half year results 2011 | august 2011 - page group · 2019. 1. 14. · financial reie michael page...

Half Year Results 2011 | August 2011

Michael Page International Half Year Results 2011 | 2

Agenda

Financial Review

Segmental Analysis

Strategy

Summary and Outlook

Appendices


Financial Review

FINANCIAL REVIEW Michael Page International Half Year Results 2011 | 4

31% growth in gross profit with growth in every geography

INCOME STATEMENT

H1 2011£m

H1 2010£m Change

Constant Currency

ChangeRevenue 502.1 393.5 +27.6% +25.8%

Gross profit 275.1 209.6 +31.3% +29.5%

Operating profit before non-recurring items 45.4 32.5 +39.6% +36.5%

Non-recurring items - 17.1

Operating profit 45.4 49.6 (8.5%)

Net interest income 0.1 0.5

Non-recurring interest income - 11.3

Profit before tax 45.5 61.4 (26.0%)

Taxation (15.0) (19.9) (24.8%)

Profit after tax 30.5 41.5 (26.5%)

Effective tax rate on profit 33.0% 32.5%

Earnings per share before NRI

Basic (pence) 10.0 6.6 +51.5%

Diluted (pence) 9.7 6.5 +49.2%


35% growth in gross profit from permanent placements

PERM/TEMP GROSS PROFIT AND GROSS MARGINS

Growth Rates

Gross profitH1 2011

£mH1 2010

£m ReportedConstant currency

Permanent 219.4 163.0 +34.6% +32.7%

Temporary 55.7 46.5 +19.6% +18.0%

Ratio (Perm:Temp) 80:20 78:22

Permanent 96.6% 96.4%

Temporary 20.2% 20.7%

Group gross margin 54.8% 53.3%

• Permanentplacementsdrivinggrowth

• Grossmarginontemporaryplacementsstableduringfirsthalfof2011

• Strongerpricingenvironmentinfastergrowingmarkets,whicharepredominantlypermanent

• CompetitivepricingpressureinUK


£49m of cash paid in dividends and share repurchases

CASH FLOW H1 2011 £m

H1 2010 £m

Operating profit before non-recurring items 45.4 32.5

Non-recurring items - 17.1

Operating profit after non-recurring items 45.4 49.6

Depreciationandshareschemecharges 11.5 10.5

Increaseinunderlyingworkingcapital (35.1) (15.9)

Movement in VAT related payables and receivables - (41.0)

Netcashinflowfromoperatingactivities 21.8 3.2

Net interest income 0.1 0.5

Non-recurring interest income - 11.4

Taxation paid (19.1) (5.3)

Net capital expenditure (13.0) (4.6)

(10.2) 5.2

Dividends paid (18.8) (16.1)

Issueofownsharesforshareoptions 1.0 1.4

Purchaseofownshares (30.3) (61.8)

Netcashoutflow (58.3) (71.3)

Exchangemovement 1.3 (0.2)

Movementinnetcash (57.0) (71.5)


Funding the expansion

WORKING CAPITALH1 2011

£m

Underlying H1 2010

£m

VATH1 2010

£mH1 2010

£m(Increase)/decrease in receivables (51.7) (32.2) 9.0 (23.2)

Increase/(decrease) in payables 16.6 16.3 (50.0) (33.7)

Increaseinworkingcapital (35.1) (15.9) (41.0) (56.9)

• Cashoutflowfromincreaseinunderlyingtradereceivablesasactivitylevelsimprove

• Debtordays52(2010:47days).Theincreasewasmostlytemporaryandrelatedtothe roll-outofanewtempbillingsystemintheUK

Capital expenditure

• Officeupgrades/refurbishmentstokeyofficesinLondon,ManchesterandBirmingham

• Fit-outcostsfor8newofficesinLatinAmericaand6newofficesinAsia

• Computerhardwareinvestmentsinregionaldatacentres

• Continuedinvestmentinsystemsreplacementproject


Strong balance sheet with £24m in cash in H1 2011

BALANCE SHEET 30 June 2011

£m

31 Dec 2010

£mIntangible assets 32.3 27.5

Tangible assets 32.0 28.5

64.3 56.0

Tradeandotherreceivables 226.9 169.5

Tradeandotherpayables (147.5) (126.9)

79.4 42.6

Currentanddeferredtaxes 1.8 (1.7)

