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"2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-386": { "value": "55000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "10000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "-98800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "-284400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "-23200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "-146800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "145600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "296200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2022-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "-600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "-3800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "145600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-401": { "value": "1 General information Hays plc is a Company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales and its registered office and principal place of business is 4 th Floor, 20 Triton Street, London NW1 3BF . The Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Consolidated Financial Statements are presented in sterling, the functional currency of Hays plc. New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2024. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2023; the Group has applied the IAS 12 amendment which provides an exemption from recognising and disclosing information related to Pillar Two top-up taxes (see note 10). The following new standard is mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2023 and no new standards have been early adopted. The Group\u2019s financial statements have adopted the new standard, but it has had no material impact on the Group\u2019s results or financial position: \u2022 IFRS 17 \u2013 Insurance contracts (effective 1 January 2023) The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2024. These new pronouncements are listed as follows: \u2022 IFRS 16 (amendments) \u2018Lease accounting\u2019, on sale and leaseback (effective 1 January 2024); \u2022 IAS 1 (amendments) \u2018Presentation of Financial Statements\u2019, on non-current liabilities with covenants (effective 1 January 2024); and \u2022 IAS 7 (amendments) \u2018Financial instruments\u2019, on supplier finance (effective 1 January 2024). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-9": { "value": "Hays plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-8": { "value": "Company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-398": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-11": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-10": { "value": "4 th Floor, 20 Triton Street, London NW1 3BF ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-448": { "value": "
The Consolidated Financial Statements have been prepared in
accordance with UK-adopted International Accounting Standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-447": { "value": "
The Consolidated Financial Statements are presented in sterling,
the functional currency of Hays plc.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-446": { "value": "
New standards and interpretations
The Consolidated Financial Statements have been prepared on the
basis of the accounting policies and methods of computation
applicable for the year ended 30 June 2024. These accounting
policies are consistent with those applied in the preparation of the
Consolidated Financial Statements for the year ended 30 June
2023; the Group has applied the IAS 12 amendment which provides
an exemption from recognising and disclosing information related
to Pillar Two top-up taxes (see note 10).
The following new standard is mandatory for the first time in the
Group\u2019s accounting period beginning on 1 July 2023 and no new
standards have been early adopted. The Group\u2019s financial
statements have adopted the new standard, but it has had no
material impact on the Group\u2019s results or financial position:
\u2022 IFRS 17 \u2013 Insurance contracts (effective 1 January 2023)
The Group has not yet adopted certain new standards,
amendments and interpretations to existing standards, which have
been published but which are only effective for the Group
accounting periods beginning on or after 1 July 2024. These new
pronouncements are listed as follows:
\u2022 IFRS 16 (amendments) \u2018Lease accounting\u2019, on sale and
leaseback (effective 1 January 2024);
\u2022 IAS 1 (amendments) \u2018Presentation of Financial Statements\u2019, on
non-current liabilities with covenants (effective 1 January 2024);
and
\u2022 IAS 7 (amendments) \u2018Financial instruments\u2019, on supplier finance
(effective 1 January 2024).
The Directors are currently evaluating the impact of the adoption of
the standards, amendments and interpretations but do not expect
them to have a material impact on the Group\u2019s operations
or results.
The Group\u2019s principal accounting policies adopted in the
presentation of these Consolidated Financial Statements are set
out below and have been consistently applied to all the
periods presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-482": { "value": "New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2024. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2023; the Group has applied the IAS 12 amendment which provides an exemption from recognising and disclosing information related to Pillar Two top-up taxes (see note 10). The following new standard is mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2023 and no new standards have been early adopted. The Group\u2019s financial statements have adopted the new standard, but it has had no material impact on the Group\u2019s results or financial position: \u2022 IFRS 17 \u2013 Insurance contracts (effective 1 January 2023) The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2024. These new pronouncements are listed as follows: \u2022 IFRS 16 (amendments) \u2018Lease accounting\u2019, on sale and leaseback (effective 1 January 2024); \u2022 IAS 1 (amendments) \u2018Presentation of Financial Statements\u2019, on non-current liabilities with covenants (effective 1 January 2024); and \u2022 IAS 7 (amendments) \u2018Financial instruments\u2019, on supplier finance (effective 1 January 2024). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-473": { "value": "New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2024. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2023; the Group has applied the IAS 12 amendment which provides an exemption from recognising and disclosing information related to Pillar Two top-up taxes (see note 10). The following new standard is mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2023 and no new standards have been early adopted. The Group\u2019s financial statements have adopted the new standard, but it has had no material impact on the Group\u2019s results or financial position: \u2022 IFRS 17 \u2013 Insurance contracts (effective 1 January 2023) The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2024. These new pronouncements are listed as follows: \u2022 IFRS 16 (amendments) \u2018Lease accounting\u2019, on sale and leaseback (effective 1 January 2024); \u2022 IAS 1 (amendments) \u2018Presentation of Financial Statements\u2019, on non-current liabilities with covenants (effective 1 January 2024); and \u2022 IAS 7 (amendments) \u2018Financial instruments\u2019, on supplier finance (effective 1 January 2024). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-399": { "value": "
2 Material accounting policies
a Basis of preparation
The Consolidated Financial Statements have been prepared on the
historical cost basis with the exception of financial instruments,
pension assets and share-based payments. Financial instruments
have been recorded initially on a fair value basis and then at
amortised cost. Pension assets and share-based payments have
been measured at fair value.
b Going Concern
The Group\u2019s business activities, together with the factors likely to
affect its future development, performance and position are set out
in the Strategic Report. The financial position of the Group, its
cash flows and liquidity position are described in the Chief
Financial Officer\u2019s Review, with details of the Group\u2019s treasury
activities, long-term funding arrangements and exposure to
financial risk included in notes 19 to 21 to the Consolidated
Financial Statements.
As in prior years, the Board undertook a strategic business review
in the current year which took into account the Group\u2019s current
financial position and the potential impact of the principal risks set
out in the Annual Report.
