REG - Hays PLC - Final Results
22/08/2024 07:01
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240822:nRSV3333Ba&default-theme=true
RNS Number : 3333B Hays PLC 22 August 2024
PRELIMINARY
REPORT
YEAR ENDED
30 JUNE 2024
22 August 2024
DECISIVE ACTIONS TAKEN IN CHALLENGING MARKETS. EXECUTING ON OUR FOCUSED
STRATEGY TO IMPROVE RESILIENCE, GROWTH AND PROFITABILITY
Year ended 30 June 2024 2023 Actual LFL
(In £s million)
growth
growth
Net fees ((1))() 1,113.6 1,294.6 (14)% (12)%
Operating profit (before exceptional items) ((2)) 105.1 197.0 (47)% (46)%
Conversion rate((3)) 9.4% 15.2% (580) bps
Profit before tax (before exceptional items) ((2)) 94.7 192.1 (51)% (50)%
Profit before tax 14.7 192.1 (92)% (91)%
Cash generated by operations ((4)) 112.3 199.3 (44)%
Basic earnings per share (before exceptional items) ((2)) 4.03p 8.59p (53)%
Basic earnings per share (0.31)p 8.59p (104)%
Core dividend per share 3.00p 3.00p -
Note: unless otherwise stated all growth rates discussed in this statement are
LFL (like-for-like), YoY (year-on-year) net fees and profits, representing
organic growth of continuing operations at constant currency. WDA =
working-day adjusted.
Dirk Hahn, Chief Executive, commented:
"We saw increasingly challenging market conditions through FY24 in both Perm
and Temp, with low confidence levels and longer-than-normal 'time-to-hire',
and our profitability was significantly impacted, including our three largest
markets of Germany, Australia and the UK. Against this backdrop, we have
focused on enhanced operational rigour, driving consultant productivity and
strong cost management, and are determined to build a more resilient Hays. Our
strategy, launched in February, is designed to capitalise on the many growth
opportunities we see, while increasing our resilience, quality of earnings and
cash generation.
We have made a strong start in restructuring operations and repositioning our
business to be a global leader in recruitment and workforce solutions. We are
driving productivity and as previously reported we delivered c.£60 million of
annualised savings in FY24. Additionally, our ongoing efficiency actions will
deliver a further c.£30 million annual cost savings by FY27.
We have a strong financial position, and great teams of talented colleagues
worldwide, whom I thank wholeheartedly for the deep commitment they show every
day. Our key markets are also being driven by powerful, supportive megatrends
and remain characterised by significant talent shortages, which we help solve
for our clients. Our actions are better positioning Hays to benefit when
markets recover, and when they do, we can return to, and then exceed, prior
peak profits."
• Group fees decreased by 12%. Temp, down 8%, was more resilient than Perm, down
17%. As previously reported, pre-exceptional operating profit decreased 46%
YoY to £105.1 million, impacted by tough conditions in key markets
• Our decisive actions reduced costs by an annualised c.£60 million, half of
which are structural savings. Group headcount decreased 15% and we
restructured our operations, while accelerating efficiency programmes. As
previously reported, this drove a £42.2 million cash exceptional charge((2))
and we also incurred £37.8 million in non-cash asset write downs((2))
• Good overall productivity at near record levels, up 1% YoY, despite reduced
market volumes as we aligned capacity to current market conditions and closed
unprofitable business lines. We see significant scope to increase both fees
and operating profit from our current capacity as our average placement
volumes per consultant returns to more normal levels
• We now expect to deliver further structural cost savings of c.£30 million per
annum by the end of FY27 via our ongoing back-office efficiency programmes,
particularly in our technology and finance functions
• Strong balance sheet with net cash of £56.8 million and good cash
conversion((4)) of 107%. Given the Board's confidence in our strategy and our
strong financial position, a final dividend of [2.05 pence per share is
proposed, representing an unchanged FY24 dividend of 3.00 pence per share]
• Current trading in July and August has been in line with our expectations.
However, September is the key trading month in our first quarter, and it is
too early to assess trends
• Reiterate medium-term conversion rate target of 22-25%. To achieve this, as
end markets recover and then grow, we will drive consultant productivity in
excess of inflation through pricing and mix, technology tools and data. We
have also identified efficiencies from greater consistency of operating
models, and from reducing Group overhead costs
(1) Net fees comprise turnover less remuneration of temporary workers and other
recruitment agencies.
(2) FY24 operating profit is presented before exceptional costs of £80.0 million,
of which £42.2 million relates to restructuring of our operations across the
Group. The remaining £37.8 million is non-cash and comprises £15.3 million
relating to the partial impairment of goodwill in our US business, which was
previously reported at our H1 results, and £22.5 million relating to the
impairment of finite-lived intangible assets. Further details of our
exceptional costs are provided in note 4 to the preliminary report.
Reconciliation of PBT (before exceptional items) of £94.7 million to PBT of
£14.7 million is shown on the Consolidated Income Statement. Pre-exceptional
EPS is reconciled to post-exceptional EPS in note 9 to the preliminary report.
(3) Conversion rate is the conversion of net fees into pre-exceptional operating
profit.
(4) Cash generated by operations is stated after lease payments of £51.0 million
(FY23: £49.9. million). Cash conversion represents cash generated by
operations divided by pre-exceptional Group operating profit.
(5) Due to the timing of public holidays, our largest market of Germany had two
fewer working days in FY24 versus FY23, which had a £3.5 million net fee and
operating profit impact.
(6) Underlying Temp margin is calculated as Temp net fees divided by Temp gross
revenue and relates solely to Temp placements in which Hays generates net
fees. This specifically excludes transactions in which Hays acts as agent on
behalf of workers supplied by third party agencies and arrangements where Hays
provides major payrolling services.
(7) Represents percentage of Group net fees and pre-exceptional operating profit.
(8) Due to our internal Group reporting cycle, the Group's annual cost base
equates to c.12.5x our cost base per period. This is consistent with prior
years.
Enquiries
Hays plc
James Hilton Chief Financial Officer + 44 (0) 203 978 2520
David Phillips Head of Investor Relations & ESG + 44 (0) 333 010 7122
FGS Global
Guy Lamming / Anjali Unnikrishnan hays@fgsglobal.com
Results presentation & webcast
Our results webcast will take place at 8.30am on 22 August 2024. To register
for the webcast only, please click or copy
https://edge.media-server.com/mmc/p/kury92js
(https://url.uk.m.mimecastprotect.com/s/-FpmCBNryf7MmwggSzy8ZM?domain=edge.media-server.com)
To register and be able to ask questions via our audio link, please click or
copy this link
https://register.vevent.com/register/BI4c328f5731dc47beae29f90462288e60
(https://register.vevent.com/register/BI4c328f5731dc47beae29f90462288e60)
A recording of the webcast will be available on our website later the same day
along with a copy of this press release and all presentation materials.
Reporting calendar
Trading update for the quarter ending 30 September 2024 (Q1 25) 11 October 2024
Trading update for the quarter ending 31 December 2024 (Q2 25) 16 January 2025
Half-year results for six months ending 31 December 2024 (H1 25) 20 February 2025
Hays Group Overview
As at 30 June 2024, Hays had c.11,100 employees in 236 offices in 33
countries. In many of our global markets, the vast majority of professional
and skilled recruitment is still done in-house, with minimal outsourcing to
recruitment agencies, which presents substantial long-term structural growth
opportunities. This has been a key driver of the diversification and
internationalisation of the Group, with the International business
representing 80% of the Group's net fees in FY24, compared with 25% in FY05.
Our consultants work in a broad range of industries covering recruitment in 21
professional and skilled specialisms. Our four largest specialisms of
Technology (25% of Group net fees), Accountancy & Finance (15%),
Engineering (11%) and Construction & Property (10%) collectively
represented c.61% of Group fees in FY24. In addition to our international and
sectoral diversification, in FY24 the Group's net fees were generated 59% from
temporary and 41% from permanent placement markets. This well-diversified
business model continues to be a key driver of the Group's financial
performance. In our 2024 employee 'YourVoice' survey, 73% of employees said
they would recommend Hays as a great place to work.
Current trading
Overall, near-term conditions remain challenging but in line with our
expectations. September is the key trading month in our first quarter, and it
is too early to assess trends
Group commentary
Overall Temp & Contracting ('T&C') volumes are currently in line with
Q4 24, after adjusting for normal seasonal trends.
In Perm, as reported at our Q4 24 trading update, weaker activity levels in Q4
24 have resulted in more subdued summer trading than normal in Germany,
UK&I and EMEA.
Given our focus on driving consultant productivity in recent quarters, we
expect overall Group consultant headcount will remain broadly stable in Q1 25.
Overall, our current capacity has significant scope to deliver material fee
and profit growth when our key markets recover. Our cost base per period((8))
is currently c.£82 million.
There are no material working-day impacts anticipated in either H1 25 or FY25.
Germany
Temp & Contractor volumes are stable, and we continue to expect Q1 25
volumes will be down c.8% YoY. Also as expected, the impact of reduced Temp
& Contracting working hours is easing, with Q1 25 likely down c.5% (H2 24:
down 9%). Perm remains challenging.
UK&I
As anticipated, activity levels have been relatively subdued since the general
election and conditions remain challenging.
ANZ
Activity levels have remained sequentially stable versus H2 24.
RoW
Activity levels in Asia and the Americas have remained sequentially stable
overall versus H2 24. EMEA activity levels are broadly consistent with H2 24,
apart from in France, which as we anticipated has been subdued.
