Financial highlights
| Continuing operations | 2022 | 2021 | Variance | ||
|---|---|---|---|---|---|
| Reported | Adjusted(1) | Reported | Movement(2) | Like-for-like(3) | |
| Revenue | £1,639.4m | £1,330.7m | £1,330.7m | +23% | +22% |
| Net fees | £430.6m | £355.7m | £355.7m | +21% | +19% |
| Operating profit | £77.6m | £60.8m | £61.0m | +28% | +23% |
| Operating profit conversion ratio | 18.0% | 17.10% | 17.10% | +0.9pts | +0.6%pts |
| Profit before taxation | £77.0m | £60.0m | £60.2m | +28% | +24% |
| Basic earnings per share | 41.0p | 31.8p | 31.9p | +29% | +24% |
| Proposed final dividend per share | 11.0p | 8.0p | 8.0p | +38% | +38% |
| Total dividend (interim and final) per share | 16.0p | 11.0p | 11.0p | +45% | +45% |
| Net cash(4) | £65.4m | £57.5m | £57.5m | +14% | +14% |
(1) Excludes the impact of £0.2 million in net exceptional income recognised in 2021.
(2) Variance compares reported 2022 against adjusted 2021 to provide a like-for-like view. There were no adjusting items in 2022.
(3) Variance compares reported 2022 against adjusted 2021 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.
(4) Net cash represents cash and cash equivalents less bank borrowings and bank overdrafts and excluding leases.
Five-year data
View financial archiveFinancial performance
| Financial metrics presented for continuing operations only | 30 November 2022 | 30 November 2021 | 30 November 2020 | 30 November 2019 | 30 November 2018 |
|---|---|---|---|---|---|
| Adjusted(1) | Adjusted(1) | Adjusted(2) | Adjusted(3) | ||
| Revenue | £1,639.4m | £1,330.7m | £1,202.6m | £1,324.7m | £1,235.8m |
| Net fees | £430.6m | £355.7m | £308.6m | £338.0m | £316.5m |
| Operating profit | £77.6m | £60.8m | £31.3m | £60.0m | £53.8m |
| Total assets | £470.4m | £400.6m | £334.5m | £305.1m | £360.5m |
| Total equity | £200.4m | £158.2m | £128.5m | £116.8m | £101.7m |
| Net cash/(debt) | £65.4m | £57.5m | £49.9m | £10.6m | -£4.1m |
| Cash from operations | £64.4m | £54.5m | £76.9m | £54.8m | £40.6m |
Financial ratios
| Financial metrics presented for continuing operations only | 30 November 2022 | 30 November 2021 | 30 November 2020 | 30 November 2019 | 30 November 2018 |
|---|---|---|---|---|---|
| Adjusted(1) | Adjusted(1) | Adjusted(2) | Adjusted(3) | ||
| Conversion ratio (%) | 18.0% | 17.10% | 10.10% | 17.80% | 17% |
| Free Cash conversion (%) | 40.2% | 40.40% | 177.80% | 68.30% | 47.70% |
| Basic EPS (pence) | 41.0p | 31.8p | 13.9p | 33.2p | 30.7p |
| Dividends per share (pence) | 16.0p | 11.0p | 5.0p | 15.3p | 14.0p |
Operational statistics
| Financial metrics presented for continuing operations only | 30 November 2022 | 30 November 2021 | 30 November 2020 | 30 November 2019 | 30 November 2018 |
|---|---|---|---|---|---|
| Adjusted(1) | Adjusted(1) | Adjusted(2) | Adjusted(3) | ||
| Average total headcount(6) | 2,890 | 2,588 | 2,894 | 3,109 | 2,926 |
| Average sales consultants(6) | 2,114 | 1,911 | 2,219 | 2,423 | 2,254 |
| Active contractors at year end | 12,533 | 11,809 | 9,523 | 11,110 | 11,203 |
(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) Net cash/(debt) represents cash & cash equivalents less borrowings and bank overdrafts, excluding leases.
(5) Based on full-time equivalents.
Segmental (net fees)
| 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|
| DACH | 35% | 36% | 34% | 32% | 31% |
| EMEA, excl DACH | 36% | 36% | 38% | 42% | 45% |
| USA | 26% | 25% | 25% | 23% | 21% |
| APAC | 3% | 3% | 3% | 3% | 3% |
| Contract % | 78% | 75% | 76% | 74% | 72% |
| Permanent % | 22% | 25% | 24% | 26% | 28% |
Financial calendar
Financial results data
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