £0.9m))
Finance income received 0.7 0.8
Net cash outflow from investing activities (0.3) -
Cash flows from financing activities
Decrease in overdrafts (0.3) (0.6)
Proceeds from bank loans 1.1 5.2
Repayment of bank loans - (0.1)
Increase in invoice financing 1.0 1.4
Payment of obligations under leases (5.4) (5.3)
Purchase of shares in existing subsidiaries (0.2) (0.2)
Dividends paid to owners of Empresaria Group plc - (0.5)
Dividends paid to non-controlling interests (1.8) (0.8)
Net cash outflow from financing activities (5.6) (0.9)
Net increase in cash and cash equivalents 1.8 0.5
Foreign exchange movements (1.4) (0.4)
Cash and cash equivalents at beginning of the year 17.2 17.1
Cash and cash equivalents at end of the year 17.6 17.2
2025 2024
£m £m
Bank overdrafts at beginning of the year (14.3) (15.2)
Decrease in the year 0.3 0.6
Foreign exchange movements (0.3) 0.3
Bank overdrafts at end of the year (14.3) (14.3)
Cash, cash equivalents and bank overdrafts at end of the year 3.3 2.9
1 Basis of preparation and general information
The financial information has been abridged from the audited financial
information for the year ended 31 December 2025.
The financial information set out above does not constitute the Company's
consolidated statutory accounts for the years ended 31 December 2025 or 2024,
but is derived from those accounts. Statutory accounts for 2024 have been
delivered to the Registrar of Companies and those for 2025 will be delivered
following the Company's Annual General Meeting. The Auditors have reported on
those accounts; their reports were unqualified, did not draw attention to any
matters by way of emphasis without qualifying their reports and did not
contain statements under s498(2) or (3) Companies Act 2006 or equivalent
preceding legislation.
Accounting policies have been applied consistently with those set out in the
2024 financial statements, as amended when relevant to reflect the adoption of
new standards, amendments and interpretations which became effective in the
year. During 2025 no new standards, amendments or interpretations had a
significant impact on the financial statements.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
UK-adopted international Accounting Standards, this announcement does not
itself contain sufficient financial information to comply with UK-adopted
international Accounting Standards. The Group will be publishing full
financial statements that comply with UK-adopted international Accounting
Standards in May 2026.
Going concern
The Group's activities are funded by a combination of long-term equity capital
and bank facilities, primarily a revolving credit facility, overdrafts and
invoice financing. The Board has reviewed the Group's profit and cash flow
projections for the two years ending 31 December 2027, including the impact of
the disposal of the Japanese business. A downside scenario has been reviewed
in order to stress-test the Group's financial position. This scenario assumes
foreign exchange depreciation of 10% in GBP against all currencies in which we
operate, combined with the continuation of challenging market conditions and a
failure to deliver operational improvements, such that revenue in the large
operating companies is limited to just modest GDP growth. While the Directors
consider this scenario to be possible, they believe it is more pessimistic
than a reasonable worst-case scenario, given the expectation of delivery of
the Group's current trading and market forecasts.
These projections demonstrate that the Group expects to meet its obligations
as they fall due through the use of existing facilities and to continue to
meet its covenant requirements. At 31 December 2025, the Group had total
facilities of £41.9m and undrawn facilities (excluding invoice financing) of
£5.4m to fund future growth. In April 2026, the Group's £15m revolving
credit facility, set to expire in September 2026, was extended to October
2027, including some debt repayment, with £0.5m repaid from the net proceeds
of the disposal of the Japanese subsidiary, and a further £0.4m in 2027. The
covenant requirements are discussed in more detail in the Finance review of
this statement. The Group's main overdraft facilities, including headway's
overdraft, are with its primary banker until further notice, with a review
within the next 12 months. Based on formal discussions the Board has had with
its lenders, and its ongoing position and open relationship, the Directors
have no reason to believe that these, or equivalent facilities, will not
continue to be available to the Group for the foreseeable future.
As a result, the Directors consider it appropriate to continue to prepare the
financial statements on a going concern basis.
