pivot

Latest quarter – Q4 FY17 update

“WE HAVE ENDED OUR FINANCIAL YEAR WITH A RECORD QUARTERLY NET FEE PERFORMANCE AND EXPECT FULL YEAR OPERATING PROFIT TO BE MARGINALLY AHEAD OF THE CURRENT MARKET EXPECTATIONS.”

Additionally, the excellent cash position we have delivered enables the Board to consider increasing shareholder returns in line with our dividend policy. Our International businesses continued to be the key drivers of growth. Europe delivered strong results, led by an excellent performance in Germany, where we have increased consultant headcount by over 20% during the year. Growth in Australia remained strong and was broad-based across all states and specialisms. The underlying trends in the UK remained sequentially stable, with modest improvements in the private sector offset by a tough public sector market.

Looking ahead, conditions remain good in the vast majority of our international markets. In the UK, market conditions remain stable overall. The scale, balance and diversity of the business we have built is unrivalled in our industry and our focus remains to deliver sector-leading profits and strong cash generation. These strengths, combined with a strong balance sheet and 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 30 June 2017 (Q4 FY17)
(versus the same period last year) 
Growth
Actual LFL(1)
By region
Asia Pacific 25% 11%
Continental Europe & Rest of World 24% 11%
United Kingdom & Ireland (5)% (5)%
Total 15% 7%
By segment
Temporary 15% 6%
Permanent 16% 7%
Total 15% 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) (underlying growth of c.9%(2) adjusted for working days) and another record quarterly net fee performance for the Group
  • Full-year operating profit is expected to be marginally ahead of current consensus market expectations, which we understand to be £209.5 million(3)
  • Strong, broad-based 11%(1) growth in Continental Europe & Rest of World, driven by Germany up 16%(1) (c.21%(2) adjusted for working days) and 11 further countries growing in excess of 10%(1)
  • Continued strong trading in Asia Pacific, up 11%(1), with strong, uniform growth of 13%(1) in Australia (c.15%(2) adjusted for working days). Solid growth in Asia where net fees grew 6%(1)
  • UK & Ireland down 5%(1) (c.(3)%(2) adjusted for working days) with activity levels sequentially stable. Private sector (77% of net fees) was down 1%(1) with continued signs of modest improvement. Public sector markets remained tough, down 17%(1)
  • Group consultant headcount was up 10% year-on-year and up 2% in the quarter, primarily in Europe
  • Strong cash performance, with a year-end net cash position of c.£110 million

(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 13 July 2017 we understand the average of analysts’ estimates for Operating Profit for the year ending 30 June 2017 to be £209.5 million. Full analysts’ consensus is available here.

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Quarterly Update for the three months ended 30 June 2017
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Half year report for the period ended 31 December 2016
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Preliminary results for the period ended 30 June 2016
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