Q4 2016 and Full Year Trading Update

Agenda

Financial Review

Regional Review

Summary and Outlook

Financial Review

Trading Performance – Year-on-Year Gross Profit

• Q4 Gross Profit +3.8% vs. Q4 2015 in constant currencies

• In reported rates Q4 Gross Profit +20.3%, a record for the Group at £163.4m

• In constant currencies, Q4 Gross Profit was £141.0m (£22.4m below reported rates)

• Michael Page +1.0% in Q4 and FY

• Page Personnel +11.2% in Q4 and +8.6% for FY

• Financial position: c. £90m net cash

• Interim and Special Dividends totaling £31.7m were paid on 12 October 2016

4

Reported (£m) Constant

2016 2015 % %

Q4 2016 vs. Q4 2015 163.4 135.8 +20.3% +3.8%

FY 2016 vs. FY 2015 621.1 556.1 +11.7% +3.0%

Permanent vs Temporary – Year-on-Year Gross Profit

Reported (£m) Constant

Q4 2016 2015 % %

Permanent 122.4 100.5 +21.8% +5.0%

Temporary 41.0 35.3 +16.0% +0.4%

Ratio (Perm : Temp) 75:25 74:26

5

Reported (£m) Constant

FY 2016 2015 % %

Permanent 469.9 424.0 +10.8% +2.3%

Temporary 151.2 132.1 +14.5% +5.2%

Ratio (Perm : Temp) 76:24 76:24

• Strong performance in permanent recruitment for Q4 where 14 countries had growth >20%

• FY growth rates in temporary recruitment stronger than in permanent recruitment

Discipline Overview – Year-on-Year Gross Profit

Reported (£m) Constant

Q4% of

Group2016 2015 % %

Accounting and Financial

Services38% 62.4 53.3 +17.1% +1.6%

Legal, Technology, HR, Secretarial

and Healthcare22% 36.6 30.8 +18.9% +1.6%

Engineering, Property &

Construction, Procurement &

Supply Chain

21% 34.1 25.8 +31.9% +13.8%

Marketing, Sales and Retail 19% 30.3 25.9 +16.9% +0.8%

Group Total 100% 163.4 135.8 +20.3% +3.8%

6

• Property & Construction +20% and Engineering +15% mainly due to strong performances in

Europe

Headcount

Q4 2016 Q4 2015 Movement %

Fee earners 4,711 4,484 +227 +5.1%

Support staff 1,388 1,351 +37 +2.7%

Total headcount 6,099 5,835 +264 +4.5%

Ratio 77:23 77:23 86:14

• Q4 increase in fee earners of 50 (+1.1%) and increase in total headcount of 47 (+0.8%)

• Fee earner headcount increased in our large, high potential markets as well as where we saw

strongest growth

• Majority of additional operational support staff for the year based in our European Shared Service

Centre

• Ratio of fee earner to support staff additions 86:14, making progress towards 80:20 target

7

Headcount and Reported Gross Profit - Quarterly

Total headcount increased +4.5% vs. Q4 2015 to 6,099 (Q4 2015: 5,835)

8

Headcount and Reported Gross Profit – Full Year

Record Gross Profit of £621.1m

9

Regional Review

Q4 Regional Overview – Year-on-Year Gross Profit

Reported (£m) Constant

Q4% of

Group2016 2015 % %

EMEA 47% 76.0 56.0 +35.7% +12.4%

UK 21% 33.8 36.2 -6.7% -6.7%

Asia Pacific 19% 30.9 24.8 +24.6% +1.7%

Americas 13% 22.7 18.8 +20.7% +0.9%

Group Total 100% 163.4 135.8 +20.3% +3.8%

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• 21 countries achieved year-on-year growth of over 10%

• 10 countries delivered record quarters

Full Year Regional Overview – Year-on-Year Gross Profit

Reported (£m) Constant

FY% of

Group2016 2015 % %

EMEA 44% 271.9 217.0 +25.3% +11.5%

UK 24% 146.3 151.6 -3.5% -3.5%

Asia Pacific 19% 119.7 109.1 +9.7% -2.2%

Americas 13% 83.2 78.4 +6.1% -0.8%

Group Total 100% 621.1 556.1 +11.7% +3.0%

12

• 20 countries delivered record years

EMEA (47% of the Group) – Year-on-Year Gross Profit

• Michael Page (55% of EMEA) +11%, Page Personnel (45% of EMEA) +15%

• France (15% of Group) +11%

- Page Personnel (64% of France) +15%

- Michael Page (36% of France) +6%

• Germany (7% of Group) +10%

- Michael Page (64% of Germany) +8%

- Page Personnel (36% of Germany) +14%

• Strong growth in Benelux +18% and Southern Europe +15%

• Middle East & Africa (2% of Group) +16%

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Reported (£m) Constant

2016 2015 % %

Q4 2016 vs. Q4 2015 76.0 56.0 +35.7% +12.4%

FY 2016 vs. FY 2015 271.9 217.0 +25.3% +11.5%

Headcount at 31 December 2016: 2,553 (31 December 2015: 2,295)

