REG - PageGroup plc - Half-year Report
RNS Number : 1220XPageGroup plc08 August 2018
8 August 2018
Half Year Results for the Period Ended 30 June 2018
PageGroup plc ("PageGroup"), the specialist professional recruitment company, announces its unaudited half year results for the period ended 30 June 2018.
Financial summary
(6 months to 30 June 2018)
2018
2017
Change
Change
CC*
Revenue
£751.6m
£673.1m
+11.7%
+12.8%
Gross profit
£396.0m
£352.0m
+12.5%
+14.2%
Operating profit
£67.2m
£56.9m
+18.1%
+18.8%
Profit before tax
£67.2m
£56.9m
+18.1%
Basic earnings per share
15.5p
13.1p
+18.3%
Diluted earnings per share
15.4p
13.1p
+17.6%
Interim dividend per share
4.10p
3.90p
+5.1%
Special dividend per share
12.73p
12.73p
HIGHLIGHTS
· Group operating profit increased +18.8%* to £67.2m, +18.1% in reported rates
· Investment in 829 (+16.6%) fee earners year-on-year
· Adverse FX movements decreased reported gross profit by c. £6m and operating profit by c. £1m
· Conversion rate** increased to 17.0% (H1 2017: 16.2%)
· Strong Balance Sheet with net cash of £87.0m (H1 2017: £88.9m)
· Interim dividend up 5.1% to 4.10 pence per share, totalling £13.1m
· Special dividend of 12.73 pence per share, totalling £40.6m
* in constant currency at prior year rates
** operating profit as a percentage of gross profit
Commenting, Steve Ingham, Chief Executive Officer, said:
"PageGroup delivered an increase of 14.2%* in gross profit and 18.8%* in operating profit in the first half of 2018, with the Group's conversion rate rising to 17.0% from 16.2%. This reflected an improved business performance and operational efficiencies, as well as continued investment in new fee earners, two new offices, in Canberra and Chengdu, and a new country launch, in Vietnam.
"Adverse foreign exchange movements impacted our reported performance by c. £6m of gross profit and c. £1m of operating profit.
"In the past 12 months we have added 829 fee earners (+16.6%), with over half of these being into our five Large, High Potential markets. Each of these markets had a record first half in terms of gross profit, with collective growth accelerating to 23%, up from 12% in the first half of last year.
"We ended the first half of the year with both record fee earner and total headcount. Fee earner headcount grew 319 (+5.8%) in the first half, to a record level for the Group of 5,816 at 30 June 2018. We maintained our fee earner to operational support staff ratio at 78:22. Total headcount at the end of the first half was 7,457.
"We have announced an interim dividend of 4.10 pence per share, an increase of 5.1% over last year. In addition, in line with our policy of returning surplus capital to shareholders, we are pleased to announce today a special dividend of 12.73 pence per share (2017: 12.73 pence per share) totalling £40.6m, a fourth consecutive year of special dividends. Taking both dividend payments together, this amounts to a cash return to shareholders of £53.7m. Together with the 2017 final dividend paid in June of £27.4m, this represents a total of £81.1m returned to shareholders in 2018, or 25.43 pence per share.
"We are pleased with the Group's strong performance in the first half. However, there remain challenges, including Brexit in the UK, trading in Catalonia and forthcoming elections in Latin America.
"We will continue to focus on driving profitable growth as we progress towards our Vision of 10,000 headcount, £1bn of gross profit and £200m - £250m of operating profit, whilst being able to respond quickly to any changes in market conditions."
PageGroup will host a conference call, with on-line slide presentation, for analysts and investors at 8.30am on 8 August 2018, the details of which are below.
Link:
https://www.investis-live.com/pagegroup/5b4607c75821140a00e95e7a/kylk
Please use the following dial-in number to join the conference:
United Kingdom (Local)
020 3936 2999
All other locations
+44 20 3936 2999
Please quote participant access code 91 98 55 to gain access to the call.
A presentation and recording to accompany the call will be posted on the PageGroup website during the course of the morning of 8 August 2018 at:
http://www.page.com/investors/investor-library/2018.aspx
Enquiries:
PageGroup
Steve Ingham, Chief Executive Officer
Kelvin Stagg, Chief Financial Officer
FTI Consulting
Richard Mountain / Susanne Yule
INTERIM MANAGEMENT REPORT
To the members of PageGroup plc
GROUP RESULTS
GROSS PROFIT
£m
Growth Rates
% of Group
H1 2018
H1 2017
Reported
CC
EMEA
49%
194.9
162.1
+20.3%
+18.6%
Asia Pacific
19%
74.1
66.7
+11.1%
+16.1%
UK
18%
69.7
73.0
-4.6%
-4.6%
Americas
14%
57.3
50.2
+14.2%
+24.9%
Total
100%
396.0
352.0
+12.5%
+14.2%
Permanent
77%
304.2
267.3
+13.8%
+16.1%
Temporary
23%
91.8
84.7
+8.4%
+8.3%
The Group's revenue for the six months ended 30 June 2018 increased 11.7% to £751.6m (2017: £673.1m) and gross profit increased 12.5% to £396.0m (2017: £352.0m). At constant currencies, the Group's revenue increased by 12.8% and gross profit by 14.2%. The Group's revenue mix between permanent and temporary placements was 41:59 (2017: 40:60) and for gross profit was 77:23 (2017: 76:24).
Revenue from temporary placements comprises the salaries of those placed, together with the margin charged. Overall, pricing has remained relatively stable across all regions.
Total headcount increased in the period by 428, while fee earner headcount grew by 319. We added a further 109 support staff mainly to support our strategic operational support programmes in the short term. We maintained our fee earner to operational support staff ratio at a record 78:22. We will continue to invest in our headcount in the second half in response to trading conditions and in line with our updated Page Vision.
