Pagegroup Plc · LSE:PAGE
Pagegroup — FY2022 Earnings Presentation
18 slides from Pagegroup's earnings presentation, March 2023
Slide 1: Full Year Results 2022
Overview Financial Review Summary Full Year Results 2022
Slide 2: Headline Numbers
Overview Financial Review Summary Headline Numbers Kelvin Stagg Chief Financial Officer
Slide 3: A record year for the Group
Overview Financial Review Summary A record year for the Group Key financial highlights Gross Profit £1,076.3m Operating Profit £196.1m £877.7m FY 2021 £168.5m FY 2021 Constant Currency vs 2021 +20.2% Conversion 18.2% Rate 19.2% FY 2021 +26% Basic EPS 43.7p +26% Final Dividend Per 10.76p 37.2p FY 202
Slide 4: Financial Review
Overview Financial Review Summary Financial Review
Slide 5: Strong gross profit growth
Overview Financial Review Summary Strong gross profit growth Net reduction in fee earners in Q4 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q3 Q3 Q3 Q3 Q3 Q3 Q2 Q2 Q2 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q
Slide 6: Record Operating Profit for the Group
Overview Financial Review Summary Record Operating Profit for the Group Group Conversion Rate of 18.2% FY 2022 FY 2021 GP Growth Operating Conversion Operating Conversion £m Gross Profit Gross Profit Rate (CC %) Profit Rate* Profit Rate* Group 1,076.3 +20.2% 196.1 18.2% 877.7 168.5 19.2% EMEA 538.5
Slide 7: H1 / H2 Conversion rates
Overview Financial Review Summary H1 / H2 Conversion rates Slowdown in H2 conversion rate to 15.0% H1 2022 H2 2022 Operating Conversion Operating Conversion £m Gross Profit Gross Profit Profit Rate* Profit Rate* Group 538.9 115.3 21.4% 537.4 80.8 15.0% EMEA 266.7 65.3 24.5% 271.8 56.8 20.9% Asia Pac
Slide 8: Technology strongest performing discipline
Overview Financial Review Summary Technology strongest performing discipline Strong growth across all disciplines FY Gross Profit 2022 £m 2021 £m Reported % Constant % 14% Finance 32% Accounting and 343.6 281.5 +22.1% +20.0% Financial Services Professional 23% Services Technology, Legal, 334.8 260.8
Slide 9: Effective Tax Rate (ETR)
Overview Financial Review Summary Effective Tax Rate (ETR) Effective tax rate marginally decreased on 2021 Reported vs. £m 2022 2021 2021 % Profit Before Tax 194.4 166.6 +16.6% Tax Charge 55.4 48.3 +14.6% Effective Tax Rate 28.5% 29.0% • Expect tax rate of c. 30% for 2023, due to increase in UK Corp
Slide 10: A strong and robust balance sheet
Overview Financial Review Summary A strong and robust balance sheet Net cash of £131.5m £m 2022 2021 Intangible assets 40.0 49.2 Tangible assets 36.1 24.8 Lease assets 101.0 95.0 Trade and other receivables 450.5 368.6 Trade, other payables, current and deferred taxes (297.1) (249.2) Lease Liabiliti
Slide 11: Strong cash flow generation
Overview Financial Review Summary Strong cash flow generation Substantial EBITDA enabled dividend payments of £133.2m 430 20.7 390 61.7 350 29.6 310 267.1 35.9 £m 270 14.8 400.3 230 338.7 309.0 190 273.2 258.3 133.2 150 0.4 5.9 154.0 154.0 125.1 125.1 125.5 131.5 110 Dec 21 EBITDA Working Tax and Ne
Slide 12: Clear capital allocation strategy
Overview Financial Review Summary Clear capital allocation strategy £133.2m returned to Shareholders in 2022 1st use of cash 2nd use of cash 3rd use of cash To satisfy operational To maintain the and investment ordinary dividend To make requirements, and to through downturns supplementary returns he
Slide 13: Track record of Shareholder returns
Overview Financial Review Summary Track record of Shareholder returns Committed to returning cash to shareholders 140 120 100 85 80 £m 41 41 60 83 50 40 85 60 30 20 40 16 34 15 24 48 20 14 41 43 35 36 38 29 31 31 33 27 26 25 18 22 13 12 13 14 15 0 1 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Slide 14: Capital Market Event
Overview Financial Review Summary Capital Market Event Use of Technology – Customer Connect Use of Data – Page Insights Sustainability and DE&I 14
Slide 15: Summary
Overview Financial Review Summary Summary
Slide 16: Summary
Overview Financial Review Summary Summary A record year for the Group Gross Profit in constant currencies +20.2% vs 2021 Record Operating Profit of £196.1m Conversion Rate of 18.2% Final dividend proposed of 10.76p per share Capital Markets Event in Q2 16
Slide 17: Disclaimer
Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information. The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by
Slide 18: Overview Financial Review Summary
Overview Financial Review Summary 18