2 Segment and revenue analysis
From 1 January 2025, the information reported to the Group's Executive
Committee, which is considered to be the chief operating decision maker for
the purposes of resource allocation and assessment of segment performance,
reflects the previous allocation between core and non-core operations. From
1st January 2026, the Board have moved away from labelling operating companies
as "Core" and "Non-core", with all Group companies supported and nurtured by
the central plc team.
The Group has one principal activity, the provision of staffing and
recruitment services, delivered across a number of service lines, being
permanent placement, temporary and contract placement, and offshore services.
The analysis of the Group's results by operation is set out below:
2025 2024
Revenue Net fee income Adjusted operating profit/ (loss) Revenue Net fee income Adjusted operating profit/
(loss)
Core operations:
UK 18.8 3.9 (0.1) 22.4 4.4 (0.8)
US 11.8 2.7 (0.7) 10.5 2.3 (0.7)
Offshore Services 28.8 13.8 7.0 26.9 12.7 5.8
Non-core operations 180.7 28.0 3.0 180.8 30.4 4.3
2024 Exits - - - 6.7 1.7 (0.4)
Central costs - - (3.5) - - (4.4)
Intragroup eliminations (1.1) (1.1) - (1.1) (1.1) -
239.0 47.3 5.7 246.2 50.4 3.8
3 Exceptional items
Exceptional items are those items that in the Directors' view are required to
be separately disclosed by virtue of their size, nature or incidence. Adjusted
operating profit, adjusted profit before tax and adjusted earnings per share
are considered to be key measures in understanding the Group's financial
performance and exclude exceptional items.
2025 2024
£m £m
Closure of Vietnam operation - (0.1)
Closure of Australian operation - 0.2
Closure of China operation (including impairment of goodwill of £0.4m) - 0.6
Exceptional bad debt expense - 3.2
Executives exit fees and new Board executive costs 0.9 -
Exceptional legal and professional fees 0.7 -
Accelerated strategy implementation 0.2 -
Restructure of German operation 0.2 -
Restructure of senior management - 0.2
2.0 4.1
4 Finance income and costs
2025 2024
£m £m
Finance income
Bank interest receivable 0.7 0.8
0.7 0.8
Finance costs
Invoice financing (0.3) (0.2)
Bank loans and overdrafts (1.8) (1.8)
Interest on lease liabilities (0.3) (0.4)
(2.4) (2.4)
Net finance costs (1.7) (1.6)
5 Taxation
The tax expense for the year is as follows:
2025 2024
£m £m
Current tax
Current year income tax expense 3.2 2.2
Adjustments in respect of prior years - 0.2
Total current tax expense 3.2 2.4
Deferred tax
On origination and reversal of temporary differences (0.3) (2.1)
Recognition of previously unrecognised tax losses - (0.1)
Exceptional write down of deferred tax assets related to losses - 3.7
Adjustments in respect of prior years 0.3 (0.2)
Total deferred tax expense - 1.3
Total income tax expense in the income statement 3.2 3.7
6 Reconciliation of adjusted profit before tax from loss before tax
2025 2024
£m £m
Loss before tax (4.4) (5.2)
Exceptional items 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 5.3 1.1
Amortisation of intangible assets identified in business combinations 1.1 1.2
Adjusted profit before tax 4.0 2.2
7 Earnings per share
Basic earnings per share is assessed by dividing the earnings attributable to
the owners of Empresaria Group plc by the weighted average number of shares in
issue during the year. Diluted earnings per share is calculated as for basic
earnings per share but adjusting the weighted average number of shares for the
diluting impact of shares that could potentially be issued. For 2025 and 2024
these are all related to share options. Reconciliations between basic and
diluted measures are given below.
The Group also presents adjusted earnings per share which it considers to be a
key measure of the Group's performance. A reconciliation of earnings to
adjusted earnings is provided below.