The Group's organic growth model and profit-based team bonus ensures costs remain tightly controlled. 78% of first half costs were employee related, including salaries, bonuses, share-based long-term incentives, and training and relocation costs.
In total, administrative expenses in the first half increased 11.4% to £328.8m (2017: £295.1m), driven by increases in headcount being offset by foreign exchange movements. In constant currency administrative expenses were up 13.3% and operating profit increased 18.8% to £67.2m (2017: £56.9m), an increase of 18.1% at reported rates.
The Group views its conversion rate, which represents the ratio of operating profit to gross profit, as a key metric for the business. This conversion rate is affected by macro-economic conditions, the level of investment, particularly in fee earners and the degree of spare capacity within the business. The Group's conversion rate of 17.0% (2017:16.2%) was an improvement on H1 2017, driven by a strong performance in EMEA and a noticeable improvement in the Americas. Investment continued during the first half, with the addition of 319 new fee earners, two new offices, in Canberra and Chengdu, and a new country launch, with the opening of an office in Ho Chi Minh City, Vietnam.
FOREIGN EXCHANGE
The Group was impacted adversely in the period by movements in foreign exchange rates, as Sterling strengthened against almost all of the currencies relevant to the Group's operations. In the first half, this decreased the Group's revenue, gross profit and operating profit when expressed in Sterling by c. £8m, c. £6m and c. £1m, respectively.
OTHER ITEMS
A net interest income of £nil (2017: £nil) reflected the consistent level of cash held this year compared to 2017 and the continuing low interest rate environment. Interest income of £0.2m on cash balances held through the period was offset by financial charges related to the Group's Invoice Discounting Facility and overdrafts used to support local operations.
The charge for taxation at the half year is 26.5% (2017: 28.2%). It is based on the full year underlying tax rate of around 27.5%, reduced by positive prior year items arising from tax returns filed in the half year to 30 June.
Basic earnings per share for the six months ended 30 June 2018 was 15.5p, an increase of 18.3% and diluted earnings per share was 15.4p, an increase of 17.6% (2017: basic earnings per share 13.1p; diluted earnings per share 13.1p).
CASH FLOW
The Group started the year with net cash of £95.6m. In the first half, £40.5m was generated from operations after funding an increase in working capital of £39.9m, mainly due to growth in our temporary and contracting business, which has a higher working capital requirement. Tax paid was £19.7m and net capital expenditure was £10.8m. During the first half, £19.1m was received from exercises of share options. £9.9m was spent on the purchase of shares in the Employee Benefit Trust to hedge exposures under share-based awards (2017: £nil) and dividends of £27.4m were paid to shareholders. As a result, the Group had net cash of £87.0m at 30 June 2018 (30 June 2017: £88.9m).
DIVIDENDS AND SHARE REPURCHASES
It is the Directors' intention to continue to finance the activities and development of the Group from retained earnings and to operate while maintaining a strong balance sheet position.
The Group's first use of cash is to satisfy operational and investment requirements, as well to hedge its liabilities under the Group's share plans. The level of cash required for this purpose will vary depending upon the revenue mix of geographies, permanent and temporary recruitment, and point in the economic cycle.
Our second use of cash is to make returns to shareholders by way of an ordinary dividend. Our policy is to grow the ordinary dividend over the course of the economic cycle in a way that we believe we can sustain the level of ordinary dividend payment during downturns, as well as increasing it during more prosperous times.
Cash generated in excess of these first two priorities will be returned to shareholders through supplementary returns, using special dividends and/or share buybacks.
The Board has announced an interim dividend of 4.10 pence per share, an increase of 5.1% over last year. In addition, in line with its policy of returning surplus capital to shareholders, the Group is pleased to announce today a special dividend of 12.73 pence per share or £40.6m (2017: 12.73 pence per share), making it a fourth consecutive year of special dividends. Taking both dividend payments together, this amounts to a cash return to shareholders of £53.7m. Together with the 2017 final dividend paid in June of £27.4m, this represents a total of £81.1m returned to shareholders in 2018.
This special dividend will be paid, as in previous years, at the same time as the interim dividend on 10 October 2018 to shareholders on the register as at 7 September 2018.
During the first half, £9.9m was spent on the purchase of shares into the Employee Benefit Trust to hedge exposures under share-based awards (2017: £nil).
All growth rates given below are in constant currency unless otherwise stated.
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
EMEA
£m
Growth rates
(49% of Group in H1 2018)
H1 2018
H1 2017
Reported
CC
Gross Profit
194.9
162.1
+20.3%
+18.6%
Operating Profit
40.9
31.4
+30.4%
+28.4%
Conversion Rate (%)
21.0%
19.4%
EMEA is the Group's largest region, contributing 49% of Group first half gross profit. In reported rates, revenue in the region increased by 20.6% to £389.7m (2017: £323.1m) and gross profit increased 20.3% to £194.9m (2017: £162.1m). In constant currency, revenue increased 18.7% on the first half of 2017 and gross profit increased by 18.6%.
The EMEA region performed strongly, with Michael Page and Page Personnel growing 20% and 17%, respectively. We continued our investment in France, which now represents a third of the region and 16% of the Group, by increasing fee earner headcount 21% year-on-year. Despite the disruption from strikes in Q2, gross profit grew by 17%. In Germany, one of our Large, High Potential markets, we grew 27%. We continued to invest in fee earners, up 90 or 30% year-on-year, particularly into the Contracting and Interim markets. Southern Europe grew 15%, with Italy up 25% and Spain up 7%, despite continued challenging trading conditions in Catalonia. Benelux grew 22%, with Belgium and the Netherlands up 37% and 16% respectively. The Middle East and Africa grew 14%, driven mainly by growth in UAE of 23%.
