michael page international investor presentation -...

Michael Page International is a world leading recruitment consultancy

141 offices in 24 countries worldwide | www.michaelpage.co.uk

“Opportunities for growth”

Michael Page International

Investor Presentation

12th September 2007

http://www.michaelpage.co.uk




Agenda

1 Business Model and Group Strategy Steve Ingham

2 EMEA and The Americas – Introduction Charles-Henri Dumon

3 EMEA – Our Biggest Market

- France Charles-Henri Dumon

- EMEA excluding France Christophe Duchatellier

4 Germany – A Rapidly Developing Market Olivier Lemaitre

5 The Americas – The Future Alexis De Bretteville

6 Launch of a New Country – Brazil Patrick Hollard

7 Country and Global Job Counts Steve Ingham

Questions

Break

8 Asia Pacific – Introduction Gary James

9 Australia – Back On Track Phil Guest

10 China – The Opportunity Dan Chavasse

11 United Kingdom – Introduction Steve Ingham

12 Continuing Growth in the UK – Accounting and Finance Gary Watson

13 Continuing Growth in the UK – New Businesses Dean Ball

14 Increasing Candidate Shortages and Compliance/Legislation – Threat or Opportunity Oliver Watson

Questions and Close Steve Ingham





Business Model and Group Strategy

Steve Ingham

CEO





Business Model

and Group Strategy

• Launched, 1976, one team focused on accountancy

recruitment, permanent placements, in Central London

• Today, 2007, approximately 800 teams focused on 14

disciplines, permanent or temporary placements, from

141 offices in 24 countries worldwide

BUSINESS MODEL AND GROUP STRATEGY





Teams

• Focused by discipline, geography, perm or temp, as well

as skill/industry/level

• Each team, typically a manager and 4 consultants, owns

its own P&L

• Receives quarterly profit share, as bonus, which is

allocated, by contribution, to team members

• Grow by the addition of 1 consultant, costs increase by

c.20%, but potential to increase gross profit and bonus

by more

• When teams expand to 7/8 they become

2 teams. New manager promoted.

Greater focus






Consultants

• With the ongoing growth of the brand and the success of

the group we are able to improve the quantity and quality

of the consultants we can attract, including a substantial

graduate intake

• Incentivised by profit share bonus, potential for

management, international moves, organic/meritocratic

career paths

• Motivated to work as team players –

long-term career vision ensures candidate/client referrals

• High level of customer service recognised by repeat

business from candidate/clients and bonus allocation

• Strong training/team coaching/support as model rewards

teams that ensure new consultants are profitable quicker






• Creates strong and consistent brands

• Profit focus leads to strong cost control, ensures higher

margins and creates the opportunity to invest throughout

a cycle

• Maximises referrals cross-discipline, nationally and

internationally

• A platform to allow rapid headcount growth – safely and

only as a reaction to actual business levels on a team basis

The Result






31 Years Of Organic Growth

Consistency around the world

• People

• Culture

• Management

• Service

• Product

• Technology

• Knowledge

‘Low risk, higher returns’






1976 v 2007

– Momentum Builds

International brand strength

• Attracting candidates, clients, consultants

• On-line presence

• Launching new businesses/countries

• Managing increasing compliance

• Managing increasing legislation

• Sourcing and recruiting internationally

• Providing clients with a multi-discipline ‘white collar’

recruitment solution






EMEA and The Americas

– Introduction

Charles-Henri Dumon

Managing Director - Continental Europe and The Americas





Responsible for North America, Europe, Latin America (2005)

Launched Poland (2005)

Launched Russia (2006)

Launched Mexico (2007)

Launched Luxemburg (2007)

2003 – Present

Geneva

Managing Director and

PLC Board member

Continental Europe and

The Americas

Launched Switzerland (2001)

Launched Belgium (2002)

Launched Sweden (2002)

Responsible for Germany and Netherlands

2001 – 2003

Paris

Managing Director and

PLC Board member

Continental Europe

and Latin America

Charles-Henri Dumon Career History at Michael Page – 48 Years Old

Launched France (1986)

Launched Spain (1997)

Launched Italy (1997)

Launched Portugal (2000)

Launched Brazil (2000)

1986 – 2001

Paris

France

EMEA and The Americas - Introduction

MP France consultant

1985 – 1986

London

UK





EMEA and The Americas - Senior Management

Charles-Henri Dumon (22)Continental Europe and The Americas

CFOFrancois Sallembien (12)

FranceFabrice Lacombe (13)

Rest of EuropeChristophe Duchatellier (15)

The AmericasAlexis de Bretteville (14)

Rest of AfricaPaul Mercier (20)






Our Biggest Market

• 65 offices in 15 countries (Jun 07)

• 1785 employees (Jun 07)

• Gross Profit £90m (YTD Jun 07)

2000

Portugal

1986

France

1987

Netherlands

1993

Germany

1997

Spain

Italy

2001

Switzerland

2002

Belgium

Sweden

2005

Poland

2006

Russia

Ireland

South Africa

U.A.E.

2007

Luxembourg

Openings






France

Charles-Henri Dumon

Managing Director - Continental Europe and The Americas





MP France – Geographical Coverage

MP

PP

MP & PP

Virtual Office

FRANCE

Versailles Issy-les-Moulineaux

Neuilly-sur-Seine

ClichyCourbevoie

ParisParis

Paris

France Rest of Africa

Versailles Issy-les-Moulineaux

Neuilly-sur-Seine

ClichyCourbevoie

ParisParis

Paris

Paris





He

ad

co

un

t

0

100

200

300

400

500

600

700

800

900

Gross Profit £m

45

40

35

30

25

20

15

10

5

0

Total Headcount

*At reported rates

£m

H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007

Gross Profit* and Headcount – H1 2000 to H1 2007

FRANCE





Overview

• Michael Page’s 2nd largest country

• 2000 70% of EMEA and 25% of Group’s gross profit

• 2002/3 downturn, Group strategy and strength ensured:

