Interim Results
Hays PLC
01 March 2005
1 March 2005
Hays plc
'RECORD NET FEES AND OPERATING PROFIT FOR HAYS SPECIALIST RECRUITMENT'
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
Financial highlights(1)
• Record six months for Specialist Recruitment
• Specialist Recruitment net fees(2) 18% ahead of last year at £226.1m
• Specialist Recruitment operating profit(3) 28% ahead of last year at
£80.6m
• Conversion rate(4) improved by 2.9% to 35.6%
• Group profit before tax of £86.4m
• Net cash of £113.7m, £36.3m ahead of 30 June 2004
• Interim dividend of 1.13p per share, 13% ahead of last year
Specialist Recruitment
• Sustained growth delivered record net fees and operating profit
• UK and Ireland net fee growth of 15% delivered operating profit(3)
growth of 20%
• Australia and New Zealand net fee growth of 24% delivered operating
profit(3) growth of 38%
• Continental Europe net fee growth of 32% delivered operating profit(3)
of £3.8m (2003/04: £0.4m)
• Significant continued investment in recruitment consultants, offices
and the roll out of specialist activities across the branch network
• Substantial improvement in productivity across all regions
Other corporate activity
• Successful demerger of the DX Services business
• Acquired 43.3m own shares for £52.8m to date under the ongoing share
buy-back programme
• Disposed of equity interest in associate and rescheduled loan notes
1. The interim results for Specialist Recruitment previously included the
results for a 24 week period. Following the transformation of the Group, the
interim results include the results for the six months ended 31 December. The
prior period comparatives have been restated, the impact of which has been to
increase turnover, net fees and operating profit by £38.6m, £11.8m and £2.9m
respectively. There is no material impact on the reported rate of growth of net
fees.
2. Net fees are equal to turnover less payroll costs of temporary contractors
3. Specialist Recruitment operating profit is stated before goodwill
amortisation of £6.6m (2003/04: £6.6m)
4. Conversion rate is defined as operating profit before goodwill amortisation,
divided by net fees
Bob Lawson, Chairman, commented:
'Sustained growth and further impressive improvements in productivity have led
to net fees of £226.1m, 18% ahead of last year, and operating profit3 of £80.6m,
28% ahead of last year. This represents a record performance in our Specialist
Recruitment business.
The business grew in each of the 16 countries in which we operate. Net fees grew
15% in the United Kingdom and Ireland, 24% in Australia and New Zealand and 32%
across Continental Europe.
Even after accounting for substantial investment in the business, Hays' already
impressive conversion rate improved to 35.6% and other key productivity measures
also demonstrated considerable improvement in every region.
These record results demonstrate the benefits of being a focused Specialist
Recruitment business.'
Denis Waxman, Chief Executive, commenting on the outlook said:
'The business has generated net fee growth of 17% since the start of the second
half. This is broadly consistent with recent growth rates, though prior year
comparatives will now be tougher to exceed. The proportion of temporary
contractors returning to work after the Christmas break is encouraging and
orders for permanent jobs continue to grow.
The business is continuing to invest strongly in new recruitment consultants,
rolling out specialist activities and expanding the branch network across all
regions. This investment is expected to increase in the second half of the
financial year. The performance of the business for the full year is continuing
in line with our expectations.'
Enquiries
Denis Waxman Chief Executive, Hays plc + 44 (0)20 7628 9999
John Martin Group Finance Director, Hays plc + 44 (0)20 7628 9999
Jon Coles Brunswick + 44 (0)20 7404 5959
Delayed web-cast
The presentation to analysts and investors will be available from 14:30 UK time
on 1 March 2005 at www.haysplc.com. The presentation will also be filmed and
distributed by RAW Communications to those who subscribe to that service.
Results summary
Turnover from continuing operations of £800.7m (2003/04: £661.8m) grew by 21%
and net fees of £226.1m (2003/04: £192.4m) grew by 18%. The conversion rate
improved by 2.9% to 35.6%. Operating profit(3) before goodwill amortisation from
continuing operations grew by 28% to £80.6m (2003/04: £63.0m). There were no
acquisitions in the period.
Discontinued operations, which relate primarily to the demerged DX Services
business, generated turnover of £42.6m and operating profit of £9.7m. There were
no exceptional items in the period (2003/04: £1.9m).
Net interest receivable of £1.3m compares favourably to last year (2003/04:
interest payable £3.0m) as a result of cash receipts from disposals in the prior
year and continued careful management of working capital. Tax of £29.3m
represents an effective rate on profit before goodwill amortisation of 31.5%.
