Hays Plc · LSE:HAS
Hays — H1 FY2019 Earnings Presentation
66 slides from Hays's earnings presentation, February 2019
Slide 1: Interim Results
INTERIM RESULTS Six months ended 31 December 2018
Slide 2: Cautionary Statement
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 to,
Slide 3: Agenda
AGENDA 1 OPERATING REVIEW ALISTAIR COX, CHIEF EXECUTIVE 2 FINANCIAL REVIEW PAUL VENABLES, FINANCE DIRECTOR 3 CURRENT TRADING PAUL VENABLES, FINANCE DIRECTOR 4 STRATEGY UPDATE ALISTAIR COX, CHIEF EXECUTIVE 5 APPENDICES 3
Slide 4: Operating Review
OPERATING REVIEW ALISTAIR COX CHIEF EXECUTIVE
Slide 5: Good Operational & Financial Progress
GOOD OPERATIONAL & FINANCIAL PROGRESS Our focus remains on… We have delivered… ▪ Operating profit up 9% at £124.1m, despite significant investment Maximising financial ▪ Record levels of International net fees, including 20 country records performance ▪ Good profit performance in the UK, up 6% ▪ 77%
Slide 6: Australia & New Zealand: Record Net Fees
Headline ANZ net fees RECORD NET FEES, BACKED BY SIGNIFICANT H1 18 £99.8m INVESTMENT H2 18 £99.6m H1 19 £101.5m AUSTRALIA & NEW ZEALAND 7% net fee growth, operating profit up 6% 67% Temp ▪ Australia net fees and profit up 10%, with growth across most states and specialisms 33% Perm ▪ Strong 10% grow
Slide 7: Germany: Strong Net Fee and Profit Growth
Headline Germany net fees £133m STRONG NET FEE AND PROFIT GROWTH, DESPITE H1 18 £134.8m £134m ONGOING INVESTMENT H2 18 £141.2m H1 19 £153.7m GERMANY 14% net fee growth, operating profit up 14% 84% Temp ▪ Strong growth of 12% in Flex (Temp up 22%, Contracting up 7%). Excellent Perm growth of 27% 16%
Slide 8: UK & Ireland: Profit Up 6%
Headline UK&I net fees PROFIT UP 6%, LED BY GOOD COST CONTROL, H1 18 £127.5m DESPITE UNCERTAIN CONDITIONS H2 18 £130.7m H1 19 £131.7m UK & IRELAND 3% net fee growth, operating profit up 6% 56% Temp ▪ Temp net fees up 6%, Perm flat. Profit growth supported by good cost control and improved 44% consul
Slide 9: Rest of World: Strong Net Fee Growth
Headline RoW net fees STRONG NET FEE GROWTH, INCLUDING 18 H1 18 £163.7m COUNTRY RECORDS. CONTINUED INVESTMENT H2 18 £175.5m H1 19 £181.1m REST OF WORLD EMEA ex-Germany (60% of division net fees) 31% Temp ▪ Net fees up 7%. 11 of 17 countries delivered record net fee performances 69% Perm ▪ Growth in
Slide 10: 2022 Aspirations Range from £300m to £450m
OUR 2022 ASPIRATIONS RANGE FROM £300M TO £450M WITH A MID- POINT CASE OF £375M Australia & NZ (£m) Operating Profit* Germany (£m) Operating Profit* FY17 63 FY17 81 FY18 34 35 69 FY18 41 45 86 H1 19 34 H1 19 47 FY22 OBJECTIVE 75 90 105 FY22 OBJECTIVE 135 160 185 LOWER MID UPPER ASSUMED 5-YR NET FEE C
Slide 11: Financial Review
2. FINANCIAL REVIEW PAUL VENABLES FINANCE DIRECTOR 11
Slide 12: Good Financial Performance
GOOD FINANCIAL PERFORMANCE Net fees Operating Profit Basic EPS H1 15 £383.9m H1 15 £81.5m H1 15 3.64p H1 16 £396.9m H1 16 £86.3m H1 16 3.99p H1 17 £465.5m H1 17 £100.1m H1 17 4.55p H1 18 £525.8m H1 18 £116.5m H1 18 5.39p H1 19 £568.0m H1 19 £124.1m H1 19 5.86p Net fees Operating profit Basic EPS £56
Slide 13: Good First-Half Financial Performance
GOOD FIRST-HALF FINANCIAL PERFORMANCE Six months ended 31 December 2018 2017 Actual LFL* £m £m growth growth Turnover 3,035.4 2,828.9 7% 9% Net Fees 568.0 525.8 8% 9% Operating Profit 124.1 116.5 7% 9% Net finance cost (1.5) (2.6) Profit before tax 122.6 113.9 8% Tax (37.4) (35.9) Profit after tax 8
