REG - PageGroup plc - Half Year Results for the Period Ended 30 June 24
08/08/2024 07:00
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RNS Number : 6300Z PageGroup plc 08 August 2024
8 August 2024
Half Year Results for the Period Ended 30 June 2024
PageGroup plc ("PageGroup"), the specialist professional recruitment company,
announces its unaudited half year results for the period ended 30 June 2024.
Financial summary 2024 2023 Change Change
(6 months to 30 June 2024) CC*
Revenue £898.0m £1,033.9m -13.1% -9.8%
Gross profit £444.1m £526.8m -15.7% -12.4%
Operating profit £28.4m £63.9m -55.5% -53.7%***
Profit before tax £27.7m £63.3m -56.2%
Basic earnings per share 5.3p 13.6p -61.0%
Diluted earnings per share 5.3p 13.6p -61.0%
Interim dividend per share 5.36p 5.13p
H1 Summary
· Group operating profit of £28.4m (H1 2023: £63.9m)
· Conversion rate** of 6.4% (H1 2023: 12.1%)
· Gross profit per fee earner up 0.9% to £77.4k
· Total headcount decreased by 283 (3.6%) to 7,576 at the end of
June
· Net cash in June of £57.2m (H1 2023: £97.9m)
· Interim dividend up 4.5% to 5.36 pence per share, totalling
£16.8m
· Full year operating profit expected to be in the region of
£60m, in line with previous guidance
* in constant currencies
** operating profit as a percentage of gross profit
*** excluding impact of hyperinflation in Argentina
Commenting, Nicholas Kirk, Chief Executive Officer, said:
"The Group experienced challenging market conditions across all regions in H1,
with a softening in activity levels towards the end of the period,
particularly in terms of new jobs registered and number of interviews
undertaken. The conversion of interviews to accepted offers continues to be a
significant area of challenge, as candidate and client confidence remains
subdued, reflecting the macro-economic uncertainty in the majority of our
markets. Permanent recruitment continues to be impacted more than temporary,
as clients seek more flexible options and permanent candidates remain
reluctant to move jobs.
"While we saw a slower end to H1, having taken action to reduce headcount
throughout last year, our intention is to broadly hold fee earners at existing
levels to ensure we are well placed to take advantage of opportunities as
sentiment and confidence improve. We have a highly diversified and adaptable
business model, a highly experienced management team, a strong balance sheet
and our cost base is under continuous review. We are announcing today an
interim dividend of 5.36 pence per share, an increase of 4.5% on 2023.
"We continue to see the benefits of our investments in innovation and
technology. Customer Connect is supporting productivity and enhancing customer
experience, Page Insights is providing real time data to inform business
decisions for both Page and our customers, and we continue to work with our
partners to deploy AI and automation tools into our working environment. Given
the Group's fundamental strengths, we believe we will continue to perform well
despite the challenging environment, and we are confident in our ability to
implement our strategy driving the long-term profitability of the Group."
INTERIM MANAGEMENT REPORT
GROUP RESULTS
GROSS PROFIT £m Growth rates
% of Group H1 2024 H1 2023 Reported CC
EMEA 56% 248.8 288.4 -13.7% -11.4%
Americas 17% 77.3 89.1 -13.1% -6.1%
Asia Pacific 15% 64.3 83.4 -22.9% -17.8%
UK 12% 53.7 65.9 -18.5% -18.5%
Total 100% 444.1 526.8 -15.7% -12.4%
Permanent 73% 325.5 392.2 -17.0% -13.7%
Temporary 27% 118.6 134.6 -11.9% -8.6%
Revenue for the six months ended 30 June 2024 decreased 13.1% to £898.0m
(2023: £1,033.9m) and gross profit decreased 15.7% to £444.1m (2023:
£526.8m). In constant currencies, the Group's revenue decreased 9.8% and
gross profit decreased 12.4%. The Group's revenue mix between permanent and
temporary placements was 36:64 (2023: 38:62) and for gross profit was 73:27
(2023: 74:26). Revenue from temporary placements comprises the salaries of
those placed, together with the margin charged.
The Group's organic growth model and profit-based team bonus ensures costs
remain tightly controlled. 76% 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 decreased 10.2% in
reported rates to £415.7m (2023: £462.9m), driven largely by the lower
average headcount in H1 2024 compared to H1 2023. In constant currencies,
excluding the impact of hyperinflation in Argentina, administrative expenses
were down 6.7% and operating profit decreased by 53.7% to £28.4m (2023:
£63.9m). Operating profit decreased 55.5% at reported rates.
The Group's conversion rate, which represents the ratio of operating profit to
gross profit, was 6.4% (2023: 12.1%) due to the more challenging trading
conditions in 2024.