2025 2024
£m £m
Losses attributable to owners of Empresaria Group plc (9.3) (10.4)
Adjustments:
Exceptional items 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 5.3 1.1
Amortisation of intangible assets identified in business combinations 1.1 1.2
Tax on the above 0.6 (1.2)
Exceptional write down of deferred tax assets related to losses - 3.7
Adjusted losses (0.3) (0.5)
Number of shares Millions Millions
Weighted average number of shares - basic 49.1 49.1
Dilution effect of share options 0.8 2.0
Weighted average number of shares - diluted 49.9 51.1
Losses per share Pence Pence
Basic (19.0) (21.2)
Dilution effect of share options - -
Diluted (19.0) (21.2)
Adjusted losses per share Pence Pence
Basic (0.6) (1.0)
Dilution effect of share options - -
Diluted (0.6) (1.0)
In 2025 and 2024, all share options were antidilutive for the purpose of
assessing diluted earnings per share in accordance with IAS 33 Earnings Per
Share. As such, diluted earnings per share and basic earnings per share were
equal. As these options are nil-cost options these were reflected as dilutive
in assessing adjusted, diluted earnings per share presented above.
The weighted average number of shares (basic) has been calculated as the
weighted average number of shares in issue during the year plus the number of
share options already vested less the weighted average number of shares held
by the Empresaria Employee Benefit Trust. The Trustees have waived their
rights to dividends on the shares held by the Empresaria Employee Benefit
Trust.
8 Goodwill
2025 2024
£m £m
At 1 January 26.6 29.7
Impairment on closure of operation - (0.4)
Sales of subsidiaries - (0.9)
Impairment charge (5.3) (1.1)
Foreign exchange movements 0.3 (0.7)
At 31 December 21.6 26.6
Goodwill is reviewed and tested for impairment on an annual basis or more
frequently if there is an indication that goodwill might be impaired. Goodwill
has been tested for impairment by comparing the carrying amount of the group
of cash-generating units ('CGUs') the goodwill has been allocated to, with the
recoverable amount of those CGUs. The recoverable amount of each group of CGUs
is considered to be its value in use. The key assumptions in assessing value
in use are as follows:
Operating profit and pre-tax cash flows
The operating profit and pre-tax cash flows are based on the 2026 budgets
approved by the Group's Board and three year plan forecasts produced for each
operation. These forecasts are extrapolated using long-term growth rates based
on IMF GDP growth forecasts for each specific market. GDP growth is a key
driver of our business and is therefore an appropriate assumption in
developing long-term assumptions. These cash flows are discounted to present
value to assess the value in use.
Discount rates
The pre-tax, country-specific rates used to discount the forecast cash flows
range from 12.3% to 17.7% (2024: 12.7% to 17.7%) reflecting current local
market assessments of the time value of money and the risks specific to the
relevant business. These discount rates reflect the estimated industry
weighted average cost of capital in each market and are based on the Group's
weighted average cost of capital adjusted for local factors.
Pre-tax discount rates used by region are as follows:
Core operations:
UK 16.0% (2024: 14.4%)
US 13.4% to 17.4% (2024: 13.7% to 16.7%)
Offshore Services 13.6% (2024: 14.1%)
Non-core operations 12.3% to 17.3% (2024: 12.7% to 17.7%)
Long-term growth rates
Long-term growth rates ranged from 0.6% to 6.5% and the rates used by
operation are as follows:
Core operations:
UK 1.4% (2024: 1.4%)
US 2.1% (2024: 2.1%)
Offshore Services 6.5% (2024: 6.5%)
Non-core operations 0.6% to 5.0% (2024: 0.6% to 5.1%)
In 2025, impairment charges were recognised in respect of four businesses: two
within the core operations in the UK and US, and two within the non-core
operations in the UK and Peru.
An impairment charge of £4.3m was recognised in respect of the Group's core
operations, comprising £3.3m relating to the UK professional recruitment
business and £1.0m relating to the US IT recruitment business. Trading
conditions in both markets have remained challenging for several years, and
performance has not recovered as previously anticipated. As a result,
short-term forecasts and growth assumptions used in the impairment assessments
were revised downwards. The recoverable amount of goodwill was assessed at
£2.0m for the UK business, applying a discount rate of 16.0%, and £1.3m for
the US business, applying a discount rate of 17.4%.