Slide 14: Strong Growth in International Businesses
STRONG GROWTH IN INTERNATIONAL BUSINESSES; GOOD PROFIT GROWTH IN UK Australia & NZ (18% of net fees) Germany (27% of net fees) Net Fees £101.5m +7% Net Fees £153.7m +14% Op Profit £34.1m +6% Op Profit £46.7m +14% ▪ Australia net fees and profit up 10%, with ▪ Strong growth in net fees and profits, u
Slide 15: Perm Growth Slightly Outperformed Temp
Split of net fees PERM GROWTH SLIGHTLY OUTPERFORMED TEMP H1 18 58% Temp H2 18 58% Temp H1 19 58% Temp Review of Group Permanent and Temporary Businesses* Permanent placement business Temporary placement business 10% net fee growth 9% net fee growth 5% volume increase 8% volume increase 5% average Pe
Slide 16: FX Translation Sensitivities
THE AUSTRALIAN DOLLAR AND EURO REMAIN SIGNIFICANT FX TRANSLATION SENSITIVITIES FOR THE GROUP Key FX rates and sensitivities Six months ended 31 December 2018 Average Closing Australian $ 1.7887 1.8105 Euro € 1.1244 1.1127 Impact of a one cent change per annum Net fees Op profit Australian $ +/- £1.1
Slide 17: Conversion Rate Impacted by Slower Growth in EMEA ex-Germany
CONVERSION RATE* IMPACTED BY SLOWER GROWTH IN EMEA EX- GERMANY AND INCREASED PROPERTY COSTS Conversion Rate* H1 19 H1 18 ▪ Overall Group conversion rate decreased Australia & New Zealand 33.6% 34.2% 40bps to 21.8% Germany 30.4% 30.5% ▪ Decrease in RoW resulting from slowdown in UK&I 18.2% 17.7% grow
Slide 18: Decrease in ETR to 30.5%
DECREASE IN ‘ETR’ TO 30.5% DRIVEN BY MIX OF PROFITS Finance charge and taxation Six months ended 31 December 2018 2017 £m £m Finance charge Net interest charge on debt (1.0) (0.8) Interest unwind of discount on Acquisition Liability - (0.6) IAS 19 pension charge (non-cash) (0.3) (1.0) PPF levy (0.1)
Slide 19: 9% Increase in Earnings Per Share
Basic EPS (£) 9% INCREASE IN EARNINGS PER SHARE H1 18 5.39p H2 18 6.05p H1 19 5.86p Basic earnings per share (EPS) Six months ended 31 December 2018 2017 Change Basic earnings £85.2m £78.0m 9% Weighted average number of shares* 1,455m 1,446m Basic earnings per share 5.86p 5.39p 9% Shares in issue* a
Slide 20: Good Underlying Cash Performance
Cash from operations GOOD UNDERLYING CASH PERFORMANCE H1 17 £83.8m H1 18 £74.1m H1 19 £78.5m Operating profit to free cash flow conversion (£m) Uses of cash flow (£m) Operating cash flow Capex £15.3m £78.5m (H1 18: £74.1m) Pensions £7.9m £14.2m £124.1m Special Divi £72.9m £(59.8)m Core Divi £40.0m £
Slide 21: Strong Cash Position Despite Special Dividends
Free cash flow STRONG CASH POSITION DESPITE £113M OF H1 17 £52.3m SPECIAL AND FINAL DIVIDENDS PAID IN THE HALF H1 18 £39.5m H1 19 £44.7m Closing net cash/(net debt) (£m) 122.9 NET CASH POSITION 111.6 ▪ H1 19 ended with net cash of £32.5m, after paying £112.9m cash dividends 47.9 £210M BANK FACILITY
Slide 22: Strong Balance Sheet
STRONG BALANCE SHEET Balance sheet analysis 31 Dec 30 Jun £m 2018 2018 RETIREMENT BENEFITS Goodwill & intangibles 256.6 247.0 ▪ Surplus reduction is primarily due to a decrease in asset Property, plant & equipment values and accounting impact of pension buy-in 30.5 29.3 ▪ As previously announced on
Slide 23: Interim Dividend Increased by 5%