Netcash 23.6 80.5

Net assets 169.1 177.4


Half year 2011 dividend increased by 12.8%

Dividend

H1 2011 (pence

per share)H1 2011

£m

H1 2010 (pence

per share)H1 2010

£m

Interim 3.25* 9.8* 2.88 8.9

*Proposed and payable on 7 October 2011

Share repurchasesH1 2011

shares mH1 2011

£mH1 2010

shares mH1 2010

£m

SharespurchasedbyEBT - - 15.0 61.8

Sharespurchasedforcancellationatanaveragepriceof£5.28 5.7 30.3 - -

2011 shares m

2010 shares m

Weighted average number of shares

Basic (000’s) 305.8 316.6

Diluted (000’s) 315.4 324.1

Sharesinissueat30June 316.4 324.1

No.ofoptionsoutstandingat30June 23.5 25.0


Dividend increased as business grows

Excess cash used to repurchase shares

Maintain strong balance sheet position

DIVIDENDS, SHARE REPURCHASE HISTORY AND YEAR END NET CASH/DEBT POSITION

-35

0

35

70

105

140

H1 2011*2010200920082007200620052004200320022001

£m

*Dividend in H1 2011is only 2010 final dividend

121p

175p

170p

204p

356p496p

233p

196p

411p

528p

Dividends paidKEY:

Shares repurchasedby EBT

Option exercises

Shares repurchased and cancelled

Net cash/debt at year end

Average cost per share repurchased


Segmental Analysis

SEGMENTAL ANALYSIS Michael Page International Half Year Results 2011 | 12

Headcount +623 (+14%) in H1

Different growth rates across geographies, rapidly changing shape of the Group

76% of gross profit generated outside of the UK

Asia and Latin America, 19% of Group in H1, the greatest source of growth

Growth in every geography

0

50

100

150

200

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

£m

Head

count

2007

105.

5 121.

0

123.

4

128.

1

140.

3 152.

4

141.

3

118.

7

95.0

83.8

82.3 90

.6 97.9 11

1.7

112.

8

119.

8

127.

3 147

.8

2008 2009 2010 2011

2007 2008 2009 2010 2011

HEADCOUNT AND GROSS PROFIT AS REPORTED

0

1500

3000

4500

6000

PROPORTION OF GROUP GROSS PROFIT

0

20

40

60

80

100


%

United KingdomKEY: EMEA Asia Pacific Americas+8%YOY: +30%* +49%* +55%*

GEOGRAPHIC ANALYSIS OF GROSS PROFIT

*Growth rates in local currency


All specialist disciplines showed growth

Ongoing launch and roll-out of new disciplines

Continued discipline diversification, with the smallest and newset disciplines having fastest rates of growth

DISCIPLINE ANALYSIS OF GROSS PROFIT

0

50

100

150

200


£m

Head

count

2007

105.

5 121.

0

123.

4

128.

1

140.

3 152.

4

141.

3

118.

7

95.0

83.8

82.3 90

.6 97.9 11

1.7

112.

8

119.

8

127.

3 147

.8

2008 2009 2010 2011

2007 2008 2009 2010 2011


0

1500

3000

4500

6000

PROPORTION OF GROUP GROSS PROFIT

0

20

40

60

80

100


%

Finance & AccountingKEY:

Marketing, Sales & RetailEngineering, Property & Construction, Procurement & Supply ChainLegal, Technology, HR, Secretarial, Healthcare


EMEA 44% of Group

Gross profit growth of 32% Operating profit of £17.0m

+76% from £9.6m in 2010 Headcount +29% to 2,126


Strong growth of 32% across 18 countries

The Netherlands now growing strongly, up 24%*

Launched new business in Qatar and second office in Rome

France, the Group’s second largest country, up over 27%*

Spare capacity of c.20% in France, Holland, Germany, Spain and Italy

0

20

40

60

80


600

1200

1800

2400

£m

Hea

dco

unt

2007

42.0 4

8.5

48.4

57.5 6

5.2 70

.2

63.7

59.7

47.6

38.2

35.7 4

2.2

44.6

46.7

44.6

52.8 56

.2

64.1

2008 2009 2010 2011

2007 2008 2009 2010 2011

0

20

40

60

80

100


%

PROPORTION OF EMEA GROSS PROFIT


FranceKEY: Holland Germany Italy Spain Rest of EMEA**+27%*YOY: +24%* +36%* +32%* +22%* +36%*