FY24 operational and strategic review
Market backdrop
FY24 was a year of significant operational and strategic transition and was
characterised by increasingly challenging market conditions, with reduced
client and candidate confidence driving lower placement volumes and a material
lengthening of our 'time-to-hire'. Given this backdrop, our fee performance
was significantly impacted, down 9% in H1 24, and 15% in H2 24.
Temp fees were more resilient than Perm, decreasing by 8% and 17%
respectively. Volumes were lower in both Temp and Perm, down 7% and 25%, with
lower Perm volumes partially offset by wage inflation and improved average
pricing.
A feature of our key markets in FY24 was that overall activity levels remained
relatively high, and we continued to see solid levels of job inflow. Our
consultants have therefore been very busy and have worked extremely hard, and
the Board is very grateful for this as well as the deep commitment shown by
all our colleagues. However, closing placements became materially harder
through the year. This had a significant impact on our average placement
volumes per consultant, or volume productivity, which currently sits c.15-20%
below normal levels, causing a material drag on Group profitability and
conversion rate.
Given this backdrop, we have worked hard to balance cost reductions with
protecting our productive capacity in key markets. Consultant headcount was
reduced by 18%, through a mix of natural attrition and performance management.
This meant that despite our volume productivity being down significantly, our
average productivity per consultant was up 1% YoY and increased sequentially
in our second half.
Non-consultant headcount declined by 9%, which included the restructuring of
operations in several regions, including delayering of management and
accelerating our back-office efficiency programmes. Despite these actions,
Group pre-exceptional operating profit declined by 46%.
Building the global leader in Recruitment and Workforce Solutions
Our goal is to be the leading Recruitment and Workforce Solutions business
globally. Contracting, Temp and Perm recruitment is our core expertise, and
placing talented workers in roles to solve our client's skills shortages is
the heart of Hays.
Our expertise combines large Enterprise clients, the Public sector, SME's and
start-ups. We have market-leading direct outsourcing expertise, mainly via
Managed Service Provision (MSP), but also in Recruitment Process Outsourcing
(RPO). Our broader Workforce Solutions capability is evolving and includes
DE&I Consulting, Training & Skills, Demand & Capacity planning and
Assessment & Development. Each of these has great potential to enhance our
relationships with clients and are expected to represent profitable business
lines.
Focused strategy and progress made
Despite the challenging backdrop for our industry, we are not satisfied with
our financial performance in FY24. We are market leaders in some of the most
attractive, long-term growth recruitment markets globally and our focused
strategy, announced at our H1 24 results, is designed to better position Hays
to benefit from recovery and capitalise on the many structural growth
opportunities we see. It will also increase our business resilience, quality
of earnings and cash generation.
We expect all business lines to be able to deliver a conversion rate of at
least 25% (pre-central costs) in normal market conditions, with an overall
Group conversion rate of 22-25%. As part of our programme to return to, and
then exceed, previous peak profits of c.£250 million we will also seek to
improve medium-term consultant productivity in excess of inflation.
Our focused strategy is based on five strategic levers:
1. Grow our leading positions in the most in-demand future job categories;
2. Increase our focus on higher skilled, higher paid roles;
3. Greater focus on resilient and growing industries and markets;
4. Continue to build stronger relationships with our clients and candidates; and
5. Drive an increased proportion of non-Perm fees across our businesses.
Our medium-term goal is driving material profit contributions from more Hays
countries globally. Our Key Countries (Germany, Australia and the UK) are each
progressing well in developing these five levers, but we have work to do to
increase operational performance and profitability. Our Focus Countries
(Austria, France, Italy, Japan, Poland, Spain, Switzerland and the USA) have
most of the five levers, and we are actively allocating resource and
selectively investing to complete all five. Our Emerging Countries represent
the rest of our global network, and we are firmly focused on driving improved
operational performance and increasing profitability in each country, in line
with our conversion rate targets noted above.
Enhanced operational rigour in action
Key to implementing our strategy is our enhanced operational rigour, our focus
on building leadership in the most in-demand job categories and analysing our
operations on a much deeper level. We have performed detailed analysis and
reviewed each sector within key and focus countries on a business-line basis,
separately analysing each of Contracting, Temp and Perm. We have improved our
resource allocation within sectors and countries including c.400 consultants
moving to more resilient business lines, and in addition we have closed a
number of business lines including:
• Temp business in Italy (refocusing our resource on Contracting)
• Healthcare & Education in ANZ (sub-scale)
• Healthcare & Social Care in UK&I (sub-scale)
• Sales & Marketing Temp in Germany (low profitability)
• Statement of Works in France (loss-making)
In our Key countries, Germany conducted a management de-layering, and is
progressing with ongoing back-office efficiency programmes, and our ratio of
fee earning consultants to non-fee earners improved by 10% YoY. Our leaner
structure will accelerate Germany's conversion rate recovery when markets
improve. In ANZ, we enter FY25 with improving productivity and positive
conversion rate momentum, despite fees being down over 20% YoY, achieved via
greater focus and increased productivity. And in the UK, we have made material
operating model improvements, particularly in our Temp business, and analysed
each business line, ensuring their medium-term plans are fit-for-purpose.
In our Focus countries, we are also ensuring we have appropriate, and
scalable, operating models in place. Early examples of success in our focus
countries include in the USA, where improvements to our delivery model have
significantly improved productivity and profitability. We have gone from a
loss-making position in the USA through FY23 and H1 24, to delivering
profitability through H2 24. Several other focus countries increased
Contractor and Temp volumes through FY24, including the USA, Italy (which also
delivered a record monthly fees in May 2024), Poland and Japan.
Similarly, in our Emerging countries overall productivity improved through H2
24 in Belgium, the Netherlands, Mexico, Singapore and Canada, and we saw
record half-year fees in H2 in Portugal and UAE. In China, we returned to
profitability in H2 24 after a tough period, again due to our focus on
productivity, operational rigour and cost management.
All countries are focused on implementing our 'Golden Rule', namely that
operating profit growth should be greater than fee growth, which should in
turn exceed headcount growth through the cycle. This underpins our target of
growing consultant productivity at least in line with inflation and increasing
operating leverage to drive greater profitability through the cycle.
Further focus areas in FY25 include improving our performance in markets which
were particularly challenging in H2 24, including Latin America, New Zealand,
the Nordics, Romania and the Czech Republic.
Reducing Group costs
As reported on the front page, in FY24 we delivered substantial annualised
cost savings of c.£60 million, of which c.£30 million is structural, through
our focus on improving consultant productivity and managing our back office
and overhead costs. As a result, we incurred a £42.2 million exceptional
restructuring charge, detailed on page 8.
Looking ahead, a number of back-office efficiency programmes are well
underway, which we expect to structurally reduce the Group's overhead cost
base by a further c.£30 million per annum over the next three years, notably
in our finance and technology functions. This will be achieved via removing
duplicated costs, selective outsourcing opportunities, further standardisation
and globalisation of processes, and further expansion of our shared service
centres (SSC).
Technology improvements and increasing our digital capability
We continue to make progress in our own technology stack and capability, with
greater alignment to our current and future needs. This includes a multi-year
outsourcing deal of our back-office infrastructure to a leading global IT
Services provider. We expect this will deliver improved capability and better
tailor our technology to our operations. In front-office systems, we continue
to seek to better leverage our data assets and our strategy is one of
partnering with best-in-class leading providers, plus working at scale and
pace to bring in the best of AI and automation into our processes worldwide.
During FY24, the Board concluded that certain intangible assets would either
no longer be used in the Group's operations or that their carrying value was
impaired. This resulted in an impairment charge of £22.5 million.
Financial Review
Summary Income Statement Growth
Year ended 30 June 2024 2023 Reported LFL
(In £s million)
Turnover 6,949.1 7,583.3 (8)% (6)%
Temp 662.1 735.8 (10)% (8)%
Perm 451.5 558.8 (19)% (17)%
Net fees ((1)) 1,113.6 1,294.6 (14)% (12)%
Administrative expenses (1,008.5) (1,097.6) (8)% (6)%
Operating profit (before exceptional items) ((2)) 105.1 197.0 (47)% (46)%
Operating profit (after exceptional items) ((2)) 25.1 197.0 (87)% (87)%
Conversion rate ((3)) 9.4% 15.2%
Underlying Temp margin ((6)) 15.5% 15.9%
Temp fees as % of total net fees 59% 57%
Period-end consultant headcount 7,045 8,590 (18)%
Turnover for the year ended 30 June 2024 decreased by 6% (8% on a reported
basis). Net fees for the year ended 30 June 2024 decreased by 12% on a
like-for-like basis, and by 14% on a reported basis, to £1,113.6 million.
This represented a like-for-like fee decline of £152.3 million versus the
prior year.
The decrease in fees was due to lower volumes in both Temp and Perm, partially
offset by increases in our average fees per placement, which were driven by
the impact of wage inflation and our management actions. The higher net fee
decline compared to turnover was due to the relatively resilient performance
in Temp fees versus Perm, and the impact of greater resilience in our MSP
contracts.
Temp fees (59% of Group) decreased by 8%. Temp volumes declined by 7% YoY,
with a further 2% or c.£16 million fee impact from lower average hours worked
per contractor in Germany. Partially offsetting this, we saw an increase of 1%
from higher Temp rates, which included our underlying Temp margin((6)) down
40bps YoY at 15.5%. This was primarily due to resilience in Enterprise
clients, which tend to be slightly lower margin but where volumes are higher.