OTHER ITEMS
Net interest expense of £0.7m was broadly consistent with H1 2023 (£0.5m).
The effective tax rate for the first half was 39.5% (H1 2023: 31.9%). The
increase on the prior year is primarily due to the impact of the prior year
adjustments on the half year profit figure, together with a higher forecast
full year effective tax rate due to the impact of a non-deductible expenses,
which are broadly constant year on year, on a reduced level of forecast full
year profits.
For the six months ended 30 June 2024, basic earnings per share and diluted
earnings per share were both 5.3p, representing a decrease of 61.0% on 2023
(2023: basic earnings per share 13.6p; diluted earnings per share 13.6p).
CASH FLOW
Cash flow in the period was strong, with £49.2m generated from operations
(2023: £83.7m). Tax paid was £7.9m and net capital expenditure was £7.4m.
During the first half, £0.5m was received from exercises of share options
(2023: £0.8m), £13.2m was spent on the purchase of shares into the Employee
Benefit Trust (2023: £17.5m) and dividends of £35.2m were paid to
shareholders (2023: £33.9m). As a result, the Group had net cash of £57.2m
at 30 June 2024 (30 June 2023: £97.9m).
CAPITAL ALLOCATION POLICY
It is the Directors' intention to continue to finance the activities and
development of the Group from retained earnings and to maintain a strong
balance sheet position.
The Group's first use of cash is to satisfy operational and investment
requirements, as well as 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 5.36 pence per share, an
increase of 4.5% over last year. This, in addition to the 2023 final dividend
which we paid in June, results in a total return to shareholders in 2024 of
£52.0m, or 16.6 pence per share.
The interim dividend will be paid on 11 October 2024 to shareholders on the
register as at 30 August 2024.
During the first half, the Group made purchases of £13.2m of shares into the
Employee Benefit Trust to hedge its exposure under the Group's share plans
(2023: £17.5m).
GEOGRAPHICAL ANALYSIS (All growth rates given below are in constant currency
vs. H1 2023 unless otherwise stated)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
EMEA £m Growth rates
(56% of Group in H1 2024) H1 2024 H1 2023 Reported CC
Revenue 501.4 580.5 -13.6% -11.5%
Gross Profit 248.8 288.4 -13.7% -11.4%
Operating Profit 36.3 47.8 -24.2% -21.8%
Conversion Rate (%) 14.6% 16.6%
EMEA is the Group's largest region, contributing 56% of Group first half gross
profit. Against 2023, in reported rates, revenue in the region decreased 13.6%
to £501.4m (2023: £580.5m) and gross profit decreased 13.7% to £248.8m
(2023: £288.4m). In constant currencies, revenue decreased 11.5% on the first
half of 2023 and gross profit decreased by 11.4%.
We saw a more resilient performance within temporary recruitment, indicative
of the current uncertainty within the market. France, 14% of Group gross
profit and around a quarter of the region, was down 15% against a record
comparator in 2023. Germany, the Group's second largest market, declined 12%,
with our Technology focused Interim business the most resilient. Elsewhere in
Europe, we saw tough market conditions in all countries. The Middle East and
Africa grew 11%, a new record H1.
H1 operating profit was £36.3m (2023: £47.8m) with a conversion rate of
14.6% (2023: 16.6%). Profitability decreased on 2023 due to the tougher
trading conditions seen in 2024, albeit the region continues to have the
highest conversion rate of the Group. Headcount across the region decreased by
99 (2.6%) in the first half, to 3,715 at the end of June 2024 (3,814 at 31
December 2023).
THE AMERICAS
Americas £m Growth rates
(17% of Group in H1 2024) H1 2024 H1 2023 Reported CC
Revenue 139.1 151.0 -7.9% +2.0%
Gross Profit 77.3 89.1 -13.1% -6.1%
Operating Profit 4.4 5.9 -26.2% -25.2%***
Conversion Rate (%) 5.7% 6.7%
*** Excluding the impact of hyperinflation in Argentina.
In the Americas, representing 17% of Group first half gross profit, revenue
decreased 7.9% in reported rates against 2023, to £139.1m (2023: £151.0m),
while gross profit declined 13.1% to £77.3m (2023: £89.1m). In constant
currencies against 2023, revenue increased by 2.0% but gross profit was down
6.1%. Excluding Argentina due to hyperinflation, revenue and gross profit
declined by 7.3% and 11.9% in constant currencies, respectively.
North America declined 17% against 2023, due to the US, where uncertainty
around market conditions continued to affect both candidate and client
confidence.