INTERIM DIVIDEND INCREASED BY 5% FREE CASH ▪ Fund Group investments and development ▪ Maintain a strong balance sheet FLOW ▪ Deliver a core dividend which is sustainable, progressive and PRIORITIES appropriate CORE ▪ Target core dividend cover of 2.0x to 3.0x Group EPS DIVIDEND ▪ Interim dividend in
Slide 24: Financial Summary
FINANCIAL SUMMARY GOOD NET FEE GROWTH OF 9%, WITH INTERNATIONAL FEES UP 11% ▪ Strong growth in Germany, Australia and RoW ▪ UK delivered solid growth, despite economic uncertainty OPERATING PROFIT UP 9% TO £124.1M ▪ 6% profit growth in ANZ, led by Australia up 10% ▪ Good UK profit growth, with impro
Slide 25: Current Trading
3. CURRENT TRADING PAUL VENABLES FINANCE DIRECTOR
Slide 26: Current Trading Conditions by Region
GOOD CONDITIONS IN MOST INTERNATIONAL MARKETS, ‘RETURN TO WORK’ GOOD OVERALL. COMPARATIVES INCREASINGLY TOUGH IN H2 Current trading conditions by region ▪ We continue to see good growth in Australia. ‘Return to work’ in line with trends ANZ seen in prior years. Growth comparatives in H2 FY19 are inc
Slide 27: Strategy
4. STRATEGY ALISTAIR COX CHIEF EXECUTIVE
Slide 28: Good Progress Against All Key Priorities
GOOD PROGRESS DELIVERED AGAINST ALL KEY PRIORITIES, AND WELL-POSITIONED FOR FURTHER GROWTH AND DEVELOPMENT ASPIRATION TO GENERATE, INVEST IN PEOPLE BUILD CRITICAL MATERIALLY REINVEST & & TECHNOLOGY, MASS AND SCALE INCREASE AND DISTRIBUTE RESPOND TO ACROSS OUR DIVERSIFY GROUP MEANINGFUL CASH CHANGE &
Slide 29: A Prioritised Pipeline of Opportunities to Build Scale
A PRIORITISED PIPELINE OF OPPORTUNITIES TO BUILD SCALE FUTURE MATERIAL MEANINGFUL CORE PROFIT DRIVERS CONTRIBUTORS NETWORK PROFIT £20m+ £10m+ £5m+ CRITICAL DRIVERS TARGET TARGET TARGET CHINA POLAND SWITZERLAND 16 AUSTRIA GERMANY BELGIUM OTHER NETHERLANDS HAYS AUSTRALIA FRANCE SPAIN MALAYSIA COUNTRIE
Slide 30: Germany: Ongoing Strategic Developments
GERMANY: ONGOING STRATEGIC DEVELOPMENTS Germany Perm & newer specialism net fee* progress FY13-H119 Key initiatives (20% and 17% net fee FY13-18 CAGR respectively) DIVERSIFY ACROSS 350 1. SPECIALISMS & FY13-18 Germany net fee CAGRs CONTRACT TYPES 300 Perm: 20% H1 19 Newer specialisms: 17% Growth 250
Slide 31: The Scale and Scope of Our Business Is Unique
THE SCALE AND SCOPE OF OUR BUSINESS IS UNIQUE FY18 STATISTICS PERM 77,000 PLACEMENTS TEMP 244,000 ASSIGNMENTS APPLICATIONS 10 million RECEIVED INTERVIEWS 50,000 PER MONTH HITS ON HAYS 65 million WEBSITES LINKEDIN THE BEST CANDIDATES TO CLIENTS, 2.7 million FOLLOWERS* FASTER THAN ANYONE ELSE In FY18,
Slide 32: Appendix
APPENDIX H1 2019 supporting materials
Slide 33: Potential Returns to Shareholders Based on 5-Year Aspirations
POTENTIAL FOR MATERIAL RETURNS TO SHAREHOLDERS BASED ON ACHIEVING OUR 5-YEAR ASPIRATIONS TO JUNE 2022* £’m KEY ASSUMPTIONS: OPERATING PROFIT 300 375 450 1. Average working capital outflow of FREE CASH FLOW 861 944 1042 £50m per annum in mid-point case USES OF FREE CASH FLOW 2. No M&A spend built int
Slide 34: Like-for-Like Summary
LIKE-FOR-LIKE SUMMARY Six months ended 31 December 2017 FX impact Organic 2018 LFL* £m £m £m £m growth Net fees Australia & New Zealand 99.8 (5.3) 7.0 101.5 7% Germany 134.8 (0.4) 19.3 153.7 14% United Kingdom & Ireland 127.5 0.0 4.2 131.7 3% Rest of World 163.7 (1.2) 18.6 181.1 11% 525.8 (6.9) 49.1
Slide 35: H1 FY19 vs H2 FY18: Analysis by Division