- No office closures

- Maintained infrastructure

- Headcount reduced

• H1 2007 33% of EMEA and 13% of Group’s gross profit

FRANCE





H1 2007

Growth rate improving during first half

* In local currency

** Includes ‘Rest of Africa’ team - launched 2006

FRANCE

Gross Profit £30m** +29%*

Headcount 589** +31%**

H1 2007





Changes in legislation: the impact on us

Hays

Expectra

Adecco

€40,000

FRANCE

Hudson

Robert Half

Robert Walters

Mercuri Urval

€100,000

Heidrick & Struggles

Russell Reynolds

Egon Zehnder





Market Characteristics

1995 2000 2003 2006 H1 2007

Gross Profit £m 7.4 68.1 32.9 47.5 29.7

+1.1%

+4.3%(2000/1999)

+1.3%(2003/2002)

+1.3%(2006/2005)21,190

98,400

32,800

53,500

% increase in the “cadres” population

• Recruitment of “cadres” (white collars)

increased 17% (2005/2006), to 200,000

recruitments in 2006

• Forecast 2007: increase of 3% to 9%

(207,000/220,000 recruitments in 2007)

• In 2006 34,200 “cadres” (white collars)

retired against 15,000 in 2000

• Construction, Sales, IT, Engineering, Retail,

Banking are the biggest growth markets

FRANCE





• Number of clients: MP : 3,770 PP : 3,700

• Multinationals:

- HSBC - Bouygues Immobilier

- AXA Investment - Darty

- Terreal - Monoprix

- H&M - Samsung

- Legrand - Nestlé

• Locals:

- Société Mécanique Magnétique - Sogeres

• Financial Services recruitment represents less than 2% of

Gross Profit

• Construction/Real Estate: 10% of Gross Profit

• Finance, Sales and Engineering are our 3 largest disciplines

Our Clients

FRANCE





The Future and Potential

• Continue office roll out

• Approximately 100,000 ‘white collar’ professionals

changed roles in the first 6 months of 2007. Michael Page

recruited 2,100 people – implied market share: 2.1%

• 2006: 602,000 temps (20 billion Euro turnover (£13.5 billion)

• Page Personnel number of temps: 1,500

• Only 20% of the recruitment is outsourced to recruitment

companies

• Candidate driven market, assisted by the strength of the

brands – premium pricing

• Depth of talent within Michael Page and Page Personnel; in

the downturn we retained the best

• In 2000 12.5 million people over 60, in 2020 19 million

people over 60

• Michael Page website ranked 8 of all job boards in France:

600,000 visits per month

FRANCE





EMEA excluding France

Christophe Duchatellier

Regional Managing Director





Christophe DuchatellierCareer History at Michael Page – 44 Years Old

Responsible for Northern Europe

Responsible for Southern Europe

Responsible for Central and Eastern Europe

Launched Russia (2006)

Launched Luxemburg (2007)

2006 – Present

Geneva


Continental Europe

EMEA EXCLUDING FRANCE

Responsible for Spain

Responsible for Italy

Responsible for Portugal

Responsible for Switzerland

2002 – 2005

Milan


Southern Europe

Launched MP Italy (1997)

Launched PP Italy (2000)

Launched Switzerland (2001)

1997 – 2001

Milan

Managing Director

Italy and Switzerland

MP France consultant to director

Launched Assistants and Secretaries disciplines

1992 – 1996

Paris

France





EMEA excluding France – Senior Management

Christophe Duchatellier (15)Regional Managing Director

Continental Europe (excl. France)

Northern EuropePeter Rietvelt (18)

Central and

Eastern EuropeOlivier Lemaitre (10)

Southern EuropeNicolas Buisson (13)

Reporting to the UK

South AfricaAlain Cheenne (13)

U.A.E.Matt Gribble (10)

IrelandJamie Newman (15)







MP

PP

MP & PP

Central & Eastern Europe

Northern Europe

Southern Europe

Middle East, Africa, Ireland






0

200

400

600

800

1,000

1,200

Gross Profit £m

64

56

48

40

32

24

16

8

0

Total Headcount

He

ad

co

un

t

£m

*At reported rates


H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007






Overview

• In 2000 ‘EMEA excluding France’ was 30% of EMEA and

11% of Group’s gross profit

• In 2000 we had 16 offices in 6 countries

• Headcount reduced by 10% from its peak in 2001 to 327

in 2002

• Continued to invest during downturn

• Maintained infrastructure

• Opened new offices - Rotterdam

• Opened new countries - Switzerland, Belgium, Sweden

• H1 2007 ‘EMEA excluding France’ is now 40 offices,

14 countries

• H1 2007 now 67% of EMEA and 27% of Group’s

gross profit







70.1% Growth

9.6%

29.4%

17.8%

18.1%

13.6%

11.6%

H1 2006

Gross Profit: £35.4m

Operating Profit: £12.3m

Headcount: 731

H1 2007



Headcount: 1,195

+86.2%

+63.5%

Gross Profit

Growth*

Holland +62%

Germany +82%

Spain +74%

Italy +51%

Switzerland +107%

Belgium, South Africa, UAE, Sweden, Poland, Portugal, Russia, Ireland, Luxembourg

+95%

11.0%

27.6%

18.8%

18.1%

11.8%

12.8%

*Growth rates are based on local currency






Why we are growing so fast

• Low level of outsourcing (10 - 25%) and growing

• Weak competition

• Shortage of good candidates: leverage the power of

Michael Page/Page Personnel brands

• Changes in legislation






Competitors

Southern Europe Eastern Europe Central Europe Northern Europe

Italy Poland Germany Belgium

1. Michael Page 1. Bigram 1. Michael Page 1. Hudson

2. Antal 2. Hrk 2. Kienbaum 2. Robert Half

3. Hays 3. Hays 3. Bauman 3. Michael Page

4. Antal/Michael Page

Spain Russia Switzerland Netherlands

1. Michael Page 1. Ancor 1. Michael Page 1. Michael Page

2. Hays 2. Antal 2. Mercuri Urval 2. YER

3. Hay Seleccion 3. Staffwell 3. Contaplus 3. Vitae Recruitment

Portugal Sweden

1. Michael Page 1. Mercuri

2. Hays 2. Michael Page

3. Ray 3. Hays

4. Egor






Competition from

Staffing Agencies

• Adecco, Manpower, Vedior… trying to enter into the

permanent recruitment market

• What is their strategy?

- Adecco, Ajilon, Adecco Expert, Randstad,

Randstad Professionals…

• Do they have the top candidates?

• Do they have the right consultants?

• Do they have the right offices?