Latin America delivered growth of 10%. However, excluding Argentina, the
region declined 4%. Mexico, our largest country in the region, declined 11%
due to its high dependency on the US. Brazil grew 10%, with a particularly
strong performance in temporary recruitment. Elsewhere in Latin America, our
remaining countries in the region declined 6%, collectively.
Operating profit was £4.4m (2023: £5.9m), with a conversion rate of 5.7%
(2023: 6.7%), which reflects tougher trading conditions in the US, with Latin
America being more resilient. We held our headcount broadly flat in H1, to
1,338 at the end of June 2024 (1,329 at 31 December 2023).
ASIA PACIFIC
Asia Pacific £m Growth rates
(15% of Group in H1 2024) H1 2024 H1 2023 Reported CC
Revenue 116.6 149.8 -22.2% -17.4%
Gross Profit 64.3 83.4 -22.9% -17.8%
Operating Profit -4.8 4.5 >-100% >-100%
Conversion Rate (%) -7.4% 5.3%
In Asia Pacific, representing 15% of Group first half gross profit, revenue
decreased 22.2% in reported rates to £116.6m (2023: £149.8m) and gross
profit decreased 22.9% to £64.3m (2023: £83.4m). In constant currencies,
revenue decreased 17.4% in H1 and gross profit decreased 17.8%.
Gross profit in Greater China declined 23%, with no sign of improvement.
Mainland China and Hong Kong were down 22% and 26%, respectively. South East
Asia declined 7% with Singapore down 6%. The other five countries in the
region declined 8%, collectively. India grew 10% and delivered a record H1
against a very strong comparator. Japan declined 17% and Australia declined
35%, with ongoing challenging conditions in all states.
We delivered an operating loss of £4.8m (2023: £4.5m operating profit) at a
conversion rate of -7.4% (2023: 5.3%), significantly behind the comparative
period due to the continued tough trading conditions. Headcount across the
region decreased by 84 in the first half (5.4%) to 1,468 at the end of June
2024 (1,552 at 31 December 2023).
UNITED KINGDOM
UK £m Growth rate
(12% of Group in H1 2024) H1 2024 H1 2023
Revenue 140.9 152.5 -7.6%
Gross Profit 53.7 65.9 -18.5%
Operating Profit -7.5 5.7 >-100%
Conversion Rate (%) -13.9% 8.6%
In the UK, representing 12% of Group first half gross profit, revenue
decreased 7.6% vs. 2023 to £140.9m (2023: £152.5m) and gross profit declined
18.5% to £53.7m (2023: £65.9m). We continued to see clients deferring hiring
decisions and candidates cautious about accepting offers.
We delivered an operating loss of £7.5m (2023: £5.7m profit). This was due
to the continued tough challenging trading condition seen in 2024. Headcount
was down 108 (9.3%) during the first half to 1,056 at the end of June 2024
(1,164 at 31 December 2023).
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 in net fees of the business as a whole. It
demonstrates whether we are in line with our strategy to grow the business.
How we performed in H1 2024: Trading conditions continued to be challenging
through the first half of 2024 which resulted in a decline in gross profit of
-15.7% vs. H1 2023 in reported rates and -12.4% in constant currencies. We
experienced a softening in activity levels throughout H1 2024 and exited June
down 18% vs. 2023.
Relevant strategic objective: Organic growth
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. However, 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 in Mainland China.
How we performed in H1 2024: 73% of our gross profit was generated from
permanent placements, marginally below the 74% in 2023. Reflecting the
uncertain macro-economic conditions, temporary recruitment (-8.6%) continued
to outperform permanent (-13.7%), as clients sought more flexible options.
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 2024: Gross profit per fee earner of £77.4k was up
0.9% vs. 2023 in constant currencies. The reduced market confidence we saw
throughout H1 2024 was partially offset by continued high fee rates. This
combined with our lower headcount resulted in increased productivity.
Relevant strategic objective: Organic growth
Conversion rate How measured: Operating profit (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 2024: Operating profit as a percentage of gross profit
decreased to 6.4% compared to the prior year (H1 2023: 12.1%), due to the
tougher trading conditions in 2024.
Relevant strategic objective: Sustainable growth
Basic earnings per share 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 2024: Earnings per share (EPS) in H1 2024 was 5.3p, a
decrease of 61.0% on the 2023 EPS of 13.6p. The decline is due to the lower
profit for the period, due to the more adverse trading conditions.
Relevant strategic objective: Build for the long-term, organic 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 2024: In response to the more challenging trading
conditions, our fee-earner headcount decreased by 253 (4.3%) to 5,598 in H1
2024. The largest decreases were seen in Europe. Following these decreases,
our intention is to hold fee earner headcount broadly at existing levels.
