Empresaria’s FY24 results were well flagged in the January update. They confirm that net fee income reduced by 6% to £50.4m, with an adj. loss per share of 1.0p (2023: profit of 0.6p), both in line with expectations. The reflects well flagged market challenges during FY24. Net debt increased to £15.3m at Dec. ’24 (2023: £10.8m). Post period end, Empresaria announced a plan to refocus its strategy, leading to several planned disposals. Executed over a c.two year period, proceeds are expected to wipe out its net debt, with a renewed focus on the core UK operations, US operations and the Offshore Services business. Strong profitability is expected to continue in Offshore Services whilst management focuses on delivering an earnings recovery in the continuing UK and US operations, both of which have been strong historic profit contributors. There is clearly some execution risk against a persistently challenging backdrop but we believe this is a sensible strategy and should deliver enhanced value for shareholders.