Our Clients

• Top 100 clients less than 15% of gross profit






Our Vision

• Continued penetration in existing markets

• Continued roll out of disciplines and new offices (doubling

in the next 10 years – 100 offices)

• New countries – Eastern Europe, Turkey,

Middle East, Africa

• c. 5,000 staff in 10 years






Germany – A Rapidly Developing Market

Olivier Lemaitre

Managing Director – Central and Eastern Europe





Responsible for Germany


Responsible for Poland

Responsible for Russia

2006 – Present

Düsseldorf

Managing Director

Central and Eastern Europe


2002 – 2006

Frankfurt

Germany

MP Brazil manager

2000 – 2002

Sao Paulo

Brazil

Olivier LemaitreCareer History at Michael Page – 35 Years Old

MP France consultant

1997 – 1999

Paris

France

GERMANY – A RAPIDLY DEVELOPING MARKET





German Recruitment


• Estimate 10% outsourced and increasing

• Culturally conservative in the way they do business

• Michael Page are the only recruitment consultants to

manage the process from A to Z

• Established local players:

- Kienbaum

- Baumann

- Steinbach & Partner

• International competitors downsized or pulled out in 2003

• Almost no specialist media

• Candidates changing jobs more frequently

• Legislative environment improving


- Dr. Heimeier & Partner

- Mummert

- IFP





0

20

40

60

80

100

120

140

160

180

200

Gross Profit £m

12

10

8

6

4

2

0

Total Headcount

He

ad

co

un

t

£m

*At reported rates



H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007





Volume Frankfurter Allgemeine ZeitungFAZ volume increased by 5% year to date


0

50,000

100,000

150,000

200,000

250,000

BAUM

ANN

MIC

HAEL

PAGE

KIE

NBAUM

STE

INBACH

DR. H

EIMEIE

R

MUM

MER

TIF

P

DR. W

EBER

1st half year 20071st half year 2006

Co

lum

n M

illim

etr

es

+19%

+66% +9%

+31% +26% +157%-2%

+36%

Source: BDU 2000-06





Germany - Gross Profit per Discipline

0

5,000

10,000

15,000

20,000

25,000

Finance S&M Eng/P&C/P&SC Tech Banking Other






Current position

• 5 offices (Hamburg opened in Jan 07)

• 10 Disciplines (4 launched since Jan 07)

• 139 Fee Earners (+70%) (Jun 07)

• +82% Gross Profit Growth (H1 07)


Hamburg

Düsseldorf

Frankfurt

Berlin

Munich





57 FE

9 FE

0 FE

14 FE

29 FE

57 FE

Stuttgart

Opportunities across the country

2006 GDP by Region € EUR

Düsseldorf / NRW: 502bn

Munich / Region South: 409bn

Stuttgart / Region SW: 337bn

Frankfurt / Region Middle: 331bn

Hamburg / Region North: 411bn

Berlin / Region East: 316bn

London / South East: 540bn

Number of Fee Earners in London / South East

600


Hamburg

Düsseldorf

Frankfurt

Berlin

Munich

FE = Fee Earners





Reasons for optimism

• So far, no international competitor with a long-term plan

for a permanent recruitment business

• Immature market, high exposure to the international

market, will develop quickly (higher turnover and

outsourcing ratio)

• Medium-term legislative changes will increase the labour

flexibility (perm, temp and contracting)

• Structural shortage of white collar workers, especially in

engineering, a key part of the German economy. MP is

strong in sourcing international candidates

• Largest economy in Europe with a public spending

budget surplus for the first time in 15 years






Our Vision

• Full roll out of disciplines

• Open new offices in short-term - Cologne, Stuttgart

• Longer-term there are additional cities with populations

greater than 1m such as Hanover, Leipzig, Dresden

and Nurnberg

• Biggest offices (Dusseldorf/Munich/Frankfurt) with in

excess of 200 Fee Earners

• > 900 Fee Earners by 2015, 16 offices, and at today’s

productivity, approximately £250m gross profit






The Americas – The Future

Alexis de Bretteville






Alexis de BrettevilleCareer History at Michael Page – 44 Years Old

Responsible for USA

Responsible for Canada

Responsible for MP Brazil

Responsible for Mexico

Launched PP Brazil (2007)

2006 – Present

New York


The Americas

THE AMERICAS – THE FUTURE

Responsible for Holland

Responsible for PP Belgium

Launched Poland (2005)

2004 – 2006

Brussels


Responsible for MP Belgium


Responsible for Sweden

2002 – 2004

Frankfurt


Northern Europe

Launched MP Spain (1997)

Launched PP Spain (1998)

Launched Portugal (2000)

Launched MP Brazil (2000)

1997 – 2002

Madrid

Managing Director

Spain, Portugal and

South America

MP France

Consultant to Director

1993 – 1997

Paris

France





The Americas - Senior Management

Alexis de Bretteville (14)Regional Managing Director - The Americas

East (US)Richard Vickers (13)

Managing Director

Mid-West (US)Stefan Renken (10)

Managing Director

South (US)Joost Fortuin (11)

Managing Director

CanadaMark Sharland (19)

Managing Director

Latin AmericaPatrick Hollard (12)

Managing Director






The Story So Far


• North America launched 1998 in Chrysler Building,

New York

• 2001 market hit by economic downturn and 9/11

• Today, 9 offices, 233 staff, 5 disciplines

• Latin America launched 2000 in Sao Paulo, Brazil

• Today 4 offices, 187 staff, 8 disciplnes

• H1 2007 - The Americas was 7.5% of Group by gross profit

• H1 2007 total Americas: 420 staff, 13 offices, Brazil,

Mexico, USA and Canada





0

50

100

150

200

250

300

350

400

450

Gross Profit £m

18

16

14

12

10

8

6

4

2

0

Total Headcount

He

ad

co

un

t

£m

*At reported rates


H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007






The Americas

76.1% Growth

41%

59%

H1 2006



Headcount: 272

H1 2007



Headcount: 422

+83.4%

+55.1%

Gross Profit

Growth*

North America +90%

Latin America +85%

42%

58%







Overview - North America

• Now have presence in 3 regions in US - East, Mid-West,

South

• East has 6 offices with addition of Hartford (Connecticut) in

H1 07

• Roll out of Sales, Marketing, HR continuing across network

• Mid-West (Chicago) now established. New replacement

office in H2 07 for increasing headcount

• South launched in H1 07 in Atlanta

• Headcount up (48% yoy) on the back of significant senior

management investment (transfers from UK/Europe)






Overview - Latin America


• Mexico ahead of plan and profitable

• Sales & Marketing discipline launched in H1 07

• Brazil’s growth continues, now 8 disciplines

• Launched Page Personnel in H1 07

• Headcount grown significantly (+64% yoy) to 176

• Newest office (Campinas) performing ahead of

expectations





Key Characteristics

– North America

• Very candidate-driven: multiple agency registration/offers/

buy-backs

• Approximately 35% outsource recruitment

• Recruitment industry has poor image/reputation:

- Low service levels

- Commission driven

• Notice periods typically 2 weeks - increasing turn-over.