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 2024: Net cash at 30 June 2024 was £57.2m (H1 2023:
£97.9m). This is after the payment of the 2023 final dividend of £35.2m and
the purchase of shares into the Employee Benefit Trust of £13.2m (H1 2023:
£17.5m).
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 2023 on pages 60 to 66.
TREASURY MANAGEMENT, BANK FACILITIES AND CURRENCY RISK
The Group operates a multi-currency cash concentration arrangement managed by
the centralised Treasury function in London. 79% of the Group by revenue
participates in this arrangement. This arrangement facilitates interest
compensation for cash whilst supporting working capital requirements.
The Group maintains a Confidential Invoice Facility with HSBC whereby the
Group has the option to discount receivables in order to advance cash. The
Group also has an £80m Committed Revolving Credit Facility with HSBC and
BBVA, expiring in December 2027. Neither of these facilities were drawn as at
30 June 2024. These facilities are available for general corporate purposes.
The main functional currencies of the Group are Sterling, Euro, Chinese
Renminbi, US Dollar, Singapore Dollar, Hong Kong Dollar and Australian Dollar.
The Group does not have material transactional currency exposures. The Group
is exposed to foreign currency translation differences in accounting for its
overseas operations. The Group's policy is not to hedge the translation
exposure of the profits of overseas subsidiaries.
The Group may use short-dated foreign exchange derivatives to manage the
foreign currency transaction exposures in the business. The main exposures
arise from intercompany balances and transactions.
ESG
Our ESG strategy drives purposeful impact today and will continue to evolve
alongside our business. In April 2024, we published our sustainability report,
highlighting the progress we've made on our four sustainability goals over the
course of 2023. This includes:
· Changing 134,000 lives in 2023 through placements and social impact
programmes
· Increasing the proportion of women in leadership roles to 45%
· Decreasing our scope 1 & 2 emissions by 15% vs 2022
· Increasing net fees from our sustainability business by 78% vs 2022
H1 2024 has delivered continued progress against key targets. We've changed
over 60,000 lives in the year to date and increased the number of people
accessing our social impact programmes where we share our skills as a
recruiter to support traditionally underrepresented groups to access
employment. The Science Based Targets initiative has also approved our near
and long-term science-based emissions reduction targets including verification
of our net-zero science-based target by 2050.
We are now well on our way to reaching our sustainability goals, as we strive
to support the transition to a more equitable and greener society. For further
information on our sustainability efforts, please refer to
https://www.page.com/sustainability (https://www.page.com/sustainability) .
GOING CONCERN
The Board has undertaken a review of the Group's forecasts and associated
risks and sensitivities in the period from the date of approval of the interim
financial statements to August 2025 (review period).
The Group had £57.2m of cash as at 30 June 2024, with no debt except for IFRS
16 lease liabilities of £110.6m. Debt facilities relevant to the review
period comprise a committed £80m RCF maturing December 2027, an uncommitted
UK trade debtor discounting facility (up to £50m depending on debtor levels)
and an uncommitted £20m UK bank overdraft facility. None of these facilities
were in use as at 30 June 2024.
Despite the macroeconomic and political uncertainty that currently exists, and
its inherent risk and impact on the business, based on the analysis performed
there are no plausible downside scenarios that the Board believes would cause
a liquidity issue. Having considered the Group's forecasts, the level of cash
resources available to the business and the Group's borrowing facilities, the
Group's geographical and discipline diversification, limited concentration
risk, as well as the ability to manage the cost base, the Board has concluded
that the Group and therefore the Company has adequate resource to continue in
operation existence for the period through to August 2025.
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
Bourne Business Park
200 Dashwood Lang Road
Addlestone
Weybridge
Surrey
KT15 2NX
By order of the Board,
Nicholas Kirk Kelvin Stagg
Chief Executive Officer Chief Financial Officer
7 August 2024 7 August 2024
PageGroup will host a conference call, with on-line slide presentation, for
analysts and investors at 8.30am on 8 August 2024, the details of which are
below.
Link:
https://www.investis-live.com/pagegroup/66993c7d336a4b31000356bb/jyfd
(https://www.investis-live.com/pagegroup/66993c7d336a4b31000356bb/jyfd)
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 73 01 53 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 2024 at:
https://www.page.com/presentations/year/2024
(https://www.page.com/presentations/year/2024)
Enquiries:
PageGroup +44 (0)19 3226 4032
Nicholas Kirk, Chief Executive Officer
Kelvin Stagg, Chief Financial Officer
FTI Consulting +44 (0)20 3727 1340
Richard Mountain / Susanne Yule
INDEPENDENT REVIEW REPORT TO PAGEGROUP PLC
Conclusion
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 2024 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.
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 2024 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. 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.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of 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.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. 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.
