First Quarter Interim Management Statement. 11 April 2011

Transcription

1 First Quarter Interim Management Statement 11 April 211

2 Michael Page International First Quarter Interim Management Statement 2 Group Gross profit +29% with growth in every geography Growth Rates Group gross profit m m Reported Constant 211 vs % +29.3% Perm/temp gross profit 211 m 21 m Growth Rates Reported Constant Permanent % +33.9% Temporary % +14.2% Ratio (Perm:Temp) 79:21 77:23 Headcount increased by 354 (+7.9%) during to 4,852 ( 21: 4,498) Strong perm growth driven predominantly by perm markets in Asia and Latin America Temp growth rates in more established markets improving

3 Michael Page International First Quarter Interim Management Statement 3 Group Maintaining the platform in downturns enables rapid growth as markets recover Group quarterly Headcount and gross profit 2 6 Gross Profit ( m) as reported Headcount

4 Michael Page International First Quarter Interim Management Statement 4 Group Increasing discipline diversification GROUP gross profit 211 Proportion 211 m 21 m Growth Rates Reported Constant Finance & Accounting 45% % +22.8% Marketing, Sales & Retail 19% % +24.7% Legal, Technology, HR, Secretarial and Healthcare Engineering, Property & Construction, Procurement & Supply Chain 19% % +36.7% 17% % +46.4% Group Total 1% % +29.3% All disciplines showing positive growth Finance and Accounting now 45% of the Group gross profit, +23% Smaller and newer disciplines grow at faster rate as rolled out across country and office networks Newer disciplines launched for increased specialist focus eg. Design, Healthcare, Oil & Gas, Logistics, Life Sciences

5 Michael Page International First Quarter Interim Management Statement 5 EMEA +28% gross profit growth from 18 countries in the region EMEA gross profit m m Growth Rates Reported Constant 211 vs % +28.2% Headcount up 151 (+8.2%) to 1,982 ( 21: 1,831) In local currency (versus 21) France (16% of the Group) +23% Germany (6% of the Group) +31% Netherlands (4% of the Group) +18% Italy (4% of the Group) +34% Spain (3% of the Group) +26% Rest of EMEA: Austria, Belgium, Ireland, Luxembourg, Poland, Portugal, Qatar, Russia, South Africa, Sweden, Switzerland, Turkey, U.A.E. (11% of the Group) +41% Opened our 3rd office in the Middle East in Doha, Qatar and a 2nd in Portugal, Porto

6 Michael Page International First Quarter Interim Management Statement 6 EMEA 44% of the Group, with growth in every country EMEA QUARTERLY HEADCOUNT AND GROSS PROFIT 8 24 Gross Profit ( m) as reported Headcount

7 Michael Page International First Quarter Interim Management Statement 7 United Kingdom Steady gross profit growth across the country +9% Growth Rates UK gross profit m m Reported 211 vs % Headcount up 34 (+2.6%) to 1,358 ( 21: 1,324) Steady improvement in the private sector, public sector (c.7% of UK) remains difficult No significant regional variation Sales, Engineering, Procurement, Supply Chain, Technology showing strongest growth Investment in headcount reflects discipline performance and new discipline launches

8 Michael Page International First Quarter Interim Management Statement 8 United Kingdom Now 25% of the Group, as international diversification accelerates UK QUARTERLY HEADCOUNT AND GROSS PROFIT 6 2 Gross Profit ( m) as reported Headcount

9 Michael Page International First Quarter Interim Management Statement 9 Asia Pacific Continued investment driving +54% gross profit growth, now 17% of Group ASIA PACIFIC gross profit m m Growth Rates Reported Constant 211 vs % +54.% Headcount up 98 (+14.2%) to 789 ( 21: 691) In local currency (versus 21) Asia (9% of the Group) +92% Australia and New Zealand (8% of the Group) +26% Opened Kuala Lumpur, Malaysia Opened offices in India in Gurgaon, New Delhi and Mumbai Japan (2% of the Group) - devastating earthquake and tsunami impacted March and we assume a significant impact on

10 Michael Page International First Quarter Interim Management Statement 1 Asia Pacific Reported gross profit and headcount at record levels ASIA PACIFIC QUARTERLY HEADCOUNT AND GROSS PROFIT 32 8 Gross Profit ( m) as reported Headcount

11 Michael Page International First Quarter Interim Management Statement 11 Americas Now 14% of Group with +56% gross profit growth Growth Rates Constant AMERICAS gross profit m m Reported exchange 211 vs % +56.% Headcount up 71 (+1.9%) to 723 ( 21: 652) In local currency (versus 21) Latin America (1% of the Group) +73% North America (4% of the Group) +28% Brazil now third largest country business in the Group, opened (11th) office in Porto Alegre Chile recorded trading profit in

12 Michael Page International First Quarter Interim Management Statement 12 Americas Gross profit and headcount at record levels AMERICAS QUARTERLY HEADCOUNT AND GROSS PROFIT Gross Profit ( m) as reported Headcount

13 Michael Page International First Quarter Interim Management Statement 13 Group Strong financial position Strong net cash at 31 March 211 in the region of 75m Resumption of share repurchases for cancellation in Proposed 21 final dividend of 6.12p (+19.5%) per share to be paid on 6 June 322m shares outstanding at 31 March m share options outstanding at 31 March m share options granted in March 211 at average price of 491p 3.1m share options lapsed in March 211 at average price of 253p

14 Michael Page International First Quarter Interim Management Statement 14 Group Positioned for growth, with 43% of fee earners in less developed recruitment markets growing at 54% 211 Fee Earners: 3,526 Reported gross profit growth FY % Rest of EMEA* +44% +44% 43% % 9% Asia Latin America +89% +76% +46% +97% +83% +54% 2 Fee Earners: 1,657 14% Canada, Germany, Italy, New Zealand, Spain +19% +29% 12% 196 3% 51 22% 762 France, Holland and USA +9% +18% 58% 96 35% 1237 Australia and UK +2% +15% * Austria, Belgium, Ireland, Luxembourg, Poland, Portugal, Qatar, Russia, South Africa, Sweden, Switzerland, Turkey, UAE. PROPORTION OF RECRUITMENT THAT IS OUTSOURCED KEY: <3% 3-7% >7% Fee Earners

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16 Cautionary Statement The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject any member of the Michael Page Group to any registration requirement. Certain statements included or incorporated by reference within this presentation may constitute forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. There are risk factors that can cause actual results to differ materially from those expressed in or implied by such statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Michael Page disclaims any intention or obligation to revise or update any forward-looking statements that may be made in this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance. Liability arising from anything in this presentation shall be governed by English Law. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.