PageGroup PLC · LSE:PAGE
PageGroup — Michael Page International — H1 2002 Earnings Presentation
22 slides from PageGroup's earnings presentation, 2002
Slide 1: 2002 Interim Results
Michael Page International 2002 Interim Results click to enter
Slide 2: Group Profit and Loss
2002 Interim Results Group Profit and Loss 2002 - H1 2001 - H1 Growth 2001 - FY £m £m % £m Turnover 197.8 247.2 -20% 459.5 Revenue 100.9 136.5 -26% 245.1 Operating profit before exceptional items 17.8 42.0 -58% 64.0 Operating margin on revenue 17.7% 30.8% 26.1% Headcount at period end 2,440 2,929 2,
Slide 3: Quarterly Revenue Trend
2002 Interim Results Quarterly Revenue Trend 80 70 68.7 66.9 61.3 61.9 62.8 £m 60 58.7 53.7 49.9 49.5 51.4 50 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2000 2001 2002 previous page next page
Slide 4: Discipline Analysis
2002 Interim Results Discipline Analysis H1 on H1 Growth 2002-H1 2001-H1 2001-FY % £m % £m % £m % Turnover Finance & Accounting -17% 144.3 73% 174.7 71% 333.3 73% Marketing, Sales, Retail -25% 28.2 14% 37.9 15% 67.6 15% Legal, HR, Technology, Engineering -13% 25.3 13% 28.9 12% 52.9 12% Discontinued
Slide 5: Perm / Temp Analysis
2002 Interim Results Perm / Temp Analysis H1 on H1 Growth 2002-H1 2001-H1 2001-FY % £m % £m % £m % Turnover Permanent -32% 76.3 39% 111.9 45% 194.2 42% Temporary -6% 121.5 61% 129.6 52% 259.6 56% Discontinued - - - 5.7 2% 5.7 1% Total -20% 197.8 100% 247.2 100% 459.5 100% Revenue Permanent -31% 71.0
Slide 6: Geographic analysis
2002 Interim Results Geographic analysis H1 on H1 2002-H1 2001-H1 2001 - FY Growth £m % £m % £m % Revenue by Origin United Kingdom -22% 51.9 52% 66.7 49% 122.8 50% Continental Europe -33% 35.2 35% 52.7 39% 91.6 37% Asia Pacific -15% 11.3 11% 13.4 10% 24.9 10% Americas 40% 2.5 2% 1.8 1% 3.9 2% Discon
Slide 7: Group Profit and Loss
2002 Interim Results Group Profit and Loss 2002 - H1 2001 - H1 2001 - FY £m £m £m Operating profit 17.8 42.0 64.0 Exceptional items - 2.4 2.4 Net interest 0.2 (3.8) (4.1) Profit before tax 18.0 40.6 62.3 Taxation (6.2) (11.5) (18.6) Profit after tax 11.8 29.1 43.7 previous page next page
Slide 8: Earnings per share and dividends
2002 Interim Results Earnings per share and dividends Earnings per share 2002 2001 Basic 3.2p 7.8p Before exceptional 3.2p 6.7p Dividend Interim per share 1.1p 0.275p Payable on 18 October 2002 previous page next page
Slide 9: Cash Flow
2002 Interim Results Cash Flow 2002-H1 2001-H1 2001-FY £m £m £m Operating profit 17.8 42.0 64.0 Depreciation and amortisation 3.9 3.6 7.8 (Increase)/decrease in debtors (3.5) (3.4) 17.3 (Decrease)/increase in creditors (0.7) 4.7 1.8 Provision for exceptional item - (6.0) (6.0) Net cash inflow from o
Slide 10: Cash Flow
2002 Interim Results Cash Flow 2002-H1 2001-H1 2001-FY £m £m £m Net cash inflow from operating activities 17.5 40.9 84.9 Net interest 0.2 (3.8) (4.0) Taxation paid (8.4) (6.4) (18.1) Capital expenditure (net) (1.3) (6.8) (11.2) Dividends (8.5) - (1.0) Foreign exchange movement 0.4 (0.8) (0.5) Net ca
Slide 11: Balance Sheet
2002 Interim Results Balance Sheet Jun 2002 Dec 2001 £m £m Goodwill 1.7 1.7 Tangible fixed assets 26.7 28.7 Investments in own shares 10.0 10.0 Fixed assets 38.4 40.4 Debtors 84.8 80.8 Creditors (59.3) (67.1) Net working capital 25.5 13.7 Net cash 14.2 14.3 Provisions (6.0) (6.0) Net assets 72.1 62.