United Kingdom (21% of the Group) – Year-on-Year Gross Profit

• Michael Page (77% of the UK) -8%

• Page Personnel (23% of the UK) -1%

• Technical disciplines: Property & Construction +17%, Procurement & Supply Chain +8% and Engineering

+6%

• Financial Services, Marketing, Sales and Retail were the most challenging

• Private sector (86% of the UK) -8%

• Public sector (14% of the UK) +2%

14

Reported (£m)

2016 2015 %

Q4 2016 vs. Q4 2015 33.8 36.2 -6.7%

FY 2016 vs. FY 2015 146.3 151.6 -3.5%

Headcount at 31 December 2016: 1,411 (31 December 2015: 1,516)

Asia Pacific (19% of the Group) – Year-on-Year Gross Profit

• Asia (13% of Group and 71% of Asia Pacific) -1%

• Mainland China (5% of Group) +7%

• Hong Kong (3% of Group) -4%

• Record quarter in Indonesia +32%

• Launched in Thailand, in Bangkok

• Australasia (6% of Group and 29% of Asia Pacific) +8%

• Australia (5% of Group) +6%; Page Personnel +16%

• New Zealand +47%

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Reported (£m) Constant

2016 2015 % %

Q4 2016 vs. Q4 2015 30.9 24.8 +24.6% +1.7%

FY 2016 vs. FY 2015 119.7 109.1 +9.7% -2.2%

Headcount at 31 December 2016: 1,205 (31 December 2015: 1,180)

Americas (13% of the Group) – Year-on-Year Gross Profit

• North America (7% of the Group and 54% of Americas) -8%

• US -8%, Canada -8%

• Good growth in Boston, Los Angeles and Philadelphia

• US: Procurement & Supply Chain +41% and Property & Construction +82%

• Latin America (6% of the Group and 46% of Americas) +14%

• Latin America excluding Brazil +28%; Mexico +24%; Brazil -11%

• Record quarter for Argentina and Peru combined up nearly 70%

16

Reported (£m) Constant

2016 2015 % %

Q4 2016 vs. Q4 2015 22.7 18.8 +20.7% +0.9%

FY 2016 vs. FY 2015 83.2 78.4 +6.1% -0.8%

Headcount at 31 December 2016: 930 (31 December 2015: 844)

Summary and Outlook

Summary

Summary

• Q4 Gross Profit: +3.8% in constant currencies and +20.3% in reported rates

• Impact of FX

Q4 reported Gross Profit increased by 16.5 percentage points or £22.4m

• Many markets performing well

Continental Europe and most of Latin America

• Some markets experiencing challenging conditions

Brazil, Hong Kong, the UK and the Financial Services market in New York

• Record Group Headcount and Fee Earners

Q4 Fee Earner Headcount +50 to 4,711 and Total Headcount +47 to 6,099

• Financial position: c. £90m net cash

Interim and Special Dividends of £31.7m were paid on 12 October 2016

• Expect 2016 Operating Profit to be towards the top end of the range of current

market forecasts (£91.0m - £100.6m)

18

Outlook

Summary

• Trading conditions anticipated to remain challenging in the short term

Post UK referendum uncertainty

Financial Services market in New York particularly tough (overall Financial Services

represents 7% of the Group)

Brazil expected to remain challenging

Asia continues to be impacted by confidence levels in Greater China

• Ongoing focus on conversion rates and productivity

Continue to progress strategic projects

Take advantage of growth markets

• Continue to focus on driving profitable growth, whilst remaining able to respond

quickly to any changes in market conditions

Outlook

19

Year-on-Year Gross Profit Growth Rates

2014 2015 2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

EMEA +5.7% +5.1% +11.2% +12.5% +12.1% +11.4% +13.0% +10.6% +10.3% +13.6% +10.4% +12.4%

UK +8.1% +11.1% +13.7% +11.0% +11.3% +12.8% +12.5% +2.4% +0.0% -2.3% -4.7% -6.7%

Asia Pacific +1.3% +14.2% +11.1% +10.8% +10.8% +5.6% +5.3% -1.3% -2.0% -3.3% -4.7% +1.7%

-Asia +8.0% +25.0% +16.5% +15.0% +14.1% +8.8% +9.2% +2.4% -1.5% -6.9% -7.9% -0.5%

- Australasia -9.5% -2.9% +1.7% +2.7% +3.9% -1.8% -2.3% -9.3% -3.0% +6.6% +3.9% +8.1%

Americas +16.2% +8.5% +9.6% +20.2% +7.1% +11.5% +5.3% +5.7% -0.6% -1.1% -2.0% +0.9%

- North

America+30.5% +15.5% +22.3% +20.3% +10.6% +21.1% +18.0% +23.5% +9.2% -1.9% -10.8% -8.4%

-Latin

America+7.4% +4.2% +1.5% +19.9% +4.2% +3.8% -4.8% -8.9% -9.8% -0.1% +9.6% +14.3%

Group Total +6.8% +8.9% +11.6% +12.9% +10.9% +10.6% +10.0% +5.5% +3.6% +3.7% +1.3% +3.8%

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