In addition, an impairment charge of £1.0m was recognised in respect of the
Group's non-core operations, comprising £0.6m relating to the UK professional
recruitment business, which was fully impaired, and £0.4m relating to the
Group's commercial operations in Peru. The recoverable amount of goodwill for
the Peru operation was assessed at £0.3m using a discount rate of 14.2%.
In 2024, an impairment charge of £1.1m was recognised, comprising £0.5m
relating to the core operation in the US and £0.6m relating to the non-core
operation in Peru. Both businesses had performed weakly in recent years and
had not recovered to previous performance levels. As a result, impairment
charges were recognised. Prior to the recognition of the impairment charge,
the carrying value of goodwill was £4.5m, and the recoverable amount was
assessed at £3.4m.
As part of the impairment review, reasonably possible changes in the long-term
growth rate and discount rate assumptions have been considered to assess the
potential impact on the recoverable amount of each business. If the long-term
growth rate were reduced to nil, an impairment charge of £0.3m (2024: £1.4m)
would be recognised, comprising £0.1m in respect of one business in the UK
core operation, £0.1m in respect of one business in the US core operation,
and £0.1m in respect of one business in the non-core operation in New
Zealand. If the discount rate were to increase by 2%, an impairment charge of
£0.4m (2024: £1.4m) would be recognised, comprising £0.3m in respect of one
business in the UK core operation and £0.1m in respect of one business in the
US core operation.
9 Other intangible assets
Intangible assets identified in business combinations
2025 Customer relationships Trade names and marks Sub total Software Total
£m £m £m £m £m
Cost
At 1 January 13.1 8.6 21.7 2.2 23.9
Disposals - - - (0.2) (0.2)
Foreign exchange movements (0.5) (0.5) (1.0) (0.1) (1.1)
At 31 December 12.6 8.1 20.7 1.9 22.6
Accumulated amortisation
At 1 January 11.4 5.3 16.7 1.5 18.2
Charge for the year 0.5 0.6 1.1 0.1 1.2
Disposals - - - (0.2) (0.2)
Foreign exchange movements (0.5) (0.4) (0.9) - (0.9)
At 31 December 11.4 5.5 16.9 1.4 18.3
Net book value
At 31 December 2024 1.7 3.3 5.0 0.7 5.7
At 31 December 2025 1.2 2.6 3.8 0.5 4.3
As required under IFRS, the Group reviewed these assets for indications of
impairment as at 31 December 2025. Following this review, no impairment
charges have been reflected.
10 Trade and other receivables
2025
Restated
2024
£m £m
Current
Gross trade receivables 30.0 30.3
Less provision for impairment of trade receivables (0.5) (0.6)
Trade receivables 29.5 29.7
Prepayments (note 17) 0.6 0.7
Accrued income 6.6 6.7
Other receivables 1.5 2.0
38.2 39.1
Trade receivables include £18.7m (2024: £19.5m) on which security has been
given under bank facilities.
11 Trade and other payables
2025 Restated
2024
£m £m
Current
Trade payables 2.5 2.0
Other tax and social security 5.4 4.8
Pilot bonds 0.2 0.2
Client deposits 0.4 0.4
Temporary recruitment worker wages 2.8 2.8
Other payables 1.3 1.8
Accruals (note 17) 16.3 14.8
28.9 26.8
12 Borrowings
2025 2024
£m £m
Current
Bank overdrafts 14.3 14.3
Invoice financing 5.2 4.1
Bank loans 15.2 0.1
34.7 18.5
Non-current
Bank loans - 14.0
- 14.0
Borrowings 34.7 32.5
The following are the more significant bank facilities that were in place at
31 December 2025:
Facility limit Outstanding
2025 2024 2025 2024
Currency Maturity Interest rate £m £m £m £m
Bank overdrafts
UK(1) GBP(2) On demand with annual review 2% above applicable currency base rates 8.0 8.0 5.5 6.7
Germany EUR On demand with annual review EURIBOR + 3.6% 7.4 7.0 6.2 6.3
USA USD On demand with annual review US PRIME + 1.0% - 0.4 - 0.4
Japan JPY On demand with annual review Short term prime rate + 0.125% 0.5 0.5 0.1 0.2
Invoice financing
UK GBP On demand with annual review UK base rate + 2.68% 3.8 3.8 1.3 1.7
USA USD On demand with annual review 11.86% 2.2 - 1.5 -
Chile CLP On demand with annual review Weighted average rate 8.6% 3.6 4.0 2.3 2.4
