Highlights
- Markets overall stable through the quarter. Group net fees decreased 1%(1) versus prior year
- International business delivered growth of 3%(1) and represented 70% of net fees in the quarter
- Strong growth of 16%(1) in Continental Europe & Rest of World, driven by continued excellent performance in Germany which grew by 25%
- Asia Pacific net fees decreased 9%(1). Australia & New Zealand was broadly stable versus the previous quarter and decreased 9%(1) year-on-year against tougher comparatives; 6%(1) decrease in Asia
- Net fees decreased 9% in the UK & Ireland. Private sector decreased 14%, while public sector grew by 10%
- Continued selective investment approach and focussed cost control to maximise the financial performance of the Group
- Net debt ended the quarter at c.£140 million. Completed re-financing of a new 5 year, £300m revolving credit facility to October 2017
- Consultant headcount up 2% in the quarter, but ended September down 2% year-on-year
Commenting on the Group's performance in the first quarter, Alistair Cox, Chief Executive, said:
"Conditions through the quarter were stable overall, but remained multi-speed across various geographies and sectors.
Several parts of the Group continued to deliver good growth with 15 countries delivering net fee growth of 10%(1) or more. Amongst these were Germany, which is operating at record levels, Brazil, Canada and Japan. In contrast certain markets, notably the UK, parts of Asia and Southern Europe were very difficult.
Looking ahead, we expect this multi-speed environment to continue and whilst overall conditions remain challenging,
and some markets are very tough, opportunities for growth exist in many key parts of our business. We continue to invest selectively to fully capitalise on these growth opportunities, whilst focussing on controlling costs and driving productivity around the Group to maximise the bottom line."
