Second Quarter Trading Update 9 July 2010
Michael Page International Second Quarter Trading Update 2010 2 Group gross profit Constant Group gross profit m m Reported exchange 2010 vs 2009 111.5 83.8 +33.1% +29.8% 2010 vs 2010 111.5 97.9 +14.0% +13.9% H1 2010 vs H1 2009 209.4 178.8 +17.1% +15.0% Headcount Increased by 201 (+5.5%) during at 3,860 ( 2010: 3,659) Increased by 311 since the start of the year
Michael Page International Second Quarter Trading Update 2010 3 Group quarterly gross profit 150 100 50 Gross Profit ( m) as reported 69.6 66.9 58.7 49.9 49.5 51.4 47.8 43.9 42.8 45.0 45.0 45.7 48.1 52.3 53.5 56.7 59.9 68.3 69.2 70.2 79.2 87.4 89.1 93.1 105.5 95.0 83.8 82.3 90.6 97.9 111.5 121.0 123.4 118.7 128.2 140.3 152.4 141.3 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Michael Page International Second Quarter Trading Update 2010 4 Variance in quarterly gross profit and headcount 15 14.0% 600 9.5% 8.6% 10 7.4% 10.1% 7.9% 400 Gross Profit ( m) as reported 5 0-5 -10-15 12m 374 12m 2.0% 111-86 -1.6% - 11m -7.3% - 23m -507-9.3% - 24m -809-2m -1.8% -431-11m -10.4% -11.8% -158-4.3% 8m 0.1% 5 7m 3.1% 110 14m 5.5% 201 200 0-200 -400-600 Headcount -20-16.4% Changes in: Quarterly Gross Profit Headcount -800-25 2008-16.0% -20.0% 2009 2010-1000
Michael Page International Second Quarter Trading Update 2010 5 Group perm/temp gross profit 2010 2009 Constant Perm/temp gross profit m m Reported exchange Permanent 87.9 58.0 +51.5% +47.0% Temporary 23.6 25.8-8.3% -9.1% Ratio (Perm:Temp) 79:21 69:31 2010 2010 Constant Perm/temp gross profit m m Reported exchange Permanent 87.9 75.0 +17.3% +16.9% Temporary 23.6 22.9 +3.2% +4.0% Ratio (Perm:Temp) 79:21 77:23 H1 2010 H1 2009 Constant Perm/temp gross profit m m Reported currency Permanent 162.9 124.4 +31.0% +28.3% Temporary 46.5 54.4-14.5% -15.3% Ratio (Perm:Temp) 78:22 70:30
Michael Page International Second Quarter Trading Update 2010 6 EMEA gross profit (42% of Group) Constant m m Reported exchange 2010 vs 2009 46.7 38.2 +22.4% +25.0% 2010 vs 2010 46.7 44.6 +4.8% +7.7% H1 2010 vs H1 2009 91.3 85.8 +6.4% +8.6% Headcount up 80 (+5.1%) at 1,645 ( 2010: 1,565) In local currency France (16% of the Group) was higher by 26% against 2009 (7% higher than 2010) Germany (5% of the Group) was higher by 17% against 2009 (3% higher than 2010) Netherlands (4% of the Group) was lower by 27% against 2009 (2% lower than 2010) Italy (4% of the Group) was higher by 46% against 2009 (14% higher than 2010) Spain (3% of the Group) was higher by 27% against 2009 (3% higher than 2010) Austria, Belgium, Ireland, Luxembourg, Poland, Portugal, Russia, South Africa, Sweden, Switzerland, Turkey, U.A.E. (10% of the Group) was higher by 66% against 2009 (16% higher than 2010)
Michael Page International Second Quarter Trading Update 2010 7 EMEA quarterly gross profit Gross Profit ( m) as reported 80 60 40 20 0 42.0 48.5 48.4 57.6 65.2 70.2 63.7 59.7 47.6 38.2 35.7 42.2 44.6 46.7 2007 2008 2009 2010
Michael Page International Second Quarter Trading Update 2010 8 UK gross profit (29% of Group) m m Reported 2010 vs 2009 32.2 28.1 +14.4% 2010 vs 2010 32.2 28.9 +11.0% H1 2010 vs H1 2009 61.1 57.0 +7.2% Headcount up 8 (+0.7%) at 1,218 ( 2010: 1,210) Finance and Accounting (14% of the Group) was higher by 10% against 2009 (10% higher than 2010) Marketing, Sales and Retail (7% of the Group) was higher by 26% against 2009 (15% higher than 2010) Legal, Technology, HR and Secretarial (5% of the Group) was higher by 12% against 2009 (13% higher than 2010) Engineering & Manufacturing, Procurement & Supply Chain, Property & Construction (3% of the Group) was higher by 17% against 2009 (8% higher than 2010)
Michael Page International Second Quarter Trading Update 2010 9 UK quarterly gross profit 50 44.1 47.9 49.0 45.0 47.1 48.5 45.0 Gross Profit ( m) 40 30 20 10 36.1 28.9 28.1 27.3 26.5 28.9 32.2 0 2007 2008 2009 2010
Michael Page International Second Quarter Trading Update 2010 10 Asia Pacific gross profit (16% of Group) Constant m m Reported exchange 2010 vs 2009 18.0 9.7 +85.2% +63.8% 2010 vs 2010 18.0 13.2 +37.1% +32.4% H1 2010 vs H1 2009 31.2 19.2 +62.6% +45.3% Headcount up 61 (+13.9%) at 501 ( 2010: 440) In local currency Australia and New Zealand (9% of the Group) was higher by 45% against 2009 (24% higher than 2010) Asia (7% of the Group) was higher by 90% against 2009 (44% higher than 2010)
Michael Page International Second Quarter Trading Update 2010 11 Asia Pacific quarterly gross profit Gross Profit ( m) as reported 20 15 10 5 0 12.3 14.7 15.4 14.8 16.4 19.6 18.4 12.4 9.5 9.7 10.8 12.2 13.2 18.0 2007 2008 2009 2010
Michael Page International Second Quarter Trading Update 2010 12 Americas gross profit (13% of Group) Constant m m Reported exchange 2010 vs 2009 14.6 7.8 +87.9% +65.6% 2010 vs 2010 14.6 11.2 +30.7% +23.8% H1 2010 vs H1 2009 25.8 16.8 +54.0% +39.8% Headcount up 52 (+11.7%) at 496 ( 2010: 444) In local currency Brazil, Mexico and Argentina (8% of the Group) was higher by 75% against 2009 (27% higher than 2010) USA and Canada (5% of the Group) was higher by 53% against 2009 (18% higher than 2010)
Michael Page International Second Quarter Trading Update 2010 13 Americas quarterly gross profit 15 14.1 14.3 14.6 Gross Profit ( m) as reported 12 9 6 3 0 7.2 9.9 10.6 10.7 11.6 10.5 9.0 7.8 8.6 9.6 11.2 2007 2008 2009 2010
Michael Page International Second Quarter Trading Update 2010 14 Financial position 15.0m shares repurchased for 61.8m in fi rst half and placed into Employee Benefi t Trust 0.7m new shares issued in fi rst half to satisfy share option exercises Number of shares outstanding at 30 June 2010: 324,090,701, of which 15,053,233 are held by the Employee Benefi t Trust upon which dividends are waived 12m of VAT refund returned to HMRC. 28.5m of VAT refund shown as non-recurring income in the income statement 2009 fi nal dividend of 16.1m paid in June Net cash at 30 June 2010 in the region of 63m