Declaración de negociación del tercer trimestre
AGOR AG
n / a
07:46 20/03/24
TRIMESTRAL
ACTUALIZAR
POR LOS TRES MESES TERMINADOS
31 MARCH 2024
16 de abril de 2024
Resumen financiero
Crecimiento de las comisiones netas para el trimestre finalizado el 31 de marzo de 2024 (tercer trimestre del ejercicio 3)
(en comparación con el mismo período del año pasado)
| Crecimiento | ||
Real | LFL | ||
Por división: |
| ||
Alemania | (16)% | (13)% | |
Reino Unido e Irlanda (Reino Unido e I) | (16)% | (16)% | |
Australia y Nueva Zelanda (ANZ) | (29)% | (23)% | |
Resto del mundo (RoW) | (14)% | (11)% | |
Total | (17)% | (14)% | |
| |||
Por segmento: |
| ||
Temporal | (14)% | (12)% | |
Permanente | (21)% | (18)% | |
Total | (17)% | (14)% |
Nota: a menos que se indique lo contrario, todas las tasas de crecimiento discutidas en esta declaración son LFL (like-for-like) fees, representing year-on-year organic growth of continuing operations at constant currency. WDA = working-day adjusted
Dirk Hahn, director ejecutivo, comentó:
"Market conditions remained challenging through the quarter. In Australia and UK&I, Temp activity was stable through Q3, although volumes in each are down c.15% YoY, and slightly below pre-Christmas levels. In Germany, Temp & Contractor volumes decreased by 5% YoY, and fees were also impacted by lower-than-normal average hours worked per assignment. Group Perm activity was stable through the quarter, however we continued to see extended 'time-to-hire', impacted by low levels of client and candidate confidence.
While economic uncertainties remain, we have a strong and clear strategy and will continue to build a more resilient business through greater focus, increased operational rigour and strong cost management. As set out at our H1 results, we are firmly focused on targeting the many structural growth opportunities we see and, over time, rebuilding our conversion rate. Driven by our strong teams of talented colleagues worldwide, I am excited by what we can achieve once our end markets recover."
Resumen operativo
· Group fees down 14% (down 13% WDA), with Temp down 12% and Perm down 18%, versus a record quarter in the prior year. The Group's fee exit rate, on a WDA basis, was in line with the quarter
· Alemania: fees down 13% (down 11% WDA). Temp & Contracting down 15% (down 13% WDA), with volumes down 5%, in line with our expectations. Increased client cost controls also drove an 8% reduction in average hours worked, which led to a c.£8 million fee and operating profit impact in Q3. Perm fees down 5%
· UK & Ireland (UK&I) and Australia & New Zealand (ANZ): fees in both regions were sequentially stable through the quarter, albeit at levels modestly below H1 24. UK&I fees down 16%, with Temp down 15% and Perm down 18%. ANZ fees down 23%, with Temp down 16% and Perm down 33%
· Resto del mundo: fees down 11%. EMEA ex-Germany fees declined by 9%, with Asia down 8% and the Americas down 19%
· Continued focus on costs: well on-track to deliver our planned c.£50 million of annualised cost savings by the end of FY24, of which c.£20 million is expected to be structural
· Increased consultant productivity: up 2% YoY, despite tougher markets, as we continued to focus on driving operational rigour
· Group cash temporarily impacted by the short-term timing of payments, as Good Friday fell on the final day of Q3, with net debt of c.£20 million (31 Dec 2023: net cash of £66.9 million). We estimate that this had a c.£50 million cash impact, which has reversed post quarter-end. Debtor days remain in line with H1
Grupo procesos
Resumen comercial del primer trimestre
Group fees decreased by 14% year-on-year on a like-for-like basis, or 13% on a WDA basis. The Group's fee exit rate, on a WDA basis was in line with the quarter, versus an all-time record month in March 2023. On an actual basis, net fees decreased by 17% in the quarter, with a strengthening of sterling versus the Australian dollar and Euro decreasing Group fees.
Temp and Contracting fees (60% of Group fees) decreased by 12% (down 10% WDA), against a record YoY comparative. Temp volumes rebuilt in line with the prior year through Q3 in UK&I and ANZ, although remained modestly below pre-Christmas levels. Temp volumes in Germany rebuilt 2% below prior year and, in addition, increased client cost controls drove an 8% reduction in average hours worked, which led to a c.£8 million fee and operating profit impact in Q3.
Fees in Perm (40% of Group fees) decreased by 18%, in line with the prior quarter, driven by volumes down 23%. This was partially offset by an increase in our Group average Perm fee, up 5%. Importantly, Perm activity remains broadly in line with overall H1 levels. This said, we continue to see longer than normal 'time-to-hire', impacted by relatively low levels of client and candidate confidence.
Group cost savings and consultant headcount
We continued to manage our overall capacity on a business line basis, and drove a 2% improvement in consultant productivity, despite the tougher markets. Group consultant headcount decreased by 6% in the quarter and by 16% year-on-year. Total Group headcount decreased by 5% in the quarter, and by 13% YoY as we focused on our efficiency programmes.