Perm fees (41% of Group) decreased by 17%. Perm volumes decreased by 25% as
job inflow decreased and hiring processes extended as FY24 progressed. As with
prior years, this was partially offset by good growth in our average Perm fee,
up 8%.
Fees in the Private sector (83% of Group), decreased by 13%, with the Public
sector also challenging, down 7%.
Our largest global specialism of Technology (25% of Group fees) decreased by
15%, with Perm significantly more challenging than Temp. Accountancy &
Finance decreased by 10%, which included Senior Finance outperforming Junior
Finance. Construction and Property was down 14%, with Engineering performing
better, down 3%. Direct and indirect outsourcing fees with Enterprise clients
was more resilient than preferred supplier list or spot fees, decreasing by
4%, and we continue to have a solid pipeline of opportunities.
Operating Profit impacted by lower fees but supported by decisive cost actions
taken
FY24 pre-exceptional((2)) Group operating profit of £105.1 million
represented a like-for-like decrease of 46% (down 43% WDA((5))). Group
conversion rate((2)) decreased by 580 bps year-on-year to 9.4% (9.7%
WDA((5))).
Like-for-like administrative expenses decreased by 6% YoY or £64.6 million
(£89.1 million on reported basis, down 8%). This was driven by a 9% lower
average Group consultant headcount, lower commissions and bonuses and reduced
operational overhead spend. This was partially offset by our own salary
increases and underlying cost inflation, notably in property and insurance
costs.
Since our FY23 preliminary results, our actions have reduced our costs per
period((8)) by c.£5 million, equating to annualised Group cost savings of
c.£60 million. Of these savings, c.£30 million arose from the reduction in
consultant headcount. A further c.£30 million of savings is more structural
and resulted from our decisive response to increasingly challenging market
conditions and to improve our operational performance. We restructured
operations and back-office functions and closed or merged 17 offices in our
network in FY24, including 12 in Q4, ending FY24 with 236 offices.
Collectively, these actions resulted in FY24 exceptional restructuring charges
of £42.2 million((2)), detailed below. In addition, we expect our ongoing
actions will deliver further annualised back-office cost reductions of c.£30
million by the end of FY27.
Exchange rate movements decreased net fees and operating profit by £28.7
million and £4.2 million, respectively. This resulted from the strengthening
in the average rate of exchange of sterling versus our main trading
currencies, notably the Australian dollar. Currency fluctuations remain a
significant Group sensitivity.
Working-day adjustments
As previously reported, our Germany business had two fewer working days versus
the prior year, which impacted our fees and operating profit by c.£3.5
million. Therefore, on a WDA basis Group operating profit was £108.6 million,
down 43% YoY, and represented a conversion rate of 9.7%. There are no material
working-day impacts in FY25.
Impairment of goodwill, intangible assets and exceptional restructuring
charge
During FY24, the Group incurred an exceptional charge of £80.0 million (FY23:
£nil). Of this, £15.3 million resulted from the partial impairment, in H1,
of the carrying value of goodwill relating to the 2014 Veredus acquisition in
the USA, given ongoing challenges in US trading conditions. The remaining
Veredus goodwill balance at 30 June 2024 is £7.2 million. During the year a
Group-wide project was initiated to transform our IT infrastructure to better
support the operations of the business. This led the Directors to conclude
that certain intangible assets would either no longer be used in the Group's
operations or that their carrying value was impaired and this resulted in an
impairment charge of £22.5 million. Both the goodwill and intangible
impairment charges are material non-cash items, that based on their size and
nature are considered to be exceptional.
As noted at the top of this page, in a direct and decisive response to
increasingly challenging market conditions and a clear slowdown in most
markets, we restructured the business operations of several countries across
the Group, to better align business operations to market opportunities and
reduce operating costs. The restructuring exercise led to the redundancy of a
number of employees, including senior and operational management and
back-office positions. In addition, we closed several business units and a
number of our offices. As reported at our Q4 results, the combined costs
relating to this were £42.2 million and are considered exceptional given
their size and impact on business operations. The cash impact of the
exceptional charge was £22.9 million in FY24, with a further £17.8 million
cash outflow expected in FY25. We estimate that these restructuring actions
will result in c.£30 million per annum in longer-term cost savings, which are
included in the overall c.£60 million of annualised cost savings resulting
from our FY24 actions.
Net finance charge
The net finance charge for FY24 was £10.4 million (FY23: £4.9 million). The
increase YoY was primarily due to a £1.3 million charge on defined benefit
pension scheme obligations (FY23: credit of £1.1 million) and is non-cash.
The non-cash interest charge on lease liabilities under IFRS 16 was £5.0
million (FY23: £4.2 million) and net bank interest payable (including
amortisation of arrangement fees) was £4.0 million (FY23: £1.7 million). The
Pension Protection Fund levy was £0.1 million (FY23: £0.1 million).
We expect the net finance charge for FY25 to be c.£10 million, broadly in
line with FY24.
Taxation
Taxation for the year on profit before exceptional items was £30.7 million
(2023: £53.8 million), representing a pre-exceptional((2)) effective tax rate
(ETR) of 32.4% (2023: 28.0%). The tax charge on post exceptional profit was
£19.6 million, representing an effective tax rate on reported profits of
133%, due to the lower effective tax credit on exceptional costs.
The increase in the pre-exceptional ETR year-on-year is primarily driven by
the geographic mix of operating profit, notably the higher proportion of
profits made in Germany, which has one of our highest country tax rates and
which accounted for 65% of group profits in the year. We expect the Group's
ETR will be c.32% in FY25, unless our geographic profit mix changes
materially.
Earnings per share
The Group's pre-exceptional basic earnings per share (EPS) of 4.03p was 53%
lower than the prior year, with post-exceptional EPS of (0.31)p down 104%. The
reduction was primarily driven by 46% lower pre-exceptional operating profit.
In addition, we incurred a higher net finance charge and a higher ETR, both
noted above. The impact on EPS was partially offset by a 1% reduction in
average shares in issue, arising from our FY23 share buyback programme.
Strong balance sheet and cash generation
Our net cash position at 30 June 2024 was £56.8 million. We converted 107% of
operating profit((2)) into operating cash flow((4)), up YoY (FY23: 101%((4))).
We saw a working capital outflow of £16.5 million in FY24 (FY23: £28.7
million outflow), driven by an increase in debtor days to 36 days (FY23: 33
days), largely due to greater resilience in our Enterprise client business and
relative resilience in Germany and EMEA, each of which have longer payment
terms than the Group average. Debtor days remain below pre-pandemic levels and
our aged debt profile remains strong. Group bad debts remain in line with FY23
and are at historically low levels.
Cash tax paid in the year was £26.4 million (FY23: £65.8 million) and
included some pre-payments to certain tax authorities. Net capital expenditure
was £23.4 million (FY23: £29.1 million), with continued investments in
infrastructure and cyber security. We expect capital expenditure will be
c.£30 million in FY25.
Company pension contributions were £18.2 million (FY23: £17.7 million) and
net interest paid was £4.0 million (FY23: £1.7 million). The cash impact of
the exceptional restructuring charge in FY24 was £22.9 million.
During the year we paid a £32.6 million final core dividend for FY23, a
£15.0 million FY24 interim dividend and a special dividend of £35.7 million.
During H1 we also purchased £12.3 million in shares under our Treasury share
buyback programme announced in September 2023, which was completed during
FY24.
Retirement benefits
The Group's defined benefit pension scheme position under IAS 19 at 30 June
2024 has resulted in a surplus of £19.4 million, compared to a surplus of
£25.7 million at 30 June 2023. The decrease in surplus of £6.3 million was
driven by a decrease in expected returns from scheme assets and a change in
financial assumptions, notably a decrease in discount rate, partially offset
by company contributions.
During the year, the Group contributed £17.7 million of cash to the defined
benefit scheme (2023: £17.2 million), in line with the agreed deficit
recovery plan. The Trustees are currently performing our 2024 triennial
valuation review and the 2021 triennial valuation quantified the actuarial
deficit at £23.9 million on a Technical Provisions basis. Our long-term
objective continues to be reaching full buy-out of the scheme and therefore
our recovery plan remained unchanged and comprised an annual payment of £16.7
million from July 2021, with a fixed 3% uplift per year. The scheme was closed
to new entrants in 2001 and to future accrual in June 2012.
Capital allocation
Our business model remains highly cash generative. The Board's free cash flow
priorities are to fund the Group's investment and development, maintain a
strong balance sheet, deliver a progressive, sustainable and appropriate core
dividend and to return any surplus cash to shareholders through a combination
of special dividends and share buybacks subject to the economic outlook.
The Board has proposed an unchanged final core dividend of 2.05 pence per
share giving a full-year dividend of 3.00 pence per share. This represents
pre-exceptional dividend cover of 1.34x, below our target core dividend cover
range of 2.0-3.0x earnings. Given the Board's confidence in the Group's
strategy and long-term prospects, plus our strong financial position, the
Board considers an unchanged dividend payment is appropriate. The dividend
record date is 18 October 2024, and the proposed payment date is 25 November
2024.
Our policy for returning surplus cash to shareholders remains unchanged and is
based on paying capital above our net cash buffer at each financial year-end
(30 June) of £100 million, subject to the economic outlook. As at 30 June
2024 our net cash position was £56.8 million, and therefore the Board does
not propose a return of surplus capital to shareholders in respect of FY24. As
a reminder, we have a strong track record of paying cash to shareholders, with
c.£950 million in core and special dividends paid in respect of FY17 to FY23,
and additionally £93.2 million of share buybacks since April 2022.