Average tenure 2-4 years

• Limited print advertising






Key Characteristics

– Latin America

• Client driven market, but increasingly becoming

candidate-driven

• Less than 30% of recruitment outsourced

• Typical ‘white collar’ professional profile:

- Hard working/flexible/entrepreneurial – therefore

high turnover

• Recruitment industry very new and under-developed

• Limited/fragmented competition: no Michael Page

look-alike






Competition - North America

18,000 firms performing temporary and permanent recruitment

Adecco300+ US and Canadian offices

Manpower859 US and 21 Canadian offices

Randstad231 US and 31 Canadian offices

Kforce70 US offices

Robert Half/Accountemps242 US and 18 Canadian offices

Ajilon (Finance & Consulting) 110 US and Canadian offices

Account Pros (Vedior) 13 US offices

Heidrick & Struggles20 US and 1 Canadian office

Korn Ferry20 US and 4 Canadian offices

Russell Reynolds11 US and 1 Canadian office

Staffing Executive






Our Business Model

• Specialist Focus

• Consultants not Agents

• Profit Share and Fixed Salary,

Not Commission-Based

• Adding Integrity to Industry

• Enhance Long-Term Partnerships

• Web and Print Advertising

• Exclusive Assignments

• Unique, Cutting-edge Marketing Tools

Targeting Candidates






Our Strategy

Launched on East Coast (USA) and Brazil

Build the brand, establish reputation, focus on one discipline

When established:

• Grow office – New York and Sao Paulo

• Open 2nd offices – New Jersey and Rio de Janeiro

• Roll out further disciplines

• Look to new countries/regions in North/Latin America

Why?

• Capitalises on strength of brand

• Builds consistent brand awareness (voted no.1 Recruitment

Company in New York/Boston)

• Improves our ability to attract consultants

• Maximises management control

• Minimises risks

• Maximises the rate of growth






Our Clients

• Michael Page has more than 4,000 clients in the Americas

ranging in size from large, global multi-nationals, to small

local businesses

• Diverse client portfolio including: Pharmaceuticals,

Financial Services, Consumer Products, Retail, Advertising,

Legal, Media & Marketing, Information Technology, Mining

& Natural Resources, Automotive and Biotechnology






What our clients say about us


“Michael Page has great screening. I knew that any candidate

that we saw would be a great skill set match.”

Human Resources Manager, Heineken

“Michael Page was a breath of fresh air, I am so impressed with

the quality and volume of resumes I received after just one

posting. In fact a few members of my team were resourced by

Michael Page and with each candidate I am experiencing a great

deal of success.”

Operations Control, UBS Investment Bank

“Michael Page is a quality firm, with a decent track record in filling

several of our more challenging roles at Cadbury over the last 12

months. I look forward to a continued working relationship.”

Director of Resourcing,

Cadbury Schweppes American Beverages

“I find Michael Page International professional, diligent, productive

with a very good understanding of the market as well the time

urgency needed in recruiting successfully. I highly recommend

Michael Page for their network and understanding of my needs

and core business.”

International Recruiter, BDO Seidman



The Future and Potential

• The Brand and the senior management team well

established

• Momentum building as local hires progress into

management

• Roll out of new disciplines/offices gets easier

• 2008: potential office openings in Buenos Aires (Argentina),

Curitiba (Brazil), Paramus (New Jersey), Montreal (Canada)

• MP website awareness gaining momentum and response

• No limits to our potential






Current Locations 2007USA :

New York

Chicago

Philadelphia

Boston

Atlanta

Stamford

Hartford

Edison

Canada :

Toronto

Brazil :

Sao Paulo

Rio de Janeiro

Campinas

Mexico :

Mexico City ( DF )






The Future 2015USA :

New York

Chicago

Philadelphia

Boston

Atlanta

Stamford

Hartford

Edison

Paramus

Long Island

Los Angeles

Houston

Phoenix

San Antonio

San Diego

Dallas

Detroit

Indianapolis

San Francisco

Columbus

Austin

Baltimore

Charlotte

Seattle

Washington

Denver

Las Vegas

Nashville

Portland

Cleveland

Miami

Oakland

Minneapolis

Raleigh

St. Louis

Salt Lake City

Canada :

Toronto

Montreal

Missisauga

Vancouver

Calgary

Ottawa

Edmonton

Brazil :

Sao Paulo

Rio de Janeiro

Campinas

Curitiba

Belo Horizonte

Porto Alegre

Mexico :

Mexico City ( DF )

Santa Fe

Monterrey

Guadalajara

Argentina :

Buenos Aires

Mendoza

Cordoba

Chile :

Santiago






Launch of a new country – Brazil

Patrick Hollard

Managing Director





Launched Mexico (2006)

Launched PP Brazil (2007)

2006 – Present

Brazil

Managing Director

Latin America

Patrick HollardCareer History at Michael Page – 39 Years Old

Launched Sao Paulo office (2000)

Launched Rio de Janeiro office (2002)

Launched Campinas office (2006)

2000 – 2006

Brazil

Managing Director

Brazil

LAUNCH OF A NEW COUNTRY – BRAZIL

MP France

Consultant to Director

1996 – 1999

Paris

France





The Picture Today

Country :

• 190m people, top ten world economy

MP Brazil :

• 7 years old

• 3 offices

• 176 staff (H1 2007)

• Leader in the recruitment market

• Two brands: Michael Page and Page Personnel






Why go to Brazil?

