24 July 2019 – trading update

A trading update has been released covering the first half of the year.  Net fee income growth was 7% and 6% in constant currency.  The only disappointing sector was Engineering, with net fee income down 15%.  Adjusted net debt as at 30 June 2019 was £18.1m, an increase against the 31 December 2018 position of £17.1m.  Additional shares have been bought in ConSol Partners this month for consideration of £3.5m.  As expected, adjusted profit before tax for the first half will be approximately £3.7m (2018: £4.7m) excluding the costs associated with the previous CEO stepping down in June 2019, which have been treated as exceptional.  Empresaria remains on course to deliver adjusted profit before tax in line with market expectations.  On this basis the shares look good value and we keep our BUY rating.