Financial Results 2022




2021: £942.7m

Gross profit


2021: £82.8m

Underlying operating profit1


2021: £10.3m


Gross sales value2


2021: £996.5m


Net cash (pre-IFRS16)3


2021: £6.9m



  • Revenue broadly flat - strong permanent recruitment and customer wins in temporary recruitment, offset softer demand from customers previously benefitting from the pandemic as well as a weaker Skills division within PeoplePlus
  • Gross sales value2 increased by 3.5% generated from organic growth and new business wins predominantly in the Group’s managed service provision
  • Gross profit from Recruitment up 4.7% offsetting reduction in PeoplePlus, resulting in flat year-on-year gross margin of 8.8%
  • Gross profit from permanent recruitment increased by 64.9% to £6.1m (2021: £3.7m), representing 7.3% of Group gross profit compared to 2.9% in 2020
  • Gross profit to underlying operating margin conversion ratio increased strongly to 14.4% (2021: 12.4%) due to efficiencies and tight cost control
  • Underlying operating profit1 marginally ahead of market expectations at £12.0m
  • Interest rate cap purchased in October 2021 significantly limited the increase in net finance costs, to £2.7m (2021: £2.4m)
  • Net cash3 of £5.0m (2021: £6.9m) was materially ahead of expectations delivering a strengthened balance sheet with accretive trading cashflow
  • Repayment of c.£12m of Covid-related government support and advance payments
  • The Group’s strong balance sheet continues to support growth opportunities


  1. Underlying results exclude goodwill impairment, amortisation of intangible assets arising on business combinations, reorganisation costs and other non-underlying charge
  2. Gross sales value represents the fair value of the consideration received or receivable for the supply of services, including agency sales, (excluding fees) which are subject to an IFRS 15 agency adjustment, net of value added tax, rebates and discount
  3. Presented on a pre-IFRS16 basis which excludes lease liabilities and also excludes refinancing costs