Foreign exchange
Overall, net currency movements versus sterling negatively impacted results in
the year, decreasing net fees by £28.7 million, and operating profit by £4.2
million, primarily due to the strengthening of sterling versus the Australian
dollar.
Fluctuations in the rates of the Group's key operating currencies versus
sterling represent a significant sensitivity for the reported performance of
our business. By way of illustration, based on our FY24 results, each 1 cent
movement in annual exchange rates of the euro and Australian dollar impacts
net fees by c.£4.6 million and c.£0.7 million respectively per annum, and
operating profits by c.£0.9 million and c.£0.1 million respectively per
annum.
The rate of exchange between the Australian dollar and sterling over the year
averaged AUD $1.9213 and closed at AUD $1.8935. As at 20 August 2024 the rate
stood at AUD 1.9332. The rate of exchange between the euro and sterling over
the year averaged €1.1644 and closed at €1.1798. As at 20 August 2024 the
rate stood at €1.1730.
The strengthening of sterling versus our main trading currencies of the euro
and Australian dollar is currently a modest headwind to Group operating profit
in FY25.
Movements in consultant headcount and office network changes
Consultant headcount at 30 June 2024 was 7,045, down 18% year-on-year and 24%
lower versus peak (Q1 23), almost entirely outside of our restructuring
programmes. Total Group headcount decreased by 15% year-on-year, including the
impact of our restructuring programmes noted earlier. Given our focus on
driving consultant productivity in recent quarters, we believe our consultant
capacity is appropriate for current market conditions and expect overall
consultant headcount will remain broadly stable in Q1 25. We expect total
group headcount will decrease slightly as we continue our back-office
efficiency programmes.
Consultant headcount 30 June 30 June Net change 31 Dec Net change
2024
2023
YoY
2023
(vs. 31 Dec
2023)
Germany 1,858 2,044 (9)% 2,055 (10)%
United Kingdom & Ireland 1,629 1,935 (16)% 1,800 (10)%
Australia & New Zealand 729 1,071 (32)% 887 (18)%
Rest of World 2,829 3,539 (20)% 3,229 (12)%
Group 7,045 8,590 (18)% 7,971 (12)%
As part of our focus on operational rigour, we consolidated 17 locations in
FY24, including 12 in Q4 24, and opened one new office in Australia.
Office network 30 June 30 Jun Net change 31 Dec
2024
2023
YoY
2023
Germany 26 26 - 26
United Kingdom & Ireland 75 85 (10) 85
Australia & New Zealand 37 39 (2) 38
Rest of World 98 102 (4) 100
Group 236 252 (16) 249
Germany (32%((7)) net fees, 65%((7)) operating profit)
H2 performance impacted by tough economic conditions and client cost controls
Growth
Year ended 30 June 2024 2023 Reported LFL
(In £s million)
Net fees ((1)) 351.8 382.0 (8)% (7)%
Pre-exceptional operating profit ((2)) 68.0 100.2 (32)% (31)%
Conversion rate ((3)) 19.3% 26.2%
Period-end consultant headcount 1,858 2,044 (9)%
Our largest market of Germany saw net fees decrease by 7% to £351.8 million,
with fees and activity slowing through H2 24 and particularly in Q4. Operating
profit((2)) decreased by 31% to £68.0 million, although adjusting for two
fewer working days, which impacted fees and profit by £3.5 million, fees
decreased by 6% and operating profit by 27%. Conversion rate was 19.3% (FY23:
26.2%), or 20.1% WDA((5)).
Having been resilient during FY23 and H1 24, despite a deteriorating economic
outlook, demand for skilled Contractors and Temps decreased in H2 24, which
led to lower YoY volumes including Q4 down 6%. Additionally, average hours
worked per Contractor declined by 8% in Q3 and 10% in Q4, primarily driven by
client cost controls. This led to a negative fee and operating profit impact
of c.£16 million YoY, reducing conversion rate.
Temp and Contracting, (82% of Germany fees), decreased by 7%, or down 6%
WDA((5)). This was driven by 1% decline in volumes and 6% from materially
lower average hours worked in H2 24. Pricing and mix remained solid and is
expected to remain steady in H1 25. As previously reported at our Q4 results,
overall Temp and Contracting volumes in June 2024 were down 6% YoY and we
expect a further 2% YoY decline in volumes in Q1 25. Temp margin was flat
versus the prior year.
In Perm, activity slowed through the year and fees decreased by 5%, including
Q4 down 20%. This resulted from a 12% decrease in Perm volumes, partially
offset by a 7% increase in our average Perm fee.
At the specialism level, our largest specialism of Technology (33% of Germany
fees), decreased by 12%, with Engineering, our second largest, down 3%.
Accountancy & Finance decreased by 4% and Construction & Property
increased by 3%, with HR down 13%. Fees in our Public sector business (15% of
Germany fees) increased by 4%.
Although conditions were tough, and after several years of significantly
outperforming the market, in FY24 we consolidated our market-leading share in
Germany. Fees with outsource / MSP clients were flat in the year,
demonstrating greater resilience than more transactional parts of the market,
and overall we are very well-positioned to benefit from recovery when it
comes.
Significant actions were also taken to restructure our Germany business,
particularly in H2. Details of the resulting exceptional costs are provided in
note 3 and note 4. Consultant headcount decreased by 9% YoY, including a 10%
reduction YoY in H2.
United Kingdom & Ireland (20%((7)) net fees, 6%((7)) operating profit)
Markets slowed through the year, particularly in Perm, significantly impacting
profit
Growth
Year ended 30 June 2024 2023 Reported LFL
(In £s million)
Net fees ((1)) 225.7 266.1 (15)% (15)%
Pre-exceptional operating profit ((2)) 6.4 28.7 (78)% (78)%
Conversion rate ((3)) 2.8%
10.8%
Period-end consultant headcount 1,629 1,935 (16)%
In the United Kingdom & Ireland ("UK&I"), net fees decreased by 15% to
£225.7 million. Operating profit((2)) of £6.4 million represented a decrease
of 78% versus the prior year, at a conversion rate of 2.8% (FY23: 10.8%).
Driven by decreased client and candidate confidence, Perm fees and activity
slowed materially through H1 and, after a period of relative stability in H2,
decreased again in the lead-up to the general election. Temp was less
impacted, although down YoY due to lower volumes. Against this backdrop, we
actively managed costs, down 8% YoY, as we aligned capacity to market
conditions and reduced our back-office and overhead costs as part of our
exceptional restructuring programme noted earlier. Given the pace of decline
in fees through the year, we incurred negative operating profit leverage,
which was magnified by a weaker June fee exit rate.
Temp (57% of UK&I), decreased by 13%, with Temp volumes down 12% and the
mix of price and margin down 1%. Our Perm business saw fees decrease by 17%,
with volumes down 26%, partially offset by a 9% increase in average Perm fee.
The Private sector (68% of UK&I fees) declined by 17%, with the Public
sector down 10% and including a slowdown in June 2024.
All UK&I regions traded broadly in line with the overall UK&I
business, except for Northern Ireland, down 5%, and the South East, down 21%.
Our largest region of London decreased by 18%, while Ireland declined by 10%.
Direct outsourced fees with Enterprise clients performed strongly, up 12%.
Our largest UK&I specialism of Accountancy & Finance decreased by 13%,
with Construction & Property down 12%. Technology and Office Support
decreased by 29% and 19% respectively.
Despite tough market conditions, we maintained our market share in UK&I.
Significant actions were also taken to restructure the UK&I business
appropriately for market conditions. Details of the resulting exceptional
costs are provided in note 3 and note 4. Our actions will help to increase our
profit and conversion rate when markets recover. Consultant headcount
decreased by 16% YoY.
Australia & New Zealand (13%((7)) net fees, 11%((7)) operating profit)
Markets slowed sharply through the year, but significant actions taken to
align capacity to current market conditions
Growth
Year ended 31 December 2024 2023 Reported LFL
(In £s million)
Net fees ((1)) 139.7 188.4 (26)% (20)%
Pre-exceptional operating profit ((2)) 11.5 32.1 (64)% (61)%
Conversion rate ((3)) 8.2% 17.0%
Period-end consultant headcount 729 1,071 (32)%
In Australia & New Zealand ("ANZ"), net fees decreased by 20% to £139.7
million, with operating profit((2)) down 61% to £11.5 million. This
represented a conversion rate of 8.2% (FY23: 17.0%). Currency impacts were
negative in the year, decreasing net fees by £12.8 million and operating
profit by £2.4 million.
As a result of changing our ANZ leadership in H2 23, we undertook a
restructuring of the business, focusing on improving consultant productivity
and driving operational efficiencies. Overall costs decreased by 12%, driven
by 21% lower average consultant headcount YoY, partially offset by our own
cost inflation. We also conducted a full review of operational management
capacity, which we aligned to market conditions. This said, the pace of
decline in fees through the year meant we incurred negative operating profit
leverage.
Temp (65% of ANZ) decreased by 16%, with volumes down 17%, but remained
sequentially stable through H2. Fees and activity in the Public sector
continued to reduce, and we saw lower activity in some large Enterprise
clients. Perm fees decreased by 28%, with volumes down 24% and slowing through
the year. The Private sector (63% of ANZ fees), declined by 23%, with Public
sector fees down 16%.