Operating review
United Kingdom and Ireland
Net fees in the United Kingdom and Ireland of £172.9m (2003/04: £150.7m) were
15% ahead of last year and operating profit(3) of £64.0m (2003/04: £53.3m) was 20%
ahead.
Accountancy and Finance
Demand for our Accountancy and Finance services started to improve in January
2004 and has now recorded 12 consecutive months of growth. Net fees in the
period were 13% ahead of last year and operating profit(3) was 18% ahead. The
growth was broadly based throughout the country. Fees from permanent placements
grew strongly reflecting higher client demand combined with improved candidate
confidence. The growth rate of temporary fees was reasonably consistent
throughout the period. The business continued to invest in the development and
expansion of new specialist recruitment services, such as Human Resources and
Purchasing, which contributed to good growth rates. The conversion rate improved
to 42.4%, even after investing in new services.
Construction and Property
Construction and Property continued its long record of impressive growth,
generating net fees 13% ahead of last year. Demand for its services continued to
grow with increased volumes of both temporary and permanent placements. The
business continued to develop and invest in new specialist services such as
technical recruitment in Social Housing. The conversion rate improved to 38.5%.
Information Technology
The Information Technology business experienced a strong growth in demand.
Contractor volumes continued to grow strongly in both the spot and contract
markets. Increased demand for permanent staff had a favourable impact on
permanent placement fees, which now represent 25% of overall net fees. In
addition to achieving excellent net fee growth of 31%, management remained
focused on productivity as demonstrated by a conversion rate of 35.5%.
Other specialist activities
Within our other activities in the United Kingdom, Banking, Legal and Education
were the largest contributors to growth with high levels of net fees and
productivity being achieved.
Australia and New Zealand
Australia and New Zealand generated net fee growth of 24% to £28.9m and
operating profit(3) growth of 38% to £12.8m. Growth was broadly based throughout
the region. Demand for both temporary and permanent placements was high
throughout the period with record numbers of temps paid and permanent placements
filled. Each of the specialist activities generated double-digit net fee growth
and the business has continued to win market share. The conversion rate improved
to 44.3%.
Continental Europe*
The performance of the business in Continental Europe demonstrates the strength
of the Hays business model. Net fees across the region grew by 32% to £24.3m.
Operating profit(3) improved from £0.4m to £3.8m which resulted in a substantial
increase in the conversion rate to 15.6%. Germany and Benelux performed well
ahead of expectations. The Accountancy and Finance business established in
France in 2002 grew particularly strongly. Net fee growth in each of the Group's
operations in Austria, Canada, Czech Republic, Poland, Portugal, Spain, Sweden
and Switzerland exceeded 50% as compared to last year.
*Includes Canada
Investment
The business continued to invest in new recruitment consultants across all major
specialist activities and in all geographies. The office network was expanded by
opening 9 new offices in the United Kingdom and Ireland and 6 new offices
overseas in Auckland, Katowice, Nantes, Oporto, Toronto and Vancouver.
Transformation
The demerger of DX Services was completed on 1 November 2004, marking the last
significant step in the transformation. The equity interest in Albion was also
disposed of in the period and the outstanding loan notes were rescheduled. The
transaction gave rise to no gain or loss on disposal.
The Group is now focused entirely on Specialist Recruitment and has no non-core
trading interests.
Cash flow
The Group generated £67.4m of cash from operating activities. This cash flow is
stated after increases in working capital of the Specialist Recruitment business
of £9.4m due to the expansion of the business, and after other working capital
movements of £17.4m. £33.1m was invested in buying back the company's own
shares. Tax payments of £37.0m and dividend payments of £34.4m were also made in
the period. The demerger of DX resulted in a cash inflow of £68.1m.
The Group's net cash position improved by £36.3m to £113.7m at the end of the
period.
Dividends and capital structure
The Board has declared an interim dividend of 1.13p per share payable on Friday
27 May 2005 to shareholders on the register at the close of business on Friday
22 April. This represents a 13% increase on last year.
The target net debt range for the Group continues to be £50m to £150m. Earlier
in the financial year the Company announced its intention to return at least
£200m to shareholders via the purchase of its own shares on the open market. The
programme commenced on 5 November and, including purchases after the period end,
has acquired 43.3m of its own shares representing 2.5% of the issued share
capital for £52.8m. The Company remains committed to returning surplus cash to
shareholders via the share buy-back programme which will continue subject to
market conditions.
Management and employees
The commitment of staff has once again been first class and the Board would like
to record its appreciation for this record performance. The Board welcomed
William Eccleshare and Paul Stoneham who joined the Company as non-executive
Directors in the period.
