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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  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

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Financial 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%

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