The 30.4% increase in operating profit for the first half of 2018 to £40.9m (2017: £31.4m) and improvement in the conversion rate to 21.0% (2017: 19.4%) was driven by a combination of improved fee earner productivity and a reduced cost per fee earner. This reduction in cost per fee earner was a combination of adding more junior, lower cost fee earners, as well as efficiency benefits from our European shared service centre. Headcount across the region increased 179 (+6.0%) in the first half to 3,175 at the end of June 2018 (2,996 at 31 December 2017).
ASIA PACIFIC
Asia Pacific
£m
Growth rates
(19% of Group in H1 2018)
H1 2018
H1 2017
Reported
CC
Gross Profit
74.1
66.7
+11.1%
+16.1%
Operating Profit
9.0
11.3
-20.5%
-15.9%
Conversion Rate (%)
12.1%
17.0%
In Asia Pacific, representing 19% of Group first half gross profit, revenue increased 7.5% in reported rates to £125.6m (2017: £116.9m), and gross profit increased 11.1% to £74.1m (2017: £66.7m). In constant currency, revenue increased 13.0% in the first half and gross profit increased by 16.1%.
In Asia, we have two of our Large, High Potential markets, Greater China and South East Asia, as well as two other large recruitment markets, India and Japan, in which we continue to invest heavily. As a result, we grew fee earner headcount by 36% year-on-year, which in part helped us to achieve gross profit growth of 20%. In addition, in the Asia Pacific region we have opened 3 new offices, Chengdu, in the west of China, Canberra in Australia and our first office in Vietnam, in Ho Chi Minh City.
These investments have accelerated growth in the first half from Q1 to Q2 and have positioned us for continued growth. However, in the short-term these investments have reduced our conversion rate to 12.1% in H1 2018 from 17.0% in H1 2017. Headcount across the region increased by 128 (8.4%) to 1,660 at the end of June 2018 (1,532 at 31 December 2017).
UNITED KINGDOM
UK
£m
Growth rates
(18% of Group in H1 2018)
H1 2018
H1 2017
Gross Profit
69.7
73.0
-4.6%
Operating Profit
10.5
8.7
+20.1%
Conversion Rate (%)
15.0%
11.9%
In the UK, representing 18% of Group first half gross profit, revenue declined -3.5% to £155.0m (2017: £160.7m), and gross profit declined -4.6% to £69.7m (2017: £73.0m), with Brexit related uncertainty continuing to impact decision-making from clients and candidates at the more senior levels of the market. Page Personnel, which has a higher proportion of temporary recruitment, grew 3%, while Michael Page, which is focused on more senior candidates, declined -7%.
Operating profit increased by 20.1% to £10.5m (2017: £8.7m), with the conversion rate increasing to 15.0% (2017: 11.9%). As noted last year, our H1 2017 UK conversion rate was impacted by around 3 percentage points by a particularly high share plan charge that, due to the proportion of senior management who are based in the UK, disproportionately impacted the region's conversion rate. In H1 2018, we also restructured our business in the UK, moving from a discipline to a regional basis, in order to more closely align us with our customers. While not the driver of the restructure, it also resulted in a reduction in our UK management team.
Headcount decreased by 12 (0.9%) during the first half of 2018 to 1,395 at the end of June 2018 (1,407 at 31 December 2017).
THE AMERICAS
Americas
£m
Growth rates
(14% of Group in H1 2018)
H1 2018
H1 2017
Reported
CC
Gross Profit
57.3
50.2
+14.2%
+24.9%
Operating Profit
6.8
5.5
+24.0%
+32.7%
Conversion Rate (%)
11.9%
11.0%
In the Americas, representing 14% of Group first half gross profit, revenue increased 12.1% in reported rates to £81.3m (2017: £72.5m), while gross profit increased 14.2% to £57.3m (2017: £50.2m). In constant currency, revenue increased by 22.6% and gross profit increased by 24.9%.
North America saw growth of 22% in both the US and Canada. In the US, we continued to invest, with fee earner headcount up 32 or 9% in H1, following the increase of 64 or 21% in 2017. We saw particularly strong performances from our offices outside of New York, which now represent 54% of the US, a proportion that has grown by around 50% since 2015, and which grew 31% collectively.
In Latin America, we increased fee earner headcount by 24% year-on-year and grew 29%. This investment was spread across the region, including the four countries outside of Brazil and Mexico, being Argentina, Chile, Colombia and Peru, where we now have a total headcount of over 300 and grew 43%, collectively. Elsewhere, Brazil grew 17% as market conditions continued to improve. In Mexico, our largest business in the region in terms of fee earners, we grew 26%.
Headcount in the Americas was up 133 (12.2%) in the first half, to 1,227 at the end of June 2018 (1,094 at 31 December 2017). Operating profit increased by 24.0% to £6.8m (2017: £5.5m), with an increase in the conversion rate to 11.9% (2017: 11.0%), due primarily to the increase in gross profit growth throughout the region.
KEY PERFORMANCE INDICATORS ("KPIs")
We measure our progress against our strategic objectives using the following key performance indicators:
KPI
Definition, method of calculation and analysis
Gross profit growth
How measured: Gross profit represents revenue less cost of sales and consists of the total placement fees of permanent candidates, the margin earned on the placement of temporary candidates and the margin on advertising income, i.e. it represents net fee income. The measure used is the increase or decrease in gross profit as a percentage of the prior year gross profit.
Why it's important: The growth of gross profit relative to the previous year is an indicator of the growth of the net fees from the business as a whole. It demonstrates whether we are in line with our strategy to grow the business.