• Size of the country

• Opens the door to the South American continent

• Strong presence of International Brands (498 of top 500

world companies are in Brazil)

• Very immature recruitment market

• No competition in middle-management market






First Step:

Jul to Dec 1999

Market survey:

• SWOT analysis: visits to companies, HR and operations,

interviews of candidates, evaluation of competition, media,

social and legal characteristics

Start-up team:

• Experienced and motivated MP people

Support structures:

• Finance and IT systems, office costs, budget

Group Board approval






Second Step:

From Jan 2000 onwards

Build a team:

• Recruitment of Brazilians to be trained in Europe

(6 months)

• Learn business model and our culture

Build a brand:

• Focus first on Finance recruitment

• Negotiate with local specialised newspaper

(Gazeta Mercantil)

• Develop, launch and promote our website to attract

candidates

Build a company:

• Recruit and train backoffice IT/Finance team

• First few months a virtual office, e.g. Regus, then quickly

move to our own office

• Implementation database/processes according to

Group standards






Michael Page secret:

a very strong culture

Strong team:

• Recruit top people and train them. Make people dream and

make sure that their dreams become true

Strong commercial:

• Promote our business model by visiting potential clients

(min. 5 client visits a week per consultant)

Interview candidates:

• To build a database (min. 15 candidates interviewed a

week per consultant)

Focus on results:

• Success fee culture and celebration






0

20

40

60

80

100

120

140

Gross Profit £m

7

6

5

4

3

2

1

0

Total Headcount

He

ad

co

un

t

£m

*At reported rates


H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007






Organic growth : accelerating

factors

• Management

- In 2002 only 3 managers

- Today 35 managers

• We can grow much faster today

- Open new divisions to become multi-specialism

recruiters

- Open new offices in Brazil

- Export senior consultants overseas and duplicate our

model in other countries






Mexico:

A “copy/paste” of Brazil

• Started in July 2006

• First Mexican consultants trained in Brazil

• Today 15 consultants, including one European (MD) and 2

Brazilians

• First profits after 6 months

• 4 disciplines:

• Finance and Banking

• Marketing and Sales

Next country : Argentina






Country and Global Job Counts

Steve Ingham

CEO





Decreasing relevance and correlation,

increasing over reliance

• 23% of fee earners in Page Personnel, therefore no impact

• Restructure in Europe means all junior perm roles transferred to Page Personnel website

• Multiple assignments for similar roles recorded once

• Speed of completion on temporary roles means they are often not recorded

• Increasing need to source candidates across other international markets – job counted in each country

• Does not show ‘churn’ within the job count

• Increasing candidate shortages means decreasing relevance of job counts and increasing relevance of candidate counts

• Works against us in new markets

COUNTRY AND GLOBAL JOB COUNTS





Growth of On-line

• Job boards investing heavily in technology

• MP utilises all on-line methods to source candidates:

• Job boards

• SEO

• PPC

• MP/PP websites

• 37% of candidates register CV on-line

• 65% of candidates received interview via on-line

application

• In the UK 83% of all candidates received on-line versus

17% off-line, 43% of which came via MP site and growing

• In the USA 87% of all candidates received on-line versus

13% off-line, 50% of which came via MP site and growing






Conclusion• On-line strategy will focus entirely on candidate generation

• During Q4 job count will go






Questions





Asia Pacific – Introduction

Gary James






Gary JamesCareer History at Michael Page – 45 Years Old

Responsible for Australia

Responsible for China

Responsible for Hong Kong

Responsible for Japan

Responsible for Singapore

2006 – Present

Australia


Asia Pacific

ASIA PACIFIC

Responsible for USA

Launched Canada (2005)

2002 – 2006

USA


North America

Responsible for UK Sales & Marketing

1992 – 2002

UK

UK

MPUK – consultant to director

Launched UK Technology

1984 – 1992

UK

UK





0

100

200

300

400

500

600

Gross Profit £m

30

25

20

15

10

5

0

Total Headcount

He

ad

co

un

t

£m

*At reported rates


H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007

ASIA PACIFIC





Asia Pacific

25.2% Growth

40%

60%

H1 2006



Headcount: 390

H1 2007

Gross Profit: £27m


Headcount: 501

+26.4%

+28.5%

Gross Profit

Growth*

Australia +20%

Rest of Asia Pacific +49%

43%

57%

ASIA PACIFIC






Growth of the region

The Drivers of Growth

• Economic maturity of country

• Sophistication of employers to external recruiters

• Cultural change in career aspirations of individuals

• Regulatory restrictions

• Availability of resource

1985

Australia

1994

Hong Kong

Openings

1996

Singapore

2001

Japan

2003

China

ASIA PACIFIC





Current MPI Market Positioning

Staffing Executive

Admin & Clerical Junior & MiddleManagement

Senior & Board Level Appointments

Adecco

Randstad

Vedior

Kelly

Manpower

RHI

RWA

Hays

Hudson

Heidrick & Struggles

Korn Ferry

Russell Reynolds

Spencer Stuart

ASIA PACIFIC

Specialist





MPI differences

within the region

• Time in market: diversity of business

• Local economic influences: mix of disciplines

• Cultural/behavioural: nature of business

• Legislative/regulatory: speed of entry

One Constant: Specialists

ASIA PACIFIC





Competitive landscape

• Enormous diversity across region

• Junior appointments often local

• Search firms and boutiques at senior level

• Niche specialists on regional basis

• Limited number of regional multi-discipline specialists

ASIA PACIFIC





Competitive Landscape

• Similar country coverage

• Australia dominant for all

• Hudson/Hays greater presence

in staffing

• Our relative size and productivity

encouraging for future

0

5

10

15

20

25

30

35

40

45

Hays Hudson MPI RWA RHI

Number of Asia Region Offices

0

92

184

276

368

460

552

644

736

828

920

Hays Hudson MPI RWA RHI

Number of Asia Region Fee Earners (estimated)

ASIA PACIFIC





Asia Pacific Strategy

• Consistent with Group

• Roll out existing disciplines to existing offices

• New disciplines and new offices

• New countries: Malaysia, New Zealand, South Korea, Taiwan

50% world population vs. 37% world economy with the gap

closing over next 7 years

ASIA PACIFIC





Australia – Back on TrackPhil Guest

Managing Director





Phil GuestCareer History at Michael Page – 37 Years Old

AUSTRALIA – BACK ON TRACK

Responsible for Australia

2006 – Present

Australia

Managing Director

Australia

Finance DirectorAsia Pacific

1999 – 2006

Australia

Finance Director

Asia Pacific

Guiness Australia(part of Diageo plc)

1997 – 1999

Australia

Finance Director

Australasia





Market Overview

• The 12th largest economy in the world

• 16 years of uninterrupted economic growth

• Sophisticated knowledge-based economy

• Services account for 77% of economic activity

• Recruitment is a AUS $16 billion industry

• Implied MPI share < 1%






Our Business

• Started in 1985

• 7 offices in Sydney (3), Melbourne (2),

Brisbane & Perth

• 9 disciplines including Finance, Financial Services, Sales,

Marketing, Human Resources, Legal, Technology,

Engineering & Manufacturing, Procurement & Supply Chain

• 218 Fee Earners/340 staff (June 2007)






What were the issues?

