Financial Overview

The financial summary including operating statistics, financial ratios and performance as well as the segmentations per region of the previous five years can be found here.

All figures are reported figures before exceptional items in £m unless stated otherwise.

Financial Highlights

  2020 2019
  Adjusted(1)
£m
As reported(1)
£m
Adjusted(2)
£m
As reported(2)
£m
Revenue 1,202.2 1,202.6 1,324.7 1,324.7
Net Fees 308.6 308.6 338.0 338.0
Operating profit 31.3 31.8 60.0 57.8
Profit before taxation ("PBT") 30.1 30.6 59.1 56.8
Basic earnings per share 13.9p 14.2p 33.2p 31.8p
Proposed final dividend 5.00p 5.00p - -
Total dividend (interim and final) 5.00p 5.00p - -
Operating profit conversion ratio 10.1% 10.3% 17.8% 17.1%

(1) Excluding the impact of £0.5 million in net exceptional income (2019: £2.3 million in net exceptional cost).

(2) Variance compares adjusted 2020 against adjusted 2019 to provide a like-for-like view.

(3) Variance compares adjusted 2020 against adjusted 2019 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 borrowings and bank overdrafts and excludes leases.

Five year financial performance

 

30 November 2020 30 November 2019 30 November 2018 30 November
2017
30 November
2016
  Adjusted (1) Adjusted(2)
£m
As reported(3)
£m
Adjusted(4)
£m
As reported(5)
£m
Financial Performance
Revenue 1,202.6 1,345.0 1,258.2 1,114.5 959.9
Net Fees 308.6 342.4 321.1 287.7 258.7
Operating profit 31.3 60.0 53.9 44.9 41.5
Total Assets 334.5 305.1 360.6 273.5 231.5
Total equity 128.5 116.8 101.7 80.7 75.7
Net cash/(debt) 49.8 10.6 (4.1) 5.6 10.0
Cash from operations 66.5 54.8 40.6 41.1 46.9
 
Financial Ratios
Conversion ratio (%) 10.1% 16.3 15.7 15.6 16.0
Free Cash conversion (%) 165% 83.7 67.4 78.6 96
Basic EPS (pence) 13.9p 33.2 30.7 25.7 23.2
Dividends per share (pence) 5.00p 15.3 14.5 14.0 14.0
 
Operational Statistics
Average total headcount 2,861 3,109 2,926 2,668 2,667
Average sales consultants 2,194 2,423 2,254 2,090 2,044
Active contractors at year end 9,905 11,110 11,203 10,197 9,078

(1) 2019 figures exclude the impact of £2.3 million in net exceptional strategic restructuring costs and CEO change costs.
(2) 2018 figures exclude the impact of £6.4 million in exceptional strategic restructuring
(3) Variance compares adjusted 2019 against adjusted 2018 to provide a like-for-like view.
(4) Variance compares adjusted 2019 against adjusted 2018 on a constant currency basis, whereby the prior financial year foreign exchange rates are applied to current financial year results to remove the impact of exchange rate fluctuations
(5) Net cash/(debt) represents cash & cash equivalents less borrowings and bank overdrafts.


Segmental (Net Fees)

  2020        2019     2018    2017    2016   
  DACH

 34%

 32%

 31%

 29%

 28%

  EMEA, excl DACH

 38%

 42%

 45%

 46%

 49%

  USA

 25%

 23%

 21%

 23%

 20%

  APAC

 3%

 3%

 3%

 2%

 3%

 
Contract % 76% 74% 72% 71% 67%
Permanent % 24% 26% 28% 29% 33%


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