Business
Final Results
Final Results.
About this update from Hays Plc
[{"type":"text","content":"\n\n \nPRELIMINARY\nREPORT\n \nYEAR ENDED\n30 JUNE 2024\n \n22 August 2024\n\n\n\nDECISIVE ACTIONS TAKEN IN CHALLENGING MARKETS. EXECUTING ON OUR FOCUSED STRATEGY TO IMPROVE RESILIENCE, GROWTH AND PROFITABILITY\n\n\n\n\nYear ended 30 June\n(In £s million)\n\n\n2024\n\n\n2023\n\n\nActual\ngrowth\n\n\nLFL\ngrowth\n\n\n \n\n\n\n\nNet fees (1)\n\n\n1,113.6\n\n\n1,294.6\n\n\n(14)%\n\n\n(12)%\n\n\n\n\nOperating profit (before exceptional items) (2)\n\n\n105.1\n\n\n197.0\n\n\n(47)%\n\n\n(46)%\n\n\n\n\nConversion rate(3)\n\n\n9.4%\n\n\n15.2%\n\n\n(580) bps\n\n\n\n\n\n\n\nProfit before tax (before exceptional items) (2)\n\n\n94.7\n\n\n192.1\n\n\n(51)%\n\n\n(50)%\n\n\n\n\nProfit before tax\n\n\n14.7\n\n\n192.1\n\n\n(92)%\n\n\n(91)%\n\n\n\n\nCash generated by operations (4)\n\n\n112.3\n\n\n199.3\n\n\n(44)%\n\n\n\n\n\n\n\nBasic earnings per share (before exceptional items) (2)\n\n\n4.03p\n\n\n8.59p\n\n\n(53)%\n\n\n\n\n\n\n\nBasic earnings per share\n\n\n(0.31)p\n\n\n8.59p\n\n\n(104)%\n\n\n\n\n\n\n\nCore dividend per share\n\n\n3.00p\n\n\n3.00p\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote: unless otherwise stated all growth rates discussed in this statement are LFL (like-for-like), YoY (year-on-year) net fees and profits, representing organic growth of continuing operations at constant currency. WDA = working-day adjusted.\nDirk Hahn, Chief Executive, commented:\n\"We saw increasingly challenging market conditions through FY24 in both Perm and Temp, with low confidence levels and longer-than-normal 'time-to-hire', and our profitability was significantly impacted, including our three largest markets of Germany, Australia and the UK. Against this backdrop, we have focused on enhanced operational rigour, driving consultant productivity and strong cost management, and are determined to build a more resilient Hays. Our strategy, launched in February, is designed to capitalise on the many growth opportunities we see, while increasing our resilience, quality of earnings and cash generation.\nWe have made a strong start in restructuring operations and repositioning our business to be a global leader in recruitment and workforce solutions. We are driving productivity and as previously reported we delivered c.£60 million of annualised savings in FY24. Additionally, our ongoing efficiency actions will deliver a further c.£30...