Pagegroup Plc · LSE:PAGE
Pagegroup — H1 2015 Earnings Presentation
18 slides from Pagegroup's earnings presentation, Dec 8, 2015
Slide 1: Half Year Results 2015
Half Year Results 2015 Page Group Worldwide leaders in specialist recruitment page.com
Slide 2: Agenda
Agenda Financial Review Capital Strategy Summary and Outlook
Slide 3: Financial Review
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Slide 4: H1 2015 Group Financial Highlights
H1 2015 Group Financial Highlights Reported Constant Financial Summary (6 Months to 30 June) H1 2015 H1 2014 % % Revenue £530.4m £512.2m +3.5% +8.3% Gross Profit £280.9m £263.7m +6.5% +10.7% Operating Profit £40.0m £35.7m +12.3% +16.3% Basic Earnings Per Share 9.1p 7.6p +19.7% Net Cash £100.5m £42.9
Slide 5: Income Statement
Income Statement H1 2015 H1 2014 Reported Constant £m £m % % Revenue 530.4 512.2 +3.5% +8.3% Gross Profit 280.9 263.7 +6.5% +10.7% Operating Profit 40.0 35.7 +12.3% +16.3% Net Interest income/(expense) 0.4 (0.1) Profit before tax 40.4 35.6 Taxation (12.1) (12.1) Profit after Tax 28.3 23.5 Effective
Slide 6: Conversion by Region
Conversion by Region H1 2015 H1 2014 Gross Operating Conversion Gross Operating Conversion Profit Profit Rate Profit Profit Rate £m £m % £m £m % GROUP 280.9 40.0 14.3 263.7 35.7 13.5 EMEA 109.1 15.6 14.3 107.5 14.7 13.7 UK 75.7 12.5 16.5 67.6 10.8 16.0 ASIA PACIFIC 56.0 9.9 17.6 51.3 8.5 16.5 AMERIC
Slide 7: Depreciation & Amortisation, Capital Expenditure
Depreciation & Amortisation, Capital Expenditure H1 2015 H1 2014 £m £m Depreciation 3.7 4.3 Amortisation 3.9 4.9 Total 7.6 9.2 Capital expenditure 5.7 6.6 • Decision made to align the 5 year useful economic life with the timing of the benefit, due to the majority of the Group’s fee earners going liv
Slide 8: Balance Sheet
Balance Sheet H1 H1 2015 2014 £m £m Intangible assets 36.5 41.0 Tangible assets 20.3 23.1 Trade and other receivables 218.4 209.5 Trade, other payables, current and deferred taxes (134.6) (129.4) Net cash 100.5 42.9 Net assets 241.1 187.1 8
Slide 9: H1 Cash flow: Net cash increased by c. £10.5m
H1 Cash flow: Net cash increased by c. £10.5m H1 2015 H1 2014 Movement in net cash (£m) 10.5 (42.5) 150 (23.4) 125 51.6 (10.0) 20.5 (23.7) (5.3) 0.8 100 75 100.5 90.0 50 31 Dec 2014 EBITDA Working capital Tax and net Net capex Cash rec'd from 2014 Final Exchange 30 Jun 2015 interest option exercises
Slide 10: Capital Strategy
Slide 11: Highly Cash Generative
Highly Cash Generative 200 Net Income and Operating Cash flow 150 £m 100 101.7 97.3 50 65.4 56.6 49.6 56.9 46.4 41.5 43.7 47.0 34.3 21.2 13.7 12.4 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Cash 14 21 22 12 13 (4) 10 94 137 81 58 61 86 90 (Debt) £m Countries 14 16 16
Slide 12: Track Record of Shareholder Returns
Track Record of Shareholder Returns 200 Net Income, Operating Cash flow, Dividend and Buyback Shares 30% repurchased 2001-14 150 70% £m 100 101.7 60 97.3 83 50 65.4 34 30 56.6 16 56.9 49.6 15 46.4 24 41.5 43.7 47.0 14 34.3 29 31 31 33 27 26 25 21.2 18 22 13 13.7 12 13 14 1 12.4 0 2001 2002 2003 2004
Slide 13: Capital Strategy
Capital Strategy Finance the activities and development of the Group from retained earnings while maintaining a strong balance sheet position • First use of cash is to satisfy operational and investment requirements, as well as hedging the Group’s liabilities under its share plans • Second use of ca
Slide 14: Dividends
Dividends H1 2015 H1 2015 H1 2014 H1 2014 (pence per share) £m (pence per share) £m Interim 3.6 11.3 3.42 10.5 Supplementary 16.0 50.0 - - Total 19.6 61.3 3.42 10.5 • Interim Dividend increased by 5.3% • Supplementary return of £50m • Both payable to shareholders on 2nd October • Ordinary dividend y
Slide 15: Summary & Outlook
Summary & Outlook
Slide 16: Summary & Outlook
Summary & Outlook • Trends in market conditions expected to continue across major regions - Activity levels remain strong across most markets Summary Outlook • Adverse effect of foreign exchange movements to continue - Forecast full year Gross Profit reduced by £28m and Operating Profit by £6m, an a
Slide 17: Page
Page Michael Page Page Personnel Part of PageGroup
Slide 18: Cautionary Statement
18 Cautionary Statement 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 and is not intended for distribution