FINANCIAL INFORMATION
Financial highlights 2011
Strong International performance driving Group net fee growth of 18%* and operating profit growth of 33%*
Continued diversification of the business with 64% of Group net fees generated outside the UK
Excellent performance in Asia Pacific with 30%* net fee growth
Australia & New Zealand net fees up 27%*, with exceptional 51%* growth in Asia
Excellent performance in Continental Europe & Rest of World division with 33%* net fee growth
Division operating at record levels driven by 37%* growth in Germany, 60%* growth in Brazil and a further 14 countries growing net fees by more than 20%*
UK net fees down 1%, with 19% growth in private sector net fees offset by 35% decrease in public sector
Actions taken to reduce cost base and defend profitability going forward
Continued investment in the International business with 27% increase in consultant headcount and 12 new offices opened including launch of US and Mexican operations, with Colombia launched in July 2011
Good cash performance with working capital increase driven by growth in temporary placement net fees
60% growth in basic earnings per share** to 5.19p with full year dividend unchanged at 5.80p
* LFL (like-for-like) growth represents organic growth of continuing activities at constant currency. There was one less trading day in 2011 versus 2010.
** 2011 numbers are presented before an exceptional credit of £4.1 million and 2010 numbers are presented before an exceptional charge of £41.4 million.
*** 2011 numbers exclude cash impact of exceptional items of £15.4 million paid in the year and 2010 numbers exclude cash impact of exceptional items of £4.1 million paid in the year.
