Pre-tax profit at recruitment firm Empresaria slumped by 71% from £6.5m to £1.9m in 2011. The major reason for this was lower profits in Germany, where new collective bargaining agreement required the group to raise pay rates for some of its temporary works and to incur significant legal fees. Meanwhile revenue rose 1% from £206.8m to £208.9m with growth held back by falling sales in the UK.
"Global economic conditions remain uncertain and, while we continue to see generally good candidate and client demand, confidence is fragile and necessitates a cautious approach, especially in the UK and Continental Europe," said Chairman Tony Martin. The proposed dividend was unchanged at 0.35p per share. Shares were down 3.85% at 25p.
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