Highlights
Strong 13%(1) operating profit growth, with a 40%(1) drop-through of incremental net fees into operating profit
Solid Asia Pacific net fee growth of 4%(1), with Australia up 5%(1), led by excellent public sector growth
Strong net fee growth of 15%(1) in Continental Europe & Rest of World, with operating profit up 16%(1)
- Broad-based performance including key businesses; Germany up 13%(1), France 17%(1) & USA 15%(1)
UK & Ireland net fees flat(1), as trading conditions became more challenging as the year progressed
- Excellent operating leverage with operating profit up 14%(1) to £52.1m, driven by further productivity improvements and strong cost control
Consultant headcount up 3%(3), driven by targeted investment in markets such as Europe and Australia partially offset by reductions in the UK
Good underlying cash performance with 88% conversion of operating profit into operating cash flow and elimination of net debt, with year-end cash position of £36.8m
Strong EPS growth of 14%, reflecting strong operating profit growth and lower effective tax rate
Full year dividend up 5% to 2.90p, with cover of 2.9x, in line with our strategy to build cover towards 3.0x earnings