Since our FY23 preliminary results in August, our actions have reduced our costs per period by c.£4 million, and we are well on track to deliver the previously announced annualised cost savings of c.£50 million by the end of FY24, of which c.£20 million is expected to be structural. As a result, we incurred a £12.6 million exceptional restructuring charge in H1 FY24, with further restructuring charges expected in H2 24.
Outlook
We expect overall near-term market conditions to remain challenging, but broadly stable. The impact of Temp & Contracting hours worked in Germany will be an important sensitivity to fee and profit performance going forward, and it is too early to determine whether there will be a meaningful rebound in Q4.
We remain focused on driving improved consultant productivity through increased operational performance and rigour, while delivering our cost reduction and efficiency programmes. Once our end markets stabilise and recover, our actions to deliver our focused strategy should ensure a high drop-through of fee growth to operating profit, in line with our 'Golden rule' that Group profit growth should exceed fee growth, which should in turn exceed headcount growth.
There are no material working-day effects year-on-year in the second half. However, as Easter fell evenly between Q3 and Q4 this year, while in FY23 it fell entirely in Q4, we expect the 1% negative Q3 24 Group Easter fee impact will lead to a corresponding fee benefit in Q4 24.
Alemania (32% de las comisiones netas)
Germany fees were down 13%, or down 11% on a working day-adjusted (WDA) basis.
Temp & Contracting fees decreased by 15% (down 13% WDA). Volumes reduced by 5%, in line with our expectations, with our New Year return to work 2% behind the prior year. Additionally, increased client cost controls drove an 8% reduction in average hours worked, which led to a c.£8 million fee and operating profit impact in Q3. This was partially offset by a 1% increase in average Temp margin.
Our largest specialism of Technology, 32% of Germany fees, decreased by 19%, with our second largest, Engineering, down 10%. Accountancy & Finance declined by 13%, although Construction & Property was stronger and increased by 4%.
Perm fees, which represented 17% of Germany fees, decreased by 5% YoY.
La plantilla de consultores disminuyó un 5% en el trimestre y un 7% interanual.
Reino Unido e Irlanda (20% de las comisiones netas)
Net fees in the United Kingdom & Ireland decreased by 16%. Temp fees (59% of UK&I fees) decreased by 15%, with Perm down 18%. The Private sector (68% of UK&I fees) reduced by 17%, with the Public sector down 14%.
Most regions traded broadly in line with the overall UK&I business, apart from the Scotland and South West & Wales, down 26% and 23% respectively. Our largest region of London decreased by 18%, and in Ireland, our business decreased by 11%.
At the specialism level, Accountancy & Finance and Construction & Property decreased by 11% and 8% respectively. Technology decreased by 31%, although Education fees were more resilient, down 2%.
La plantilla de consultores disminuyó un 6% en el trimestre y un 16% interanual.
Australia y Nueva Zelanda (12% de las tarifas netas)
Net fees in Australia & New Zealand fell by 23%. Temp, 65% of ANZ, decreased by 16%, with Perm down 33%. Private sector fees, 65% of ANZ, decreased by 25%, with the Public sector down 18%.
Australia net fees decreased by 20%. Our largest regions of New South Wales and Victoria, which together represented 50% of Australia fees, decreased by 25% and 15% respectively. ACT and Western Australia fell by 29% and 22%, with Queensland down 18%.
At the ANZ specialism level, Construction & Property (21% of ANZ fees) decreased by 25%. Technology fell by 17%, while Accountancy & Finance and HR decreased by 22% and 21% respectively.
Nueva Zelanda, 7% de las tarifas netas de ANZ, disminuyó un 45%.
La plantilla de consultores de ANZ disminuyó un 7% en el trimestre y un 24% interanual.
Resto del mundo (36% de las tarifas netas)
Las tarifas en nuestra división Resto del Mundo, que comprende 28 países, disminuyeron un 11%. Perm, que representaba el 61% de las tarifas netas del resto del mundo, disminuyó un 18%, mientras que las tarifas temporales aumentaron un 1%.
EMEA ex Alemania (66% of RoW) fees decreased by 9%. France, our largest RoW country, declined by 10%, with Poland and Switzerland down 29% and 11% respectively. The UAE and Italy performed strongly, up 14% and 10% respectively.
América (20% of RoW) fees decreased by 19%, with challenging but stable conditions through the quarter. Canada and the USA decreased by 20% and 16% respectively, with Latam down 27%.
Asia (14% of RoW) fees decreased by 8%, with conditions stable through the quarter. China was flat and improved through the quarter. Fees in Japan were also flat, although Malaysia was more difficult, down 14%.
La plantilla de consultores del resto del mundo disminuyó un 7% en el trimestre y un 18% interanual.
Flujo de caja y balance
The Group's cash position was temporarily impacted by the short-term timing of payments, as Good Friday fell on the final day of Q3, with net debt of c.£20 million (31 Dec 2023: net cash of £66.9 million). We estimate that this had a c.£50 million cash impact, which has reversed post-quarter end. Debtor days remain in line with H1 (36 days).