**Rest of EMEA: Austria, Belgium, Ireland, Luxembourg, Poland, Portugal, Qatar, Russia, South Africa, Sweden, Switzerland, Turkey and UAE

H1 2011 H1 2010Gross profit £120.3m +32% £91.3mOperating profit £17.0m +76% £9.6mHeadcount 2,126 +29% 1,645

EMEA



United Kingdom 24% of Group

Gross profit growth of 8% Operating profit of £10.4m +8% from £9.6m in 2010 Headcount +10% to 1,343


+8% growth in gross and operating profit

Market conditions tough but stable through H1 2011

Growth in the private sector, held back by a more restrained public sector

Gaining market share in a very competitive market

0

25

50

75


700

1400

2100

£m

Hea

dco

unt

2007

44.1 47

.9

49.0

45.0

47.1

48.5

45.0

36.1

28.9

28.1

27.3

26.5 28.9 32

.3

33.0

30.7

31.7 34

.3

2008 2009 2010 2011

HEADCOUNT AND GROSS PROFIT

UNITED KINGDOMH1 2011 H1 2010

Gross profit £66.0m +8% £61.2mOperating profit £10.4m +8% £9.6mHeadcount 1,343 +10% 1,218

• FinancialServices,approximately10%ofUK,+5%inH1

• Headcountwillremainflat,saveforourgraduateintakeinSeptember


Asia Pacific 18% of Group


+28.8% from £9.5m in 2010 Headcount +74% to 874


Asia +80%* growth in gross profits

Australia and New Zealand +24%* in gross profits

New businesses launched in India and Malaysia ahead of plan

June an all time record in Japan, China, Singapore and New Zealand

New office opened in Pudong, China and doubled space in Beijing

0

10

20

30


250

500

750

1000

£m

Hea

dco

unt

2007

12.3 1

4.7

15.4

14.8 16

.4

19.6

18.4

12.4

9.5

9.7

10.8 12

.2 13.2

18.0 2

0.3

20.7

21.4

27.2

2008 2009 2010 2011

2007 2008 2009 2010 2011

0

20

40

60

80

100


%

PROPORTION OF ASIA PACIFIC GROSS PROFIT


Australia and New ZealandKEY: Asia+24%*YOY: +80%*

ASIA PACIFICH1 2011 H1 2010

Gross profit £48.6m +56% £31.2mOperating profit £12.2m +29% £9.5mHeadcount 874 +74% 501



The Americas 14% of Group


+54% from £3.8m in 2010 Headcount +57% to 778


0

8

16

24


250

500

750

£m

Hea

dco

unt

2007

7.2

9.9

10.6

10.7 11

.6

14.1

14.3

10.5

9.0

7.8 8.6 9.

6 11.2

14.7

14.9 15

.6

18.0

22.3

2008 2009 2010 2011

2007 2008 2009 2010 2011

0

20

40

60

80

100


%

PROPORTION OF AMERICAS GROSS PROFIT


North AmericaKEY: Latin America+28%*YOY: +71%*

Latin America now 10% of Group and 539 heads, with gross profit up 71%*

North America, conditions remain tough, but gross profits up 28%*

Brazil now the Group’s third largest country

New office in Houston, USA

AMERICAS2011 2010

Gross profit £40.3m +55% £25.9mOperating profit £5.8m +54% £3.8mHeadcount 778 +57% 496



Strategy Organic growth Diversification

Meritocratic culture

STRATEGY Michael Page International Half Year Results 2011 | 23

Strong conversion rates whilst investing heavily for the future

-20

-15

-10

-5

0

5

10

15

20

25

30

35

40

H1 20112010200920082007200620052004Op

erat

ing

pro

fit/G

ross

pro

fit (%

)

United KingdomKEY: EMEA Asia Pacific Americas Group

2003


One clear, consistent strategy of organic growth constantly diversifying by geography and discipline

Meritocratic, building trust, clear values and culture, retaining high flyers and entrepreneurs

186/2,121

143111

1/05

4

14

21

17/106

356

16

77

105

92/697

2,260165/1,784

3,549

28

216

136

32

250

152

226/2,280

5,121

29

4,498CountriesKEY:

Country Disciplines

Offices

Directors: Number/Years of Experience

Headcount

230

12 yearsCumulative

profit before tax

£391m

16 yearsCumulative

profit before tax

£25m

H1 201120102009200319911976

6 yearsCumulative

profit before tax

£511m


Business has been transformed over last 10 years

Half of our business is growing at over 50% year-on-yearPOSITIONED FOR GROWTH

*Austria,Belgium,Ireland,Luxembourg, Poland,Portugal,Qatar,Russia,SouthAfrica, Sweden,Switzerland,Turkey,UAE.

