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Financial overview

Operating KPIs, financial ratios and performance summaries, including comparative data for the past five years

Financial highlights

Continuing operations(1)  2021 2020 Variance
Adjusted(2) Reported Adjusted(2) Reported(2) Movement(3) Consistent currency movement(4)
Revenue £1,330.7m £1,330.7m £1,202.6m £1,202.6m 11% 14%
Net fees £355.7m £355.7m £306.8m £306.8m 15% 19%
Operating profit £60.8m £61.0m £31.3m £31.8m 94% 106%
Operating profit conversion ratio 17.10% 17.10% 10.10% 10.30% +7%pts +7%pts
Profit before taxation £60.0m £60.2m £30.1m £30.6m 99% 111%
Basic earnings per share 31.8p 31.9p 13.9p 14.2p 129% 143%
Proposed final dividend per share 8.0p 8.0p 5.00p 5.0p 60% 60%
Total dividend (interim and final) per share 11.0p 11.0p 5.00p 5.0p 120% 120%
Net cash(5) £57.5m £57.5m £49.9m £49.9m 15% 15%

(1) Excluding discontinued operations in Australia.
(2) Excluding the impact of £0.2 million in net exceptional income (2020: £0.5 million in net exceptional income).
(3) Variance compares adjusted 2021 against adjusted 2020 to provide a like-for-like view.
(4) Variance compares adjusted 2021 against adjusted 2020 on a constant currency basis, whereby the prior year foreign exchange rates are applied to current and prior financial year results to remove the impact of exchange rate fluctuations.
(5) Net cash represents cash and cash equivalents less bank borrowings and bank overdrafts, excluding leases.

Financial performance

Financial metrics presented for continuing operations only  30 November 2021 30 November 2020 30 November 2019 30 November 2018 30 November 2017
Adjusted(1)  Adjusted(1) Adjusted(2) Adjusted(3) Adjusted(4)
Revenue £1330.7m £1,202.6m £1,324.7m £1,235.8m £1,089.2m
Net fees £355.7m £308.6m £338.0m £316.5m £281.9m
Operating profit £60.8m £31.3m £60.0m £53.8m £43.7m
Total assets £400.6m £334.5m £305.1m £360.5m £273.5m
Total equity £158.2m £128.5m £116.8m £101.7m £80.7m
Net cash/(debt) £57.5m £49.9m £10.6m -£4.1m £5.6m
Cash from operations £54.5m £76.9m £54.8m £40.6m £41.1m

Financial ratios

Financial metrics presented for continuing operations only 30 November 2021 30 November 2020 30 November 2019 30 November 2018 30 November 2017
Adjusted(1) Adjusted(1) Adjusted(2) Adjusted(3) Adjusted(4)
Conversion ratio (%) 17.10% 10.10% 17.80% 17% 15.5
Free Cash conversion (%) 40.40% 177.80% 68.30% 47.70% 66.50%
Basic EPS (pence) 31.8p 13.9p 33.2p 30.7p 24.70p
Dividends per share (pence) 11.0p 5.0p 15.3p 14.0p 14.00p

Operational statistics

Financial metrics presented for continuing operations only 30 November 2021 30 November 2020 30 November 2019 30 November 2018 30 November 2017
Adjusted(1) Adjusted(1) Adjusted(2) Adjusted(3) Adjusted(4)
Average total headcount(6) 2,588 2,894 3,109 2,926 2,668
Average sales consultants(6) 1,911 2,219 2,423 2,254 2,090
Active contractors at year end 11,809 9,523 11,110 11,203 10,197

(1) Excluding the impact of £0.2 million in net exceptional income (2020: £0.5 million in net exceptional income).
(2) 2019 figures exclude the impact of £2.3 million in net exceptional strategic restructuring costs and CEO change costs.
(3) 2018 figures exclude the impact of £6.4 million in net exceptional strategic restructuring costs.
(4) 2017 figures exclude the impact of £6.7 million in net exceptional strategic restructuring costs. 
(5) Net cash/(debt) represents cash & cash equivalents less borrowings and bank overdrafts, excluding leases.
(6) Based on full-time equivalents.

Segmental (net fees)

  2021 2020 2019 2018 2017
DACH 36%  34%  32%  31%  29%
EMEA, excl DACH 36%  38%  42%  45%  46%
USA 25%  25%  23%  21%  23%
APAC 3%  3%  3%  3%  2%
Contract % 75% 76% 74% 72% 71%
Permanent % 25% 24% 26% 28% 29%

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