Outlook
The business has generated net fee growth of 17% since the start of the second
half. This is broadly consistent with recent growth rates, though prior year
comparatives will now be tougher to exceed. The proportion of temporary
contractors returning to work after the Christmas break is encouraging and
orders for permanent jobs continue to grow.
The business is continuing to invest strongly in new recruitment consultants,
rolling out specialist activities and expanding the branch network across all
regions. This investment is expected to increase in the second half of the
financial year. The performance of the business for the full year is continuing
in line with our expectations.
INDEPENDENT REVIEW REPORT TO HAYS PLC
INTRODUCTION
We have been instructed by the Company to review the financial information for
the six months ended 31 December 2004 which comprises the consolidated profit
and loss account, the consolidated summary balance sheet, the consolidated
summary cash flow statement, the reconciliation of net cash flow to movements in
net cash/(debt), the consolidated statement of total recognised gains and
losses, the consolidated reconciliation of movements in equity shareholders'
interests and related notes 1 to 13. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
DIRECTORS' RESPONSIBILITIES
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The Directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
REVIEW WORK PERFORMED
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
REVIEW CONCLUSION
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2004.
Deloitte & Touche LLP
Chartered Accountants
London
28 February 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 31 December 2004
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
TURNOVER
Continuing operations 800.7 661.8 1,388.8
Discontinued operations 42.6 618.5 776.5
--------- --------- ---------
note 4 843.3 1,280.3 2,165.3
OPERATING PROFIT
Before goodwill
amortisation 90.3 92.6 181.5
Goodwill amortisation (6.6) (6.6) (13.3)
--------- --------- ---------
note 4 83.7 86.0 168.2
OPERATING PROFIT
Continuing operations 74.0 56.4 120.1
Discontinued operations 9.7 29.6 48.1
--------- --------- ---------
note 4 83.7 86.0 168.2
Share of operating profit
of associated company
(discontinued) 1.4 1.2 2.9
EXCEPTIONAL ITEMS - 1.9 (20.0)
Net interest
receivable/(payable) note 5 1.3 (3.0) (3.4)
--------- --------- ---------
PROFIT ON ORDINARY
ACTIVITIES BEFORE
TAXATION 86.4 86.1 147.7
Tax on profit on
ordinary
activities note 6 (29.3) (50.6) (81.4)
--------- --------- ---------
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 57.1 35.5 66.3
Equity minority
interests - (0.1) -
--------- --------- ---------
PROFIT FOR THE PERIOD 57.1 35.4 66.3
DX Services demerger
(dividend in specie) note 7 (39.3) - -
Dividends note 8 (19.3) (17.4) (51.5)
--------- --------- ---------
TRANSFERRED (FROM)/TO
RESERVES (1.5) 18.0 14.8
========= ========= =========
EARNINGS PER SHARE
Basic earnings per
share note 9 3.34p 2.07p 3.87p
Earnings per share before
goodwill amortisation
and
exceptional items note 9 3.72p 3.54p 7.23p
Diluted earnings per
share note 9 3.32p 2.07p 3.86p
DIVIDEND PER SHARE note 8 1.13p 1.00p 3.00p
CONSOLIDATED SUMMARISED BALANCE SHEET
as at 31 December 2004
(In £'s 31 December 31 December 30 June
million) 2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
Goodwill 95.3 106.9 99.2
Intangible fixed
assets - 0.5 -
Tangible fixed
assets 17.5 203.0 38.7
Investments note 10 - 48.4 -
Net current
assets/(liabilities) 70.1 (49.0) (8.7)
Creditors due after
more than one year (9.2) (8.5) (6.7)
Provisions for
liabilities and
charges note 11 (118.9) (128.5) (125.4)
Net cash/(debt) note 12 113.7 (94.5) 77.4
---------- ---------- ----------
Net assets 168.5 78.3 74.5
========== ========== ==========
Called up share capital 17.4 17.4 17.4
Share premium account 369.5 369.2 369.4
Profit and loss account (204.7) (290.7) (296.0)
Own shares - ESOP (13.7) (17.7) (16.3)
---------- ---------- ----------
Equity shareholders'
interests 168.5 78.2 74.5