Australia, 92% of ANZ, saw fees decrease by 19%. New South Wales and Victoria
decreased by 23% and 18% respectively. Queensland fell by 14%, with ACT down
24%. At the ANZ specialism level, Construction & Property (20% of fees),
decreased by 24%, with Technology down 19%. Accountancy & Finance
decreased by 18%, with Banking down 25%, although HR was less impacted, down
16%. New Zealand fees decreased by 36%.
Although conditions in ANZ remain challenging, we maintained our market share
in Australia and our management team's decisive actions and increased rigour
are improving our operational performance, and productivity increased by 1%
YoY in FY24. Significant actions were taken to restructure the ANZ business
appropriately for market conditions. Details of the resulting exceptional
costs are provided in note 3 and note 4. We enter FY25 with positive
conversion rate momentum and are well-positioned to benefit from market
recovery when it comes. ANZ consultant headcount decreased by 32% YoY.
Rest of World (35%((7)) net fees, 18%((7)) operating profit)
EMEA slowed through the year, negatively impacting operating profit. Stability
and improved profitability in H2 in China and the USA
Growth
Year ended 30 June 2024 2023 Reported LFL
(In £s million)
Net fees ((1)) 396.4 458.1 (13)% (11)%
Pre-exceptional operating profit ((2)) 19.2 36.0 (47)% (46)%
Conversion rate ((3)) 4.8% 7.9%
Period-end consultant headcount 2,829 3,539 (20)%
Fees in our Rest of World ("RoW") division, which comprises 28 countries,
decreased by 11%. Fees in Temp (39% of RoW) were resilient and flat YoY,
whilst Perm was down 17% as markets slowed through the year, particularly in
EMEA. Operating profit((2)) decreased by 46% to £19.2 million, with RoW
operating costs down 8% YoY, representing a conversion rate of 4.8% (FY23:
7.9%). Currency impacts were negative, decreasing fees by £11.1 million and
operating profit by £0.6 million.
EMEA ex-Germany (64% of RoW) fees decreased by 7%. France, our largest RoW
country, decreased by 6%, as activity slowed through the year, particularly in
Q4 with the impact of elections being felt across Northern Europe. Southern
Europe was much more resilient with Portugal and Italy producing record
performances and increasing by 10% and 8% respectively, and the UAE delivered
record fees, up 10%. Switzerland and Poland decreased by 8% and 26%
respectively. In response to market conditions, we reduced EMEA ex-Germany
headcount by 15% YoY, primarily in H2.
The Americas (21% of RoW) fees decreased by 21%. Conditions were tough
throughout the region in H1, although we saw stabilisation and then some early
signs of recovery in the USA in Q4. USA fees declined by 19%, Latin America by
25% and Canada by 23%. Overall, the Americas was modestly loss-making in H1,
although encouragingly returned to profit in H2.
Asia (15% RoW) fees decreased by 13%, with mainland China down 14%, including
H2 up 4%, and our actions taken to reduce costs drove a return to China
profitability. Japan and Malaysia fees decreased by 5% and 8%
respectively.
Significant actions were also taken to restructure the RoW business
appropriately for market conditions, in the Americas and Asia in H1 and in
EMEA in H2. Details of the resulting exceptional costs are provided in note 3
and note 4.
Overall consultant headcount in the RoW division decreased by 20% YoY. EMEA
ex-Germany consultant headcount decreased by 18%, the Americas decreased by
31% and Asia was down 14%.
A key part of our focused strategy is delivering 25% conversion rates in each
country, and to deliver materially greater profits across the Group. This
said, given many markets are currently facing cyclical pressure, we will give
our businesses an appropriate time to improve their profitability. So, while
we are not satisfied with our overall RoW profitability, we are confident our
actions will improve performance, particularly in our Americas and Asian Focus
countries, where productivity is currently increasing.
Purpose, Net Zero, Equity and our Communities
Our purpose is to benefit society by investing in lifelong partnerships that
empower people and organisations to succeed, creating opportunities and
improving lives. Becoming lifelong partners to millions of people and
thousands of organisations also helps to make our business sustainable. Our
core company value is that we should always strive to 'do the right thing'.
Linked to this and our commitment to Environmental, Social & Governance
(ESG) matters, Hays has shaped its Sustainability Framework around the United
Nations Sustainable Development Goals (UNSDG's), and further details can be
found in our FY23 ESG report
(https://www.haysplc.com/~/media/Files/H/Hays/ESG/esg-report-fy23.pdf) .
Treasury management
The Group's operations are financed by retained earnings and cash reserves. In
addition, the Group has in place a £210 million revolving credit facility,
which reduces in November 2024 to £170 million and expires in November 2025
and we are actively planning the renewal process. This provides adequate
headroom versus current and future Group funding requirements.
The covenants within the facility require the Group's interest cover ratio to
be at least 4:1 (ratio as at 30 June 2024: 34.2:1) and its leverage ratio (net
debt to EBITDA) to be no greater than 2.5:1 (as at 30 June 2024 the Group held
a net cash position). The interest rate of the facility is on a ratchet
mechanism with a margin payable over Compounded Reference Rate in the range of
0.70% to 1.50%.
As at 30 June 2024, £145 million of the committed facility was undrawn (30
June 2023: £200 million of the committed facility was undrawn).
The Group's UK-based Treasury function manages the Group's currency and
interest rate risks in accordance with policies and procedures set by the
Board and is responsible for day-to-day cash management; the arrangement of
external borrowing facilities; and the investment of surplus funds. The
Treasury function does not operate as a profit centre or use derivative
financial instruments for speculative purposes.
Principal risks facing the business
Hays plc operates a comprehensive enterprise risk management framework, which
is monitored and reviewed by the Board. There are a number of potential risks
and uncertainties that could have a material impact on the Group's financial
performance and position. These include risks relating to the cyclical nature
of our business and inflation, business model, talent recruitment and
retention, compliance, reliance on technology, cyber security, data protection
and contracts. These risks and our mitigating actions are set out in the 2023
Annual Report
(https://www.haysplc.com/~/media/Files/H/Hays/annual-reports/ar-2023/Hays%20Annual%20Report%20And%20Accounts%202023.pdf)
, and remain relevant. There are no additional risks since this date which
impact Hays' financial position or performance, although as noted earlier in
this statement, with macroeconomic uncertainties increasing, we are closely
monitoring our activity levels and KPI's.
This preliminary report was approved and authorised for issue by the Board of
Directors on 21 August 2024.
Dirk
Hahn
James Hilton
Chief Executive
Chief Financial Officer
Hays plc
20 Triton Street
London
NW1 3BF
haysplc.com/investors
Cautionary statement
This Preliminary Report (the "Report") has been prepared in accordance with
the Disclosure Guidance and Transparency Rules of the UK Financial Conduct
Authority and is not audited. No representation or warranty, express or
implied, is or will be made in relation to the accuracy, fairness or
completeness of the information or opinions contained in this Report.
Statements in this Report reflect the knowledge and information available at
the time of its preparation. Certain statements included or incorporated by
reference within this Report may constitute "forward-looking statements" in
respect of the Group's operations, performance, prospects and/or financial
condition. By their nature, forward-looking statements involve a number of
risks, uncertainties and assumptions and actual results or events may differ
materially from those expressed or implied by those statements. Accordingly,
no assurance can be given that any particular expectation will be met and
reliance shall not be placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities shall not be
taken as a representation that such trends or activities will continue in the
future. The information contained in this Report is subject to change without
notice and no responsibility or obligation is accepted to update or revise any
forward-looking statement resulting from new information, future events or
otherwise. Nothing in this Report shall be construed as a profit forecast.
This Report does not constitute or form part of any offer or invitation to
sell, or any solicitation of any offer to purchase or subscribe for any shares
in the Company, nor shall it or any part of it or the fact of its distribution
form the basis of, or be relied on in connection with, any contract or
commitment or investment decisions relating thereto, nor does it constitute a
recommendation regarding the shares of the Company or any invitation or
inducement to engage in investment activity under section 21 of the Financial
Services and Markets Act 2000. Past performance cannot be relied upon as a
guide to future performance. Liability arising from anything in this Report
shall be governed by English Law, and neither the Company nor any of its
affiliates, advisors or representatives shall have any liability whatsoever
(in negligence or otherwise) for any loss howsoever arising from any use of
this Report or its contents or otherwise arising in connection with this
Report. Nothing in this Report shall exclude any liability under applicable
laws that cannot be excluded in accordance with such laws.
LEI code: 213800QC8AWD4BO8TH08
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE
2024 2024
Before Exceptional
exceptional items
(In £s million) Note items (note 4) 2024 2023
Turnover 3,5 6,949.1 - 6,949.1 7,583.3
Net fees ((1)) 3,5 1,113.6 - 1,113.6 1,294.6
Administrative expenses ((2)) 5 (1,008.5) (80.0) (1,088.5) (1,097.6)
Operating profit 3 105.1 (80.0) 25.1 197.0
Net finance charge ((3)) 6 (10.4) - (10.4) (4.9)
Profit before tax 94.7 (80.0) 14.7 192.1
Tax 7 (30.7) 11.1 (19.6) (53.8)
Profit/(loss) after tax 64.0 (68.9) (4.9) 138.3
Profit/(loss) attributable to equity holders of the parent company 64.0 (68.9) (4.9) 138.3
Earnings per share (pence)
- Basic 9 4.03p (4.34p) (0.31p) 8.59p
- Diluted 9 4.00p (4.31p) (0.31p) 8.52p
((1)) Net fees comprise turnover less remuneration of temporary workers and
other recruitment agencies.
((2)) Administrative expenses include impairment loss on trade receivables of
£1.4 million (2023: £3.0 million).
