Post on 21-Apr-2018
Michael Page International First Quarter Interim Management Statement | 2
Group “Gross profit +29% with growth in every geography”
Growth RatesGRoup GRoss pRofit £m £m Reported Constant
Q1 2011 vs Q1 2010 127.3 97.9 +30.0% +29.3%
peRm/temp GRoss pRofitQ1 2011
£mQ1 2010
£m Growth Rates Reported Constant
Permanent 101.1 75.0 +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 Q1 to 4,852 (Q4 2010: 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”
0
50
100
150
200
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
2007200620052004200320022001
58.7
49.9
49.5
51.4
47.8
43.9
42.8
45.0
45.0
45.7
48.1 52
.353
.556
.7 59.9 68
.369
.270
.2 79.2 87
.489
.1 93.1 10
5.5 12
1.0
123.
412
8.2 14
0.3 15
2.4
141.
311
8.7
95.0
83.8
82.3 90
.6 97.9
111.
711
2.8
119.
9
127.
3
2008 2009 2010 2011
69.6
66.9
Gro
ss P
rofit
(£m
) as
rep
orte
d
0
1500
3000
4500
6000
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
2007200620052004200320022001 2008 2009 2010 2011
Head
count
GRoup QuaRteRly HeadCount and GRoss pRofit
Michael Page International First Quarter Interim Management Statement | 4
Group “Increasing discipline diversification”
GRoup GRoss pRofit
Q12011
proportion
Q1 2011
£m
Q12010
£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 19% 24.6 17.9 +37.5% +36.7%
Engineering, Property & Construction, Procurement & Supply Chain 17% 21.9 14.9 +46.8% +46.4%
Group Total 100% 127.3 97.9 +30.0% +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
Q1 2011 vs Q1 2010 56.2 44.6 +26.1% +28.2%
Headcount up 151 (+8.2%) to 1,982 (Q4 2010: 1,831)
in loCal CuRRenCy (veRsus Q1 2010)
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”
0
20
40
60
80
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Gro
ss P
rofit
(£m
) as
rep
orte
d
2007
42.0
48.5
48.4
57.5
65.2 70
.2
63.7
59.7
47.6
38.2
35.7
42.2 44
.6 46.7
44.6
52.8 56
.2
2008 2009 2010 2011
0
600
1200
1800
2400
Head
count
emea QuaRteRly HeadCount and GRoss pRofit
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
Q1 2011 vs Q1 2010 31.7 28.9 +9.4%
Headcount up 34 (+2.6%) to 1,358 (Q4 2010: 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”
0
15
30
45
60
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Gro
ss P
rofit
(£m
) as
rep
orte
d
2007
44.1 47
.9
49.0
45.0 47
.1 48.5
45.0
36.1
28.9
28.1
27.3
26.5 28
.9 32.3
33.0
30.7
31.7
2008 2009 2010 2011
0
500
1000
1500
2000
Head
count
uK QuaRteRly HeadCount and GRoss pRofit
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
Q1 2011 vs Q1 2010 21.4 13.2 +62.6% +54.0%
Headcount up 98 (+14.2%) to 789 (Q4 2010: 691)
in loCal CuRRenCy (veRsus Q1 2010)
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 Q2
Michael Page International First Quarter Interim Management Statement | 10
Asia Pacific “Reported gross profit and headcount at record levels”
0
8
16
24
32
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Gro
ss P
rofit
(£m
) as
rep
orte
d
2007
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 20
.3
20.7
21.4
2008 2009 2010 2011
0
200
400
600
800
Head
count
asia paCifiC QuaRteRly HeadCount and GRoss pRofit
Michael Page International First Quarter Interim Management Statement | 11
Americas “Now 14% of Group with +56% gross profit growth”
Growth Rates
ameRiCas GRoss pRofit £m £m ReportedConstant exchange
Q1 2011 vs Q1 2010 18.0 11.2 +60.7% +56.0%
Headcount up 71 (+10.9%) to 723 (Q4 2010: 652)
in loCal CuRRenCy (veRsus Q1 2010)
Latin America• (10% 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 Q1•
Michael Page International First Quarter Interim Management Statement | 12
Americas “Gross profit and headcount at record levels”
0
6
12
18
24
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Gro
ss P
rofit
(£m
) as
rep
orte
d
2007
7.2
9.9
10.6
10.7 11
.6
14.1
14.3
10.5
9.0
7.8 8.
5 9.7 11
.2
14.7
14.9 15
.6
18.0
2008 2009 2010 2011
0
180
360
540
720
Head
count
ameRiCas QuaRteRly HeadCount and GRoss pRofit
Michael Page International First Quarter Interim Management Statement | 13
Group “Strong financial position”
Strong net cash at 31 March 2011 in the region of £75m•
Resumption of share repurchases for cancellation in Q2•
Proposed 2010 final dividend of 6.12p (+19.5%) per share to be paid on 6 June•
322m shares outstanding at 31 March 2011•
24m share options outstanding at 31 March 2011•
4.1m share options granted in March 2011 at average price of 491p•
3.1m share options lapsed in March 2011 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%”
Rest of EMEA*
Asia
Latin America
Canada, Germany, Italy, New Zealand, Spain
France, Holland and USA
Australia and UK
+44%
+97%
+83%
+29%
+18%
+15%
2000Fee Earners: 1,657
Q1 2011Fee Earners: 3,526
12% 196
43% 1527
11%
9%
9%
14%
30% 50122% 762
58% 960 35% 1237
+54% +46%
PROPORTION OF RECRUITMENT THAT IS OUTSOURCED
>70%KEY: 30-70%<30% Fee Earners
+44%
+89%
+76%
+19%
+9%
+20%
Q1 2011
FY 2010
Reported gross profit growth
* Austria, Belgium, Ireland, Luxembourg, Poland, Portugal, Qatar, Russia, South Africa, Sweden, Switzerland, Turkey, UAE.
Cautionary StatementThe 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.