KPIs - These are used to measure progress against objectives and strategy.

Adjusted diluted Earnings per share growth

This demonstrates the return to shareholders, in line with our strategy of delivering a sustainable growth in earnings per share.

Progress: Adjusted diluted EPS grew by 1%, representing the sixth year of consecutive growth.

Cash generated from operations

This demonstrates how much cash is available for the Group to cover tax, financing and investments. It is measured as the operating profit of the Group, excluding non-cash items and including working capital movements.

Progress: £12.6m (2016: £11.1m).

Net fee income growth

Sustainable growth in net fee income is needed to deliver long term growth in net profit and earnings per share.

Target: Average annual growth of 10%.

Progress: 18% (13% in constant currency).

Conversion ratio

This demonstrates how efficiently the business is operating and how well the cost base is being managed. It is calculated as the percentage of adjusted operating profit out of net fee income.

Target: reach 20% ratio over 5 years to 2018.

Progress: 16.7%, being the sixth consecutive year of improvement.

Number of managers holding equity

This demonstrates how many senior managers around the Group are incentivised through equity ownership in their companies, a key element of our business model.

Target: All brands have management holding equity.

Progress: The total number of managers is 51, down 6 on the prior year due to the mergers and divestment in the year. Currently one brand has no management holding equity (2016: 1).

Net fee income from Professional & Specialist roles

This demonstrates how much of the business is from professional and specialist positions.

Target: We want to maximise our exposure to professional and specialist job levels as these are generally higher margin sectors where specialist brands can offer added value services.

Progress: The ratio has increased to 87%.

Staff productivity

This is the key productivity ratio we monitor, demonstrating staff efficiency, calculated as the ratio of net fee income generated per £1 of staff cost. The staff cost includes all sales and administrative staff, reflecting the true cost of operating the Group.

Progress: At 1.75 in 2017 we have seen a small decline on 1.79 in 2016, but this remains above all other years since 2013.

Debt as a % of debtors

This demonstrates how leveraged the Group is. The Group needs a sound financial foundation for long-term sustainability and to be able to react to opportunities in the market.

Target: To reduce this to 25% by 2018.

Progress: This increased to 45% from 38% in the prior year, due to the acquisition based payments made in the year. Having reached the target in 2015 we took the decision to make two strategic investments using cash and debt in 2016, knowing this would significantly increase this ratio in the short-term. We expect the ratio to reduce in 2018 but not to reach the target level.

Back to Top