Ernst & Young LLP
London
7 August 2024
Condensed Consolidated Income Statement
For the six months ended 30 June 2024
Six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 3 897,959 1,033,886 2,010,303
Cost of sales (453,818) (507,095) (1,003,171)
Gross profit 3 444,141 526,791 1,007,132
Administrative expenses (415,728) (462,934) (888,317)
Operating profit 28,413 63,857 118,815
Financial income 4 908 829 2,236
Financial expenses 4 (1,606) (1,378) (3,615)
Profit before tax 3 27,715 63,308 117,436
Income tax expense 5 (10,939) (20,176) (40,368)
Profit for the period 16,776 43,132 77,068
Attributable to:
Owners of the parent 16,776 43,132 77,068
Earnings per share
Basic earnings per share (pence) 8 5.3 13.6 24.4
Diluted earnings per share (pence) 8 5.3 13.6 24.3
The above results all relate to continuing operations
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
Six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period 16,776 43,132 77,068
Other comprehensive (loss)/income for the period
Items that may subsequently be reclassified to profit and loss:
Currency translation differences (4,069) (13,997) (12,353)
Items that may not subsequently be reclassified to profit and loss:
Actuarial loss on retirement benefits - - (1,735)
Deferred tax from actuarial loss on retirement benefits - - 435
Total comprehensive income for the period 12,707 29,135 63,415
Attributable to:
Owners of the parent 12,707 29,135 63,415
Condensed Consolidated Balance Sheet
As at 30 June 2024
30 June 31 December
30 June
2024 2023 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 9 46,529 37,665 47,452
Right-of-use assets 99,327 93,395 98,386
Intangible assets - Goodwill and other intangible 1,802 1,859 1,859
- Computer software 25,475 33,880 30,239
Deferred tax assets 17,163 20,421 19,856
Other receivables 10 13,031 12,890 13,017
203,327 200,110 210,809
Current assets
Trade and other receivables 10 358,218 411,725 380,243
Current tax receivable 22,888 21,095 23,384
Cash and cash equivalents 13 57,249 97,939 90,138
438,355 530,759 493,765
Total assets 3 641,682 730,869 704,574
Current liabilities
Trade and other payables 11 (231,528) (258,308) (259,856)
Provisions 12 (3,852) (3,737) (4,298)
Lease liabilities (31,871) (32,984) (31,746)
Current tax payable (6,892) (15,457) (5,958)
(274,143) (310,486) (301,858)
Net current assets 164,212 220,273 191,907
Non-current liabilities
Other payables 11 (8,410) (8,455) (10,156)
Lease liabilities (78,697) (70,643) (79,187)
Deferred tax liabilities (2,342) (2,619) (2,342)
Provisions 12 (4,092) (4,812) (4,543)
(93,541) (86,529) (96,228)
Total liabilities 3 (367,684) (397,015) (398,086)
Net assets 273,998 333,854 306,488
Capital and reserves
Called-up share capital 3,286 3,286 3,286
Share premium 99,564 99,564 99,564
Capital redemption reserve 932 932 932
Reserve for shares held in the employee benefit trust (75,498) (73,123) (66,813)
Currency translation reserve 15,916 18,341 19,985
Retained earnings 229,798 284,854 249,534
Total equity 273,998 333,854 306,488
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2024
Reserve
for shares
held in the
employee
benefit trust
£'000
Called-up Capital Currency
share redemption translation
capital reserve reserve
£'000 £'000 £'000
Share Retained Total
premium earnings equity
£'000 £'000 £'000
Balance at 1 January 2023 3,286 99,564 932 (56,626) 32,338 272,709 352,203
Currency translation differences - - - - (13,997) - (13,997)
Net income recognised directly in equity - - - - (13,997) - (13,997)
Profit for the six months ended 30 June 2023 - - - - - 43,132 43,132
Total comprehensive (expense)/income for the period - - - - (13,997) 43,132 29,135
Purchase of shares held in the employee benefit trust - - - (17,529) - - (17,529)
Exercise of share plans - - - - - 759 759
Reserve transfer when shares held in the employee benefit trust vest - - - 1,032 - (1,032) -
Credit in respect of share schemes - - - - - 2,462 2,462
Credit in respect of tax on share schemes - - - - - 713 713
Dividends - - - - - (33,889) (33,889)
- - - (16,497) - (30,987) (47,484)
Balance at 30 June 2023 3,286 99,564 932 (73,123) 18,341 284,854 333,854
Currency translation differences - - - - 1,644 - 1,644
Actuarial expense on retirement benefits net of tax - - - - - (1,300) (1,300)
Net income/(expense) recognised directly in equity - - - - 1,644 (1,300) 344
Profit for the six months ended 31 December 2023 - - - - - 33,936 33,936
Total comprehensive income for the period - - - - 1,644 32,636 34,280
Purchase of shares held in the employee benefit trust - - - - - - -
Exercise of share plans - - - - - 1,187 1,187
Reserve transfer when shares held in the employee benefit trust vest - - - 6,310 - (6,310) -