Rest of EMEA*

Asia

Latin America

Canada, Germany, Italy, New Zealand, Spain

France, Holland and USA

Australia and UK

+42%

+79%

+75%

+34%

+25%

+14%

2000Fee Earners: 1,657

H1 2011Fee Earners: 3,699

12% 196

11%

9%

11%

15%

46% 1,695

30% 50121% 778

58% 960 33% 1,226

+52% +46%

PROPORTION OF RECRUITMENT THAT IS OUTSOURCED

>70%KEY: 30-70%


10/1272777777

111

1/107

3

15

4

3/44

69

7

7/94

147

3

26

3

30

305

5

36

15

11/145

420

10

H1 2011Kuala Lumpur

Mumbai – Nariman PointNew Delhi

Pudong (7/11)Mumbai – Bandra

2010Guangzhou

Hong Kong – AdmiraltyJurong

20092003Shanghai

2006Kowloon

2008Beijing

Shenzen

1996Singapore

2001Tokyo

1995Hong Kong –Pacific Place

6 yearsCumulative gross profit

£112.7m


£44.8m

CountriesKEY:

Country Disciplines

Offices


Headcount

5 new offices opened in Kuala Lumpur, Delhi, Pudong and two offices in Mumbai in 2011

Office space doubled in Beijing Headcount up by 1/3 in first 6 months of 2011

INVESTMENT:Development of Asia

Michael Page International Half Year Results 2011 | 27STRATEGY

Asia:Investing for

the future

Inthelast24months:

•2newcountries–IndiaandMalaysia

•8newoffices,now15(+114%)intheregion

•Officefloorspacedoubled,nowwith capacity for 570 (26% spare capacity)

•196promotionsacrosstheregion

•Headcountupc.200%to420

•26internationaltransfersintoregion

•40internationallyrecruitedtraineesinChina

•PagePersonnelroll-outinHongKong andSingapore


India:Investing for

the future

After5monthsoftrading:

•3officeswithheadcountcapacityforover100

•Startupmanagementteamofinternationaltransfers:

1 Managing Director 1 Director 3 Managers 1Consultant

•Totalheadcountof29(afurther10commited tojoininAugust)

•Managementsecondmentprogrammesetup–startsinOctober+6experiencedMPsecondees

•Yearendheadcounttargetof50


Market leading position through organic growth

Limited competition across the region

Page Personnel now in Brazil, Mexico and Argentina

INVESTMENT:Development of Latin America

111

1/55

1

4

2

1/18

43

8

19/15013/115

225

00

13

3

36

4

40

404

4

44

16

21/161

539CountriesKEY:

Country Disciplines

Offices


Headcount

H1 2011Porto Alegre

Second office – RioFourth office – São Paulo

2010Alphaville

Barra da TijucaRecife

São José dos CamposSantiago

2009Belo HorizonteBuenos Aires

CuritibaSão Paulo – Central

2003 2005Rio de Janeiro

2006Mexico City

2007Campinas

2000São Paulo – Vilia Olimpia


£81.3m


£5.1m


Latin America:Investing for

the future

Inthelast24months:

•8newoffices,now16(+100%)intheregion

•Officefloorspaceincreasedby95%,nowwithcapacity for 600 (10% spare capacity)

•2newcountriesopened:ArgentinaandChile(now68staff)

•58promotions,strengtheningthe management team

•Headcountup151%to539

•Roll-outofPagePersonneltoArgentina,MexicoandwithinBrazil


Organically grown management team investing heavily in headcount growth

Page Personnel rolled out nationally Page Contracting launched

INVESTMENT:Development of Germany

2050

3

34

50

2

70

198

6

80

810

6

19

121

233

6KEY: Directors: Number

Directors: Years of Experience

Headcount

% of Group gross profit

177

1993 2003 2009 2010 H1 2011


Germany:Investing for

the future

•Large,underdevelopedmarket–limitedcompetition particularly in perm recruitment

•Duringthelast18months,management teamstrengthenedwith11newDirectorsand88 promotions