H1 FY19 vs H2 FY18: ANALYSIS BY DIVISION Net fee growth (LFL*) Q3 18 Q4 18 H2 18 Q1 19 Q2 19 H1 19 versus same period last year Australia & New Zealand 12% 14% 14% 7% 8% 7% Germany 16% 16% 16% 13% 15% 14% United Kingdom & Ireland (2%) 5% 3% 3% 3% 3% Rest of World 15% 23% 20% 14% 10% 11% Operating pr
Slide 36: Rest of World Performance by Country / Market
REST OF WORLD PERFORMANCE BY COUNTRY / MARKET Country Net fees Net fee # of # of (ranked by net growth offices consultants Rest of World net fees fees) (LFL*) France 33.4 5% 20 457 USA 21.2 17% 12 263 Other** France Benelux 19.5 (1)% 11 293 China 17.2 31% 6 237 Poland Canada 11.6 27% 8 178 USA Switz
Slide 37: Technical Specialisms Add to Balance and Resilience
TECHNICAL SPECIALISMS ADD TO OUR BALANCE AND RELATIVE RESILIENCE Attributes of Technical* vs Technical specialisms now represent >60% Group net fees Professional** net fees (CAGR FY10-18: c.10% vs c.6% Professional) Investment-led hires 100% 1. rather than purely 90% candidate-driven 80% 49% 52% 54%
Slide 38: Continued Investment in Scale and Diversity
CONTINUED INVESTMENT IN BUILDING FURTHER SCALE AND DIVERSITY ACROSS OUR GLOBAL PLATFORM Temp & Contracting Temp/Contractor business as % of net fees CLEAR STRUCTURAL CANADA NETHERLANDS 1. GROWTH 37% POLAND OPPORTUNITIES 63% 17% SWITZERLAND RELATIVE RESILIENCE 2. TO THE CYCLE 76% 66 FRANCE % BELGIUM
Slide 39: Consultant Headcount
CONSULTANT HEADCOUNT Change in headcount As at As at Change As at Change Dec Jun since Jun Dec since Dec 2018 2018 2018 2017 2017 Australia & New Zealand 1,069 1,000 7% 965 11% Germany 1,824 1,700 7% 1,769 3% United Kingdom & Ireland 1,967 1,917 3% 1,974 (0%) Rest of World 3,110 2,847 9% 2,743 13% G
Slide 40: Office Network
OFFICE NETWORK Number of offices 30 June Opened/ 31 December 2018 (Closed)* 2018 Australia & New Zealand 39 1 40 Germany 22 1 23 United Kingdom & Ireland 97 (1) 96 Rest of World 99 4 103 Total 257 5 262 * Offices opened is shown net of closed and merged offices. 40
Slide 41: Trading Days in Major Markets
TRADING DAYS IN MAJOR MARKETS Australia Germany UK Number of trading days H1 H2 Year H1 H2 Year H1 H2 Year Year ended 30 June 2017 128 124 252 128 123 251 128 125 253 Year ended 30 June 2018 127 124 251 125 123 248 127 125 252 Year ending 30 June 2019 128 123 251 127 122 249 128 124 252 41
Slide 42: Appendix: The Hays Business Model & Strategy for Growth
APPENDIX 2 The Hays business model & strategy for growth
Slide 43: Clear, Well Established Strategic Priorities
WE HAVE CLEAR, WELL ESTABLISHED STRATEGIC PRIORITIES TO DELIVER OUR LONG-TERM AIMS MATERIALLY INCREASE & DIVERSIFY GROUP PROFITS GENERATE, BUILD CRITICAL REINVEST & MASS & DIVERSITY DISTRIBUTE ACROSS OUR MEANINGFUL CASH GLOBAL PLATFORM RETURNS INVEST IN PEOPLE, TECHNOLOGY, COLLABORATIONS & INNOVATIO
Slide 44: The Strength of Our Model
THE STRENGTH OF OUR MODEL IS KEY TO DELIVERING FOR CLIENTS AND DRIVING FINANCIAL PERFORMANCE THROUGH THE CYCLE Unrivalled … the best …delivers … a resilient … and scale, people, the best financial leverages balance and sector solutions for performance the Group to diversity… leading clients & in tou
Slide 45: Leading Global Expert in Professional and Skilled Recruitment
HAYS IS A LEADING GLOBAL EXPERT IN QUALIFIED, PROFESSIONAL AND SKILLED RECRUITMENT EXECUTIVE SEARCH (head-hunting) PROFESSIONAL RECRUITMENT (mostly white collar) ▪ Contingent fee model ▪ Focus on high-skilled roles ▪ Clear structural growth markets GENERALISTS (mostly blue collar) 45