How we performed in H1 2018: With strong growth in many of our markets, gross profit in H1 2018 increased by 14.2% in constant currency, although this decreased to 12.5% at reported rates after the impact of foreign exchange (H1 2017: 8.3% in constant currency, 17.7% in reported rates).
Relevant strategic objective: Organic growth
Gross profit diversification
How measured: Total gross profit from a) geographic regions outside the UK; and b) disciplines outside of Accounting and Financial Services, each expressed as a percentage of total gross profit.
Why it's important: These percentages give an indication of how the business has diversified its revenue streams away from its historic concentrations in the UK and from the Accounting and Financial Services discipline.
How we performed in H1 2018: Geographies: the percentage increased to 82.4% from 79.3% in 2017, demonstrating further diversification. This increase reflected the economic recovery felt in Continental Europe, along with the strengthening of Sterling.
Disciplines: the percentage increased to 65.5% (2017: 63.1%), with growth of 6% within Accounting and Financial Services, compared to 19% elsewhere, with a particularly strong result from our Technical disciplines, up 26%.
Relevant strategic objective: Diversification
Ratio of gross profits generated from permanent and temporary placements
How measured: Gross profit from each type of placement expressed as a percentage of total gross profit.
Why it's important: This ratio helps us to understand where we are in the economic cycle since the temporary market tends to be more resilient when the economy is weak, although in several of our core strategic markets, working in a temporary role or as a contractor or interim employee, is not currently normal practice, for example mainland China.
How we performed in H1 2018: 77% of our gross profit was generated from permanent placements, marginally above the 76% in 2017.
Relevant strategic objective: Organic growth
Gross profit per fee earner
How measured: Gross profit for the year divided by the average number of fee earners in the year.
Why it's important: This is a key indicator of productivity.
How we performed in H1 2018: Gross profit per fee earner was £69.2k in H1 2018 compared to £72.3k in H1 2017, though in constant currency H1 2018 productivity is slightly higher at £70.3k. The lower productivity in H1 2018 reflects the level of fee earner headcount investment.
Relevant strategic objective: Organic growth
Conversion rate
How measured: Operating profit before interest and taxation (EBIT) as a percentage of gross profit.
Why it's important: This demonstrates the Group's effectiveness at controlling the costs and expenses associated with its normal business operations. It will be impacted by the level of productivity and the level of investment for future growth.
How we performed in H1 2018: Operating profit as a percentage of gross profit increased to 17.0% in 2018, up from 16.2% in the prior year, driven by the improvement in trading conditions in the majority of our regions, as well as operational efficiencies.
Relevant strategic objective: Build for the long-term
Basic earnings per share before exceptional items
How measured: Profit for the year attributable to the Group's equity shareholders, divided by the weighted average number of shares in issue during the year.
Why it's important: This measures the overall profitability of the Group.
How we performed in H1 2018: Earnings per share (EPS) in H1 2018 was 15.5p, an 18.3% improvement on the EPS in 2017 of 13.1p.
Relevant strategic objective: Build for the long-term, organic growth
Fee-earner: operational support staff headcount ratio
How measured: The percentage of fee-earners compared to operational support staff at the period-end, expressed as a ratio.
Why it's important: This reflects the operational efficiency in the business in terms of our ability to grow the revenue-generating platform at a faster rate than the staff needed to support this growth.
How we performed in H1 2018: The ratio continued at a record 78:22 (H1 2017: 77:23) with 319 fee earners added in 2018. Support staff increased by 109, mainly short-term to support our strategic operational support programmes.
Relevant strategic objective: Sustainable growth
Fee-earner headcount growth
How measured: Number of fee-earners and directors involved in revenue-generating activities at the period end, expressed as the percentage change compared to the prior year.
Why it's important: Growth in fee-earners is a guide to our confidence in the business and macro-economic outlook, as it reflects expectations as to the level of future demand above the existing capacity within the business.
How we performed in H1 2018: We added 319 fee earners in H1 2018 (H1 2017: 276), reflecting our continued confidence in our markets, as we invested in our Large, High Potential markets as well as those markets experiencing strong growth.
Relevant strategic objective: Sustainable growth
Net cash
How measured: Cash and short-term deposits less bank overdrafts and loans.
Why it's important: The level of net cash is a key measure of our success in managing our working capital and determines our ability to reinvest in the business and to return cash to shareholders.
How we performed in H1 2018: Net cash at 30 June 2018 was £87.0m (H1 2017: £88.9m). This was as a result of share purchases into the Employee Benefit Trust of £9.9m in H1 2018 that were not incurred in H1 2017, offset by £19.1m received in H1 2018 as a result of the exercise of share options, compared to £5.7m in H1 2017, with the balance principally driven by movements in working capital.
Relevant strategic objective: Build for the long-term
The source of data and calculation methods year-on-year are on a consistent basis. The movements in KPIs are in line with expectations. Disclosure for GHG emissions and People KPIs is provided annually.
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's strategy are subject to a number of risks. The main risks that PageGroup believes could potentially impact the Group's operating and financial performance for the remainder of the financial year remain those as set out in the Annual Report and Accounts for the year ending 31 December 2017 on pages 35 to 39.
There have been no changes to these risk categories in the first half to 30 June 2018. However, there remains a degree of uncertainty in the UK as a result of Brexit.
We have a proven track record of being able to manage our headcount and costs effectively throughout the economic cycle and it should be noted that the UK is now only 18% of the Group, but a more resilient market due to its size and maturity. We also expect our other markets to continue to remain positive. In light of these mixed trading conditions, we will continue to focus on activity levels, adjusting headcount during the second half to react to market conditions. As always, we remain focused on driving profitable growth, whilst remaining able to respond quickly and effectively to any changes in market conditions.