Slide 12: Share Buy Back
2002 Interim Results Share Buy Back • Excess cash • Purchase up to £40 million • Next 12 months • Earnings enhancing • More efficient capital structure previous page next page
Slide 13: Developments in First Half 2002
2002 Interim Results Developments in First Half 2002 United Kingdom Continental Europe • Retail opened in St Albans • Rotterdam in January • HR opened in Manchester • Stockholm in January • Engineering opened in Birmingham • Brussels in April • AA opened in Birmingham • Page Interim across all count
Slide 14: Operational Structure
2002 Interim Results Operational Structure Chief Executive United Kingdom America’s Continental Europe Asia Pacific USA, Brazil Australia, Hong Kong, Singapore, Japan UK UK Northern Europe Central Europe France Southern Europe Non Finance Finance businesses Benelux, Scandinavia Germany, Switzerland
Slide 15: Short/Medium Term Opportunities
2002 Interim Results Short/Medium Term Opportunities Continue to roll out newer disciplines across existing offices in all geographic regions. previous page next page
Slide 16: Medium/Longer Term Opportunities
2002 Interim Results Medium/Longer Term Opportunities United Kingdom Continental Europe • MP possible new locations: • Page Interim Sheffield, Leicester, Chester, Newcastle, • Germany Basingstoke, Cardiff, Kent • Explore in detail Central Europe market: • AA develop: Poland, Austria, Czech Rep, Hung
Slide 17: Appendices
2002 Interim Results Appendices • United Kingdom • Continental Europe • Asia Pacific • Americas previous page next page
Slide 18: United Kingdom
2002 Interim Results United Kingdom 2002-H1 2001-H1 Growth 2001-FY £m £m % £m Turnover 105.8 127.4 -17% 243.6 Revenue 51.9 66.7 -22% 122.8 Operating profit 10.3 20.4 -49% 35.0 Operating margin 20% 31% 29% Headcount at period end 1,154 1,318 1,235 previous page next page
Slide 19: Continental Europe
2002 Interim Results Continental Europe 2002-H1 2001-H1 Growth 2001-FY £m £m % £m Turnover 66.3 84.7 -22% 154.3 Revenue 35.2 52.7 -33% 91.6 Operating profit 4.4 17.4 -75% 22.5 Operating margin 12% 33% 25% Headcount at period end 943 1,216 1,052 previous page next page
Slide 20: Asia Pacific
2002 Interim Results Asia Pacific 2002-H1 2001-H1 Growth 2001-FY £m £m % £m Turnover 22.6 27.3 -17% 51.3 Revenue 11.3 13.4 -16% 24.9 Operating profit 3.5 3.7 -7% 7.2 Operating margin 31% 28% 29% Headcount at period end 282 326 300 previous page next page
Slide 21: Americas
2002 Interim Results Americas 2002-H1 2001-H1 Growth 2001-FY £m £m % £m Turnover 3.1 2.0 50% 4.5 Revenue 2.4 1.8 39% 3.9 Operating profit (0.4) 0.5 -179% (0.7) Operating margin -17% 30% -18% Headcount at period end 61 69 71 previous page next page
Slide 22: Michael Page International
Michael Page INTERNATIONAL
Michael Page International — H1 2002 Earnings Presentation on 6ix