Minority interests - 0.1 -
---------- ---------- ----------
168.5 78.3 74.5
========== ========== ==========
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
for the six months ended 31 December 2004
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
OPERATING ACTIVITIES
Total operating profit 83.7 86.0 168.2
Depreciation,
amortisation and other
operating activities 10.5 29.5 46.6
Pension contribution in
September 2003 - (51.7) (51.7)
Increase in working
capital (26.8) (35.5) (58.3)
---------- ---------- ----------
NET CASH INFLOW FROM
OPERATING ACTIVITIES 67.4 28.3 104.8
Returns on investment and
servicing of finance 1.3 (3.4) (4.1)
Tax paid (37.0) (9.4) (40.7)
Net capital receipts /
(expenditure) 0.2 18.3 (24.0)
---------- ---------- ----------
CASH INFLOW BEFORE
ACQUISITIONS AND
DISPOSALS 31.9 33.8 36.0
Net acquisitions and
disposals - 198.8 334.0
Net repayment of DX
Services loan notes note 7 68.1 - -
Equity dividends paid (34.4) (62.2) (79.3)
---------- ---------- ----------
CASH INFLOW BEFORE
FINANCING 65.6 170.4 290.7
Financing (30.4) (207.4) (347.2)
Exceptional finance costs - (18.0) (18.0)
---------- ---------- ----------
INCREASE/(DECREASE) IN
CASH 35.2 (55.0) (74.5)
========== ========== ==========
RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET CASH/(DEBT)
for the six months ended 31 December 2004
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited)
Increase/(decrease) in
cash 35.2 (55.0) (74.5)
Cash flow from movement in
debt and lease financing - 207.7 349.2
---------- ---------- ----------
Change in net debt
resulting from cash flows 35.2 152.7 274.7
Borrowings disposed - 0.3 44.9
Exchange adjustment and
other 1.1 (1.7) 3.6
---------- ---------- ----------
MOVEMENT IN NET CASH IN THE
PERIOD 36.3 151.3 323.2
OPENING NET CASH / (DEBT) 77.4 (245.8) (245.8)
---------- ---------- ----------
CLOSING NET CASH / (DEBT) 113.7 (94.5) 77.4
========== ========== ==========
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 December 2004
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
Profit for the period 57.1 35.4 66.3
Exchange differences on
translation 4.3 (0.1) (2.3)
---------- ---------- --------
Total recognised gains and
losses for the period 61.4 35.3 64.0
========== ========== ========
CONSOLIDATED RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' INTERESTS
for the six months ended 31 December 2004
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
Profit for the period as
previously reported 57.1 33.5 66.3
Restatement note 3 - 1.9 -
---------- ---------- --------
57.1 35.4 66.3
DX Services demerger
(dividend in specie) note 7 (39.3) - -
Dividends (19.3) (17.4) (51.5)
---------- ---------- --------
(1.5) 18.0 14.8
Exchange differences on
translation 4.3 (0.1) (2.3)
New share capital
subscribed 0.1 0.3 0.6
Share buy-back note 13 (33.1) - -
Disposal of own shares 2.6 - 1.4
Goodwill written back note 7 121.6 63.2 63.2
---------- ---------- --------
Net increase in equity
shareholders' interests 94.0 81.4 77.7
Opening shareholders'
interests 74.5 (3.2) (3.2)
---------- ---------- --------
Closing shareholders'
interests (2003 - as
restated) 168.5 78.2 74.5
========== ========== ========
NOTES
1 STATEMENT UNDER S240 - PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the full preceding year is based on the
statutory accounts for the financial year ended 30 June 2004. Those accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.
2 BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION
The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year ended
30 June 2004.
3 RESTATEMENT OF PRIOR PERIOD COMPARATIVES
The interim results of the Group have previously included the results of the
Specialist Recruitment business for a 24 week period. Following the
transformation of the Group, the interim results now include results of all
businesses to 31 December 2004.
The prior period comparatives have been restated to increase turnover, operating
profit and profit on ordinary activities after taxation by £36.8 million, £2.9
million and £1.9 million respectively.
