Slide 1: Q4 and FY 2023 Trading Update
Overview Financial Review Regional Review Summary Q4 and FY 2023 Trading Update
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 Tough conditions with a slower end to the quarter £237.3m Constant -8.9% Gross Profit Q4 Currency vs £266.9m Q4 2022 Q4 2022 £1,006.0m Reported vs -11.1% Gross Profit FY £1,076.3m FY 2022 Q4 2022 +26% Total Fee Earner 5,851 +
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Q4 Perm and Temp Ratio
Overview Financial Review Regional Review Summary Q4 Perm and Temp Ratio Stronger growth in temporary recruitment 20% 30% 45% -8.9% -8.8% 55% -9.3% 70% 80% Perm Temp Perm Temp Perm Temp • Permanent -13.9% to £165.4m • Permanent -11.0% to £134.6m • Permanent -24.9% to £30.8m • Temporary +5.2% to £71.
Slide 6: Headcount
Overview Financial Review Regional Review Summary Reduction in fee earners of 3.7% Reflecting challenging conditions Total headcount -3.4% • Decrease in fee earners of 224 (-3.7%) in the Quarter 9,000 8,000 • Q4 Fee earners: -84 EMEA, -35 Americas, -54 Asia Pacific, -50 UK 7,000 6,000 • Fifth succes
Slide 7: Productivity up 8% on Q4 2022
Overview Financial Review Regional Review Summary Productivity up 8% on Q4 2022 Attrition used to manage down fee earner headcount • Low levels of candidate and client confidence 60 Fee Earners Gross Profit per fee earner (£k) constant continued to delay time to hire 7000 50 6000 • Candidate shortag
Slide 8: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 9: Q4 Gross Profit -8.9%
Overview Financial Review Regional Review Summary Q4 Gross Profit -8.9% Negative foreign exchange impact of 2.2 ppts • Tough market conditions continued in Asia, the UK and the US • Worsening conditions in EMEA Q4 % of Group 2023 £m 2022 £m Reported % Constant % EMEA 56% 132.4 141.7 -6.5% -6.1% Amer
Slide 10: EMEA
Overview Financial Review Regional Review Summary EMEA Worsening conditions with a slower end to the quarter Reported Constant £M Period 2023 £m 2022 £m % % Q4 132.4 141.7 -6.5% -6.1% Gross Profit FY 548.8 538.5 +1.9% +0.2% Other 12% France • France (15% of the Group) -5% 27% • Germany (13% of the G
Slide 11: The Americas
Overview Financial Review Regional Review Summary The Americas Tough conditions continued in the US Reported Constant £M Period 2023 £m 2022 £m % % Q4 40.4 46.5 -13.2% -8.0% Gross Profit FY 172.7 193.4 -10.7% -9.5% • US (8% of the Group) -24% Rest of Latam Canada 3% 20% • Latin America (8% of the Gr
Slide 12: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific China stable but with little sign of improvement Reported Constant £M Q3 Period 2023 £m 2023 £m£m 2022 2022 £m Reported % % Constant % % Gross Profit Q4 40.6 35.9 50.4 43.0-19.3% -16.4% -11.0% -10.3% Gross Profit FY 159.6 195.3 -18.3% -1
Slide 13: UK: Temporary recruitment more resilient than permanent
Overview Financial Review Regional Review Summary UK Temporary recruitment more resilient than permanent Reported £M Period 2023 £m 2022 £m % Q4 28.6 35.7 -19.9% Gross Profit FY 124.9 149.1 -16.2% Midlands 14% • Michael Page -23% • Page Personnel -15% London • Temporary recruitment -14% vs permanent
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary
Slide 15: Summary
Overview Financial Review Regional Review Summary Summary Tough conditions in Q4 with a slower end to the quarter Tough conditions at end of Q3 continued into Q4 Slower end to the Quarter Worsening in EMEA, no improvements in Asia, the UK and the US Activity levels remain robust Fee earner headcount
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 15% 20% 22% 36% 34% 55% 64% 85% 80% 45% 78% 66% 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 2,959 2,000 1,194 1,000 946 752 - 1985-1990 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 20: Quarterly gross profit & fee earners
Overview Financial Review Regional Review Summary Quarterly gross profit & fee earners Quarterly gross profit reduced from Q4 2022 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q1 Q3 Q1 Q3 Q1 Q2 Q4 Q2 Q4 Q2 Q3 Q4 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 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EMEA +3.6% +75.8% +45.8% +48.0% +41.1% +29.4% +22.1% +11.9% +6.8% +1.4% -1.3% -6.1% Asia Pacific +15.3% +89.7% +68.2% +48.7% +35.8% +11.7% -3.9% -15.8% -17.0% -
Slide 22: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 7 March 2024 FY 2023 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