Credit in respect of share schemes - - - - - 3,039 3,039
Credit in respect of tax on share schemes - - - - - 303 303
Dividends - - - - - (66,175) (66,175)
- - - 6,310 - (67,956) (61,646)
Balance at 31 December 2023 3,286 99,564 932 (66,813) 19,985 249,534 306,488
Balance at 1 January 2024 3,286 99,564 932 (66,813) 19,985 249,534 306,488
Currency translation differences - - - - (4,069) - (4,069)
Net expense recognised directly in equity - - - - (4,069) - (4,069)
Profit for the six months ended 30 June 2024 - - - - - 16,776 16,776
Total comprehensive (expense)/income for the period - - - - (4,069) 16,776 12,707
Purchase of shares held in employee benefit trust - - - (13,161) - - (13,161)
Exercise of share plans - - - - - 453 453
Reserve transfer when shares held in the employee benefit trust vest - - - 4,476 - (4,476) -
Credit in respect of share schemes - - - - - 2,931 2,931
Debit in respect of tax on share schemes - - - - - (209) (209)
Dividends - - - - - (35,211) (35,211)
- - - (8,685) - (36,512) (45,197)
Balance at 30 June 2024 3,286 99,564 932 (75,498) 15,916 229,798 273,998
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Profit before tax 27,715 63,308 117,436
Depreciation, amortisation charges and expense of computer software 30,019 31,913 66,781
Loss on sale of property, plant and equipment 258 144 819
Share scheme charges 2,931 2,468 5,501
Net finance costs 698 549 1,379
Operating cash flow before changes in working capital 61,621 98,382 191,916
Decrease in receivables 11,977 13,375 46,057
Decrease in payables (24,378) (28,045) (26,002)
Cash generated from operations 49,220 83,712 211,971
Income tax paid (7,876) (27,337) (58,963)
Net cash from operating activities 41,344 56,375 153,008
Cash flows from investing activities
Purchases of property, plant and equipment (8,047) (9,530) (27,348)
Purchases and capitalisation of intangible assets (1,034) (1,848) (4,033)
Proceeds from the sale of property, plant and equipment, and computer software 1,714 85 587
Interest received 1,021 829 2,236
Net cash used in investing activities (6,346) (10,464) (28,558)
Cash flows from financing activities
Dividends paid (35,211) (33,889) (100,064)
Interest paid (290) (266) (1,070)
Lease liability repayment (20,668) (18,779) (40,045)
Issue of own shares for the exercise of options 453 759 1,946
Purchase of shares into the employee benefit trust (13,161) (17,529) (17,529)
Net cash used in financing activities (68,877) (69,704) (156,762)
Net decrease in cash and cash equivalents (33,879) (23,793) (32,312)
Cash and cash equivalents at the beginning of the period 90,138 131,480 131,480
Exchange gain/(loss) on cash and cash equivalents 990 (9,748) (9,030)
Cash and cash equivalents at the end of the period 13 57,249 97,939 90,138
Notes to the condensed set of interim results
For the six months ended 30 June 2024
1. General information
The information for the year ended 31 December 2023 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.
The unaudited interim condensed consolidated financial statements of PageGroup
plc and its subsidiaries (collectively, the Group) for the six months ended 30
June 2024 were authorised for issue in accordance with a resolution of the
directors on 7 August 2024.
2. Accounting policies
Basis of preparation
The unaudited interim condensed consolidated financial statements for the six
months ended 30 June 2024 have been prepared in accordance with UK adopted 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 2023, were
approved by the directors on 6 March 2024. The interim condensed
consolidated financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 December 2023, which have
been prepared in accordance with UK-adopted international accounting standards
("IFRSs").
Going concern
The Board has undertaken a review of the Group's forecasts and associated
risks and sensitivities, in the period from the date of approval of the
interim financial statements to August 2025 (review period).
The Group had £57.2m of cash as at 30 June 2024, with no debt except for IFRS
16 lease liabilities of £110.6m. Debt facilities relevant to the review
period comprise a committed £80m RCF maturing December 2027, an uncommitted
UK trade debtor discounting facility (up to £50m depending on debtor levels)
and an uncommitted £20m UK bank overdraft facility. Under the Group's latest
forecasts, the Group is able to operate without the need to draw on its
available facilities. None of these facilities were in use as at 30 June 2024.
The forecast cash flows indicate that the Group will comply with all relevant
banking covenants during the review period.