4 SEGMENTAL INFORMATION
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited and
restated)
(note 3)
TURNOVER
Continuing operations - Specialist
Recruitment
United Kingdom & Ireland 604.3 503.5 1,059.3
Continental Europe 101.8 81.4 171.7
Australia & New Zealand 94.6 76.9 157.8
--------- --------- ---------
800.7 661.8 1,388.8
Discontinued operations 42.6 618.5 776.5
--------- --------- ---------
843.3 1,280.3 2,165.3
========= ========= =========
OPERATING PROFIT BEFORE GOODWILL AMORTISATION
Continuing operations - Specialist
Recruitment
United Kingdom & Ireland 64.0 53.3 111.0
Continental Europe 3.8 0.4 2.6
Australia & New Zealand 12.8 9.3 19.8
--------- --------- ---------
80.6 63.0 133.4
Discontinued operations 9.7 29.6 48.1
--------- --------- ---------
90.3 92.6 181.5
========= ========= =========
OPERATING PROFIT AFTER GOODWILL AMORTISATION
Continuing operations - Specialist
Recruitment
United Kingdom & Ireland 60.4 49.7 103.7
Continental Europe 0.8 (2.6) (3.4)
Australia & New Zealand 12.8 9.3 19.8
--------- --------- ---------
74.0 56.4 120.1
Discontinued operations 9.7 29.6 48.1
--------- --------- ---------
83.7 86.0 168.2
========= ========= =========
5 NET INTEREST RECEIVABLE/(PAYABLE)
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited)
INTEREST PAYABLE AND SIMILAR
CHARGES
Bank overdrafts and other
loans (0.6) (4.8) (6.3)
Finance leases - (1.1) (1.1)
Share of interest payable
of associate (discontinued) (0.6) (2.1) (2.2)
--------- --------- ---------
(1.2) (8.0) (9.6)
INTEREST RECEIVABLE AND SIMILAR
INCOME
Deposits 2.5 3.2 6.2
Interest receivable on loan
to associate (discontinued) - 1.8 -
--------- --------- ---------
2.5 5.0 6.2
--------- --------- ---------
1.3 (3.0) (3.4)
========= ========= =========
6 TAX ON PROFIT ON ORDINARY ACTIVITIES
The tax charge for the six months to 31 December 2004 is based on the estimated
effective rate for the full year before goodwill amortisation and exceptional
items of 31.5% (six months to 31 December 2003 - 33.1%). The results for the six
months to 31 December 2003 included an exceptional tax charge of £20.5 million
arising from disposals in the period. The results for the year ended 30 June
2004 included an exceptional tax charge of £24.3 million.
7 DEMERGER OF DX SERVICES BUSINESS
On 1 November 2004 the DX Services business was demerged from the Group. The
summary balance sheet of the DX Services business at the date of the demerger
was:
---------
£'s million
(Unaudited)
Tangible fixed assets 17.6
Net current liabilities (31.8)
Net debt (68.1)
---------
Net liabilities (82.3)
=========
Goodwill previously written off to reserves in respect of the DX Services
business was £121.6 million. The dividend in specie of £39.3 million represents
goodwill previously written off to reserves less net liabilities demerged.
8 DIVIDENDS
(pence) Six months to Six months to Year to
31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited)
Interim - pence per
ordinary share 1.13 1.00 1.00
Final - pence per ordinary
share - - 2.00
--------- ---------- ---------
1.13 1.00 3.00
========= ========== =========
(In £'s Six months to Six months to Year to
million) 31 December 31 December 30 June
2004 2003 2004
(Unaudited) (Unaudited)
Interim 19.3 17.4 17.2
Final - - 34.3
--------- ---------- ---------
19.3 17.4 51.5
========= ========== =========
9 EARNINGS PER SHARE
Earnings per share (EPS) is based on profits from ordinary activities after
taxation and minority interests of £57.1 million and a weighted average of
1,712.1 million shares. EPS has also been calculated before goodwill and
exceptional items using earnings of £63.7 million. The weighted average number
of shares in issue excludes shares held by the Hays Employee Share Trust Ltd and
the Hays plc Qualifying Employee Share Ownership Trust. The dilution effect of
share options issued to employees but not yet exercised is 8.4 million shares
and diluted EPS is 3.32p.
10 INVESTMENTS
In the six months ended 31 December 2004, the Group's share of Albion Group
Limited profit after tax was £0.5 million. This equity investment was disposed
on 10 December 2004. No profit or loss on disposal was incurred. The value of
the investment at 30 June 2004 was nil.
11 PROVISIONS FOR LIABILITIES AND CHARGES
(In £'s million- Pensions Property Deferred Other Total
unaudited) employee
benefits
At 1 July 2004 10.6 29.2 4.0 81.6 125.4
Exchange
adjustments - 0.3 0.1 - 0.4
Utilised - (1.5) - (5.4) (6.9)
-------- -------- -------- -------- --------
At 31 December 2004 10.6 28.0 4.1 76.2 118.9
======== ======== ======== ======== ========
12 MOVEMENT IN NET DEBT
(In £'s million- Cash Debt Net cash
unaudited)
At 1 July 2004 78.7 (1.3) 77.4
Foreign exchange movements 1.1 - 1.1
Movement during period 35.2 - 35.2
-------- -------- --------
At 31 December 2004 115.0 (1.3) 113.7
======== ======== ========
Cash comprises cash at bank and in hand, less overdrafts. Debt includes loan
notes and finance lease liabilities.
13 SHARE BUY-BACK PROGRAMME
Hays commenced its share buy-back programme in the period, purchasing 27.1
million shares (held as treasury shares) for a total cost of £33.1 million.
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