TREASURY MANAGEMENT, BANK FACILITIES AND CURRENCY RISK
It is the Directors' intention to continue to finance the activities and development of the Group from retained earnings and to operate while maintaining a strong balance sheet position.
The Group's first use of cash is to satisfy operational and investment requirements, as well as hedging its liabilities under the Group's share plans. The level of cash required for this purpose will vary depending upon the revenue mix of geographies, permanent and temporary recruitment, and point in the economic cycle.
Our second use of cash is to make returns to shareholders by way of an ordinary dividend. Our policy is to grow the ordinary dividend over the course of the economic cycle in a way that we believe we can sustain the level of ordinary dividend payment during downturns, as well as increasing it during more prosperous times.
Cash generated in excess of these first two priorities will be returned to shareholders through supplementary returns, using special dividends and/or share buybacks.
Cash surpluses are invested in short-term deposits, with any working capital requirements being provided from Group cash resources, Group facilities, or by local overdraft facilities. The Group has a multi-currency notional cash pool based in the UK Group Treasury subsidiary and a cash concentration structure between the UK and Eurozone subsidiaries. The structure facilitates interest and balance compensation of cash and bank overdrafts. The Group has an Invoice Financing facility with HSBC Bank, the availability of which is limited to the level of UK trade receivable available for financing. This facility is subject to conventional banking covenants.
The main functional currencies of the Group are Sterling, Euro, Australian Dollar, Swiss Franc, Chinese Renminbi, Singapore and US Dollars. The Group does not have material exposure to foreign denominated monetary assets and liabilities.
In certain cases, where the Group gives or receives short-term loans to and from other Group companies with different reporting currencies, it may use short-dated foreign exchange swap derivatives financial instruments to manage the currency and interest rate exposure that arises on these loans. The Group has entered into hedges to cover its investment in foreign entities in the US and Canada.
GOING CONCERN
The Board has undertaken a recent and thorough review of the Group's forecasts and associated risks and sensitivities. Despite the uncertainty in the economy and its inherent risk and impact on the business, the Board has concluded, given the level of cash in the business and Group borrowing facilities, the geographical and discipline diversification, limited concentration risk, as well as the ability to manage the cost base, that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of this announcement.
CAUTIONARY STATEMENT
This Interim Management Report ("IMR") has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. This IMR contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
This IMR has been prepared for the Group as a whole and therefore gives greater emphasis to those matters that are significant to PageGroup plc and its subsidiary undertakings when viewed as a whole.
Page House
The Bourne Business Park
1 Dashwood Lang Road
Addlestone
Weybridge
Surrey
KT15 2QW
By order of the Board,
Steve Ingham
Kelvin Stagg
Chief Executive Officer
Chief Financial Officer
7 August 2018
7 August 2018
INDEPENDENT REVIEW REPORT TO PAGEGROUP PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2018 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows and the related notes 1 to 13. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2018 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
London
7 August 2018
Condensed Consolidated Income Statement
For the six months ended 30 June 2018
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
Unaudited
Unaudited
Audited
Note
£'000
£'000
£'000
Revenue
3
751,580
673,146
1,371,534
Cost of sales
(355,561)
(321,159)
(659,966)
Gross profit
3
396,019
351,987
711,568
Administrative expenses
(328,795)
(295,067)
(593,246)
Operating profit
3
67,224
56,920
118,322
Financial income
4
182
148
229
Financial expenses
4
(176)
(120)
(389)
Profit before tax
3
67,230
56,948
118,162
Income tax expense
5
(17,818)
(16,036)
(35,082)
Profit for the period
49,412
40,912
83,080
Attributable to:
Owners of the parent
49,412
40,912
83,080
Earnings per share
Basic earnings per share (pence)
8
15.5
13.1
26.5
Diluted earnings per share (pence)
8
15.4
13.1
26.4
The above results all relate to continuing operations
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2018
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
Unaudited
Unaudited
Audited
£'000
£'000
£'000
Profit for the period
49,412
40,912
83,080
Other comprehensive (loss)/income for the period
Items that may subsequently be reclassified to profit and loss:
Currency translation differences
(525)
(1,935)
(2,888)
(Loss)/gain on hedging instruments
(612)
706
1,340
Total comprehensive income for the period
48,275
39,683
81,532
Attributable to:
Owners of the parent
48,275
39,683
81,532
Condensed Consolidated Balance Sheet
As at 30 June 2018
30 June
30 June
31 December
2018
2017
2017
Unaudited
Unaudited
Audited
Note
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
9
31,868
29,541
30,158
Intangible assets - Goodwill and other intangible
1,681
1,677
1,685
- Computer software
31,697
35,375
32,473
Deferred tax assets
17,100
14,616
14,637
Other receivables
10
11,680
9,110
10,513
94,026
90,319
89,466
Current assets
Trade and other receivables
10
335,033
278,239
299,089
Current tax receivable
15,617
16,488
15,652
Cash and cash equivalents
13
87,048
88,946
95,605
437,698
383,673
410,346
Total assets
3
531,724
473,992
499,812
Current liabilities
Trade and other payables
