pivot

Latest quarter – Q2 FY16 update

"An excellent performance in Europe has driven further growth in Q2, our eleventh consecutive quarter of year-on-year growth."

The significant headcount investment we made earlier in 2015 drove a further acceleration of growth to 14%(1) in Germany, our second-largest business, and elsewhere in Europe, 7 countries delivered record performances, including France. Market conditions in Australia continued to vary significantly, with good growth in New South Wales and Victoria and in the public sector recruitment market offset by difficult conditions in the mining-focused regions. In the UK the rate of growth slowed against tougher comparators and as the public sector recruitment market became more challenging through the quarter.

As ever, activity levels at the start of the new year will be an important driver of the Group’s second half performance and, while we are mindful of the greater uncertainty our world faces today, we continue to see many opportunities to drive growth. Against this backdrop, our focus remains on continual improvement in business productivity and disciplined cost control in order to maximise the conversion of net fee growth into profit and cash.”

Key quarterly statistics

Growth in net fees for the quarter ended 31 December 2015 (Q2 FY16)
(versus the same period last year)
Growth
Actual LFL(1)
By region
Asia Pacific (8)% 1%
Continental Europe & Rest of World 12% 16%
United Kingdom & Ireland 1% 1%
Total 3% 7%
By segment
Temporary 3% 7%
Permanent 4% 7%
Total 3% 7%

(1) LFL (like-for-like) growth represents organic growth at constant currency and excludes the impact of acquisitions.

Quarterly highlights

  • Good overall growth of 7%(1), driven by our Europe businesses
  • Excellent growth of 16%(1) in Continental Europe & Rest of World, including acceleration to 14%(1) in Germany and a strong, broad-based performance elsewhere as 15 countries grew by over 10%(1)
  • Growth of 1%(1) in Asia Pacific, with Australia & New Zealand flat(1) versus challenging comparators and tough conditions in the mining states. Asia delivered growth of 4%(1)
  • 1%(1) growth in the UK & Ireland, against challenging comparators. Public sector was down 2%(1) as markets became tougher as the quarter progressed. Private sector was up 3%(1)
  • For the half year we expect the percentage rate of growth in Group operating profit to be c.2x the percentage rate of growth in net fees, on a like-for-like basis(1)
  • The exit rate of Group net fee growth was broadly in line with the quarter as a whole with no significant differences by region
  • Good cash performance, as net debt ended December at c.£57 million. We continue to expect to eliminate net debt by year end

(1) LFL (like-for-like) growth represents organic growth at constant currency and excludes the impact of acquisitions.

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Quarterly Update for the three months ended 31 December 2015
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