Empresaria (LSE:EMR) returned to growth during the first half of 2026, recording higher net fee income and a sharp improvement in adjusted operating profit as performance strengthened across several of its divisions.
Net fee income increased by 5%, while adjusted operating profit climbed 135%. The improvement was led by strong contributions from the group’s global workforce solutions and operational outsourcing businesses.
Specialist recruitment also made progress after previously weighing on group earnings. Cost reductions and restructuring measures helped the division return to profitability, contributing to higher adjusted profit before tax and greater stability in net debt.
Following the stronger first-half performance, management has increased its expectations for full-year profit.
Skillhouse disposal supports balance sheet
Empresaria completed the disposal of its Skillhouse business in April, generating a profit from the transaction and releasing cash that could be used to reduce borrowings and provide additional working capital.
The transaction forms part of management’s broader approach to capital allocation and cost control, with the group continuing to address businesses that are failing to generate acceptable returns.
Management is also targeting improved employee productivity as it seeks to establish profitable growth across each of Empresaria’s operating divisions.
Despite the progress made during the first half, geopolitical uncertainty and difficult market conditions continue to affect the global recruitment industry and remain potential obstacles to further growth.
Financial challenges remain despite operational progress
The improvement in adjusted profitability provides a more positive operational backdrop, although Empresaria’s overall investment outlook remains constrained by continuing net losses and a more leveraged balance sheet.
Share-price technical indicators offer some support, with the stock trading above major moving averages. However, valuation support remains limited while reported earnings are negative and the shares do not currently provide a dividend yield.
More about Empresaria
Empresaria Group plc is an international specialist staffing and recruitment business listed on AIM. The group provides global workforce solutions, operational outsourcing and specialist recruitment services across its portfolio.
Its strategy centres on improving productivity, controlling costs and increasing profitability across its different service lines while navigating challenging conditions in global labour markets.
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