Despite the macroeconomic and political uncertainty that currently exists, and
its inherent risk and impact on the business, based on the analysis performed
there are no plausible downside scenarios that the Board believes would cause
a liquidity issue.
Despite the macroeconomic and political uncertainty that currently exists, and
its inherent risk and impact on the business, based on the analysis performed
there are no plausible downside scenarios that the Board believes would cause
a liquidity issue.
Having considered the Group's forecasts, the level of cash resources available
to the business and the Group's borrowing facilities, the Group's geographical
and discipline diversification, limited concentration risk, as well as the
ability to manage the cost base, the Board has concluded that the Group has
adequate resources to continue in operation, meet its liabilities as they fall
due, retain sufficient available cash and not breach the covenants under the
RCF for the period through to August 2025.
New accounting standards, interpretations and amendments adopted by the Group
The 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 2023. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
IFRS 18 Presentation and disclosure in financial statements was issued in
April 2024 and becomes effective for periods commencing on or after 1 January
2027. The Group is currently assessing the impact of this standard.
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
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 501,431 580,539 1,117,150 248,757 288,400 549,511
Asia Pacific 116,570 149,842 284,821 64,310 83,416 159,636
Americas 139,067 150,971 311,653 77,348 89,047 173,312
United Kingdom 140,891 152,534 296,679 53,726 65,928 124,673
897,959 1,033,886 2,010,303 444,141 526,791 1,007,132
Operating Profit
Six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
EMEA 36,258 47,818 92,176
Asia Pacific (4,765) 4,458 11,613
Americas 4,375 5,927 17,749
United Kingdom (7,455) 5,654 (2,723)
Operating profit 28,413 63,857 118,815
Financial expense (698) (549) (1,379)
Profit before tax 27,715 63,308 117,436
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. Intangible assets include computer
software, goodwill and other intangibles.
(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
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 303,767 320,385 322,635 212,825 249,084 250,651
Asia Pacific 83,543 108,769 99,919 52,943 62,871 58,548
Americas 93,434 109,488 98,697 41,840 51,310 50,333
United Kingdom 138,050 171,132 159,939 53,184 18,293 32,596
Segment assets/liabilities 618,794 709,774 681,190 360,792 381,558 392,128
Income tax 22,888 21,095 23,384 6,892 15,457 5,958
641,682 730,869 704,574 367,684 397,015 398,086
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
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 17,220 15,092 16,101 1,959 2,122 2,044
Asia Pacific 4,811 5,041 5,269 21 58 37
Americas 5,411 6,899 5,947 5 4 3
United Kingdom 19,087 10,633 20,135 25,292 33,555 30,014
46,529 37,665 47,452 27,277 35,739 32,098
Right-of-use Assets Lease Liabilities
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 71,466 60,292 70,907 75,359 66,967 76,867
Asia Pacific 13,629 15,110 12,486 18,836 15,715 16,854
Americas 6,319 10,026 7,989 8,220 12,676 10,257
United Kingdom 7,913 7,967 7,004 8,153 8,269 6,955
99,327 93,395 98,386 110,568 103,627 110,933
The below analyses in notes (c) and (d) relates to the requirement of IFRS 15
to disclose disaggregated revenue streams.
(c) 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
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
Permanent 327,362 395,569 738,563 325,520 392,202 733,657
Temporary 570,597 638,317 1,271,740 118,621 134,589 273,475
897,959 1,033,886 2,010,303 444,141 526,791 1,007,132
(d) Revenue generated from permanent and temporary placements by
reportable segment
Permanent Temporary
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 170,230 199,879 369,582 331,201 380,660 747,568
Asia Pacific 55,034 70,690 135,462 61,536 79,152 149,359
Americas 62,943 78,073 146,916 76,124 72,898 164,737
United Kingdom 39,155 46,927 86,603 101,736 105,607 210,076
327,362 395,569 738,563 570,597 638,317 1,271,740
The below analyses in notes (e) revenue and gross profit by discipline (being
the professions of candidates placed) and (f) revenue and gross profit by
strategic market have been included as additional disclosure over and above
the requirements of IFRS 8 "Operating Segments".