In addition, and in making this statement, the Board carried out a
robust assessment of the principal risks facing the Group, including
those that would threaten the Group\u2019s business model, future
performance and liquidity. While the review has considered all the
principal risks identified by the Group, the resilience of the Group to
the occurrence of these risks in severe yet plausible scenarios has
been evaluated.
Financial position
At 30 June 2024, the Group had net cash of \u00a356.8 million
compared to net cash of \u00a3135.6 million at 30 June 2023. The
Group had a good working capital performance, with significant
management focus on cash collection, average trade debtor days
remained below pre-Pandemic levels at 36 days (2023: 33 days),
with the increase versus prior year being caused by the relative
resilience of our Enterprise clients, that typically have longer
payment terms. The Group has a history of strong cash generation,
tight cost control and flexible workforce management.
Assessment of Going Concern
The Board approves the annual budget, which is based on
submissions from the Group\u2019s divisions, following a thorough
review process. The Board also reviews monthly management
reports and quarterly forecasts. The output of the planning and
budgeting processes has been used to perform base case
projections for going concern purposes, under
prudent assumptions:
\u2022 FY25 net fees and operating profit in-line with the
approved budget
\u2022 Modest, single digit net fee growth in FY26
\u2022 Working capital movements expected to be broadly neutral
\u2022 That the Group\u2019s revolving credit facility is extended beyond the
viability period
\u2022 Future dividends are in-line with current policy
\u2022 No changes to the Group structure
A sensitivity analysis of the Group\u2019s cash flow was performed to
model the potential effects should the principal risks occur either
individually or in unison. The sensitivity analysis modelled a range
of severe, but plausible, downside scenarios against the base case
projections, including a worsening of the macroeconomic
environment and intensified competition, increasing inflation and
the potential impact of climate change, with a range of recovery
scenarios considered. The \u2018Stress Case\u2019 scenario assumes that
the Group experiences a severe further deterioration in market
conditions in H2 FY25, followed by a period of only
gradual recovery.
The Directors are satisfied that the Group would be able to respond
to such scenarios with a range of measures including, but not
limited to:
\u2022 Quickly decreasing headcount through natural attrition
\u2022 Reductions in discretionary spend
\u2022 Deferral of capital expenditure
\u2022 Further rationalisation or restructuring of business operations
\u2022 Reduction in cash distributions to shareholders
Given the nature of the Temporary and Contract recruitment
business, significant working capital inflows typically arise in
periods of severe downturn, thus protecting liquidity as was the
case during the Global Financial Crisis of 2008/09 and which we
again experienced during the Covid-19 pandemic.
Set against these downside trading scenarios, the Board also
considered key mitigating factors including the geographic and
sectoral diversity of the Group, its balanced business model across
Temporary, Permanent and Contract recruitment services, and the
focus on building a more resilient business, underpinned by the
Group\u2019s clear strategy and focus on operational rigour.
Furthermore, whilst our key markets have become increasingly
challenging throughout FY24, skill and talent shortages are
widespread across our major markets and are expected to remain
so for the foreseeable future; the Directors are therefore satisfied
that the demand for recruitment services will continue, supporting
the resilience of our business model.
The Directors also considered a reverse stress test scenario to
understand the reduction required to cause a breach of financial
covenants or loss of solvency. The conclusion from the reverse
stress test is that the likelihood of the scenarios occurring is
remote and therefore does not represent a realistic threat to the
going concern assumption of the Group.
The Group has an unsecured revolving credit facility of
\u00a3210 million, that reduces in November 2024 to \u00a3170 million and
expires in November 2025. The Directors anticipate no problems in
renewing the facility, based on good early engagement with
lenders, and fully intend to do so. This provides considerable
headroom against current and future Group funding requirements.
At 30 June 2024, \u00a3145 million of the facility was undrawn.
The Group has sufficient financial resources which, together with
internally generated cash flows, will continue to provide sufficient
sources of liquidity to fund its current operations, including its
contractual and commercial commitments and any proposed
dividends. The Group is therefore well-placed to manage its
business risks. After making enquiries, the Directors have formed
the judgment at the time of approving the financial statements,
that there is a reasonable expectation that the Group has adequate
resources to continue in operational existence throughout the
Going Concern period, being at least 12 months from the date of
approval of the Consolidated Financial Statements. For this reason,
they continue to adopt the going concern basis of accounting in
preparing the Consolidated Financial Statements.
c Basis of consolidation Subsidiaries are fully consolidated from the date on which power to control is transferred to the Group. They are deconsolidated from the date on which control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group whereby the identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. The Consolidated Financial Statements consolidate the accounts of Hays plc and all of its subsidiaries. The results of subsidiaries acquired or disposed during the year are included from the effective date of acquisition or up to the effective date of disposal, as appropriate. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. d Turnover Turnover is measured at the fair value of the consideration received or receivable at the point in time and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Turnover arising from the placement of permanent candidates, including turnover arising from Recruitment Process Outsourcing (RPO) services, is recognised at the point in time the candidate commences full-time employment. Where a permanent candidate starts employment but does not work for the specified contractual period, an adjustment is made based on experience in respect of the expected required refund or credit note due to the client. The revenue recognised from a permanent placement is typically based on a percentage of the candidate\u2019s remuneration package. Turnover arising from temporary placements, including turnover arising from Managed Service Programme (MSP) services, is recognised starting at the point in time that temporary workers are provided and continues through the duration of the placement. In nearly all contract arrangements the Group acts as principal. Where the Group is acting as a principal, turnover represents the amounts billable for the services of the temporary workers, including the remuneration costs of the temporary workers. The commission included within the revenue recognised arising from temporary placements is typically based on a percentage of the placement\u2019s hourly rate. Where Hays acts as principal in arrangements that invoice on the costs incurred with other recruitment agencies as part of the MSP service provided, and in which Hays manages the recruitment supply chain, turnover represents amounts billable on from other recruitment agencies, including arrangements where no commission is directly receivable by the Group. In some limited instances where the Group is acting as an agent in arrangements that invoice on behalf of other recruitment agencies as part of the MSP service provided, turnover represents commission receivable relating to the supply of temporary workers and does not include the remuneration costs of the other agency temporary workers.
