Highlights
International businesses drove good Group net fee growth of 11% and operating profit
growth of 14%
Temporary net fees, which represent 56% of the Group, grew 14%, permanent net fees
grew 8%
Continued diversification of the business with 69% of Group net fees generated
outside the UK (2010: 62%)
Good performance in Asia Pacific with 16% net fee growth
- Australia & New Zealand net fees up 15% driven by Resources and Mining
Strong overall growth in Continental Europe & Rest of World with 27% net fee growth
- The Group's largest division delivered record net fees driven by 31% growth
in Germany
The UK market remained challenging with net fees down 6%
- Private sector net fees down 1%, public sector down 18% but sequentially stable
since April 2011
Trading conditions in several markets became more difficult as the half progressed
Strong cash performance with 95% conversion of operating profit into operating
cash flow
Interim dividend down 55% to 0.83p, rebased to a more appropriate level within the
revised cover range of 2.0x-3.0x EPS
