pivot

Latest quarter – Q3 FY17 update

“WE HAVE DELIVERED AN ALL-TIME QUARTERLY RECORD NET FEE PERFORMANCE, CAPITALISING ON THE MANY GROWTH OPPORTUNITIES AROUND THE GROUP.”

This gives us confidence to increase our expectations for full year profits, to the top of the current range of market estimates. Growth was broad-based and driven by strong performances in our International businesses. Europe delivered excellent results, led by an all-time record performance in Germany, as we continued to invest in additional headcount. Growth in Australia accelerated further and was strong across all states. In the UK, while the public sector market remained tough, we saw continued signs of improvement in the private sector market.

Looking ahead, conditions remain good in the vast majority of our markets, notably Australia, Europe and North America. In the UK, market conditions remain in line with the underlying Q3 trends. We are unrivalled in our industry in terms of the scale, balance and diversity of the business we have built and our focus remains to drive profitable, cash-generative growth. These strengths, combined with our world-class, highly experienced teams around the world, stand us in good stead and mean we continue to look to the future with confidence.”

Key quarterly statistics

Growth in net fees for the quarter ended 31 March 2017 (Q3 FY17)
(versus the same period last year) 
Growth
Actual LFL(1)
By region
Asia Pacific 34% 12%
Continental Europe & Rest of World 34% 18%
United Kingdom & Ireland (4)% (4)%
Total 21% 10%
By segment
Temporary 23% 12%
Permanent 19% 7%
Total 21% 10%

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

Quarterly highlights

  • All-time record quarterly net fee performance for the Group
  • Good overall growth of 10%(1) (underlying growth of c.8%(2) adjusted for working days), driven by the continued strength of our International businesses, which represent c.75% of Group net fees
  • Continental Europe & Rest of World, representing 50% of Group net fees, delivered excellent, broad-based 18%(1) growth led by an acceleration to 23%(1) in Germany (c.18%(2) adjusted for working days). France grew 14%(1) and 13 further countries grew by over 10%(1)
  • Strong Asia Pacific growth of 12%(1), driven by excellent, broad-based 16%(1) growth in Australia. Asia grew 1%(1) as market conditions stabilised
  • UK & Ireland down 4%(1) with activity levels sequentially stable. Private sector, representing 74% of net fees, was down 1%(1) with continued signs of modest improvement, while conditions remained tough in public sector markets where net fees decreased 13%(1)
  • Group consultant headcount was up 8% year-on-year and up 2% in the quarter, primarily in Europe
  • Solid cash performance, with net cash ending Q3 at c.£40 million (31 December 2016: £47.9 million)
  • We expect full year operating profit to be at the top of the current range of market estimates, which we understand to be £199 million to £209 million(3)

(1) LFL (like-for-like) growth represents organic growth at constant currency and excludes the impact of acquisitions.
(2) The estimated working day impact is calculated in relation to the Temp and Contractor businesses only, we make no estimate of the impact on the Perm business. It represents an assumption based on recent trends of revenues / working day in our major Temp and Contractor businesses.
(3) As of 12 April 2017 we understand the range of analysts’ estimates for Operating Profit in the financial year ending 30 June 2017 to be £199 million to £209 million. (Source: FactSet).

Register for email alerts

Results archive

Title
Press release
Presentation
Webcast
Interviews
Quarterly Update for the three months ended 31 March 2017
Half year report for the period ended 31 December 2016
Quarterly Update for the three months ended 31 December 2016
Quarterly Update for the three months ended 30 September 2016
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2016
Quarterly Update for the three months ended 30 June 2016
Quarterly Update for the three months ended 31 March 2016
Half year report for the period ended 31 December 2015
Quarterly Update for the three months ended 31 December 2015
Quarterly Update for the three months ended 30 September 2015
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2015
Trading Update for quarter ended 30 June 2015
Interim Management Statement of the quarter ended 31 March 2015
Half year report for the period ended 31 December 2014
Trading Update for the quarter ended 31 December 2014
Interim Management Statement for the quarter ended 30 September 2014
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2014
Trading Update for quarter ended 30 June 2014
Interim Management Statement of the quarter ended 31 March 2014
Half year report for the period ended 31 December 2013
Trading Update for the quarter ended 31 December 2013
Interim Management Statement for the quarter ended 30 September 2013
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2013
Trading Update for quarter ended 30 June 2013
Interim Management Statement of the quarter ended 31 March 2013
Half year report for the period ended 31 December 2012
Trading Update for the quarter ended 31 December 2012
Interim Management Statement for the quarter ended 30 September 2012
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2012
Trading Update for quarter ended 30 June 2012
Interim Management Statement of the quarter ended 31 March 2012
Half year report for the period ended 31 December 2011
Trading Update for the quarter ended 31 December 2011
Interim Management Statement for the quarter ended 30 September 2011
Title
Press release
Presentation
Webcast
Interviews
Preliminary results for the period ended 30 June 2011
Trading Update for quarter ended 30 June 2011
Interim Management Statement for the quarter ended 30 September 2010
Interim Management Statement of the quarter ended 31 March 2011
Trading Update for the quarter ended 31 December 2010
Half year report for the period ended 31 December 2010
Preliminary results for the period ended 30 June 2010
Trading Update for quarter ended 30 June 2010
Interim Management Statement of the quarter ended 31 March 2010
Half year report for the period ended 31 December 2009
Trading Update for the quarter ended 31 December 2009
Interim Management Statement for the quarter ended 30 September 2009
Preliminary results for the period ended 30 June 2009
Trading Update for quarter ended 30 June 2009
Interim Management Statement of the quarter ended 31 March 2009
Half year report for the period ended 31 December 2008
Trading Update for the quarter ended 31 December 2008
Interim Management Statement for the quarter ended 30 September 2008