Revenue recognition
Revenue is recognised for permanent placements on the day a
candidate starts work. Revenue is recognised for temporary
placements at the point in time that temporary workers are
provided and continues through the duration of the placement.
The factors considered by management on a contract by contract
basis when concluding the Company is acting as principal (gross
basis) rather than agent (net basis) are as follows:
\u2022 The client has a direct relationship with Hays;
\u2022 Hays has the primary responsibility for providing the services to
the client, and engages and contracts directly with the temporary
worker and other recruitment companies;
\u2022 Hays has latitude in establishing the rates directly or indirectly
with all parties; and
\u2022 Hays bears the credit risk on the receivable due from the client.
e Net fees
Net fees represent turnover less the remuneration costs of
temporary workers for temporary assignments and remuneration
of other recruitment agencies. For the placement of permanent
candidates, net fees are equal to turnover.
f Exceptional items
Exceptional items, as disclosed on the face of the Consolidated
Income Statement, are items which due to their material non-
recurring nature have been classified separately and are
highlighted separately in the notes to the Consolidated Financial
Statements. The Group considers this provides additional useful
information and assists in understanding the financial performance
achieved by the Group. Separate presentation of these items is
intended to enhance understanding of the financial performance of
the Group in the year and the extent to which results are influenced
by material non-recurring items. These may include items such
as a major restructure of the business operations or a material
impairment of goodwill or other intangible assets. Items
described as \u201cbefore exceptional items\u201d are alternative
performance measures.
g Foreign currencies
On consolidation, the tangible and intangible assets and liabilities
of subsidiaries denominated in foreign currencies are translated
into sterling at the rates ruling at the balance sheet date. Income
and expense items are translated into sterling at average rates of
exchange for the period. Any exchange differences which have
arisen from an entity\u2019s investment in a foreign subsidiary, including
long-term loans, are recognised as a separate component of equity
and are included in the Group\u2019s cumulative translation reserve.
On disposal of a subsidiary, any amounts transferred to the
cumulative translation reserve are included in the calculation of
profit and loss on disposal. All other translation differences are
dealt with in the Consolidated Income Statement.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate.
h Retirement benefit costs
The expense of defined benefit pension schemes and other
post-retirement employee benefits is determined using the
projected-unit credit method and charged to the Consolidated
Income Statement as an expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year.
All remeasurement gains and losses are recognised immediately
in reserves and reported in the Consolidated Statement of
Comprehensive Income in the period in which they occur.
Past service costs, curtailments and settlements are recognised
immediately in the Consolidated Income Statement.
The Group chose under IFRS 1 to recognise in retained earnings all
cumulative remeasurement gains and losses as at 1 July 2004, the
date of transition to IFRS. The Group has chosen to recognise all
remeasurement gains and losses arising subsequent to 1 July
2004 in reserves and reported in the Consolidated Statement of
Comprehensive Income.
The retirement benefit surplus recognised in the Consolidated
Balance Sheet represents the fair value of scheme assets less the
present value of the defined benefit obligation.
The Hays Pension Scheme Definitive Deed and Rules is considered
to provide Hays with an unconditional right to a refund of surplus
assets and therefore the recognition of a net defined benefit
scheme asset is not restricted and agreements to make funding
contributions do not give rise to any additional liabilities in respect
of the Scheme.
Payments to defined contribution schemes are charged as an
expense in the Consolidated Income Statement as they fall due.
i Share-based payments
The fair value of all share-based remuneration that is assessed
upon market-based performance criteria is determined at the date
of grant and recognised as an expense in the Consolidated Income
Statement on a straight-line basis over the vesting period, taking
account of the estimated number of shares that will vest.
The fair value of all share-based remuneration that is assessed
upon non-market-based performance criteria is determined at the
date of the grant and recognised as an expense in the Consolidated
Income Statement over the vesting period, based on the number of
shares that are expected to vest. The number of shares that are
expected to vest is adjusted accordingly, based on the satisfaction
of the performance criteria at each year-end.
The fair values are determined by use of the relevant valuation
models. All share-based remuneration is equity-settled.
j Borrowing costs
Interest costs are recognised as an expense in the Consolidated
Income Statement in the period in which they are incurred.
Arrangement fees incurred in respect of borrowings are amortised
over the term of the agreement.
k Taxation
The tax expense is recognised in the Consolidated Income
Statement, the Consolidated Statement of Comprehensive Income
or directly to retained earnings, according to the accounting
treatment of the related transaction giving rise to the tax. The tax
expense comprises both current and deferred tax.
Current tax is the tax payable based on taxable profit for the year.
Taxable profit differs from profit as reported in the Consolidated
Income Statement because it excludes items of income or expense
that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. Current tax is calculated
using tax rates that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is provided on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in
the Consolidated Financial Statements.
Deferred tax liabilities are generally recognised on all temporary
differences and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against which
the temporary differences can be utilised.
Deferred tax is not recognised for temporary differences arising
from the initial recognition of goodwill or initial recognition of other
assets or liabilities in a transaction (other than a business
combination) that affects neither accounting profit nor taxable
profit. Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates
except where the Group is able to control the reversal of the
temporary differences and it is probable that the temporary
difference will not reverse in the foreseeable future.
The carrying amounts of deferred tax assets are reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all
or part of the deferred tax assets to be recovered. Unrecognised
deferred tax assets are also reassessed each balance sheet date
and recognised where it has become probable that future taxable
profits are available against which the asset can be recovered.
Deferred tax is provided using tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set-off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Uncertain tax positions
The Group operates in many countries and is therefore subject to
tax laws in a number of different tax jurisdictions. The amount of
tax payable or receivable on profits or losses for any period is
subject to the agreement of the tax authority in each respective
jurisdiction and the tax liability or asset position is open to review
for several years after the relevant accounting period ends. In
determining the provisions for income taxes, management is
required to make judgments and estimates based on
interpretations of tax statute and case law, which it does after
taking account of professional advice and prior experience.