Slide 46: The Hays Approachability Index
THE HAYS APPROACHABILITY INDEX: PREDICTING CANDIDATES’ LIKELY INTEREST IN A ROLE 46
Slide 47: A Proven Track Record of Organic Growth
A PROVEN TRACK RECORD OF ORGANIC GROWTH New country & specialism entries Key: Organic Acquisition 33 COUNTRIES / MARKETS 20 SPECIALISMS Pre 1990 UK Australia Ireland A&F C&P IT Early 1990s Banking Fin Services Office Pros Late 1990s Czech Rep. France New Zealand Contact Ce. Education 2000 Belgium Po
Slide 48: Worldwide Platform and Market Leadership
OUR WORLDWIDE PLATFORM PROVIDES A PIPELINE OF FUTURE GROWTH OPPORTUNITIES & LEADERSHIP IN ALL CORE MARKETS Hays market positioning* Market Leader Top 3 position Top 5 position Other TOP 3 Australia (#1) Malaysia Belgium New Zealand (#1) Brazil Poland (#1) France Portugal (#1) Germany (#1) Russia Chi
Slide 49: Strategic Focus on Building Scale in Key Markets
OUR STRATEGIC FOCUS IS ON BUILDING SCALE IN KEY MARKETS HAYS MARKETS HAYS SPECIALISMS 2018 2018 33 20 11 10 2002 2002 ▪ Market leaders in 8 countries ▪ Leading market positions across including: UK, Australia, Germany professional and technical areas ▪ Additionally, top 3 market position in ▪ Long-e
Slide 50: Market-Leading Breadth and Depth of Platform
MARKET-LEADING BREADTH AND DEPTH OF PLATFORM 20 SPECIALISMS 33 COUNTRIES New Zealand Luxembourg Netherlands Czech Rep. Switzerland Singapore Colombia Germany Denmark Romania Australia Malaysia Hungary Portugal Belgium Sweden Canada Mexico Poland Austria France Russia Ireland Japan China Spain Brazil
Slide 51: Five Pillars of the Business Model
BALANCE, SCALE AND DIVERSIFICATION ARE WHAT SETS THE HAYS THERE ARE BUSINESS 5 PILLARS MODEL WHICH APART AND UNDERPIN DRIVES THE STRENGTH OF OUTPERFORMANCE OUR BUSINESS MODEL ▪ Exposure to structural growth and more mature areas 1. BALANCE ▪ Long-established across technical, white-collar specialism
Slide 52: A Balanced Portfolio
A BALANCED PORTFOLIO Net Fees by type* Public Office Support 7% Recruitment Public sector sector 15% TopTop 40 40 15% ANZ 18% Recruitment ~15% Engineering 9% contracts contracts ~25% 15% Rest of World Other** Perm ~25% 31% 32% 42% C&P 14% UK&I 23% Temp 58% A&F 15% Office Sup. 8% United Kingdom & Ire
Slide 53: Diversified in Structural and Cyclical Markets
BALANCED BUSINESS MODEL: WELL DIVERSIFIED IN STRUCTURAL AND CYCLICAL MARKETS Net fees by market maturity* (percentages in table show % of Group net fees in H1 19) ESTABLISHED: DEVELOPING: >70% penetration >30-70% penetration 27% of Group net fees 27% of Group net fees +5% LFL net fee growth UK & Ire
Slide 54: Sector Diversity Exposes Us to Growth Opportunities
BALANCED BUSINESS MODEL: SECTOR DIVERSITY EXPOSES US TO GROWTH OPPORTUNITIES AND PROTECTS OUR BUSINESS 8% STRONG: GROWTH TOUGH: DECLINE <0%* >10%* UK Education A&F Retail Net Fees Information Technology 33% H1 19 Tough conditions £568.0m Candidate shortages 59% Clients investing Defend market positi
Slide 55: Exposure to Temp/Contractor Markets
BALANCED BUSINESS MODEL: SECTOR-LEADING EXPOSURE TO KEY TEMP/CONTRACTOR MARKETS, PERM-GEARED IN HIGH GROWTH AREAS H1 19 Net Fees by geography Temp Perm 16% 33% 44% 69% 84% 67% 56% 31% ANZ - 18% Germany - 27% UK&I - 23% RoW - 32% PROPORTION OF GROUP NET FEES 55