((3)) Net finance charge is stated net of interest received on bank deposits
of £3.2 million (2023: £2.0 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE
(In £s million) 2024 2023
(Loss)/profit for the year (4.9) 138.3
Items that will not be reclassified subsequently to profit or loss:
Actuarial remeasurement of defined benefit pension schemes (23.2) (95.1)
Tax relating to components of other comprehensive income 5.6 19.5
(17.6) (75.6)
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustments (4.1) (15.6)
Other comprehensive loss for the year net of tax (21.7) (91.2)
Total comprehensive (loss)/income for the year (26.6) 47.1
Attributable to equity shareholders of the parent company (26.6) 47.1
CONSOLIDATED BALANCE SHEET
AT 30 JUNE
(In £s million) Note 2024 2023
Non-current assets
Goodwill 182.9 200.3
Other intangible assets 37.7 53.7
Property, plant and equipment 25.2 29.7
Right-of-use assets 10 162.2 176.1
Deferred tax assets 25.4 21.4
Retirement benefit surplus 11 19.4 25.7
452.8 506.9
Current assets
Trade and other receivables 1,194.5 1,244.6
Corporation tax debtor 9.1 6.8
Cash and cash equivalents 121.8 145.6
Derivative financial instruments - 0.1
1,325.4 1,397.1
Total assets 1,778.2 1,904.0
Current liabilities
Trade and other payables (926.6) (991.3)
Lease liabilities 10 (44.2) (41.3)
Corporation tax liabilities (13.0) (16.2)
Provisions 12 (24.0) (10.8)
(1,007.8) (1,059.6)
Non-current liabilities
Bank loans (65.0) (10.0)
Deferred tax liabilities - (2.8)
Lease liabilities 10 (135.1) (148.5)
Provisions 12 (12.7) (12.8)
(212.8) (174.1)
Total liabilities (1,220.6) (1,233.7)
Net assets 557.6 670.3
Equity
Called up share capital 16.0 16.0
Share premium 369.6 369.6
Merger reserve 28.8 43.8
Capital redemption reserve 3.4 3.4
Retained earnings 62.0 155.4
Cumulative translation reserve 53.9 58.0
Equity reserve 23.9 24.1
Total equity 557.6 670.3
The Consolidated Financial Statements of Hays plc, registered number 2150950,
were approved by the Board of Directors and authorised for issue on 21 August
2024.
Signed on behalf of the Board of Directors
D HAHN J HILTON
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
(In £s million) Called up share capital Share premium Merger reserve((1)) Capital redemption reserve Retained earnings Cumulative translation reserve Equity reserve((2)) Total equity
At 1 July 2023 16.0 369.6 43.8 3.4 155.4 58.0 24.1 670.3
Currency translation adjustments - - - - - (4.1) - (4.1)
Remeasurement of defined benefit pension schemes - - - - (23.2) - - (23.2)
Tax relating to components of other comprehensive income - - - - 5.6 - - 5.6
Net expense recognised in other comprehensive income - - - - (17.6) (4.1) - (21.7)
Loss for the year - - - - (4.9) - - (4.9)
Total comprehensive income for the year - - - - (22.5) (4.1) - (26.6)
Dividends paid - - (15.0) - (68.3) - - (83.3)
Purchase of own shares - - - - (12.3) - - (12.3)
Share-based payments charged to the income statement - - - - - - 9.5 9.5
Share-based payments settled on vesting - - - - 9.7 - (9.7) -
At 30 June 2024 16.0 369.6 28.8 3.4 62.0 53.9 23.9 557.6
FOR THE YEAR ENDED 30 JUNE 2023
(In £s million) Called up share capital Share premium Merger reserve((1)) Capital redemption reserve Retained earnings Cumulative translation reserve Equity reserve((2)) Total equity
At 1 July 2022 16.7 369.6 43.8 2.7 268.2 73.6 21.6 796.2
Currency translation adjustments - - - - - (15.6) - (15.6)
Remeasurement of defined benefit pension schemes - - - - (95.1) - - (95.1)
Tax relating to components of other comprehensive income - - - - 19.5 - - 19.5
Net expense recognised in other comprehensive income - - - - (75.6) (15.6) - (91.2)
Profit for the year - - - - 138.3 - - 138.3
Total comprehensive income for the year - - - - 62.7 (15.6) - 47.1
Dividends paid - - - - (165.1) - - (165.1)
Purchase of own shares (0.7) - - 0.7 (19.0) - - (19.0)
Share-based payments charged to the income statement - - - - - - 11.1 11.1
Share-based payments settled on vesting - - - - 8.6 - (8.6) -
At 30 June 2023 16.0 369.6 43.8 3.4 155.4 58.0 24.1 670.3
((1)) The Merger reserve was generated under Section 612 of the Companies Act
2006, as a result of the cash box structure used in the equity placing of new
shares issued during the year ended 30 June 2020.
((2)) The Equity reserve is generated as a result of IFRS 2 'Share-based
payments'.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE
(In £s million) 2024 2023
Operating profit 25.1 197.0
Adjustments for:
Exceptional items (note 4) 80.0 -
Depreciation of property, plant and equipment 11.1 10.9
Depreciation of right-of-use assets 46.0 46.0
Amortisation of intangible assets 9.2 10.0
Loss on disposal of business assets - 0.1
Net movements in provisions (excluding exceptional items) ((1)) 0.2 1.9
Share-based payments (excluding exceptional items) 8.2 12.0
154.7 80.9
Operating cash flow before movement in working capital 179.8 277.9
Movement in working capital:
Decrease/(increase) in receivables 43.2 (53.2)
(Decrease)/increase in payables ((1)) (59.7) 24.5
Movement in working capital (16.5) (28.7)
Cash generated by operations 163.3 249.2
Cash paid in respect of exceptional items (22.9) -
Pension scheme deficit funding (18.2) (17.7)
Income taxes paid (26.4) (65.8)
Net cash inflow from operating activities 95.8 165.7
Investing activities
Purchase of property, plant and equipment (7.6) (12.3)
Purchase of intangible assets (15.8) (16.8)
Acquisition of subsidiaries - (1.0)
Interest received 3.2 2.0
Net cash used in investing activities (20.2) (28.1)
Financing activities
Interest paid (7.2) (3.7)
Lease liability principal repayment (51.0) (49.9)
Purchase of own shares (12.3) (75.7)
Equity dividends paid (83.3) (165.1)
Increase in bank loans and overdrafts 55.0 10.0
Net cash used in financing activities (98.8) (284.4)
Net decrease in cash and cash equivalents (23.2) (146.8)
Cash and cash equivalents at beginning of year 145.6 296.2
Effect of foreign exchange rate movements (0.6) (3.8)
Cash and cash equivalents at end of year 121.8 145.6
((1)) Net movements in provisions (excluding exceptionals) for the year ended
30 June 2024 includes transfer of dilapidation provision from accruals to
provisions, with a corresponding decrease in payables of £5.4 million. There
has been no impact on the Group's Cash generated by operations, cash inflow
from operating activities, or on cash conversion.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 STATEMENT UNDER S435 - PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this preliminary announcement does not
constitute statutory accounts for the years ended 30 June 2024 or 30 June
2023, as defined in Section 435 (1) and (2) of the Companies Act 2006, but is
derived from those accounts. The statutory accounts for 2023 have been
delivered to the Registrar of Companies and those for 2024 will be delivered
following the Company's Annual General Meeting. The Group's Auditor has
reported on those accounts; their reports were unqualified, did not draw
attention to any matters by way of emphasis without qualifying their report
and did not contain statements under Section 498 (2) or (3) of the Companies
Act 2006.
2 BASIS OF PREPARATION
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with UK-adopted International Accounting
Standards, this announcement does not itself contain sufficient information to
comply with IFRS. The accounting policies applied in preparing this financial
information are consistent with the Group's financial statements for the year
ended June 2023; there have been no new standards or improvements to existing
standards that are mandatory for the first time in the Group's accounting
period beginning on 1 July 2023 and no new standards have been early adopted.
Going Concern
The Group's business activities, together with the factors likely to affect
its future development, performance and financial position, including its cash
flows and liquidity position are described in this preliminary results
announcement for the year ended 30 June 2024. The Directors have formed the
judgment that there is reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. As
a result the Directors continue to adopt the Going Concern basis in the
preparation of the Consolidated Financial Statements.
As in prior years, the Board undertook a strategic business review in the
current year which took into account the Group's current financial position
and the potential impact of the principal risks set out in the Annual Report.
In addition, and in making this statement, the Board carried out a robust
assessment of the principal risks facing the Group, including those that would
threaten the Group's business model, future performance and liquidity. While
the review has considered all the principal risks identified by the Group, the
resilience of the Group to the occurrence of these risks in severe yet
plausible scenarios has been evaluated.
Financial position
At 30 June 2024, the Group had net cash of £56.8 million compared to net cash
of £135.6 million at 30 June 2023. The Group had a good working capital
performance, with significant management focus on cash collection, average
trade debtor days remained below pre-Pandemic levels at 36 days (2023: 33
days), with the increase versus prior year being caused by the relative
resilience of our Enterprise clients, that typically have longer payment
terms. The Group has a history of strong cash generation, tight cost control
and flexible workforce management.