11
(187,625)
(173,524)
(187,730)
Current tax payable
(21,695)
(17,325)
(22,166)
(209,320)
(190,849)
(209,896)
Net current assets
228,378
192,824
200,450
Non-current liabilities
Other payables
11
(16,702)
(12,334)
(19,489)
Deferred tax liabilities
(1,339)
(1,081)
(370)
(18,041)
(13,415)
(19,859)
Total liabilities
3
(227,361)
(204,264)
(229,755)
Net assets
304,363
269,728
270,057
Capital and reserves
Called-up share capital
3,279
3,276
3,268
Share premium
96,676
92,054
92,677
Capital redemption reserve
932
932
932
Reserve for shares held in the employee benefit trust
(53,427)
(65,780)
(58,931)
Currency translation reserve
29,333
30,811
29,858
Retained earnings
227,570
208,435
202,253
Total equity
304,363
269,728
270,057
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2018
Reserve
for shares
Called-up
Capital
held in the
Currency
share
Share
redemption
employee
translation
Retained
Total
capital
premium
reserve
benefit trust
reserve
earnings
equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2017
3,259
90,458
932
(72,941)
32,746
192,107
246,561
Currency translation differences
-
-
-
-
(1,935)
-
(1,935)
Net expense recognised directly in equity
-
-
-
-
(1,935)
-
(1,935)
Profit on hedging instruments
-
-
-
-
-
706
706
Profit for the six months ended 30 June 2017
-
-
-
-
-
40,912
40,912
Total comprehensive (loss)/income for the period
-
-
-
-
(1,935)
41,618
39,683
Exercise of share plans
17
1,596
-
-
-
4,049
5,662
Reserve transfer when shares held in the employee benefit trust vest
-
-
-
7,161
-
(7,161)
-
Credit in respect of share schemes
-
-
-
-
-
4,019
4,019
Debit in respect of tax on share schemes
-
-
-
-
-
(337)
(337)
Dividends
-
-
-
-
-
(25,860)
(25,860)
17
1,596
-
7,161
-
(25,290)
(16,516)
Balance at 30 June 2017
3,276
92,054
932
(65,780)
30,811
208,435
269,728
Currency translation differences
-
-
-
-
(953)
-
(953)
Net expense recognised directly in equity
-
-
-
-
(953)
-
(953)
Profit on hedging instruments
-
-
-
-
-
634
634
Profit for the six months ended 31 December 2017
-
-
-
-
-
42,168
42,168
Total comprehensive (loss)/income for the period
-
-
-
-
(953)
42,802
41,849
Exercise of share plans
(8)
623
-
-
-
6,409
7,024
Reserve transfer when shares held in the employee benefit trust vest
-
-
-
6,849
-
(6,849)
-
Credit in respect of share schemes
-
-
-
-
-
2,790
2,790
Credit in respect of tax on share schemes
-
-
-
-
-
1,057
1,057
Dividends
-
-
-
-
-
(52,391)
(52,391)
(8)
623
-
6,849
-
(48,984)
(41,520)
Balance at 31 December 2017 and 1 January 2018
3,268
92,677
932
(58,931)
29,858
202,253
270,057
Currency translation differences
-
-
-
-
(525)
-
(525)
Net expense recognised directly in equity
-
-
-
-
(525)
-
(525)
Loss on hedging instruments
-
-
-
-
-
(612)
(612)
Profit for the six months ended 30 June 2018
-
-
-
-
-
49,412
49,412
Total comprehensive (loss)/income for the period
-
-
-
-
(525)
48,800
48,275
Purchase of shares held in employee benefit trust
-
-
-
(9,898)
-
-
(9,898)
Exercise of share plans
11
3,999
-
-
-
15,116
19,126
Reserve transfer when shares held in the employee benefit trust vest
-
-
-
15,402
-
(15,402)
-
Credit in respect of share schemes
-
-
-
-
-
3,684
3,684
Credit in respect of tax on share schemes
-
-
-
-
-
552
552
Dividends
-
-
-
-
-
(27,433)
(27,433)
11
3,999
-
5,504
-
(23,483)
(13,969)
Balance at 30 June 2018
3,279
96,676
932
(53,427)
29,333
227,570
304,363
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2018
30 June
30 June
31 December
2018
2017
2017
Unaudited
Unaudited
Audited
Note
£'000
£'000
£'000
Cash generated from operations
12
40,490
52,495
124,464
Income tax paid
(19,747)
(24,628)
(38,154)
Net cash from operating activities
20,743
27,867
86,310
Cash flows from investing activities
Purchases of property, plant and equipment
(6,841)
(4,863)
(13,415)
Purchases of intangible assets
(4,022)
(4,387)
(7,508)
Proceeds from the sale of property, plant and equipment, and computer software
83
630
4,688
Interest received
182
148
229
Net cash used in investing activities
(10,598)
(8,472)
(16,006)
Cash flows from financing activities
Dividends paid
(27,433)
(25,860)
(78,251)
Interest paid
(174)
(1,579)
(1,845)
Issue of own shares for the exercise of options
19,126
5,662
12,686
Purchase of shares into the employee benefit trust
(9,898)
-
-
Net cash used in financing activities
(18,379)
(21,777)
(67,410)
Net (decrease)/increase in cash and cash equivalents
(8,234)
(2,382)
2,894
Cash and cash equivalents at the beginning of the period
95,605
92,796
92,796
Exchange loss on cash and cash equivalents
(323)
(1,468)
(85)
Cash and cash equivalents at the end of the period
13
87,048
88,946
95,605
Notes to the condensed set of interim results
For the six months ended 30 June 2018
1. General information
The information for the year ended 31 December 2017 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
2. Accounting policies
Basis of preparation
The unaudited interim condensed consolidated financial statements for the six months ended 30 June 2018 have been prepared in accordance with IAS 34 'Interim financial reporting' and with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
The unaudited interim condensed consolidated financial statements do not constitute the Group's statutory financial statements. The Group's most recent statutory financial statements, which comprise the annual report and audited financial statements for the year ended 31 December 2017, were approved by the directors on 6 March 2018. The interim condensed consolidated financial statements should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union.
During the period the Group adopted "IFRS 15 - Revenue from Contracts with Customers" and "IFRS 9 - Financial Instruments" for the first time. No adjustment was required for either standard on first time adoption. All other accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2017.
Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the interim management report. The interim management report also includes a summary of the Group's financial position, its cash flows and its borrowing facilities.
The directors believe the Group is well placed to manage its business risks successfully. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current committed facilities.
After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial report.
New accounting standards, interpretations and amendments adopted by the Group
During 2017, the Group concluded its detailed assessment of "IFRS 15 - Revenue from Contracts with Customers". As a result of this assessment, no adjustment is required. A fully retrospective method has been adopted for transparency and comparison purposes.
The Directors have also concluded that no adjustment is required in respect of "IFRS 9 - Financial Instruments".
We are continuing with our review and implementation of the new Accounting Standard, "IFRS 16 - Leases". A further update will be provided in this year's Annual Report and Accounts.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
3. Segment reporting
All revenues disclosed are derived from external customers.
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment operating profit represents the profit earned by each segment including allocation of central administration costs. This is the measure reported to the Group's Board, the chief operating decision maker, for the purpose of resource allocation and assessment of segment performance.
(a) Revenue, gross profit and operating profit by reportable segment
Revenue
Gross Profit
Six months ended
Year ended
Six months ended
Year ended
30 June
30 June
31 December
30 June
30 June
31 December
2018
2017
2017
2018
2017
2017
£'000
£'000
£'000
£'000
£'000
£'000
EMEA
389,685
323,092
675,983
194,976
162,117
332,288
United Kingdom
155,027
160,675
312,915
69,657
73,020
140,768
Asia Pacific
Australia and New Zealand
55,273
56,256
110,602
19,407
19,010
37,703
Asia
70,336
60,616
125,688
54,676
47,644
99,469
Total
125,609
116,872
236,290
74,083
66,654
137,172
Americas
81,259
72,507
146,346
57,303
50,196
101,340
751,580
673,146
1,371,534
396,019
351,987
711,568
Operating Profit
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
EMEA
40,945
31,397
69,674
United Kingdom
10,453
8,706
15,978
Asia Pacific
Australia and New Zealand
1,467
2,557
5,480
Asia
7,515
8,741
18,039
Total
8,982
11,298
23,519
Americas
6,844
5,519
9,151
Operating profit
67,224
56,920
118,322
Financial income/(expense)
6
28
(160)
Profit before tax
67,230
56,948
118,162
The above analysis by destination is not materially different to analysis by origin.
The analysis below is of the carrying amount of reportable segment assets, liabilities and non-current assets. Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The individual reportable segments exclude current income tax assets and liabilities. Non-current assets include property, plant and equipment, computer software, goodwill and other intangible.
(b) Segment assets, liabilities and non current assets by reportable segment
Total Assets
Total Liabilities
Six months ended
Year ended
Six months ended
Year ended
30 June
30 June
31 December
30 June
30 June
31 December
2018
2017
2017
2018
2017
2017
£'000
£'000
£'000
£'000
£'000
£'000
EMEA
244,044
200,716
219,024
124,352
97,687
109,100
United Kingdom
112,813
109,452
123,423
35,335
43,680
51,193
Asia Pacific
Australia and New Zealand
24,646
26,528
24,639
10,432
12,141
10,349
Asia
72,152
61,587
61,176
14,072
14,708
18,132
Total
96,798
88,115
85,815
24,504
26,849
28,481
Americas
62,452
59,221
55,898
21,475
18,723
18,815
Segment assets/liabilities
516,107
457,504
484,160
205,666
186,939
207,589
Income tax
15,617
16,488
15,652
21,695
17,325
22,166
531,724
473,992
499,812
227,361
204,264
229,755
Property, Plant & Equipment
Intangible Assets
Six months ended
Year ended
Six months ended
Year ended
30 June
30 June
31 December
30 June
30 June
31 December
2018
2017
2017
2018
2017
2017
£'000
£'000
£'000
£'000
£'000
£'000
EMEA
12,489
11,342
12,218
3,316
3,892
3,668
United Kingdom
6,466
6,989
6,894
29,786
32,664
30,116
Asia Pacific
Australia and New Zealand
1,323
1,133
1,174
1
11
2
Asia
5,250
3,136
3,397
26
40
31
Total
6,573
4,269
4,571
27
51
33
Americas
6,340
6,941
6,475
249
445
341
31,868
29,541
30,158
33,378
37,052
34,158
The below analyses in notes (c) revenue and gross profit by discipline (being the professions of candidates placed) and (d) revenue and gross profit generated from permanent and temporary placements have been included as additional disclosure over and above the requirements of IFRS 8 "Operating Segments".
(c) Revenue and gross profit by discipline
Revenue
Gross Profit
Six months ended
Year ended
Six months ended
Year ended
30 June
30 June
31 December
30 June
30 June
31 December
2018
2017
2017
2018
2017
2017
£'000
£'000
£'000
£'000
£'000
£'000
Accounting and Financial Services
294,427
278,831
559,480
136,456
129,975
261,062
Legal, Technology, HR, Secretarial and Other
193,546
163,819
337,857
94,390
79,299
161,424
Engineering, Property & Construction, Procurement & Supply Chain
166,932
138,442
290,830
94,746
76,358
158,714
Marketing, Sales and Retail
96,675
92,054
183,367
70,427
66,355
130,368
751,580
673,146
1,371,534
396,019
351,987
711,568
(d) Revenue and gross profit generated from permanent and temporary placements
Revenue
Gross Profit
Six months ended
Year ended
Six months ended
Year ended
30 June
30 June
31 December
30 June
30 June
31 December
2018
2017
2017
2018
2017
2017
£'000
£'000
£'000
£'000
£'000
£'000
Permanent
308,948
270,852
543,262
304,202
267,287
536,010
Temporary
442,632
402,294
828,272
91,817
84,700
175,558
751,580
673,146
1,371,534
396,019
351,987
711,568
4. Financial income / (expenses)
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Financial income
Bank interest receivable
182
148
229
Financial expenses
Bank interest payable
(176)
(120)
(241)
Interest on discounting of French construction participation tax
-
-
(148)
(176)
(120)
(389)
5. Taxation
Taxation for the six month period is charged at 26.5% (six months ended 30 June 2017: 28.2%; year ended 31 December 2017: 29.7%), representing the best estimate of the average annual effective tax rate expected for the full year together with known prior year adjustments applied to the pre-tax income for the six month period.
