FY2014 FINANCIAL HIGHLIGHTS
Strong 12% headline growth in operating profit despite an £8.3m foreign exchange headwind
Strong, broad-based net fee growth in UK & Ireland
- Net fees up 11%(1), or £23.9m, generating £20.6m operating profit improvement; an 86% drop-through
- Excellent operating leverage as a result of improved consultant productivity and overhead cost reductions
Good 8%(1) net fee growth in Continental Europe & Rest of World, driving operating profit growth of 20%(1)
- Good growth in key businesses with Germany net fees up 8%(1), France up 5%(1) and Canada up 5%(1)
- 14 countries delivered net fee growth of over 10%(1), including Belgium, Poland and Switzerland
Asia Pacific net fees down 6% (1)
- Australia net fees down 13%(1), but business sequentially stable through H2
- Excellent growth of 25%(1) in Asia with four countries delivering record net fee performances
Consultant headcount up 6%, primarily in H2, as we selectively invested to capitalise on growth opportunities
Strong cash performance, with 125% conversion of operating profit into operating cash flow
Strong growth in Basic EPS of 19%, reflecting excellent growth in operating profit and lower effective tax rate
(1) LFL (like-for-like) growth represents organic growth of continuing activities at constant currency.
(5) Net fees of £724.9 million (2013: £719.0 million) are reconciled to statutory turnover of £3,678.5 million (2013: £3,696.9 million) in note 5 to the Consolidated Financial Statements.
(6) Continuing operations only, excluding exceptional items.
(7) Excludes exceptional cash cost of £0.2 million in 2014 and £0.6 million in 2013.