Uncertainties in respect of enquiries and additional tax
assessments raised by tax authorities are measured in accordance
with IFRIC 23 using the method that in management\u2019s view, best
predicts the resolution of the uncertainty. The amounts ultimately
payable or receivable may differ from the amounts of any
provisions recognised in the Consolidated Financial Statements as
a result of the estimates and assumptions used.
l Goodwill
Goodwill arising on consolidation represents the excess of
purchase consideration less the fair value of the identifiable
tangible and intangible assets and liabilities acquired.
Goodwill is recognised as an asset and reviewed for impairment at
least annually. For the purpose of impairment testing, assets are
grouped at the lowest level for which there are separately
identifiable cash flows, known as cash-generating units (CGUs).
Any impairment is recognised immediately in the Consolidated
Income Statement and is not subsequently reversed.
On disposal of a business the attributable amount of goodwill is
included in the determination of the profit or loss on disposal.
Goodwill arising on acquisitions before the date of transition to
IFRS (1 July 2004) has been retained at the previous UK GAAP
amounts, subject to being tested for impairment at that date.
Goodwill arising on acquisitions prior to 1 July 1998 was written off
direct to reserves under UK GAAP. This goodwill has not been
reinstated and is not included in determining any subsequent profit
or loss on disposal.
m Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. n Property, plant and equipment Property, plant and equipment is recorded at cost, net of depreciation and any provision for impairment. Depreciation is provided on a straight-line basis over the anticipated useful working lives of the assets, after they have been brought into use, at the following rates: Leasehold properties \u2013 The cost is written off over the unexpired term of the lease Plant and machinery \u2013 At rates varying between 5% and 33% Fixtures and fittings \u2013 At rates varying between 10% and 25% o Trade and other receivables Trade and other receivables are initially measured at the transaction price and then at amortised cost after appropriate allowances for estimated irrecoverable amounts have been recognised in the Consolidated Income Statement. An allowance for impairment is made to both trade receivables and accrued income based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. p Cash and cash equivalents Cash and cash equivalents comprise cash-in-hand and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. q Trade payables Trade payables are measured initially at transaction price and then at amortised cost. r Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. s Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2023: six) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). t Leases Set out below are the accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease and they are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its leases of property, motor vehicles and equipment where leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. u Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the liability. v Government grants A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised net against the related costs for the period in which they are intended to compensate.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-400": { "value": "a Basis of preparation The Consolidated Financial Statements have been prepared on the historical cost basis with the exception of financial instruments, pension assets and share-based payments. Financial instruments have been recorded initially on a fair value basis and then at amortised cost. Pension assets and share-based payments have been measured at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-402": { "value": "b Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position are described in the Chief Financial Officer\u2019s Review, with details of the Group\u2019s treasury activities, long-term funding arrangements and exposure to financial risk included in notes 19 to 21 to the Consolidated Financial Statements. As in prior years, the Board undertook a strategic business review in the current year which took into account the Group\u2019s current financial position and the potential impact of the principal risks set out in the Annual Report. In addition, and in making this statement, the Board carried out a robust assessment of the principal risks facing the Group, including those that would threaten the Group\u2019s business model, future performance and liquidity. While the review has considered all the principal risks identified by the Group, the resilience of the Group to the occurrence of these risks in severe yet plausible scenarios has been evaluated. Financial position At 30 June 2024, the Group had net cash of \u00a356.8 million compared to net cash of \u00a3135.6 million at 30 June 2023. The Group had a good working capital performance, with significant management focus on cash collection, average trade debtor days remained below pre-Pandemic levels at 36 days (2023: 33 days), with the increase versus prior year being caused by the relative resilience of our Enterprise clients, that typically have longer payment terms. The Group has a history of strong cash generation, tight cost control and flexible workforce management. Assessment of Going Concern The Board approves the annual budget, which is based on submissions from the Group\u2019s divisions, following a thorough review process. The Board also reviews monthly management reports and quarterly forecasts. The output of the planning and budgeting processes has been used to perform base case projections for going concern purposes, under prudent assumptions: \u2022 FY25 net fees and operating profit in-line with the approved budget \u2022 Modest, single digit net fee growth in FY26 \u2022 Working capital movements expected to be broadly neutral \u2022 That the Group\u2019s revolving credit facility is extended beyond the viability period \u2022 Future dividends are in-line with current policy \u2022 No changes to the Group structure A sensitivity analysis of the Group\u2019s cash flow was performed to model the potential effects should the principal risks occur either individually or in unison. The sensitivity analysis modelled a range of severe, but plausible, downside scenarios against the base case projections, including a worsening of the macroeconomic environment and intensified competition, increasing inflation and the potential impact of climate change, with a range of recovery scenarios considered. The \u2018Stress Case\u2019 scenario assumes that the Group experiences a severe further deterioration in market conditions in H2 FY25, followed by a period of only gradual recovery. The Directors are satisfied that the Group would be able to respond to such scenarios with a range of measures including, but not limited to: \u2022 Quickly decreasing headcount through natural attrition \u2022 Reductions in discretionary spend \u2022 Deferral of capital expenditure \u2022 Further rationalisation or restructuring of business operations \u2022 Reduction in cash distributions to shareholders Given the nature of the Temporary and Contract recruitment business, significant working capital inflows typically arise in periods of severe downturn, thus protecting liquidity as was the case during the Global Financial Crisis of 2008/09 and which we again experienced during the Covid-19 pandemic. Set against these downside trading scenarios, the Board also considered key mitigating factors including the geographic and sectoral diversity of the Group, its balanced business model across Temporary, Permanent and Contract recruitment services, and the focus on building a more resilient business, underpinned by the Group\u2019s clear strategy and focus on operational rigour. Furthermore, whilst our key markets have become increasingly challenging throughout FY24, skill and talent shortages are widespread across our major markets and are expected to remain so for the foreseeable future; the Directors are therefore satisfied that the demand for recruitment services will continue, supporting the resilience of our business model. The Directors also considered a reverse stress test scenario to understand the reduction required to cause a breach of financial covenants or loss of solvency. The conclusion from the reverse stress test is that the likelihood of the scenarios occurring is remote and therefore does not represent a realistic threat to the going concern assumption of the Group. The Group has an unsecured revolving credit facility of \u00a3210 million, that reduces in November 2024 to \u00a3170 million and expires in November 2025. The Directors anticipate no problems in renewing the facility, based on good early engagement with lenders, and fully intend to do so. This provides considerable headroom against current and future Group funding requirements. At 30 June 2024, \u00a3145 million of the facility was undrawn. The Group has sufficient financial resources which, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations, including its contractual and commercial commitments and any proposed dividends. The Group is therefore well-placed to manage its business risks. After making enquiries, the Directors have formed the judgment at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence throughout the Going Concern period, being at least 12 months from the date of approval of the Consolidated Financial Statements. For this reason, they continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-403": { "value": "
c Basis of consolidation
Subsidiaries are fully consolidated from the date on which power to
control is transferred to the Group. They are deconsolidated from
the date on which control ceases.