• Lack of growth - particularly from newer and less

established businesses

• Management Structure - geographical rather than

by discipline

• Systems Integration - Lotus Notes to Profile

• Culture






What changes were made?

• New Managing Director 5/06

- Australia

• New Regional Managing Director 8/06

- Asia Pacific

• New management structure – by discipline 9/06

• Drive to change culture – the same as

Michael Page around the world

- Entrepreneurial H2/06

- Meritocratic

- Team based

- Competitive/driven/hungry

- Ambitious/new vision

• Back to basics H2/06






Gross Profit Q1 2004 to Q2 2007

0

5

10

15

20

25

Q1

2004

Q2

2004

Q3

2004

Q4

2004

Q1

2005

Q2

2005

Q3

2005

Q4

2005

Q1

2006

Q2

2006

Q3

2006

Q4

2006

Q1

2007

Q2

2007

20.2

17.016.016.616.5

14.613.0

16.016.113.813.914.5

13.3

10.9

Gross Profit

AUS $m






Gross Profit Growth Rates %Year on Year Growth %

Q3

2005

Q4

2005

Q1

2006

Q2

2006

Q3

2006

Q4

2006

Q1

2007

Q2

2007

23%

17%

24%

3%2%

6%

-7%

11%






Australia

19.9% Growth

11%

10%

12%

13%

54%

Gross Profit

Growth*

Finance & Financial Services +12%

Sales & Marketing +27%

Technology +10%

Legal, Human Resources and Engineering & Supply Chain

+44%

Perth +42%

13%

12%

11%

14%

50%

H1 2006

Turnover: A$76.2m

Gross Profit: A$31.1m

Fee Earners: 157

H1 2007

Turnover: A$84.0m

Gross Profit: A$37.2m

Fee Earners: 218

+19.9%

+38.9%







• Total number of clients YTD 1,524

• Percentage of Gross Profit from:

- Top 10 Clients 13%

- Top 100 Clients 43%

• National and International Clients are equally represented

by Gross Profit

• Large listed Clients are 80% of Gross Profit v 20% from

SMEs

Our Clients






Opportunities

• Higher productivity

• Expansion of headcount in existing offices

• Roll out existing disciplines

• Launch new disciplines e.g. Property & Construction

• Michael Page Executive Search

• New offices Adelaide, Canberra

• In 10 years 1,000+ fee earners






China – The Opportunity

Dan Chavasse, Managing Director,

Greater China & SE Asia





Dan ChavasseCareer History at Michael Page – 44 Years Old

Responsible for Greater China

Responsible for South East Asia

Responsible for Singapore

2005 – Present

China

Managing Director

Greater China and South East Asia

CHINA – THE OPPORTUNITY

Responsible for Greater China

1999 – 2005

China

Managing Director

Greater China

Responsible for UK Finance in home counties

1997 – 1999

UK

UK

MP UK – consultant to director

1989 – 1997

UK

UK





History

• 1994: MP is the first international recruitment firm to set up in

Hong Kong

• Prior to 2000: China not viable from a recruitment perspective

- No rule of law, MNC’s losing money, low salaries, high

personal tax rates = no interest from

candidate community

• 2000: WTO entry paves way for rapid Foreign Direct Investment

• 2002 – 2003:

- WTO entry, improved corporate profitability => candidate

PULL factor into China

- Recession/SARS in Hong Kong, SE Asia and beyond =>

candidate PUSH factor into China

• 2004 & beyond:

- Further acceleration in corporate profitability, lowering of

barriers to entry leading to dearth of qualified middle-

management across all disciplines and most organisations






Characteristics of the

recruitment market

– Cultural

• The recruitment sector did not exist in any recognisable

form 10 years ago

• Reluctance to share thoughts/opinions/feedback

• Reluctance of some clients to share knowledge. Keep

matters ‘in-house’

• Issues of integrity – outsource our reference checking

process

• Limited interest in the western concept of loyalty/career

development. Traditional retention methods often fail –

good and bad for us







recruitment market

– General

• 3 distinct levels of candidates – Local Chinese, Returnees,

Asia Expatriates

• Salary increases of 20-80% when moving jobs

• Fees: 25% or a minimum fee of USD 10,000

• ‘Advertised Selection’ model unheard of:

- No national print media. No ‘Appointments’ sections

- 2 job boards







recruitment market

– Regulatory

• Illegal to run a foreign-owned recruitment company without

a local partner

• Must have a minimum of 5 employees with a recruitment

licence (exam is in Chinese)

• Separate and different requirements between major cities







recruitment market

– Competition

• Five major western recruiters have a local partner

• By far the biggest competitor is direct recruitment

• Thousands of local ‘mom & pop’ shops who rely on

headhunting to acquire candidates






Highlights of our

China Business to date

• Secured a successful local partnership agreement where

we have 100% operational control

• Never lost money, doubled profit year-on-year in first 3

years, +46% YTD

• Increased fee earners from 6 to 13 in 2006, 20+ forecast

by end of 2007. Strong team of multinational consultants

in place

• Achieved well over the requisite number of consultants

holding Recruitment Licences

• Set up Procurement & Supply Chain in 2007






Origin of placed candidates

0%

10%

20%

30%

40%

50%

60%

70%

80%

Local Expat Returnee

8%14%

78%

12%

30%

58%

28%

38%34%

2005 2006 2007






Top Clients






The Next Five Years

– Opportunities

• Investment banks and law firms scaling up

• Wage inflation normalising salaries

• Demographics moving in our favour

• Relaxation of regulatory requirements






The Next Five Years

– Threats

• Beijing/Guangzhou remain ‘hardship postings’

• Hiring sufficient top quality consultants and developing

them to manager level effectively

• Competitor recognition of the opportunity

• ‘Getting things done’ remains hard






The Next Five Years

– Conclusion

• The model works – don’t change it

• Remain specialist – roll out new disciplines in existing and

new geographies (Beijing, Shenzhen, Guangzhou)

• Further exploit online proposition

• Hire, retain and develop more good people

• Remain focused – achieve profit growth in excess of 30%+






United Kingdom – Introduction

Steve Ingham

CEO and UK Managing Director





UK - Senior Management

Steve Ingham (20)CEO and UK Managing Director

Gary Watson (23)


Finance, Financial Services,

Secretarial

Paul Kinsey (23)


Accountancy Additions, Page

Personnel, Scotland, Ireland

Dean Ball (19)


Property & Construction,

Procurement & Supply Chain,

Engineering

Paul Wilson (20)


Human Resources, Legal,

Technology, South Africa

Oliver Watson (12)


Sales, Marketing, Retail,

U.A.E.

