Financial information
Financial highlights for the year ended 30 June 2009
| Year ended 30 June (In £'s million) |
2009 | 2008 | Actual growth | LFL* growth |
|---|---|---|---|---|
| Net fees | 670.8 | 786.8 | (15)% | (18)% |
| Operating profit from continuing operations** | 158.0 | 253.8 | (38)% | (40)% |
| Cash generated by operations | 260.9 | 256.0 | 2% | |
| Profit before tax | 151.0 | 264.4 | (43)% | |
| Basic earnings per share** | 7.72p | 12.59p | (39)% | |
| Dividend per share | 5.80p | 5.80p | - |
* LFL (like-for-like) growth represents
organic growth of continuing activities at constant currency. There
were the same number of trading days in 2009 and 2008.
** Continuing activities only. 2008 numbers are presented
pre-exceptional items. There were no exceptional items in 2009.
- Difficult market conditions, particularly in the second half, resulted in a fall in Group net fees and operating profit
- Increase in cash generated by operations to £260.9 million, primarily due to unwind of working capital
- Strong balance sheet with net cash position of £0.7 million (2008: net debt of £81.1 million)
- Dividend maintained at 5.80p
Operational highlights for the year ended 30 June 2009
- Temporary placement net fees down 7%* and permanent placement fees down 29%*
- Advantage taken of opportunities in resilient markets, particularly in the public sector and in Germany
- 24% reduction in cost base in June 2009 versus June 2008 following early and continued action taken to protect profits
- Selective development of the International business, now representing 51% of Group net fees
- Investing for the long term, including key IT efficiency projects and corporate account development
Net fees £m
Basic earnings per share pence**
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