Annual Report and Accounts 2018

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Annual Report and Accounts 2018 Annual Report and Accounts 2018 Annual Report and Accounts 2018 Contents Strategic Report Strategic Report Chairman’s Introduction 1 Overview 3 Business Model 4 Strategic Review 7 Connected to Customers – Technology 15 KPIs 17 Corporate Q&A with Steve Ingham, CEO 20 Corporate Social Responsibility 22 Regional Perspectives 27 Governance Risk Management 29 Principal Risks and Uncertainties 31 Review of the Year 36 Corporate Governance Chairman’s Introduction to Corporate Governance 41 Our Board of Directors 42 The Executive Board 46 Corporate Governance Report 47 Nomination Committee Report 51 Financial Audit Committee Report 53 Directors’ Remuneration Report – Annual Statement 58 Directors’ Remuneration Report 60 Statements Directors’ Report 78 Directors’ Statements of Responsibility 80 Financial Statements Independent Auditor’s Report 81 Consolidated Income Statement 86 Consolidated Statement of Comprehensive Income 86 Consolidated and Parent Company Balance Sheets 87 Consolidated Statement of Changes in Equity 88 Additional Statement of Changes in Equity – Parent Company 89 Consolidated and Parent Company Cash Flow Statements 90 Notes to the Financial Statements 91 Information Additional Information Shareholder information and advisers 118 Annual Report and Accounts 2018 We are one of the world’s best known and most respected specialist recruitment consultancies. We deliver recruitment services to clients through a network of 139 offices across 36 countries. Our vision is to increase the scale and diversification of PageGroup by organically growing existing and new teams, offices, disciplines and markets. Highlights Revenue Gross Profit Operating Profit Basic Earnings Per Share 2017: £1,371.5m 2017: £711.6m 2017: £118.3m 2017: 26.5p £1,549.9m £814.9m £142.5m 32.5p +14.0%* +15.9%* +20.7%* +22.6%* % Non-Accounting % Non-UK Ordinary and Special and Financial Services Conversion rate** Gross Profit Dividend Gross Profit 2017: 80.2% 2017: 63.3% 2017: 16.6% 2017: 25.23p 83.0% 65.3% 17.5% 25.83p *in constant currency at prior year rates **Operating Profit as a percentage of Gross Profit Business model Our strategy PageGroup’s business model has proved itself both through We have established three categories into which we have grouped each of our economic cycles and as the business has expanded into a global geographical markets based on criteria including the size of the opportunity and the enterprise. At its core is a focus on organic growth. potential for future growth. Large, Large, Small and Medium, Agile and Career responsive High Potential Proven High Margin development Shift in business model structure Transformation and change Team Typically under- These are large Markets which are, or profit-led developed markets, markets where we could be, significant PageGroup brands Organic compensation Global but where we are already proven profit contributors and reputation management Growth with a strong with attractive mobility have a successful track record and track record and a conversion margins, significant presence. but each are unlikely confidence in our (or not yet proven) ability to scale Productivity-led to be able to grow to Experienced expansion our operations management pool more than 300 fee substantially. earners. Sustainability Being a responsible corporate citizen is not 54% 83% 9% only the right thing to do, it is good for the long-term health of our business. Working population Positive score to Employee Reduction in energy is female Engagement Survey derived emissions Annual Report and Accounts 2018 EMEA North America 62 offices 10 offices 3,299 employees 528 employees Asia 18 offices 1,329 employees Latin America 13 offices 800 employees UK Australasia 27 offices 1,436 employees 9 offices 380 employees Where we operate EMEA (48% of Group) UK (17% of Group) Countries across 36 the world £394m £138m Gross Profit Gross Profit Headcount Page 27 for EMEA Performance Review Page 28 for the UK Performance Review Asia Pacific (20% of Group) The Americas (15% of Group) 7,772 £161m £121m Gross Profit Gross Profit Page 27 for Asia Pacific Performance Review Page 28 for The Americas Performance Review Principal risks Gross profit by discipline Engineering, Property & Shift in business model People attraction, Construction, Procurement & Supply Chain Accounting and Transformation development and retention Financial Services and change £194.6m £282.7m PageGroup brands Strategic People and reputation Risk £814.9m Categories Information systems Total Cyber security Macro-economic Fiscal and £196.8m exposure Legal, Technology, Financial Operational legal compliance HR etc. Foreign exchange – Financial management translation risk and control £140.8m Marketing, Sales & Retail Data protection regulation Our competitive advantage Brand Scale Culture Our true competitive advantage is the combination of these three factors and the balance we have achieved in the business over the past 42 years. Annual