Investment Case

Strong focus on driving growth

  • Target long-term average growth in net fee income (gross profit) of 10%.
  • Target of conversion ratio of 20% (% of operating profit to net fee income).
  • Increase in proportion of net fee income from professional & specialist roles.
  • Growth to come from all sectors and regions.
  • Reduce "debt to debtors" ratio to 25% (measured as net debt as a percentage of trade debtors net of bad debt provision).

  • Balanced & diverse spread of operations in large and growing markets

  • We have both a strong core of operations in the largest staffing markets (UK, Japan, USA and Germany are four of the largest five staffing markets in the world) as well as access to the high growth staffing markets in Asia and Latin America.
  • There is long-term structural growth expected from the emerging staffing markets, where there are very large populations, a low take up of temporary staffing and good economic growth prospects.
  • Bias towards professional staffing where there are higher margins and it is possible to provide a value-added service.
  • Bias towards temporary staffing which is typically more stable throughout the economic cycle, so reducing volatility of results.

  • Building scale with multi-branded business model

  • We have a deliberate strategy to target different segments of the market with different brands. Our brands have in-depth knowledge and expertise in their markets, helping them to provide a quality and value added service.
  • We are continuing to invest in our brands to help them build scale and deliver a sustainable growth in profits. In the last few years we have opened new offices in Australia, Singapore, Malaysia, Mexico, UK & Hong Kong.
  • External investments to enter new geographies or sectors, building on the Group's solid base.
  • Ability for brands to grow internationally using the Group's network to minimise risks and reduce costs.

  • Experienced and incentivised management

  • Management equity philosophy is a unique proposition for entrepreneurial managers to have a share ownership in the companies they run, along with access to a Group network to support them and provide access to finance and staffing expertise.
  • Staffing sector is a people business and equity model helps tie in and motivate good, ambitious managers.
  • Highly decentralised structure with local management having autonomy to run their business within a framework of clearly understood principles and controls.
  • Allows scale to increase without significant increase in central cost base.
  • Highly experienced Group management team with unrivalled pedigree in staffing sector.
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