UNITED KINGDOM





No. of Fee Earners vs No. of Offices

Finance & Accounting

Banking/Legal

Marketing

Technology

Accountancy Additions

Sales

Retail

Human Resources

Engineering, Procurement & Supply Chain

Secretarial

Property & Construction

PP Office Support

1976 1985 1986 1988 1991 1994 1998 2000 2004 2005 2006 H1 2007

No. of Fee Earners 2 78 82 105 109 220 528 714 830 933 1152 1207

No. of UK Offices 1 8 10 12 14 22 38 46 47 48 46 48

2007

1985

1976

1988

1986

1994

1990

2000

1998

2001

2006

2004

UNITED KINGDOM





Market share of recruitment companies

UKImplied

MP share

2005/6 Total Industry Turnover* £24.838bn 1.1%

2005/6 No. of permanent placements* 706,080 1.5%

2005/6 No. of temps on payroll* 1,265,060 0.3%

2005/6 No. of fee earners in recruitment industry* 97,674 1.0%

*Annual Recruitment Survey, REC (Recruitment & Employment Confederation)

UNITED KINGDOM





0

200

400

600

800

1,000

1,200

1,400

1,600

1,800 100

90

80

70

60

50

40

30

20

10

0

Gross Profit £mTotal Headcount

He

ad

co

un

t

£m

Gross Profit and Headcount – H1 2000 to H1 2007

H1

2000

H2

2000

H1

2001

H2

2001

H1

2002

H2

2002

H1

2003

H2

2003

H1

2004

H2

2004

H1

2005

H2

2005

H1

2006

H2

2006

H1

2007

UNITED KINGDOM





United Kingdom

21% Growth

5%

15%

4%

21%

55%

Gross Profit

Growth

Finance & Accounting +14%

Marketing, Sales & Retail +21%

Legal, HR, Technology, Secretarial and other

+29%

Engineering, Property & Construction, Procurement & Supply Chain

+52%

Scotland +49%

6%

16%

4%

22%

52%

H1 2006



Headcount: 1,387

H1 2007



Headcount: 1,615

+46.2%

+16.4%

UNITED KINGDOM





Opportunities

• Grow market share from strong base

• Roll out existing disciplines

• Roll out Page Personnel to 60 offices

• Roll out Page Personnel to other disciplines

• Expand existing offices

• New Michael Page offices – Aberdeen, Canary Wharf,

West London (Chiswick), Newcastle, Cardiff and others

UNITED KINGDOM





Continuing Growth in the UK

– Accounting and Finance

Gary Watson






Gary WatsonCareer History at Michael Page – 46 Years Old

Responsible for Finance

Responsible for Financial Services

Responsible for Secretarial

Responsible for Executive Search

2006 – Present

UK


UK

CONTINUING GROWTH IN THE UK – ACCOUNTING AND FINANCE


Responsible for Legal

2001 – 2006

UK

Managing Director

UK


Responsible for Legal

1998 – 2001

UK

Regional Director and Deputy

Managing Director

UK

MP UK consultant to director

1984 – 1998

UK

UK





MP Public Sector

(1992)

Our Finance Business - The History So Far

1976

1986

1996

2007

Years

-

-

3

37

No. of Offices

AA MP

1

6

10

22

MPP Formed

MP Finance

(1976)

MP Tax

(1986)

MP Financial Services

(1985)

MP Finance

MP Treasury

(1998)

MP Financial Services

MP Tax

MP Finance

4

106

256

612

Total Fee

Earners


AA

(1992)






• Total size of the Accounting & Finance recruitment market

estimated at £3.2billion

• Proportion of hiring through recruitment organisations v

direct estimated to be 75:25

• MP market share in Accounting & Finance varies by level,

region and sector

• Overall share estimated at 3%






MP Finance - The Competition

National Local Specialist Search Staffing

Hays Macildowie Pure Odgers Adecco

Robert Half Stark Brooks Brewer Morris Hoggett Bowers Randstad

Badenoch & Clark Sharp Consultancy Barclay Simpson Whitehead Mann Manpower

Hudson Nigel Wright Morgan Law Harvey Nash

RWA Select Financial Allen Lane Howgate Sable

Reed Witan Jardine BLT Hanover Fox

Nigel Lynn Finance Professionals

Imprint

MWA

Highly fragmented market with national, local, specialist and search organisations

all competing in the Michael Page space






Recruitment Market Evolution

• Significant shift from print to on-line advertising

• The FT remains the premium print brand:

- MP has been and continues to be the largest advertiser

in the FT by a factor of 3 for the last 20 years

• Specialist job boards include: gaapweb, ft.com,

efinancial.com, accountancyage.com, totallyfinancial.com,

jobsfinancial.com and many others

• Generic job boards include: monster, totaljobs, fish4jobs






Our Clients

• Banking, Insurance, Professional Services, Pharma, Energy,

Consumer, Retail, Telecoms, Healthcare, Engineering,

Electronics, Leisure, Technology, Construction, Publishing,

Central Government, Local Government, Charities and

NFP, Property, Logistics, Utilities

• All sizes: Ranging from OMBs through to SMEs through to

Blue-chips

• Total number of clients in 2006 was 8,000

• Our top 10 clients represent 6% of gross profit

• Our top 100 clients represent 26% of gross profit

• No one dominant sector






Michael Page UK –

geographical coverage

MP

AA

MP & AA






Our growth strategy

A simple strategy that continues to stand the test of time:

• Focus on specialist recruitment - and where appropriate

we create more specialist offerings within disciplines

• Grow organically - one set of values, one culture,

one company

• Diversify - by geography and by discipline

• Leverage the strength of the brand






Why is this achievable?