Assessment of Going Concern
The Board approves the annual budget, which is based on submissions from the
Group's divisions, following a thorough review process. The Board also reviews
monthly management reports and quarterly forecasts. The output of the planning
and budgeting processes has been used to perform base case projections for
going concern purposes, under prudent assumptions:
• FY25 net fees and operating profit in-line with the approved budget
• Modest, single digit net fee growth in FY26
• Working capital movements expected to be broadly neutral
• That the Group's revolving credit facility is extended beyond the viability
period
• Future dividends are in-line with current policy
• No changes to the Group structure
2 BASIS OF PREPARATION continued
A sensitivity analysis of the Group's cash flow was performed to model the
potential effects should the principal risks occur either individually or in
unison. The sensitivity analysis modelled a range of severe, but plausible,
downside scenarios against the base case projections, including a worsening of
the macroeconomic environment and intensified competition, increasing
inflation and the potential impact of climate change, with a range of recovery
scenarios considered. The 'Stress Case' scenario assumes that the Group
experiences a severe further deterioration in market conditions in H2 FY25,
followed by a period of only gradual recovery.
The Directors are satisfied that the Group would be able to respond to such
scenarios with a range of measures including, but not limited to:
• Quickly decreasing headcount through natural attrition
• Reductions in discretionary spend
• Deferral of capital expenditure
• Further rationalisation or restructuring of business operations
• Reduction in cash distributions to shareholders
Given the nature of the Temporary and Contract recruitment business,
significant working capital inflows typically arise in periods of severe
downturn, thus protecting liquidity as was the case during the Global
Financial Crisis of 2008/09 and which we again experienced during the Covid-19
pandemic.
Set against these downside trading scenarios, the Board also considered key
mitigating factors including the geographic and sectoral diversity of the
Group, its balanced business model across Temporary, Permanent and Contract
recruitment services, and the focus on building a more resilient business,
underpinned by the Group's clear strategy and focus on operational rigour.
Furthermore, whilst our key markets have become increasingly challenging
throughout FY24, skill and talent shortages are widespread across our major
markets and are expected to remain so for the foreseeable future; the
Directors are therefore satisfied that the demand for recruitment services
will continue, supporting the resilience of our business model.
The Directors also considered a reverse stress test scenario to understand the
reduction required to cause a breach of financial covenants or loss of
solvency. The conclusion from the reverse stress test is that the likelihood
of the scenarios occurring is remote and therefore does not represent a
realistic threat to the going concern assumption of the Group.
The Group has an unsecured revolving credit facility of £210 million, that
reduces in November 2024 to £170 million and expires in November 2025. The
Directors anticipate no problems in renewing the facility, based on good early
engagement with lenders, and fully intend to do so. This provides considerable
headroom against current and future Group funding requirements. At 30 June
2024, £145 million of the facility was undrawn.
The Group has sufficient financial resources which, together with internally
generated cash flows, will continue to provide sufficient sources of liquidity
to fund its current operations, including its contractual and commercial
commitments and any proposed dividends. The Group is therefore well-placed to
manage its business risks. After making enquiries, the Directors have formed
the judgment at the time of approving the financial statements, that there is
a reasonable expectation that the Group has adequate resources to continue in
operational existence throughout the Going Concern period, being at least 12
months from the date of approval of the Consolidated Financial Statements. For
this reason, they continue to adopt the going concern basis of accounting in
preparing the Consolidated Financial Statements.
3 SEGMENTAL INFORMATION
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision maker to allocate resources to the segment and to assess
their performance.
As a result, the Group segments the business into four regions, Germany,
United Kingdom & Ireland, Australia & New Zealand and Rest of World.
There is no material difference between the segmentation of the Group's
turnover by geographic origin and destination.
The Group's operations comprise one class of business, that of qualified,
professional and skilled recruitment.
(In £s million) Note 2024 2023
Turnover
Germany 1,900.3 1,956.3
United Kingdom & Ireland 1,594.4 1,714.6
Australia & New Zealand 1,286.9 1,583.3
Rest of World 2,167.5 2,329.1
Group 5 6,949.1 7,583.3
(In £s million) Note 2024 2023
Net fees
Germany 351.8 382.0
United Kingdom & Ireland 225.7 266.1
Australia & New Zealand 139.7 188.4
Rest of World 396.4 458.1
Group 5 1,113.6 1,294.6
2024
Before 2024
exceptional Exceptional
(In £s million) items items 2024 2023
Operating profit
Germany 68.0 (23.6) 44.4 100.2
United Kingdom & Ireland 6.4 (7.3) (0.9) 28.7
Australia & New Zealand 11.5 (5.3) 6.2 32.1
Rest of World 19.2 (43.8) (24.6) 36.0
Group 105.1 (80.0) 25.1 197.0
4 EXCEPTIONAL ITEMS
During the year, the Group incurred an exceptional charge of £80.0 million
(2023: £nil). Of this, £42.2 million relates to a restructuring charge and
the remaining £37.8 million is non-cash, comprising a £22.5 million charge
relating to impairment of intangible assets and a £15.3 million charge
relating to the partial impairment of goodwill in the US business.
Effective 31 August 2023, after 16 years of service, Alistair Cox stepped down
as CEO and from the Board. The Executive Leadership Team was restructured,
including the departure of several members of the team, as well as the
appointment of a new Chief People Officer and a new Chief Technology Officer.
The Group incurred a combined cost, including legal and other third-party
costs, of £5.6 million in relation to the departure of the CEO and members of
the Executive Leadership Team. These costs are considered exceptional given
their size, non-recurring nature and because these changes led to the wider
restructuring events that occurred through the remainder of the year.
Following the appointment of the new CEO, Dirk Hahn, and in response to
increasingly challenging market conditions and a clear slowdown in most
markets, we restructured the business operations of many countries across the
Group, to better align business operations to market opportunities and reduce
operating costs. The restructuring exercise led to the redundancy of a number
of employees, including senior and operational management and back-office
positions and the closure of 17 offices. This resulted in the Group incurring
a restructuring cost of £42.2 million, including the £5.6 million as noted
above, a detailed breakdown of which is provided in note 5. The restructuring
costs are expected to generate significant cost savings and are considered
exceptional given their size and impact on business operations.
The cash impact of the restructuring charge in the year was £22.9 million,
with a further £17.8 million cash outflow expected in the year to 30 June
2025.
4 EXCEPTIONAL ITEMS continued
Following the appointment of the new Chief Technology Officer, the Group's
Technology Senior Leadership Team was restructured and the Directors initiated
a Group-wide project to transform its IT infrastructure to better support the
operations of the business. This led the Directors to enter into a contract to
outsource the Group's back-office IT infrastructure and the third-party cost
(included in the combined restructuring cost above) associated with this is
considered as exceptional due to the size of the contract and the anticipated
long-term cost savings to the Group. As part of the transformation, the
Directors cancelled certain in-flight projects and concluded that the related
intangible assets would not be used in the Group's operations. The Directors
also determined that certain intangible assets currently in use would no
longer be used in the Group's operations as originally anticipated, and
therefore concluded that a material part of their carrying value was impaired.
This cumulatively resulted in an impairment charge of £22.5 million, which is
a material non-cash item and based on its size and nature is considered to be
exceptional.
The £15.3 million goodwill impairment charge resulted from the partial
impairment of the carrying value of goodwill relating to the 2014 Veredus
acquisition in the USA, which was partially impaired in the year ended 30 June
2020. The goodwill impairment charge is a material non-cash item that based on
its size and nature is considered to be exceptional. The remaining Veredus
goodwill balance at 30 June 2024 is £7.2 million.
In total the exceptional charge generated a tax credit of £11.1 million
(2023: £nil).
The last time that the Group recognised an exceptional restructuring charge
was in the year ended 30 June 2020, in the immediate aftermath of the Covid-19
pandemic. The last time that the Group incurred an exceptional impairment
charge on other intangible assets was in the year ended 30 June 2008.
5 OPERATING PROFIT
The following costs are deducted from turnover to determine net fees:
(In £s million) 2024 2023
Turnover 6,949.1 7,583.3
Remuneration of temporary workers (4,995.4) (5,212.9)
Remuneration of other recruitment agencies (840.1) (1,075.8)
Net fees 1,113.6 1,294.6
Operating profit is stated after charging the following items to net fees of
£1,113.6 million (2023: £1,294.6 million):
2024
Before 2024
exceptional Exceptional
(In £s million) items items 2024 2023
Staff costs 789.4 30.2 819.6 868.8
Amortisation of intangible assets 9.2 - 9.2 10.0
Depreciation of property, plant and equipment 11.1 - 11.1 10.9
Depreciation of right-of-use assets (note 10) 46.0 - 46.0 46.0
Loss on disposal of property, plant and equipment - 0.4 0.4 -
Impairment loss on goodwill - 15.3 15.3 -
Impairment of property leases - 4.9 4.9 -
Impairment of intangible assets - 22.5 22.5 -
Short-term leases and leases of low-value assets 3.5 - 3.5 3.8
Impairment loss on trade receivables 1.4 - 1.4 3.0
Auditor's remuneration:
- for statutory audit services 2.4 - 2.4 2.1
- for other services 0.3 - 0.3 0.2
Other external charges 145.2 6.7 151.9 152.8
Administrative expenses 1,008.5 80.0 1,088.5 1,097.6
Within exceptional items in the table above, staff costs (£30.2 million),
loss on disposal of property, plant and equipment (£0.4 million), impairment
of right-of-use assets (£4.9 million) and other external charges (£6.7
million) total £42.2 million and represent the restructuring charge as
disclosed in note 4.
There were no exceptional items in the prior year.