•Headcountincreasedby32%to233 inlast6months

•PagePersonnellaunchedandbeingrolled-out

•PageContractinglaunched


Remains Group’s largest and most established country Long-term still offers potential for growth Very established management team key to gaining

market share

INVESTMENT:Development of UK

1115

100/100

12

46

612

1,081

51/70

741

1,863

33/33

12

69

18

80

890

1,343

24/23DisciplinesKEY:

Directors: Number

Directors: Years of Experience

Headcount

% of Group gross profit/operating profit

1976 2003 H1 2008 H1 2011


UK:Investing for

the future

•Investingtoretainourbestpeople,withDirectors up to 6% as a percentage of UKstaff–c.3.5%pre-downturn

•Depthofmanagementexperienceenabling ustogrowgrossprofitandmarketshare

•81promotionsinlast12months

•Growingtalentfornewermarkets:36internationaltransfersouttostrengthen overseas management teams

•Spareofficecapacityofc.35%

•Newdisciplineslaunched:Design,LifeSciences,Oil&Gas,3rdPartyLogistics

•Continueroll-outofexistingdisciplines:TechnologyandPPofficesupport


In the last 12 months we continued to invest in building a consistent business through global organic growth

Buenos Aires

São Paulo Rio de Janeiro

IstanbulMadrid

Lisbon

Edinburgh

Leeds

London

Stockholm

Milan

ParisZurichGeneva

WarsawBerlin

FrankfurtBrussels

Amsterdam

RotterdamDusseldorf

ViennaStuttgart

Aberdeen

Johannesburg

New York

SydneyAuckland

Brisbane

Melbourne

Singapore

Shanghai

Hong KongDubai

Qatar

Beijing

Tokyo

Moscow

IstanbulChicago

Toronto

Mexico

Abu Dhabi

New Delhi

Tulika TripathiGeneva - Singapore -Mumbai

Roberto MachadoSão Paulo - Rio de Janeiro -Buenos Aires - Santiago

Santiago

Rémy de CazaletMadrid - Lisbon - Istanbul -Mexico City

Mumbai

Paul CooperLondon - Kuala Lumpur

Kuala Lumpur

Jonathan WilesLondon - Sydney - London

Andrew NortonLondon - Singapore

Christophe RossetParis - Mexico City - Brussels

Basil Le RouxLondon - Manchester - Tokyo

Thibault AdesBrussels - Mexico City -Brussels - Stockholm

Jérôme BouinParis - Brussels - Singapore

Milan

Stockholm

John MayesLondon - New Delhi

Jason GrundyLondon - Abu Dhabi

Pietro ValdezMilan - Istanbul

Nicolas VermerschParis - Rotterdam

Bernard van SteenbergeBrussels - Rotterdam

Jake OldsLondon - Qatar

ORGANIC GLOBAL EXPANSION


Summary and

Outlook

• Strongfirsthalfforgrossprofitandoperatingprofit

• Halfofourbusinessgrowingbyover50%ingeographieswithstrongest economies and least competition

• Largest-everbusinessplatform–managementteam,countries,offices,disciplines–butinvestingfurtherwithpromotionsandinternational transfers

• Investingheavilyforthefuture:headcountup33%(+1,261)inlast12months

• Investingaggressivelyinnewgeographies:16(50%)newcountrieslaunchedsince2005,nowwith500heads(10% of Group)

• HighinvestmentinIndia:forecasttoendfirstyearwith 3offices,50headcount

• Remaininstrongfinancialposition

• WiththeexeptionofBanking,tradinginJulyhasbeenbroadlyconsistentwithrecenttrends

• Remainmindfulofcurrentmacroeconomicrisksanduncertainties

SUMMARY AND OUTLOOK

www.michaelpageinternational.com


Appendices

APPENDICES Michael Page International Half Year Results 2011 | 39

Growing organically

Depth of experience at 30 June 2011

Senior Operational Management No. Average

Tenure in MP

PLC&ExecutiveBoard 7 20 yearsRegional Managing Directors 8 17 yearsManaging Directors 49 13 yearsDirectors 162 8 years

