Slide 1: Q1 Trading Update 2023
Overview Financial Review Regional Review Summary Q1 Trading Update 2023
Slide 2: Headline Numbers
Overview Financial Review Regional Review Summary Headline Numbers Kelvin Stagg Chief Financial Officer
Slide 3: Key financial highlights
Overview Financial Review Regional Review Summary Key financial highlights Record result in EMEA, ongoing challenging market conditions Constant Currency vs -2.4% Gross Profit £262.7m Q1 2022 +1.8% £258.0m Q1 2022 Reported vs Q1 2022 +26% Total Fee Earner 6,639 +26% Headcount 6,943 Q4 2022 Net Cash
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Q1 Perm and Temp Ratio
Overview Financial Review Regional Review Summary Q1 Perm and Temp Ratio Continued stronger growth in temporary recruitment 17% 26% 45% 55% -2.4% -5.6% +6.6% 74% 83% Perm Temp Perm Temp Perm Temp • Permanent -7.2% to £195.7m • Permanent -8.5% to £154.5m • Permanent -2.0% to £41.2.m • Temporary +14.9
Slide 6: Headcount
Overview Financial Review Regional Review Summary Reduction in fee earners of 4.4% Reflecting continued challenging conditions Total headcount -2.5% • Decrease in fee earners of 304 (-4.4%) in the Quarter 10,000 9,000 • Q1 Fee earners: -37 EMEA, -134 Americas, -67 Asia 8,000 Pacific, -66 UK 7,000 •
Slide 7: Productivity down 8% on Q1 2022
Overview Financial Review Regional Review Summary Productivity down 8% on Q1 2022 Lower candidate and client confidence • Strong activity levels despite the -2.4% gross profit decline in the quarter • Average fee rates increasing across both permanent and temporary recruitment from Q1 2022 to Q1 202
Slide 8: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 9: Q1 Gross Profit -2.4% vs 2022
Overview Financial Review Regional Review Summary Q1 Gross Profit –2.4% vs 2022 Record quarter in EMEA • Record quarter in EMEA, standout result in Germany • Tough market conditions continued in Asia, the US and the UK • Favourable FX impact on the Group results, +4.2 ppts (£10.8m) on gross profit Q
Slide 10: EMEA
Overview Financial Review Regional Review Summary EMEA Record quarter with standout performance by Germany Q1 2023 £m 2022 £m Reported % Constant % Gross Profit 145.4 129.7 +12.2% +6.8% Other 12% France • Michael Page +5% 26% • Page Personnel +9% Benelux 15% • France (14% of the Group) +3% Gross Pro
Slide 11: The Americas
Overview Financial Review Regional Review Summary The Americas Tough trading conditions in the US Q1 2023 £m 2022 £m Reported % Constant % Gross Profit 42.7 42.9 -0.7% -7.6% Rest of Latam Canada • US (9% of the Group) -15% 16% 3% • Latin America (6% of the Group) +4% • Mexico -4% Brazil Gross Profit
Slide 12: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Results impacted by Greater China Q1 2023 £m 2022 £m Reported % Constant % Gross Profit 41.2 48.5 -15.1% -17.0% • Greater China (4% of the Group) -42% SE Asia • Mainland China -46% 21% Japan & • Hong Kong -36% India 30% • South East Asia
Slide 13: UK
Overview Financial Review Regional Review Summary UK Temporary recruitment more resilient than permanent Q1 2023 £m 2022 £m Reported % Gross Profit 33.4 36.9 -9.4% Midlands 13% • Michael Page -14% • Page Personnel +4% London 38% South Gross Profit 22% by Geography North 27% No. 2023 Q1 2022 Q1 % 202
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary
Slide 15: Summary
Overview Financial Review Regional Review Summary Summary Record result in EMEA, ongoing challenging market conditions Record quarter in our largest region, EMEA Tough conditions continued in Asia, the US and the UK Remains a high level of global macro-economic and political uncertainty Continued ca
Slide 16: Disclaimer
Overview Financial Review Regional Review Summary Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information. The information contained in this presentation is not audited, is for personal use and informational purposes only
Slide 17: Overview Financial Review Regional Review
Overview Financial Review Regional Review Summary 17