Empresaria (LON:EMR) - Difficult markets
Sep 07th 2012 - Edison Investment Research today published a report on Empresaria (EMR.L, LSE:EMR, LON:EMR) entitled "Difficult Markets". In summary, the report says:
Interim figures confirm other recruiters’ commentary – markets are difficult and there is little immediate prospect of improvement in underlying conditions. Empresaria also has some specific residual issues that we believe should broadly resolve for FY13. We have pulled back our forecasts, which now show modest progress in pre-tax in the current year on flat net fee income (NFI), but with a good rate of recovery in FY13 as the new German team becomes established and unprofitable business in Chile is replaced. The shares are unlikely to recover their discount until progress is made in delivering on the corporate and financial strategy.
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