The acquisition method of accounting is used to account for the
acquisition of subsidiaries by the Group whereby the identifiable
assets, liabilities and contingent liabilities are measured at their fair
values at the date of acquisition. The excess of the cost of
acquisition over the fair value of the Group\u2019s share of the
identifiable net assets acquired is recorded as goodwill. The
Consolidated Financial Statements consolidate the accounts of
Hays plc and all of its subsidiaries. The results of subsidiaries
acquired or disposed during the year are included from the
effective date of acquisition or up to the effective date of disposal,
as appropriate.
All intra-Group transactions, balances, income and expenses are
eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-404": { "value": "
d Turnover
Turnover is measured at the fair value of the consideration received
or receivable at the point in time and represents amounts
receivable for services provided in the normal course of business,
net of discounts, VAT and other sales-related taxes.
Turnover arising from the placement of permanent candidates,
including turnover arising from Recruitment Process Outsourcing
(RPO) services, is recognised at the point in time the candidate
commences full-time employment. Where a permanent candidate
starts employment but does not work for the specified contractual
period, an adjustment is made based on experience in respect of
the expected required refund or credit note due to the client. The
revenue recognised from a permanent placement is typically based
on a percentage of the candidate\u2019s remuneration package.
Turnover arising from temporary placements, including turnover
arising from Managed Service Programme (MSP) services, is
recognised starting at the point in time that temporary workers are
provided and continues through the duration of the placement. In
nearly all contract arrangements the Group acts as principal.
Where the Group is acting as a principal, turnover represents the
amounts billable for the services of the temporary workers,
including the remuneration costs of the temporary workers. The
commission included within the revenue recognised arising from
temporary placements is typically based on a percentage of the
placement\u2019s hourly rate.
Where Hays acts as principal in arrangements that invoice on the
costs incurred with other recruitment agencies as part of the MSP
service provided, and in which Hays manages the recruitment
supply chain, turnover represents amounts billable on from other
recruitment agencies, including arrangements where no
commission is directly receivable by the Group.
In some limited instances where the Group is acting as an agent in
arrangements that invoice on behalf of other recruitment agencies
as part of the MSP service provided, turnover represents
commission receivable relating to the supply of temporary workers
and does not include the remuneration costs of the other agency
temporary workers.
Revenue recognition Revenue is recognised for permanent placements on the day a candidate starts work. Revenue is recognised for temporary placements at the point in time that temporary workers are provided and continues through the duration of the placement. The factors considered by management on a contract by contract basis when concluding the Company is acting as principal (gross basis) rather than agent (net basis) are as follows: \u2022 The client has a direct relationship with Hays; \u2022 Hays has the primary responsibility for providing the services to the client, and engages and contracts directly with the temporary worker and other recruitment companies; \u2022 Hays has latitude in establishing the rates directly or indirectly with all parties; and \u2022 Hays bears the credit risk on the receivable due from the client. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-405": { "value": "e Net fees Net fees represent turnover less the remuneration costs of temporary workers for temporary assignments and remuneration of other recruitment agencies. For the placement of permanent candidates, net fees are equal to turnover. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-410": { "value": "f Exceptional items Exceptional items, as disclosed on the face of the Consolidated Income Statement, are items which due to their material non- recurring nature have been classified separately and are highlighted separately in the notes to the Consolidated Financial Statements. The Group considers this provides additional useful information and assists in understanding the financial performance achieved by the Group. Separate presentation of these items is intended to enhance understanding of the financial performance of the Group in the year and the extent to which results are influenced by material non-recurring items. These may include items such as a major restructure of the business operations or a material impairment of goodwill or other intangible assets. Items described as \u201cbefore exceptional items\u201d are alternative performance measures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-408": { "value": "g Foreign currencies On consolidation, the tangible and intangible assets and liabilities of subsidiaries denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. Income and expense items are translated into sterling at average rates of exchange for the period. Any exchange differences which have arisen from an entity\u2019s investment in a foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included in the Group\u2019s cumulative translation reserve. On disposal of a subsidiary, any amounts transferred to the cumulative translation reserve are included in the calculation of profit and loss on disposal. All other translation differences are dealt with in the Consolidated Income Statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-409": { "value": "h Retirement benefit costs The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected-unit credit method and charged to the Consolidated Income Statement as an expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. All remeasurement gains and losses are recognised immediately in reserves and reported in the Consolidated Statement of Comprehensive Income in the period in which they occur. Past service costs, curtailments and settlements are recognised immediately in the Consolidated Income Statement. The Group chose under IFRS 1 to recognise in retained earnings all cumulative remeasurement gains and losses as at 1 July 2004, the date of transition to IFRS. The Group has chosen to recognise all remeasurement gains and losses arising subsequent to 1 July 2004 in reserves and reported in the Consolidated Statement of Comprehensive Income. The retirement benefit surplus recognised in the Consolidated Balance Sheet represents the fair value of scheme assets less the present value of the defined benefit obligation. The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. Payments to defined contribution schemes are charged as an expense in the Consolidated Income Statement as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-406": { "value": "i Share-based payments The fair value of all share-based remuneration that is assessed upon market-based performance criteria is determined at the date of grant and recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that will vest. The fair value of all share-based remuneration that is assessed upon non-market-based performance criteria is determined at the date of the grant and recognised as an expense in the Consolidated Income Statement over the vesting period, based on the number of shares that are expected to vest. The number of shares that are expected to vest is adjusted accordingly, based on the satisfaction of the performance criteria at each year-end. The fair values are determined by use of the relevant valuation models. All share-based remuneration is equity-settled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-407": { "value": "j Borrowing costs Interest costs are recognised as an expense in the Consolidated Income Statement in the period in which they are incurred. Arrangement fees incurred in respect of borrowings are amortised over the term of the agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-449": { "value": "k Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgments and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-411": { "value": "k Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgments and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-416": { "value": "l Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-451": { "value": "l Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal.
