Slide 1: Full Year Results 2024
Overview Financial Review Strategic Review Summary Full Year Results 2024
Slide 2: Headline Numbers
Overview Financial Review Strategic Review Summary Headline Numbers Kelvin Stagg Chief Financial Officer
Slide 3: Ongoing challenging market conditions
Overview Financial Review Strategic Review Summary Ongoing challenging market conditions Key financial highlights Gross Profit £842.6m Operating Profit £52.4m £1,007.1m FY 2023 £118.8m FY 2023 Constant Currency vs 2023 -12.8% Conversion 6.2% Rate 11.8% FY 2023 +26% +26% Basic EPS 9.1p Final Dividend
Slide 4: Financial Review
Overview Financial Review Strategic Review Summary Financial Review
Slide 5: Productivity remained high in 2024
Overview Financial Review Strategic Review Summary Productivity remained high in 2024 Broadly in line with 2023, due to decisive action on headcount 165 7,000 Gross profit per fee earner (£k) 155 6,000 5,000 145 Fee earners 4,000 135 3,000 125 2,000 115 1,000 105 0 2013 2014 2015 2016 2017 2018 2019
Slide 6: Targeted action to reduce our cost base
Overview Financial Review Strategic Review Summary Targeted action to reduce our cost base £98m reduction in cost base vs 2023 Fee Earner Global Business Additional Bonuses Headcount Solutions Initiatives Down 24% since peak Profit based bonus Action on 3rd party Consolidated office in Q3 2022 and 8
Slide 7: Group Operating Profit of £52.4m
Overview Financial Review Strategic Review Summary Group Operating Profit of £52.4m Conversion Rate of 6.2% FY 2024 FY 2023 GP Growth Operating Conversion Operating Conversion £m Gross Profit Gross Profit Rate (CC %) Profit Rate* Profit Rate* EMEA 462.5 -13.4% 60.9 13.2% 549.5 92.2 16.8% Americas 14
Slide 8: Effective Tax Rate (ETR)
Overview Financial Review Strategic Review Summary Effective Tax Rate (ETR) Effective tax rate increased to 42% in 2024 Reported vs. £m 2024 2023 2023 % Profit Before Tax 49.1 117.4 -58.2% Tax Charge 20.7 40.4 -48.8% Effective Tax Rate 42.1% 34.4% • ETR increase of c. 8% on 2023 • Higher tax rate du
Slide 9: Balance sheet remains strong
Overview Financial Review Strategic Review Summary Balance sheet remains strong Net cash of £95.3m £m 2024 2023 Intangible assets 23.7 32.1 Tangible assets 45.8 47.5 Trade and other receivables 328.4 393.3 Trade, other payables, current and deferred taxes (214.7) (243.9) Net Lease Liabilities (16.1)
Slide 10: Strong cash flow generation
Overview Financial Review Strategic Review Summary Strong cash flow generation Dividend payments of £52.0m 240 26.8 17.9 15.8 200 40.6 160 13.2 119.0 £m 209.1 218.0 120 202.2 52.0 0.5 1.6 161.6 148.4 80 90.1 90.1 96.4 96.8 95.3 95.3 40 Dec 23 EBITDA Working Tax and Net capex Lease EBT share Dividend
Slide 11: Clear capital allocation strategy
Overview Financial Review Strategic Review Summary Clear capital allocation strategy £52.0m returned to Shareholders in 2024 1st use of cash 2nd use of cash 3rd use of cash To satisfy operational To maintain the and investment ordinary dividend To make requirements, and to through downturns suppleme
Slide 12: Strategic Review
Overview Financial Review Strategic Review Summary Strategic Review Nick Kirk Chief Executive Officer
Slide 13: Our Strategic Goals
Overview Financial Review Strategic Review Summary Our Strategic Goals OPERATING SOCIAL IMPACT 1m PROFIT £400m LIVES CHANGED CUSTOMER EXPERIENCE 60+ NPS 13
Slide 14: Embedding our Strategy
Overview Financial Review Strategic Review Summary Embedding our Strategy MAXIMISING LEVERAGING OUR CORE OUR GLOBAL PLATFORMS Core Business Technology Page Executive Enterprise Solutions 14
Slide 15: Our Strategic Pillars: Core and Technology
Overview Financial Review Strategic Review Summary Our Strategic Pillars Core and Technology CORE TECHNOLOGY Progressing with strategy Technology was a tough sector despite challenging trading globally but remains our second conditions largest discipline Continuing to review business Markets deliver
Slide 16: Our Strategic Pillars: Page Executive and Enterprise Solutions
Overview Financial Review Strategic Review Summary Our Strategic Pillars Page Executive and Enterprise Solutions PAGE ENTERPRISE EXECUTIVE SOLUTIONS Delivered a standout Transitioned from a regional to performance, with GP growth of global structure for our 7% vs 2023 leadership, sales and account m
Slide 17: AI and Technology
Overview Financial Review Strategic Review Summary AI and Technology Market-leading in our adoption of AI and automation Customer Customer Managing Business Attraction Engagement Recruitment Efficiency Time-In-Role latest AI tools Some of our CRM optimisation Job advert generator SideTrade Estimates
Slide 18: Summary
Overview Financial Review Strategic Review Summary Summary
Slide 19: Summary
Overview Financial Review Strategic Review Summary Summary Ongoing challenging market conditions Slower end to 2024 has continued into January and February Operating Profit of £52.4m; conversion rate of 6.2% Productivity remained high due to decisive action on fee earner headcount Targeted actions t
Slide 20: Appendix
Overview Financial Review Strategic Review Summary Appendix
Slide 21: Our business model
Overview Financial Review Strategic Review Summary Our business model 21
Slide 22: Significant variations in recruitment mix
Overview Financial Review Strategic Review Summary Significant variations in recruitment mix Geography Brands 18% 15% 19% 34% 33% 54% 66% 82% 85% 67% 81% 46% EMEA Americas Asia Pacific UK Michael Page Page Personnel Temp Perm 22
Slide 23: Long term fee earner & international growth
Overview Financial Review Strategic 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 2,628 2,000 1,108 1,000 958 676 - 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 24: Productivity remains high
Overview Financial Review Strategic Review Summary Productivity remains high Reallocation of resources to increase efficiencies across the Group 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q2 Q1 Q3 Q1 Q3 Q1 Q3 Q2 Q4 Q2 Q4 Q2 Q4 Q3 Q1 Q3 Q4
Slide 25: Year-on-Year gross profit growth rates
Overview Financial Review Strategic Review Summary Year-on-Year gross profit growth rates 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EMEA +41.1% +29.4% +22.1% +11.9% +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -16.0% Asia Pacific +35.8% +11.7% -3.9% -15.8% -17.0% -17.2% -11.0% -10.3% -15.7%
Slide 26: Contacts and Calendar
Overview Financial Review Strategic Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 14 April 2025 Q1 2025 Trading Update Tel: +44 (0) 1932 264 022 Email: investorrelations@michaelpage.com Web: https://www.page.com/investors 26
Slide 27: Disclaimer
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 and is not intended for distribution to, or use by
Slide 28: Overview Financial Review Strategic Review
Overview Financial Review Strategic Review Summary 28