6 NET FINANCE CHARGE
(In £s million) 2024 2023
Interest received on bank deposits 3.2 2.0
Interest payable on bank loans and overdrafts (7.2) (3.7)
Interest on lease liabilities (note 10) (5.0) (4.2)
Pension Protection Fund levy (0.1) (0.1)
Net interest expense on defined benefit pension schemes (1.3) 1.1
Net finance charge (10.4) (4.9)
7 TAX
The income tax expense for the year can be reconciled to the accounting profit
as follows:
2024
Before 2024
exceptional Exceptional
(In £s million) items items 2024 2023
Profit before tax 94.7 (80.0) 14.7 192.1
Income tax expense calculated at 25.0% (2023: 20.5%) (23.7) 20.0 (3.7) (39.4)
Items not taxable or non-deductible for tax (6.1) (0.7) (6.8) (3.7)
Changes in recognition of deferred tax in relation to losses (3.4) (2.2) (5.6) (5.1)
Changes in recognition of deferred tax in relation to temporary differences (2.6) (7.0) (9.6) (0.8)
Effect of different tax rates of subsidiaries operating in other jurisdictions (0.8) 1.0 0.2 (13.3)
Effect of share-based payment charges and share options (0.6) - (0.6) (0.3)
Income tax recognised in the current year (37.2) 11.1 (26.1) (62.6)
Adjustments recognised in the current year in relation to the current tax of 4.9 - 4.9 6.8
prior years
Adjustments to deferred tax in relation to prior years 1.6 - 1.6 2.0
Income tax expense recognised in the Consolidated Income Statement (30.7) 11.1 (19.6) (53.8)
Effective tax rate for the year 32.4% 13.9% 133.3% 28.0%
The tax rate used for the reconciliation above for the year ended 30 June 2024
is the corporation tax rate of 25.0% (2023: 20.5%), payable by corporate
entities in the United Kingdom on taxable profits under tax law in that
jurisdiction. The Group operates in jurisdictions which have tax rates higher
than the UK statutory tax rate, the most significant being Germany and
Australia with statutory rates of 31.5% and 30% respectively, the impact of
which is shown in the above reconciliation under effect of different tax rates
of subsidiaries operating in other jurisdictions.
8 DIVIDENDS
The following dividends were paid by the Group and have been recognised as
distributions to equity shareholders in the year:
2024 2023
(pence per 2024 (pence per 2023
share) (£s million) share) (£s million)
Prior year final dividend 2.05 32.6 1.90 30.8
Prior year special dividend 2.24 35.7 7.34 119.1
Current year interim dividend 0.95 15.0 0.95 15.2
Total 5.24 83.3 10.19 165.1
8 DIVIDENDS continued
The following dividends have been proposed by the Group in respect of the
accounting year presented:
2024 2023
(pence per 2024 (pence per 2023
share) (£s million) share) (£s million)
Interim dividend (paid) 0.95 15.0 0.95 15.2
Final dividend (proposed) 2.05 32.5 2.05 32.6
Special dividend (proposed) - - 2.24 35.6
Total 3.00 47.5 5.24 83.4
The final dividend for 2024 of 2.05 pence per share (£32.5 million) will be
proposed at the Annual General Meeting on 20 November 2024 and has not been
included as a liability. If approved, the final dividend will be paid on 25
November 2024 to shareholders on the register at the close of business on 18
October 2024.
9 EARNINGS PER SHARE
Weighted
average
number of Per share
Earnings shares amount
For the year ended 30 June 2024 (£s million) (million) (pence)
Before exceptional items:
Basic earnings per share 64.0 1,586.6 4.03
Dilution effect of share options - 13.7 (0.03)
Diluted earnings per share 64.0 1,600.3 4.00
After exceptional items:
Basic earnings per share (4.9) 1,586.6 (0.31)
Dilution effect of share options - 13.7 -
Diluted earnings per share (4.9) 1,600.3 (0.31)
Weighted
average
number of Per share
Earnings shares amount
For the year ended 30 June 2023 (£s million) (million) (pence)
Basic earnings per share 138.3 1,610.0 8.59
Dilution effect of share options - 13.9 (0.07)
Diluted earnings per share 138.3 1,623.9 8.52
The weighted average number of shares in issue for the current and prior years
exclude shares held in treasury.
Reconciliation of earnings
(In £s million) 2024 2023
Earnings before exceptional items 64.0 138.3
Exceptional items (note 4) (80.0) -
Tax credit on exceptional items (note 7) 11.1 -
Total earnings (4.9) 138.3
10 LEASE ACCOUNTING UNDER IFRS 16
Right-of-use assets
Total
Motor Other lease Lease
(In £s million) Property vehicles assets assets liabilities
At 1 July 2023 164.5 11.5 0.1 176.1 (189.8)
Exchange adjustments (1.5) (0.2) - (1.7) 3.2
Lease additions 29.8 10.6 - 40.4 (40.4)
Lease disposals (1.5) (0.2) - (1.7) 1.7
Depreciation of right-of-use assets (38.6) (7.4) - (46.0) -
Lease liability principal repayments - - - - 51.0
Interest on lease liabilities - - - - (5.0)
At 30 June 2024 147.8 14.3 0.1 162.2 (179.3)
(In £s million) 2024 2023
Current (44.2) (41.3)
Non-current (135.1) (148.5)
Total lease liabilities (179.3) (189.8)
11 RETIREMENT BENEFIT SURPLUS
(In £s million) 2024 2023
Surplus in the scheme brought forward 25.7 102.0
Administration costs (3.0) (3.2)
Employer contributions (towards funded and unfunded schemes) 18.2 17.7
Net interest income 1.7 4.3
Remeasurement of the net defined benefit surplus (23.2) (95.1)
Surplus in the scheme carried forward 19.4 25.7
12 PROVISIONS
(In £s million) Property Restructuring Legal, tax and other matters Total
At 1 July 2023 - - 23.6 23.6
Charged to income statement - 35.8 2.8 38.6
Credited to income statement - - (4.6) (4.6)
Utilised - (22.9) (3.4) (26.3)
Transfers from trade and other payables 5.4 - - 5.4
At 30 June 2024 5.4 12.9 18.4 36.7
(In £s million) 2024 2023
Current 24.0 10.8
Non-current 12.7 12.8
Total provisions 36.7 23.6
Restructuring provisions are as disclosed in note 5.
There are no individually material balances within this provision, and
management does not consider it reasonably possible that any of these balances
will change materially in the next 12 months.
13 LIKE-FOR-LIKE RESULTS
Like-for-like results represent organic growth/(decline) of operations at
constant currency. For the year ended 30 June 2024 these are calculated as
follows:
Foreign 2023
exchange at constant Organic
(In £s million) 2023 impact currency growth 2024
Net fees
Germany 382.0 (4.6) 377.4 (25.6) 351.8
United Kingdom & Ireland 266.1 (0.2) 265.9 (40.2) 225.7
Australia & New Zealand 188.4 (12.8) 175.6 (35.9) 139.7
Rest of World 458.1 (11.1) 447.0 (50.6) 396.4
Group 1,294.6 (28.7) 1,265.9 (152.3) 1,113.6
Foreign 2023
exchange at constant Organic
(In £s million) 2023 impact currency growth 2024
Operating profit
Germany 100.2 (1.2) 99.0 (31.0) 68.0
United Kingdom & Ireland 28.7 - 28.7 (22.3) 6.4
Australia & New Zealand 32.1 (2.4) 29.7 (18.2) 11.5
Rest of World 36.0 (0.6) 35.4 (16.3) 19.2
Group 197.0 (4.2) 192.8 (87.8) 105.1
14 LIKE-FOR-LIKE QUARTERLY RESULTS ANALYSIS BY DIVISION
Net fee growth versus same period last year:
Q1 Q2 Q3 Q4 FY
2024 2024 2024 2024 2024
Germany 7% 0% (13)% (17)% (7)%
United Kingdom & Ireland (11)% (17)% (16)% (17)% (15)%
Australia & New Zealand (17)% (20)% (23)% (22)% (20)%
Rest of World (11)% (11)% (11)% (11)% (11)%
Group (7)% (10)% (14)% (15)% (12)%
15 DISAGGREGATION OF NET FEES
IFRS 15 requires entities to disaggregate revenue recognised from contracts
with customers into relevant categories that depict how the nature, amount and
cash flows are affected by economic factors. As a result, we consider the
following information relating to net fees to be relevant and should be
considered alongside note 3:
Germany United Kingdom & Ireland Australia & New Zealand Rest of World Group
Temporary placements 82% 57% 65% 39% 59%
Permanent placements 18% 43% 35% 61% 41%
Total 100% 100% 100% 100% 100%
Private sector 85% 68% 63% 98% 83%
Public sector 15% 32% 37% 2% 17%
Total 100% 100% 100% 100% 100%
Technology 33% 15% 16% 27% 25%
Accountancy & Finance 17% 20% 12% 11% 15%
Engineering 27% 2% 0% 7% 11%
Construction & Property 4% 16% 20% 9% 10%
Office Support 0% 9% 11% 4% 5%
Other 19% 38% 41% 42% 34%
Total 100% 100% 100% 100% 100%
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR UAVBRSBUWUARRecent news on Hays
See all newsREG - Hays PLC - Total Voting Rights
AnnouncementREG - Hays PLC - Director/PDMR Shareholding
AnnouncementREG - Hays PLC - Third Quarter Trading Statement
AnnouncementREG - Hays PLC - Director/PDMR Shareholding
AnnouncementREG - Hays PLC - Director/PDMR Shareholding
Announcement