m Intangible assets
Intangible assets acquired as part of a business combination are
stated in the Consolidated Balance Sheet at their fair value as at
the date of acquisition less accumulated amortisation and any
provision for impairment. The Directors review intangible assets for
indications of impairment annually. There are no significant
intangible assets other than computer software.
Costs associated with maintaining software programmes are
recognised as an expense as incurred. Development costs that are
directly attributable to the design and testing of identifiable and
unique software controlled by the Group are recognised as
intangible assets. Directly attributable costs that are capitalised as
part of the software include employee costs and appropriate
overheads. Capitalised development costs are recorded as
intangible assets and amortised from the point at which the asset
is ready for use.
Internally generated intangible assets are stated in the
Consolidated Balance Sheet at the directly attributable cost of
creation of the asset, less accumulated amortisation. Intangible
assets are amortised on a straight-line basis over their estimated
useful lives up to a maximum of 10 years. Software incorporated
into major Enterprise Resource Planning (ERP) implementations
that support the recruitment process and financial reporting
process is amortised over a life of up to seven years. Other
software is amortised between three and five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-417": { "value": "m Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-412": { "value": "
n Property, plant and equipment
Property, plant and equipment is recorded at cost, net of
depreciation and any provision for impairment. Depreciation is
provided on a straight-line basis over the anticipated useful working
lives of the assets, after they have been brought into use, at the
following rates:
Leasehold properties \u2013 The cost is written off over the
unexpired term of the lease
Plant and machinery \u2013 At rates varying between 5% and 33%
Fixtures and fittings \u2013 At rates varying between 10% and 25%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-450": { "value": "n Property, plant and equipment Property, plant and equipment is recorded at cost, net of depreciation and any provision for impairment. Depreciation is provided on a straight-line basis over the anticipated useful working lives of the assets, after they have been brought into use, at the following rates: Leasehold properties \u2013 The cost is written off over the unexpired term of the lease Plant and machinery \u2013 At rates varying between 5% and 33% Fixtures and fittings \u2013 At rates varying between 10% and 25% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-413": { "value": "
o Trade and other receivables
Trade and other receivables are initially measured at the
transaction price and then at amortised cost after appropriate
allowances for estimated irrecoverable amounts have been
recognised in the Consolidated Income Statement. An allowance
for impairment is made to both trade receivables and accrued
income based on historical credit loss experience adjusted for
forward-looking factors specific to the debtors and economic
environment, as evidence of a likely reduction in the recoverability
of the cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-415": { "value": "
p Cash and cash equivalents
Cash and cash equivalents comprise cash-in-hand and current
balances with banks and similar institutions, which are readily
convertible to known amounts of cash and which are subject to
insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-414": { "value": "
q Trade payables
Trade payables are measured initially at transaction price and then
at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-422": { "value": "
r Bank borrowings
Interest-bearing bank loans and overdrafts are recorded initially at
fair value and subsequently measured at amortised cost.
Finance charges, including premiums payable on settlement or
redemption and direct-issue costs, are accounted for on an accrual
basis in the Consolidated Income Statement using the effective
interest rate method and are added to the carrying amount of the
instrument to the extent that they are not settled in the period in
which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-488": { "value": "r Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-483": { "value": "r Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. s Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2023: six) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-452": { "value": "
s Derivative financial instruments
The Group may use certain derivative financial instruments to
reduce its exposure to foreign exchange movements. The Group
held six foreign exchange contracts at the end of the current year
(2023: six) to facilitate cash management within the Group. The
Group does not hold or use derivative financial instruments for
speculative purposes.
The fair values of foreign exchange swaps are measured using
inputs other than quoted prices that are observable for the asset or
liability, either directly or indirectly. It is the Group\u2019s policy not to
seek to designate these derivatives as hedges. All derivative
financial instruments not in a hedge relationship are classified as
derivatives at fair value in the Consolidated Income Statement.
Fair value measurements
The information below sets out how the Group determines fair
value of various financial assets and financial liabilities.
The following provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 based on the degree to which the fair value
is observable.
\u2022 Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active markets for identical assets
or liabilities;
\u2022 Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are
observable for the asset or liability either directly (i.e. as prices)
or indirectly (i.e. derived from prices); and
\u2022 Level 3 fair value measurements are those derived from
valuation techniques that include inputs for the asset or
liability that are not based on observable market data
(unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-418": { "value": "s Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2023: six) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-474": { "value": "Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-419": { "value": "
t Leases
Set out below are the accounting policies of the Group upon
adoption of IFRS 16, which have been applied from the date of
initial application:
Right-of-use assets
The Group recognises right-of-use assets at the commencement
date of the lease and they are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Unless
the Group is reasonably certain to obtain ownership of the leased
asset at the end of the lease term, the recognised right-of-use
assets are depreciated on a straight-line basis over the shorter of
its estimated useful life and the lease term. Right-of-use assets are
subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises
lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed
payments less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of
penalties for terminating a lease, if the lease term reflects the
Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised
as an expense in the period in which the event or condition that
triggers the payment occurs.