Consultas
hays plc
Anjali Unnikrishnan
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+44 0 203 978 2520 |
This announcement contains inside information. The person responsible for releasing this announcement is Doug Evans, General Counsel & Company Secretary.
Conferencia
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Calendario de informes
Trading update for the quarter ending 30 June 2024 (Q4 FY24) | 11 Julio 2024 |
Resultados preliminares para el año que finaliza el 30 de junio de 2024 | 22 de agosto de 2024 |
Actualización comercial para el trimestre que finaliza el 30 de septiembre de 2024 (Q1 FY25) | 11 de octubre de 2024 |
Descripción general de Hays Group
As at 31 March 2024, Hays had c.11,600 employees in 248 offices in 33 countries. In many of our global markets, the vast majority of professional and skilled recruitment is still done in-house, with minimal outsourcing to recruitment agencies, which presents substantial long-term structural growth opportunities. This has been a key driver of the diversification and internationalisation of the Group, with the International business representing 80% of the Group's net fees in Q3 FY24, compared with 25% in FY05.
Our consultants work in a broad range of industries covering recruitment in 21 professional and skilled specialisms. Our four largest specialisms of Technology (25% of Group net fees), Accountancy & Finance (15%), Engineering (12%) and Construction & Property (10%) collectively represented c.62% of Group fees.
In addition to our international and sectoral diversification, in Q3 FY24 the Group's net fees were generated 60% from temporary and 40% from permanent placement markets. This well-diversified business model continues to be a key driver of the Group's financial performance.
Propósito, Cero Neto, Equidad y nuestras Comunidades
Nuestro propósito es beneficiar a la sociedad invirtiendo en asociaciones de por vida que empoderen a las personas y organizaciones a tener éxito, creando oportunidades y mejorando vidas. Convertirnos en socios permanentes de millones de personas y miles de organizaciones también ayuda a que nuestro negocio sea sostenible. El valor principal de nuestra empresa es que siempre debemos esforzarnos por "hacer lo correcto". Vinculado a esto y a nuestro compromiso con las cuestiones ambientales, sociales y de gobernanza (ESG), Hays ha moldeado su Marco de Sostenibilidad en torno a los Objetivos de Desarrollo Sostenible de las Naciones Unidas (UNSDG), y se pueden encontrar más detalles en páginas 54-67 de nuestro informe anual del año fiscal 23.
Declaración de precaución
Esta Actualización Trimestral (el "Informe") ha sido preparada de acuerdo con la Guía de Divulgación y las Reglas de Transparencia de la Autoridad de Conducta Financiera del Reino Unido y no está auditada. No se hace ni se hará ninguna representación o garantía, expresa o implícita, en relación con la precisión, imparcialidad o integridad de la información u opiniones contenidas en este Informe. Las declaraciones en este Informe reflejan el conocimiento y la información disponible en el momento de su preparación. Ciertas declaraciones incluidas o incorporadas por referencia en este Informe pueden constituir "declaraciones prospectivas" con respecto a las operaciones, desempeño, perspectivas y / o situación financiera del Grupo. Por su naturaleza, las declaraciones prospectivas implican una serie de riesgos, incertidumbres y suposiciones, y los resultados o eventos reales pueden diferir materialmente de los expresados o implícitos en esas declaraciones. En consecuencia, no se puede garantizar que se cumplirá alguna expectativa particular y no se confiará en ninguna declaración prospectiva. Además, las declaraciones prospectivas sobre tendencias o actividades pasadas no deben tomarse como una representación de que dichas tendencias o actividades continuarán en el futuro. La información contenida en este Informe está sujeta a cambios sin previo aviso y no se acepta responsabilidad u obligación de actualizar o revisar cualquier declaración prospectiva resultante de nueva información, eventos futuros o de otro tipo. Nada en este Informe se interpretará como una previsión de beneficios. Este Informe no constituye ni forma parte de ninguna oferta o invitación a vender, ni de ninguna solicitud de ninguna oferta para comprar o suscribir acciones de la Compañía, ni tampoco él o cualquier parte de él o el hecho de su distribución constituirán la base. de, o ser confiable en relación con, cualquier contrato o compromiso o decisiones de inversión relacionadas con el mismo, ni constituye una recomendación con respecto a las acciones de la Compañía o cualquier invitación o incentivo para participar en actividades de inversión bajo la sección 21 de los Servicios Financieros y Ley de Mercados de 2000. No se puede confiar en el desempeño pasado como una guía para el desempeño futuro. La responsabilidad que surja de cualquier parte de este Informe se regirá por la ley inglesa, y ni la Compañía ni ninguno de sus afiliados, asesores o representantes tendrán responsabilidad alguna (por negligencia o de otro modo) por cualquier pérdida que surja de cualquier uso de este Informe o su contenido o que surja de otro modo en relación con este Informe. Nada en este Informe excluirá ninguna responsabilidad bajo las leyes aplicables que no puedan ser excluidas de acuerdo con dichas leyes.
LEI code: 213800QC8AWD4BO8TH08
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