226 Ave c.10 years

• Directorsexperiencedinmanagingupturnsanddownturns

• Strengthofworkingrelationshipsimprovescommunication

• Hiredandtrainedinoneculture

• Remunerationlinkedtoprofit

Average Tenure at Michael Page0 5 10 15 20

7 PLC & Executive Board Directors

8 Regional Managing Directors

49 Managing Directors

162 Directors


Increasing compliance

Increasing candidate demands

Increasingcandidateshortages

Increasingjobmobility

Increasing international mobility

Increasing complexity to access candidates

Underlying trends driving

the recruitment market


Clear on brand

Qualified Professional

ExecutiveSearch

Clerical Professional

Generalist Staffing

32 Countries 121 Offices 2,662 FeeEarners

20 Countries 68 Offices 1,037 FeeEarners

At 31 December 2010


Cost Structure

STAff COSTS (c.75%)

• Headcount–reactingtomarketconditions

• Additionalheadcountaddedatentrylevel–lowersaveragecost per employee

• Consistentprofitsharemodel,bonusesflex withprofits

• Incentivesaremixtureofcashandforseniorstaff,shareschemes

IT (c.10%)

• Datacentreconsolidation

- reduces support staff

- greater resilience and disaster recovery

-developmentofnewrecruitmentsoftware

PROPERTY (c.10%)

• Concentratewithin network

• Sparecapacityinsome larger offices

• Additionalspacerequiredinfastestgrowingregions

MISCELLANEOUS (c.5%)

• Travel

• Staffwelfare


Long-term on investment

198519801976

Hea

dco

unt

1990 1995 2000 2005 2010 H1 20110

1000

2000

3000

4000

5000

6000

1986France

1987Netherlands

1995Hong Kong

1997SpainItaly

2000PortugalBrazil

2003China

2005PolandCanada

2007LuxembourgArgentina

2010Chile

2011IndiaMalaysiaQatar

1996Singapore

1976United Kingdom

1985Australia

1993Germany

2001SwitzerlandJapan

2002BelgiumSweden

1998USA

2006South AfricaRussiaIrelandUAEMexico

2008AustriaTurkeyNew Zealand

Througheconomiccycles:

• Maintaininfrastructureandmarketpresence

• Strategicandmeasuredinvestmentsforthelonger-term


Group quarterly gross profit trend: 2001 to H1 2011

0

50

100

150

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

Gro

ss P

rofit

(£m

) as

rep

orte

d

42.8

45.0

45.0

45.7 48

.1 52.3

53.5 56

.7 59.9

68.3

69.2

70.2

79.2

89.1

87.4

49.5

51.4

47.8

43.9

69.6

66.9

58.7

49.9

93.1

121.

010

5.5

128.

112

3.4

152.

414

1.3

118.

7

111.

711

2.8 11

9.8 12

7.3

147.

8

95.0 97

.9

83.8

82.3

90.6

140.

3

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


fee earner/support staff headcount trend

0

1000

2000

3000

4000

5000

H1 2011

H2 2010

H1 2010

H2 2009

H1 2009

H2 2008

H1 2008

H2 2007

H1 2007

H2 2006

H1 2006

H2 2005

H1 2005

H2 2004

H1 2004

H2 2003

H1 2003

H2 2002

H1 2002

H2 2001

H1 2001

H2 2000

H1 2000

H2 1999

H1 1999

Hea

dco

unt

Fee Earners

Support Staff

Ratio

fee Earners : Support Staff

1999 59:41

2000 58:42

2001 57:43

2002 58:42

2003 60:40

2004 64:36

2005 71:29

2006 74:26

2007 76:24

2008 74:26

2009 71:29

2010 73:27

H1 2011 72:28


Number of shares and options outstanding since IPO

310

330

350

370

390

410

30 June2011

2010200920082007200620052004200320022001

Num

ber

of s

hare

s an

d o

ptio

ns o

utst

and

ing

(mill

ions

)

175p

177p

161p

161p

163p

184p

269p

279p

246p 338p

298p

Options outstanding

Shares outstanding

Weighted average option price

Options granted over 4.1m shares in 2011

www.michaelpageinternational.com

CautionaryStatementThe 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, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject any member of the Michael Page Group to any registration requirement.

Certain statements included or incorporated by reference within this presentation may constitute “forward-looking statements” that are based on current expectations or beliefs, as well as assumptions about future events. There are risk factors that can cause actual results to differ materially from those expressed in or implied by such statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement.

Michael Page disclaims any intention or obligation to revise or update any forward-looking statements that may be made in this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast.

This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance. Liability arising from anything in this presentation shall be governed by English Law. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

half year results 2011 | august 2011 - page group · 2019. 1. 14. · financial reie michael page...

Documents