In calculating the present value of lease payments, the Group uses
the incremental borrowing rate at the lease commencement date if
the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the
lease term, a change in the in-substance fixed lease payments or a
change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to
its leases of property, motor vehicles and equipment where leases
have a lease term of 12 months or less from the commencement
date and do not contain a purchase option. It also applies the lease
of low-value assets recognition exemption to leases of office
equipment that are considered of low value. Lease payments on
short-term leases and leases of low-value assets are recognised as
an expense on a straight-line basis over the lease term.
The Group determines the lease term as the non-cancellable term
of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-420": { "value": "
u Provisions
A provision is recognised when the Group has a present legal or
constructive obligation as a result of a past event for which it is
probable that an outflow of resources will be required to settle the
obligation and when the amount can be reliably estimated. If the
effect is material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects the current
market assessment of the time value of money and the risks
specific to the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-421": { "value": "
v Government grants
A government grant is recognised only when there is reasonable
assurance that the Group will comply with any conditions attached
to the grant and that the grant will be received. The grant is
recognised net against the related costs for the period in which
they are intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-423": { "value": "
3 Critical accounting judgments and key sources
of estimation uncertainty
The preparation of the Consolidated Financial Statements requires
judgment, estimations and assumptions to be made that affect
the reported value of assets, liabilities, revenues and expenses.
Judgments, estimates and assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised
in the year in which the estimate is revised and in any future
years affected.
In preparing the Consolidated Financial Statements, the Directors
have considered the impact of Climate Change on the Group and
have concluded that there is no material impact on financial
reporting judgments and estimates (further information is provided
in the Strategic Report on page 71). This is consistent with the
assertion that risks associated with Climate Change are not
expected to have a material impact on the longer term viability of
the Group. Furthermore, there is not considered to be a material
impact on the carrying value of goodwill, other intangibles or on
property, plant and equipment.
Whilst the Directors have concluded that there is no material
impact of Climate Change on the financial reporting judgments and
estimates, they are mindful of the changing nature of the risks of
Climate Change. The Directors will therefore continue to monitor
these risks and their potential impact on the judgments and
estimates used in the Consolidated Financial Statements.
In applying the Group\u2019s accounting policies, the Directors have
identified that the following areas are the critical accounting
judgments and key sources of estimation uncertainty:
Critical accounting judgments
Profit before exceptional items
Management consider that this alternative performance measure
provides useful information for shareholders on the Group\u2019s
underlying performance and is consistent with how the business
performance is measured internally by the chief operating decision
maker. Profit before exceptional items and earnings per share
before exceptionals are not recognised measures under UK-
adopted International Accounting Standards and may not be
directly comparable with adjusted measures used by
other companies.
The classification of items excluded from profit before exceptionals requires judgment, including considering the nature, circumstances, scale and impact of a transaction upon the Group\u2019s results. The details of items treated as exceptional items are disclosed in note 5 to the Consolidated Financial Statements. Estimation uncertainty Goodwill impairment Goodwill is tested for impairment at least annually. In performing these tests assumptions are made in respect of future growth rates and the discount rate to be applied to the future cash flows of cash-generating units (CGUs). These assumptions are set out in note 13 to the Consolidated Financial Statements. There was an impairment of \u00a315.3 million (2023: \u00a3nil) recognised in the current year as an exceptional item in respect of the 2014 Veredus acquisition in the US business. Management have determined that there has been no impairment to any of the other CGUs or to the remainder of the US CGU and does not consider there to exist a significant risk of material adjustments. Pension accounting Under IAS 19 \u2018Employee Benefits\u2019, the Group has recognised a pension surplus of \u00a319.4 million (2023: \u00a325.7 million). A number of assumptions have been made in determining the pension position and these are described in note 23 to the Consolidated Financial Statements. Provisions in respect of recoverability of trade receivables As described in note 18 to the Consolidated Financial Statements, provisions for impairment of trade receivables and accrued income have been made. In reviewing the appropriateness of these provisions, consideration has been given to the ageing of the debt and the potential likelihood of default, taking into account current and future economic conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-453": { "value": "
Estimation uncertainty
Goodwill impairment
Goodwill is tested for impairment at least annually. In performing
these tests assumptions are made in respect of future growth
rates and the discount rate to be applied to the future cash flows of
cash-generating units (CGUs). These assumptions are set out in
note 13 to the Consolidated Financial Statements. There was an
impairment of \u00a315.3 million (2023: \u00a3nil) recognised in the current
year as an exceptional item in respect of the 2014 Veredus
acquisition in the US business. Management have determined that
there has been no impairment to any of the other CGUs or to the
remainder of the US CGU and does not consider there to exist a
significant risk of material adjustments.
Pension accounting
Under IAS 19 \u2018Employee Benefits\u2019, the Group has recognised a
pension surplus of \u00a319.4 million (2023: \u00a325.7 million). A number of
assumptions have been made in determining the pension position
and these are described in note 23 to the Consolidated Financial
Statements.
Provisions in respect of recoverability of trade receivables
As described in note 18 to the Consolidated Financial Statements,
provisions for impairment of trade receivables and accrued income
have been made. In reviewing the appropriateness of these
provisions, consideration has been given to the ageing of the debt
and the potential likelihood of default, taking into account current
and future economic conditions.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-424": { "value": "
4 Segmental information
IFRS 8 \u2018Operating Segments\u2019
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker to allocate resources to the segment and to assess their performance.
As a result, the Group segments the business into four regions, Germany, United Kingdom & Ireland, Australia & New Zealand and Rest of
World. There is no material difference between the segmentation of the Group\u2019s turnover by geographic origin and destination.
The Group\u2019s operations comprise one class of business, that of qualified, professional and skilled recruitment.
