First Quarter Interim Management Statement 11 April 211
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 21 127.3 97.9 +3.% +29.3% Perm/temp gross profit 211 m 21 m Growth Rates Reported Constant Permanent 11.1 75. +34.9% +33.9% Temporary 26.2 22.9 +14.3% +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
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 15 1 5 69.6 66.9 58.7 49.9 49.5 51.4 47.8 43.9 42.8 45. 45. 45.7 48.1 52.3 53.5 56.7 59.9 68.3 69.2 7.2 79.2 87.4 89.1 93.1 15.5 121. 123.4 128.2 14.3 152.4 141.3 118.7 95. 83.8 82.3 9.6 97.9 111.7 112.8 119.9 127.3 45 3 15 Headcount 21 22 23 24 25 26 27 28 29 21 211
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% 57.1 46.2 +23.6% +22.8% Marketing, Sales & Retail 19% 23.7 18.9 +25.4% +24.7% Legal, Technology, HR, Secretarial and Healthcare Engineering, Property & Construction, Procurement & Supply Chain 19% 24.6 17.9 +37.5% +36.7% 17% 21.9 14.9 +46.8% +46.4% Group Total 1% 127.3 97.9 +3.% +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
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 21 56.2 44.6 +26.1% +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
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 6 4 2 42. 48.5 48.4 57.5 65.2 7.2 63.7 59.7 47.6 38.2 35.7 42.2 44.6 46.7 44.6 52.8 56.2 18 12 6 Headcount 27 28 29 21 211
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 21 31.7 28.9 +9.4% 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
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 45 3 15 44.1 47.9 49. 45. 47.1 48.5 45. 36.1 28.9 28.1 27.3 26.5 28.9 32.3 33. 3.7 31.7 15 1 5 Headcount 27 28 29 21 211
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 21 21.4 13.2 +62.6% +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
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 24 16 8 12.3 14.7 15.4 14.8 16.4 19.6 18.4 12.4 9.5 9.7 1.8 12.2 13.2 18. 2.3 2.7 21.4 6 4 2 Headcount 27 28 29 21 211
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 21 18. 11.2 +6.7% +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
Michael Page International First Quarter Interim Management Statement 12 Americas Gross profit and headcount at record levels AMERICAS QUARTERLY HEADCOUNT AND GROSS PROFIT 24 72 Gross Profit ( m) as reported 18 12 6 7.2 9.9 1.6 1.7 11.6 14.1 14.3 1.5 9. 7.8 8.5 9.7 11.2 14.7 14.9 15.6 18. 54 36 18 Headcount 27 28 29 21 211
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 211 24m share options outstanding at 31 March 211 4.1m share options granted in March 211 at average price of 491p 3.1m share options lapsed in March 211 at average price of 253p
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 21 211 11% Rest of EMEA* +44% +44% 43% 1527 9% 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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