6. Dividends
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2017 of 8.60p per ordinary share (2016: 8.23p)
27,433
25,860
25,857
Interim dividend for the period ended 30 June 2017 of 3.90p per ordinary share (2016: 3.75p)
-
-
12,287
Special dividend for the year ended 31 December 2017 of 12.73p per ordinary share (2016: 6.46p)
-
-
40,107
27,433
25,860
78,251
Amounts proposed as distributions to equity holders in the year:
Proposed interim dividend for the period ended 30 June 2018 of 4.10p per ordinary share (2017: 3.90p)
13,078
12,253
-
Proposed special dividend for the year ended 31 December 2018 of 12.73p per ordinary share (2017: 12.73p)
40,606
40,000
-
Proposed final dividend for the year ended 31 December 2017 of 8.60p per ordinary share
-
27,144
The proposed interim and special dividends have not been approved by the Board at 30 June 2018 and therefore have not been included as a liability. The comparative dividends at 30 June 2017 were also not recognised as a liability in the prior period.
The proposed interim dividend of 4.10p (2017: 3.90p) per ordinary share and special dividend of 12.73p (2017: 12.73p) per ordinary share will be paid on 10 October 2018 to shareholders on the register at the close of business on 7 September 2018.
7. Share-based payments
In accordance with IFRS 2 "Share-based Payment", a charge of £4.8m has been recognised for share options and other share-based payment arrangements (including social charges) (30 June 2017: £4.3m, 31 December 2017: £7.7m).
8. Earnings per ordinary share
The calculation of the basic and diluted earnings per share is based on the following data:
Six months ended
Year ended
30 June
30 June
31 December
Earnings
2018
2017
2017
Earnings for basic and diluted earnings per share (£'000)
49,412
40,912
83,080
Number of shares
Weighted average number of shares used for basic earnings per share ('000)
317,795
312,072
313,491
Dilution effect of share plans ('000)
2,227
1,222
1,287
Diluted weighted average number of shares used for diluted earnings per share ('000)
320,022
313,294
314,778
Basic earnings per share (pence)
15.5
13.1
26.5
Diluted earnings per share (pence)
15.4
13.1
26.4
The above results all relate to continuing operations.
9. Property, plant and equipment
Acquisitions and Disposals
During the period ended 30 June 2018 the Group acquired property, plant and equipment with a cost of £6.8m (30 June 2017: £4.9m, 31 December 2017: £13.4m).
10. Trade and other receivables
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Current
Trade receivables
277,016
225,853
253,555
Less provision for impairment of receivables
(7,923)
(6,497)
(8,161)
Net trade receivables
269,093
219,356
245,394
Other receivables
8,579
5,235
9,839
Accrued income
40,612
42,861
31,938
Prepayments
16,749
10,787
11,918
335,033
278,239
299,089
Non-current
Other Receivables
11,680
9,110
10,513
11. Trade and other payables
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Current
Trade payables
2,571
1,331
6,240
Other tax and social security
50,142
52,416
54,615
Other payables
28,125
21,113
28,312
Accruals
104,966
97,374
97,467
Deferred income
1,821
1,290
1,096
187,625
173,524
187,730
Non-current
Deferred income
15,173
11,943
18,628
Other tax and social security
1,529
391
861
16,702
12,334
19,489
12. Cash flows from operating activities
Six months ended
Year ended
June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Profit before tax
67,230
56,948
118,162
Depreciation and amortisation charges
9,486
9,083
19,094
Loss/(Income) on sale of property, plant and equipment, and computer software
39
(34)
(159)
Share scheme charges
3,684
4,019
6,796
Net finance costs
(6)
(28)
160
Operating cash flow before changes in working capital
80,433
69,988
144,053
(Increase) in receivables
(38,688)
(18,660)
(42,629)
(Decrease)/increase in payables
(1,255)
1,167
23,040
Cash generated from operations
40,490
52,495
124,464
13. Cash and cash equivalents
Six months ended
Year ended
30 June
30 June
31 December
2018
2017
2017
£'000
£'000
£'000
Cash at bank and in hand
86,543
83,316
95,327
Short-term deposits
505
5,630
278
Cash and cash equivalents
87,048
88,946
95,605
Cash and cash equivalents in the statement of cash flows
87,048
88,946
95,605
The Group operated a multi-currency notional cash pool. The main Eurozone subsidiaries and the UK-based Group Treasury subsidiary participated in this cash pool. It is the Group's intention to extend the scope of the participation to other Group companies going forward. The structure facilitates interest and balance compensation of cash and bank overdrafts.
PageGroup maintains a Confidential Invoice Facility with HSBC whereby the Group has the option to discount facilities in order to advance cash on its receivables. The facility is used only ad hoc in case the Group needs to fund any major GBP cash outflow.
RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:-
a) the condensed set of interim financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting";
b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
On behalf of the Board
S Ingham
K Stagg
Chief Executive Officer
Chief Financial Officer
7 August 2018
Copies of the condensed interim financial statements are now available and can be downloaded from the Company's website http://www.page.com/investors/investor-library/2018.aspx
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 or visit www.rns.com.ENDIR EAXPXELKPEFF
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