Bank loans
UK - Revolving Credit Facility GBP 2026 SONIA + 2.5% 15.0 15.0 15.0 14.0
1 The UK overdraft is a net overdraft arrangement across a number of entities.
For facility utilisation purposes these amounts are presented net in the table
above, but for accounting purposes cash and overdrawn balances are presented
gross in the balance sheet. The utilisation amount in the table is net of
£2.4m of cash shown within cash and cash equivalents in the balance sheet
(2024: £0.3m).
2 The UK overdraft can be drawn in a number of different currencies with the
overall facility limit expressed in GBP.
The UK revolving credit facility is secured by a charge over all assets given
by the Company and certain of its UK, German, US and New Zealand subsidiaries.
Subsequent to the balance sheet date the Group has agreed a 13-month extension
of its revolving credit facility to October 2027.
13 Net debt
a) Net debt
2025 2024
£m £m
Cash and cash equivalents 17.6 17.2
Borrowings (34.7) (32.5)
Net debt (17.1) (15.3)
b) Movement in net debt
2025 2024
£m £m
Net debt at 1 January (15.3) (10.8)
Cash flow movements
Net increase in cash and cash equivalents per consolidated cash flow statement 1.8 0.5
Decrease in overdrafts 0.3 0.6
Proceeds from bank loans (1.1) (5.2)
Repayment of bank loans - 0.1
Increase in invoice financing (1.0) (1.4)
Non-cash movements
Borrowings in subsidiaries sold in the year - 0.7
Foreign exchange movement (1.8) 0.2
Net debt at 31 December (17.1) (15.3)
14 Dividends
2025 2024
£m £m
Amount recognised as distribution to equity holders in the year:
Final dividend for the year ended 31 December 2024 of nil (2023: 1.0p) per - 0.5
share
Proposed final dividend for the year ended 31 December 2025 of nil (2024: nil) - -
per share
15 Defined benefit pension liability
The Group operates defined benefit pension arrangements in certain overseas
subsidiaries, primarily in India and Japan. The schemes are not material
individually; however, disclosure is provided due to the nature of defined
benefit pension arrangements and the aggregate position. The assets of the
schemes are held and funded separately from those of the Group through
independently administered and legally restricted funds, while others are
unfunded. The defined benefit obligation is calculated using the projected
unit credit method and is determined by discounting the estimated future cash
outflows using market yields on high quality corporate bonds.
Amounts recognised in the financial statements
2025 2024
£m £m
Present value of defined benefit obligations 0.9 0.9
Fair value of plan assets (0.5) (0.5)
Net defined benefit liability 0.4 0.4
The cumulative amount of actuarial gains and losses recognised in the
Consolidated Statement of Comprehensive Income is not material to the Group,
and therefore has not been separately disclosed.
In 2026, the Group expects to make contributions to its defined benefit
pension schemes in line with historical patterns. Given the scale of the
schemes, these contributions are not expected to be material to the Group.
16 Post balance sheet events
Subsequent to the year end, the Group completed the disposal of Skillhouse
Staffing Solutions K.K. in April 2026. The disposal was not committed to at
the balance sheet date and has therefore been treated as a non-adjusting post
balance sheet event. The financial impact of the transaction has not been
reflected in these financial statements.
17 Prior year restatement
During the year, the Group identified that defined benefit pension
arrangements in certain overseas subsidiaries had not been fully reflected in
the consolidated financial statements in prior periods. The Group has assessed
the impact and concluded that, while not material to previously reported
results, comparative balances have been restated to reflect the appropriate
recognition of defined benefit pension liabilities in accordance with IAS 19.
The impact of the restatement on the consolidated balance sheet is summarised
below:
2024
£m
Increase in defined benefit pension liability 0.4
Decrease in prepayments 0.6
Decrease in accruals (1.0)
Net impact on equity -
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Empresaria
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