Slide 1: Q3 Trading Update 2024
Overview Financial Review Regional Review Summary Q3 Trading Update 2024
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 Ongoing challenging market conditions, further softening in Europe Constant -13.5% Currency vs Gross Profit Q3 £201.4m Q3 2023 £241.9m Q3 2023 Reported vs -16.7% Q3 2023 +26% Exit rate -16% +26% Productivity vs -4% Q3 2023 To
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Q3 Perm and Temp Ratio
Overview Financial Review Regional Review Summary Q3 Perm and Temp Ratio Temporary recruitment more resilient than permanent 20% 29% 44% -13.5% -10.5% 56% -21.3% 71% 80% Perm Temp Perm Temp Perm Temp • Permanent -15.3% to £142.8m • Permanent -11.8% to £121.0m • Permanent -30.8% to £21.8m • Temporary
Slide 6: Headcount
Overview Financial Review Regional Review Summary Fee earners broadly consistent with Q2 Intention remains to hold fee earner headcount at current level Total headcount -1.8% • Decrease in fee earners of 98 (-1.8%) in the Quarter 8,000 7,000 • Q3 Fee earners: -49 EMEA, +14 Americas, -29 Asia Pacific
Slide 7: Productivity down 4% on Q3 2023
Overview Financial Review Regional Review Summary Productivity down 4% on Q3 2023 Continued tough trading conditions 60 Fee Earners Gross Profit per fee earner (£k) constant currency • Number of new jobs and interviews relatively 7000 stable 50 6000 • Continued high fee rates 40 5000 • Continued hig
Slide 8: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 9: Q3 Gross Profit -13.5%
Overview Financial Review Regional Review Summary Q3 Gross Profit -13.5% Negative foreign exchange impact of 3.2 ppts • Ongoing challenging market conditions across all regions in Q3 • No improvement in September after seasonally quieter summer months Q3 % of Group 2024 £m 2023 £m Reported % Constan
Slide 10: EMEA
Overview Financial Review Regional Review Summary EMEA Market conditions worsened in Q3 Q3 2024 £m 2023 £m Reported % Constant % Gross Profit 106.3 127.9 -16.9% -15.1% Other 14% • Michael Page -12% France 25% • Page Personnel -21% Benelux • Temporary recruitment -12% vs permanent -16% 15% Gross Prof
Slide 11: The Americas
Overview Financial Review Regional Review Summary The Americas Continued low levels of candidate and client confidence Q3 2024 £m 2023 £m Reported % Constant % Gross Profit 36.2 43.3 -16.4% -10.3%* • US (10% of the Group) -11% Rest of Latam Canada 18% 2% • Latin America (8% of the Group) -7%* • Mexi
Slide 12: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Ongoing tough market conditions across most of the region Q3 2024 £m 2023 £m Reported % Constant % Gross Profit 32.7 40.3 -19.0% -16.8% • South East Asia -9% SE Asia 25% Japan • Greater China (4% of the Group) -25% & India 32% • Mainland
Slide 13: UK: Temporary recruitment remains more resilient than permanent
Overview Financial Review Regional Review Summary UK Temporary recruitment remains more resilient than permanent Q3 2024 £m 2023 £m Reported % Gross Profit 26.2 30.4 -13.5% • Michael Page -10% Temp • Page Personnel -19% 33% • Temporary recruitment -8% vs permanent -16% Gross Profit Mix Perm 67% No.
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary
Slide 15: Summary
Overview Financial Review Regional Review Summary Summary Ongoing challenging market conditions, further softening in Europe Ongoing challenging market conditions across all regions Softer trading and activity in Europe Candidate and client confidence remains subdued Temporary recruitment continued
Slide 16: Appendix
Overview Financial Review Regional Review Summary Appendix
Slide 17: Our business model
Overview Financial Review Regional Review Summary Our business model 17
Slide 18: Significant variations in recruitment mix
Overview Financial Review Regional Review Summary Significant variations in recruitment mix Geography Brands 18% 15% 20% 36% 33% 56% 64% 82% 85% 80% 67% 44% EMEA Americas Asia Pacific UK Michael Page Page Personnel Temp Perm 18
Slide 19: Long term fee earner & international growth
Overview Financial Review Regional Review Summary Long term fee earner & international growth 8,000 ASIA EMEA AMERICAS UK PACIFIC Fee Earner Headcount 7,000 6,000 5,000 4,000 3,000 2,745 2,000 1,091 1,000 966 698 - 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 20: Quarterly gross profit & fee earners
Overview Financial Review Regional Review Summary Quarterly gross profit & fee earners Quarterly gross profit reduced from Q3 2022 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 21: Year-on-Year gross profit growth rates
Overview Financial Review Regional Review Summary Year-on-Year gross profit growth rates 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EMEA +41.1% +29.4% +22.1% +11.9% +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% Asia Pacific +35.8% +11.7% -3.9% -15.8% -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16
Slide 22: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 13 January 2025 Q4 2024 Trading Update Tel: +44 (0) 1932 264 022 Email: investorrelations@michaelpage.com Web: https://www.page.com/investors 22
Slide 23: 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 24: Overview Financial Review Regional Review
Overview Financial Review Regional Review Summary 24