pivot

Latest quarter – Q1 FY17 update

“We have started our new financial year well, with continued strength in our International businesses, including all-time records in Germany and France and an acceleration of growth in Australia.”

“Our performance was again consistent and broad-based, as 28 of our 33 countries delivered year-on-year growth, 19 of which grew by over 10%. In the UK, following a step-down in Perm recruitment activity immediately after the Referendum, the business stabilised, and followed the normal seasonal pattern through the remainder of the quarter.

Looking ahead, Europe continues to deliver strong, broad-based growth and market conditions remain supportive in Australia and the Americas, where we continue to invest. In the UK we have a strong, market-leading and diverse business, led by a world-class management team who are highly experienced in managing through fast-changing and uncertain times. As ever, our focus remains on driving profitable growth in our business, capitalising on long-term opportunities, while maximising earnings and cash along the way.”

Key quarterly statistics

Growth in net fees for the quarter ended 30 September 2016 (Q1 FY17)
(versus the same period last year) 
Growth
Actual LFL(1)
By region
Asia Pacific 30% 5%
Continental Europe & Rest of World 33% 13%
United Kingdom & Ireland (10)% (10)%
Total 17% 3%
By segment
Temporary 19% 5%
Permanent 14% 2%
Total 17% 3%

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

Quarterly highlights

  • Solid overall growth of 3%(1) led by further strong performances in our International businesses, which now represent 73% of Group net fees
  • Further strong broad-based growth of 13%(1) in Continental Europe & Rest of World, with Germany up 12%(1) and France up 22%(1), one of 10 countries in the division to grow over 20%(1)
  • Asia Pacific growth of 5%(1), including Australia up 8%(1), following further strong public sector activity and an acceleration in private sector growth. Net fees in Asia were down 4%(1)
  • Net fees in the UK & Ireland were down 10%(1). Temp activity was broadly stable through the quarter, as was Perm after a step-down immediately following the EU Referendum
  • Group consultant headcount was up 2% year-on-year and up 4% during the quarter, including our normal seasonal graduate intake
  • Net cash ended Q1 at c.£20 million (30 June: £36.8 million), in line with expectations

(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 30 September 2016
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