Report and Accounts 2018 Chairman’s Introduction David Lowden Chairman 2018 Performance businesses performed strongly and there strategic priorities. Our Large, High Potential were many highlights. In 2017, we made markets, namely the US, Germany, South I am delighted to report that the Group significant investment in Australia. This East Asia, Greater China and Latin America, delivered another record performance in investment delivered a strong 2018, exiting now representing around a third of the the year ended 31 December 2018. The with growth of 25% in the fourth quarter. Group, grew 25% in the year with all strong performance this year demonstrates We opened a new office in Vietnam, our countries delivering record performances. the consistent execution of our strategy fifth country in South East Asia, and India These strategic investments will continue in and is testimony to the dedication, ability delivered growth of 49% and now has over 2019, as well as in those businesses where and hard work of our people across 120 fee earners. we are seeing strong growth. the Group. As I anticipated in my statement last year, We, as a Board, continue to be impressed the UK remained challenging. Market by our staff, both operational and non- sentiment remained weak, with Brexit The Group delivered another operational, who have responded with related uncertainty impacting decision- enthusiasm, dedication and commitment making by both clients and candidates, record performance. over the pace of change within the Group particularly at the more senior end of over recent years. the market. However, Page Personnel, We entered the year optimistically, but with our clerical and part qualified business Dividends caution, in some key markets. Following representing 25% of the UK, had a the successful delivery of our strategy record year, up 8%. We paid over £40m in ordinary dividends in 2018 and returned over £40m to throughout 2018, market expectations rose The Americas was our fastest growing shareholders by way of a special dividend. further as the year progressed, with the region, up 27%. In North America, the We have now paid special dividends actual result again being delivered in line US also had a record year, growing 25%, totalling £150m in the last four years. with this increased expectation. with our strategy of diversification, both in Gross profit was up 15.9% in constant terms of location and discipline, delivering We generated cash from operations of currencies, with operating profit up 20.7% notable performances from our regional £131.7m in 2018 and ended the year with at £142.5m. Our largest region, Europe, offices in Boston, Chicago, Houston and cash balances of £97.7m and a level of Middle East and Africa, delivered a record Los Angeles. Latin America, now 6% of the distributable reserves that support more year, up 17.9% in gross profit terms. There Group and with a headcount of over 800, than three times this annual dividend. Given was strong growth from Germany, up 29%, also had a record year, up 30%. Mexico this cash position, levels of distributable with our Interim business now representing ended the year as the largest country in reserves and our results for the year, we 20% of the business. France was up 16% the region (+33%) and Brazil returned propose to increase the final dividend and ended the year as our largest country to growth (+20%). The remaining four to 9.0p. When taken together with the in terms of gross profit, representing 17% countries, Argentina, Chile, Colombia and interim dividend paid in October of 4.1p, of the Group in the fourth quarter. Peru, now have a combined headcount of this implies a total dividend of 13.1p, an over 300 and also delivered a record year. increase of 4.8% on 2017. Our Asia Pacific region grew 20.6%, with records in many of our businesses including The PageGroup leadership team continued This ordinary dividend of 13.1p is covered Greater China, which was up 19%. All to make further progress on the Group’s 2.5 times by earnings, with a yield of 2.9%. 1 | Strategic Report Annual Report and Accounts 2018 If the special dividend is taken into perspectives we review in terms of Following the issue of the new UK account, using the year end share price appointments to the Board. Discussions Corporate Governance Code, we will of 450.8p, the yield increases to just are held each year, focusing on the revisit these procedures to allow greater Strategic under 6%. development and succession of the emphasis on these areas. This will allow Executive Directors, Executive Board us to further understand the views of Dividend Per Share (p) members and other senior managers the Company’s key stakeholders and 30 in the Group. This ensures a pipeline to describe in the Annual Report from Special dividend of talented senior individuals is present next year how their interests have been Report 27.5 within the business and that existing considered in Board discussions. 25.23 25.83 16.0 senior executives are being developed.
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