Slide 56: Appendix: Divisional Profiles
APPENDIX 3 Divisional profiles
Slide 57: ANZ Represents 18% of Group Net Fees
ANZ REPRESENTS 18% OF GROUP NET FEES WITH AUSTRALIA REPRESENTING 95% OF DIVISIONAL NET FEES Six months ended 31 Dec 18 Net fees by specialism Net fees by region Net fees: £101.5m Operating profit: £34.1m 13% Conversion rate: 33.6% 26% 24% 29% 5% Countries: 2 8% Consultants: 1,069 Offices: 40 4% 4% 1
Slide 58: Historical Profile of Hays Australia & New Zealand
HISTORICAL PROFILE OF HAYS AUSTRALIA & NEW ZEALAND Historical headline net fees (£m) Historical headline operating profit (£m) 210 87 199 81 182 179 181 72 69 163 64 63 60 135 129 138 139 134 49 45 44 44 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 F
Slide 59: Germany Represents 27% of Group Net Fees
GERMANY REPRESENTS 27% OF GROUP NET FEES AND 38% OF GROUP PROFIT Six months ended 31 Dec 18 Net fees by specialism Net fees by contract type 2% 4% Net fees: £153.7m 5% 16% Operating profit: £46.7m 5% Conversion rate: 30.4% 41% Consultants: 1,824 15% Offices: 23 56% 28% Private : Public sector 28% 91
Slide 60: Historical Profile of Hays Germany
HISTORICAL PROFILE OF HAYS GERMANY Historical headline net fees (£m) Historical headline operating profit 276 86 230 81 62 60 63 164 175 58 150 158 52 136 106 36 38 88 80 26 63 24 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY Consult
Slide 61: UK & Ireland Represents 23% of Group Net Fees
UK & IRELAND REPRESENTS 23% OF GROUP NET FEES AND 19% OF GROUP PROFIT Six months ended 31 Dec 18 Net fees by specialism Net fees by region Net fees: £131.7m Operating profit: £24.0m 8% Conversion rate: 18.2% 22% 22% 8% Consultants: 1,967 32% Offices: 96 12% 7% Temp : Perm 8% 20% 44% 18% 56% 9% 12% 2
Slide 62: Historical Profile of Hays UK & Ireland
HISTORICAL PROFILE OF HAYS UK & IRELAND Historical headline net fees (£m) Historical headline operating profit (£m) 453 137 331 272 272 253 258 244 242 225 246 222 64 46 52 47 42 (7) 26 11 4 6 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY
Slide 63: Rest of World Represents 32% of Group Net Fees
REST OF WORLD REPRESENTS 32% OF GROUP NET FEES, WITH FRANCE OUR LARGEST RoW MARKET Net fees by specialism Six months ended 31 Dec 18 Net fees by specialism Divisional Net fees by market Net fees: £181.1m Net fees by country Operating profit: £19.3m Conversion rate: 10.7% 22% 21% 18% 28% Countries: 2
Slide 64: Historical Profile of Rest of World
HISTORICAL PROFILE OF REST OF WORLD Historical headline net fees (£m) Historical headline operating profit (£m) 339 41 291 230 27 196 22 163 168 177 142 15 117 12 108 105 7 (2) (6) 1 (4) (3) FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Slide 65: Local Currency: Hays Net Fees and Operating Profit
LOCAL CURRENCY – HAYS NET FEES AND OPERATING PROFIT Australia & New Zealand Australia & New Zealand Historical net fees (AUDm) Historical operating profit (AUDm) 365 182 347 323 293 293 305 274 263 273 130 134 232 245 116 120 106 98 88 83 90 80 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Slide 66: Further Information
FURTHER INFORMATION DAVID PHILLIPS HEAD OF INVESTOR RELATIONS CHARLES CHALKLY INVESTOR RELATIONS MANAGER IR@hays.com +44 207 383 2266 For more information about the Group: haysplc.com/investors or @haysplcIR