• Only 3% market share

• Highly fragmented market

• Keeping it simple

• New locations: Aberdeen, Leicester, Chiswick, Canary

Wharf (2007), Newcastle, Cardiff, Canterbury and

Wolverhampton (2008)

• More profit centres/focused teams

• Increased specialisation

• Greater penetration






Continuing Growth in the UK – New Businesses

Dean Ball






Dean BallCareer History at Michael Page – 39 Years Old

Responsible for Engineering

Responsible for Procurement & Supply Chain

Responsible for Property & Construction

2006 – Present

UK


UK

CONTINUING GROWTH IN THE UK – NEW BUSINESSES

Launched Engineering (2001)

Launched Procurement & Supply Chain (2003)

Launched Property & Construction (2005)

2001 – 2006

UK

Managing Director

UK


1998 – 2001

USA

Regional Director

USA

MP UK consultant to manager

1988 – 1998

UK

UK





H1 2007

• Combined Gross Profit represents 11% of UK

• Combined growth in Gross Profit 41%

• Total fee earners +45%, 154 H1 2007

• Total office locations 12, 13 by year end






Strategy for Growth

• Experienced Michael Page management plus consultants

with relevant background

• Create teams in existing locations

• Leverage current MP relationships, develop new

• Grow discipline brand awareness, develop focused teams

• Grow teams and new management to split and create

more focus by new locations, industry, job type

• Grow with candidates who become clients

• Leverage Michael Page brand and marketing power to

attract candidates

- Online

- Referrals, etc. in these candidate short markets






The Competition

• Mixed feedback

• Some are well established

• Many lack brand leverage and infrastructure of MP

Human Resources Engineering & Manufacturing

Procurement & Supply Chain

Property & Construction

Hays Jonathan Lee Purcon Hill McGlynn

Hudson Quantica Supply Chain Personnel Judd Farris

Strategi Nigel Wright Hays MacDonald & Co

Consult Ellis Fairbanks Hudson Hays

Digby Morgan Hudson Quest Eden Brown

Highly fragmented market with national, local, specialist and search organisations

all competing in the Michael Page space






The Future

• Growing candidate shortages

• Increasing international flow of candidates

• Large market places – 120,000 IPD, 270,000 Chartered

Engineers, 42,000 CIPS members, 20,000 ILT members

• MP market shares < 3%

• 10 MP offices with no presence from any of these

businesses

• Increasing drive by clients to hire stronger candidates

• Increasing frequency of job moves by candidates including

temp/interim/contracts

• In excess of 1,000 fee earners in 10 years

• New disciplines, e.g. Healthcare






Increasing Candidate Shortages

and Compliance/Legislation

– Threat Or Opportunity?

Oliver Watson






Oliver WatsonCareer History at Michael Page – 38 Years Old

THREAT OR OPPORTUNITY?

Responsible for Sales

Responsible for Marketing

Responsible for Retail

Responsible for UAE

2006 – Present

UK


UK

Responsible for Sales

2002 – 2006

UK

Managing Director

UK

MP UK -

consultant to director

1995 – 2002

UK

UK





Candidate Shortage

• Current market has significant skills and candidate

shortages

• Many disciplines and geographies are seeing structural

shortage:

- Legislative requirements e.g. Corporate Governance,

Compliance

- Corporate confidence in growth strategies

- International movement of labour

- Reduced graduate intakes in 2002/2003

- Increase in service/knowledge based roles v

manufacturing

• ‘Recruitment is the biggest growth restrictor for 55% of

UK Companies’

(KPMG Survey 2007)






Candidate Shortage

• Scarcity of labour resource a positive?

• Searching for the talent is time consuming and requires

expertise (74% of UK Companies outsource recruitment –

REC Survey 2007)

• Increasingly complex to know where to go for candidates

(800 Job Boards in UK in 2007)

• When you do find them they need to be persuaded to

apply for jobs/organisations

• This drives employers to use recruitment consultants






Candidate Shortage

• Clients in turn are more flexible on requirements and move

quickly to attract talent

• Candidates are confident that their skills are valuable and

with a largely stable economy will continue to move jobs

• Both candidates and clients are seeking choice which

drives them to agencies with brands and track records

• Candidate shortages drive fee inflation and wage inflation






Candidate Shortage

• Key success criteria: our ability to attract high volumes of

quality candidates

• Attracting them, capturing them, advising and building

relationships with them is critical

• Comprehensive on-line strategy (2005 – 17%, 2007 – 78%

Jobseekers are on-line: Marketing Week June 2007)

• Strong off-line presence – National Press

• Local offices to serve local markets all over the world

• International offices to drive international referrals through

networked database






Candidate Shortage

• Breadth of discipline coverage to assist referrals amongst

‘white collar’ workers

• In-depth training that leads to expertise in sourcing

and networking

• Breadth of client base – FTSE, SME’s

• Delivering great customer service

• Delivering results – re-enforcing the Brand reputation






Compliance and Legislation

• Increasing compliance and ‘best practice’ includes

- ID checks / visa checks

- Qualification checks

- Referencing

- Employment Legislation, e.g. Age Discrimination

- Diversity

- Data Protection

• International movement of labour and candidate shortages

will keep compliance high on the agenda







• Managing compliance is complicated and time consuming

• Outsourcing recruitment means others shoulder the burden

• Increasing compliance drives up service levels

• Opportunity to add more value and build deep relationships

with clients

• Responsibility and risk deters new entrants to the

recruitment market







• In-depth consultant training required

• Strong administrative support

• World-class global technology platform

• Plays to MPI strengths as a well-resourced, accountable,

market-leader

• Not often a strength in competitors or HR functions






Summary • Increasing candidate shortages, compliance/legislation

‘Plays to Michael Page’s strengths and highlights

competitors (including HR departments) weaknesses’






Conclusion

Steve Ingham

CEO





Conclusion & Questions

• Strong, consistent, simple, proven business model

• Strong global brand – off and on-line

• Clear strategy for growth

• Trends working in our favour

• Increasing depth of talent to deliver growth

• Outstanding scope for growth

CONCLUSION



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