Today’s interim results were well flagged in the 22nd July update and highlight the resilience of the business in the face of the severe impact of COVID-19. Net fee income decreased by 5% in Q1 and by 39% in Q2 (-22% in H1). However, the Group remained profitable in both quarters (Q1 ahead of last year), with swift cost actions from management. Operating costs reduced by 30% YoY in Q2 and 23% QoQ. Management is cautious on the speed of recovery given COVID-19 uncertainties and guidance
12 Aug 2020
Strong start to the year disrupted by COVID-19
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Strong start to the year disrupted by COVID-19
Empresaria Group plc (EMR:LON) | 38.0 0.2 1.3% | Mkt Cap: 18.9m
- Published:
12 Aug 2020 -
Author:
Greg Poulton -
Pages:
3
Today’s interim results were well flagged in the 22nd July update and highlight the resilience of the business in the face of the severe impact of COVID-19. Net fee income decreased by 5% in Q1 and by 39% in Q2 (-22% in H1). However, the Group remained profitable in both quarters (Q1 ahead of last year), with swift cost actions from management. Operating costs reduced by 30% YoY in Q2 and 23% QoQ. Management is cautious on the speed of recovery given COVID-19 uncertainties and guidance