(e) 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
2024 2023 2023 2024 2023 2023
£'000 £'000 £'000 £'000 £'000 £'000
Accounting and Financial Services 339,339 367,273 720,927 145,664 167,433 332,282
Technology 148,692 185,565 360,392 58,602 74,278 138,069
Legal, HR, Secretarial and Other 134,358 166,883 315,811 71,067 88,003 163,308
Engineering, Property & Construction, Procurement & Supply Chain 193,021 217,835 427,850 110,712 127,689 242,897
Marketing, Sales and Retail 82,549 96,330 185,323 58,096 69,388 130,576
897,959 1,033,886 2,010,303 444,141 526,791 1,007,132
4. Financial income / (expenses)
Six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Financial income
Bank interest receivable 908 829 2,236
Financial expenses
Bank interest payable (177) (266) (1,072)
Interest on lease liabilities (1,429) (1,112) (2,543)
(1,606) (1,378) (3,615)
5. Income tax expense
Taxation for the six month period is charged at 39.5% (six months ended 30
June 2023: 31.9%; year ended 31 December 2023: 34.4%), 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
2024 2023 2023
£'000 £'000 £'000
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2023 of 11.24p per ordinary 35,211 33,889 33,889
share (2022: 10.76p)
Interim dividend for the period ended 30 June 2023 of 5.13p per ordinary share - - 16,166
(2022: 4.91p)
Special dividend for the year ended 31 December 2023 of 15.87p per ordinary - - 50,009
share (2022: 26.71p)
35,211 33,889 100,064
Amounts proposed as distributions to equity holders in the period:
Proposed interim dividend for the period ended 30 June 2024 of 5.36p per 16,796 16,161
ordinary share (2023: 5.13p)
Proposed special dividend for the year ended 31 December 2024 of 0p per - 50,000
ordinary share (2023: 15.87p)
Proposed final dividend for the year ended 31 December 2023 of 11.24p per - - 35,449
ordinary share
The proposed interim dividend has not been approved by the Board at 30 June
2024 and therefore has not been included as a liability. The comparative
interim and special dividends at 30 June 2023 were also not recognised as a
liability in the prior period.
The proposed interim dividend of 5.36p (2023: 5.13p) per ordinary share will
be paid on 11 October 2024 to shareholders on the register at the close of
business on 30 August 2024.
7. Share-based payments
In accordance with IFRS 2 "Share-based Payment", a charge of £2.9m has been
recognised for share options and other share-based payment arrangements
(excluding social charges) (30 June 2023: £2.5m, 31 December 2023: £5.5m).
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 2024 2023 2023
Earnings for basic and diluted earnings per share (£'000) 16,776 43,132 77,068
Number of shares
Weighted average number of shares used for basic earnings per share ('000) 314,242 316,436 315,784
Dilution effect of share plans ('000) 1,173 1,494 1,311
Diluted weighted average number of shares used for diluted earnings per share 315,415 317,930 317,095
('000)
Basic earnings per share (pence) 5.3 13.6 24.4
Diluted earnings per share (pence) 5.3 13.6 24.3
The above results all relate to continuing operations.
9. Property, plant and equipment
Acquisitions
During the period ended 30 June 2024 the Group acquired property, plant and
equipment with a cost of £8.0m (30 June 2023: £9.5m).
10. Trade and other receivables
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Current
Trade receivables 244,200 272,047 281,652
Less allowance for expected credit losses (11,599) (12,429) (11,144)
Net trade receivables 232,601 259,618 270,508
Other receivables 6,645 7,149 10,187
Accrued income 93,132 112,278 83,426
Prepayments 25,840 32,680 16,122
358,218 411,725 380,243
Non-current
Other receivables 13,031 12,890 13,017
11. Trade and other payables
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Current
Trade payables 2,276 3,192 8,383
Other tax and social security 42,852 50,593 61,557
Other payables 19,702 17,676 33,595
Accruals 166,698 186,847 156,321
231,528 258,308 259,856
Non-current
Accruals 7,206 8,455 9,111
Other tax and social security 1,204 - 1,045
8,410 8,455 10,156
12. Provisions
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Dilapidations 6,099 6,528 6,528
NI on share schemes 1,953 694 1,233
Other 1,096 1,327 1,080
9,148 8,549 8,841
Current 3,852 3,737 4,298
Non-Current 4,092 4,812 4,543
7,944 8,549 8,841
13. Cash and cash equivalents
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Cash at bank and in hand 57,249 97,939 90,138
Short-term deposits - - -
Cash and cash equivalents 57,249 97,939 90,138
Cash and cash equivalents in the statement of cash flows 57,249 97,939 90,138
The Group operates a multi-currency cash concentration arrangement managed by
the centralised Treasury function in London. 79% of the Group by revenue
participates in this arrangement. This arrangement facilitates interest
compensation for cash whilst supporting working capital requirements.
The Group 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 UK adopted 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
Nicholas Kirk Kelvin Stagg
Chief Executive Officer Chief Financial Officer
7 August 2024 7 August 2024
Copies of the condensed interim financial statements are now available and can
be downloaded from the Company's website:
https://www.page.com/presentations/year/2024
(https://www.page.com/presentations/year/2024)
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