Turnover, net fees and operating profit
The Group\u2019s Executive Leadership Team, which is regarded as the chief operating decision maker, uses net fees by segment as its
measure of revenue in internal reports, rather than turnover. This is because net fees exclude the remuneration of temporary workers, and
payments to other recruitment agencies where the Group acts as principal, which are not considered relevant in allocating resources to
segments. The Group\u2019s Executive Leadership Team considers net fees for the purpose of making decisions about allocating resources.
The Group does not report items below operating profit by segment in its internal management reporting. The full detail of these items can
be seen in the Group Consolidated Income Statement on page 155. The reconciliation of turnover to net fees can be found in note 6 to the
Consolidated Financial Statements.
(In \u00a3s million)
Note
2024
2023
Turnover
Germany
1,900.3
1,956.3
United Kingdom & Ireland
1,594.4
1,714.6
Australia & New Zealand
1,286.9
1,583.3
Rest of World
2,167.5
2,329.1
Group
6
6,949.1
7,583.3
(In \u00a3s million)
Note
2024
2023
Net fees
Germany
351.8
382.0
United Kingdom & Ireland
225.7
266.1
Australia & New Zealand
139.7
188.4
Rest of World
396.4
458.1
Group
6
1,113.6
1,294.6
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Operating profit
Germany
68.0
(23.6)
44.4
100.2
United Kingdom & Ireland
6.4
(7.3)
(0.9)
28.7
Australia & New Zealand
11.5
(5.3)
6.2
32.1
Rest of World
19.2
(43.8)
(24.6)
36.0
Group
105.1
(80.0)
25.1
197.0
Net trade receivables
For the purpose of monitoring performance and allocating resources from a balance sheet perspective, the Group\u2019s Executive Leadership
Team monitors trade receivables net of provisions for impairment only on a segmental basis. These are monitored on a constant currency
basis for comparability through the year. These are shown below and reconciled to the totals as shown in note 18 to the Consolidated
Financial Statements.
As reported Exchange As reported Exchange
(In \u00a3s million) internally
adjustments
2024
internally
adjustments
2023
Germany
231.8
(3.0)
228.8
234.3
(0.3)
234.0
United Kingdom & Ireland
160.8
(0.1)
160.7
174.2
(0.1)
174.1
Australia & New Zealand
89.8
0.6
90.4
109.4
(8.3)
101.1
Rest of World
276.3
(1.9)
274.4
221.1
(3.3)
217.8
Group
758.7
(4.4)
754.3
739.0
(12.0)
727.0
Major customers
In the current year and prior year there was no customer that exceeded 10% of the Group\u2019s turnover.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-454": { "value": "4 Segmental information IFRS 8 \u2018Operating Segments\u2019 IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segment and to assess their performance. As a result, the Group segments the business into four regions, Germany, United Kingdom & Ireland, Australia & New Zealand and Rest of World. There is no material difference between the segmentation of the Group\u2019s turnover by geographic origin and destination. The Group\u2019s operations comprise one class of business, that of qualified, professional and skilled recruitment. Turnover, net fees and operating profit The Group\u2019s Executive Leadership Team, which is regarded as the chief operating decision maker, uses net fees by segment as its measure of revenue in internal reports, rather than turnover. This is because net fees exclude the remuneration of temporary workers, and payments to other recruitment agencies where the Group acts as principal, which are not considered relevant in allocating resources to segments. The Group\u2019s Executive Leadership Team considers net fees for the purpose of making decisions about allocating resources. The Group does not report items below operating profit by segment in its internal management reporting. The full detail of these items can be seen in the Group Consolidated Income Statement on page 155. The reconciliation of turnover to net fees can be found in note 6 to the Consolidated Financial Statements.
(In \u00a3s million)
Note
2024
2023
Turnover
Germany
1,900.3
1,956.3
United Kingdom & Ireland
1,594.4
1,714.6
Australia & New Zealand
1,286.9
1,583.3
Rest of World
2,167.5
2,329.1
Group
6
6,949.1
7,583.3
(In \u00a3s million)
Note
2024
2023
Net fees
Germany
351.8
382.0
United Kingdom & Ireland
225.7
266.1
Australia & New Zealand
139.7
188.4
Rest of World
396.4
458.1
Group
6
1,113.6
1,294.6
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Operating profit
Germany
68.0
(23.6)
44.4
100.2
United Kingdom & Ireland
6.4
(7.3)
(0.9)
28.7
Australia & New Zealand
11.5
(5.3)
6.2
32.1
Rest of World
19.2
(43.8)
(24.6)
36.0
Group
105.1
(80.0)
25.1
197.0
Net trade receivables For the purpose of monitoring performance and allocating resources from a balance sheet perspective, the Group\u2019s Executive Leadership Team monitors trade receivables net of provisions for impairment only on a segmental basis. These are monitored on a constant currency basis for comparability through the year. These are shown below and reconciled to the totals as shown in note 18 to the Consolidated Financial Statements.
As reported Exchange As reported Exchange
(In \u00a3s million) internally
adjustments
2024
internally
adjustments
2023
Germany
231.8
(3.0)
228.8
234.3
(0.3)
234.0
United Kingdom & Ireland
160.8
(0.1)
160.7
174.2
(0.1)
174.1
Australia & New Zealand
89.8
0.6
90.4
109.4
(8.3)
101.1
Rest of World
276.3
(1.9)
274.4
221.1
(3.3)
217.8
Group
758.7
(4.4)
754.3
739.0
(12.0)
727.0
Major customers In the current year and prior year there was no customer that exceeded 10% of the Group\u2019s turnover. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-475": { "value": "Turnover, net fees and operating profit The Group\u2019s Executive Leadership Team, which is regarded as the chief operating decision maker, uses net fees by segment as its measure of revenue in internal reports, rather than turnover. This is because net fees exclude the remuneration of temporary workers, and payments to other recruitment agencies where the Group acts as principal, which are not considered relevant in allocating resources to segments. The Group\u2019s Executive Leadership Team considers net fees for the purpose of making decisions about allocating resources. The Group does not report items below operating profit by segment in its internal management reporting. The full detail of these items can be seen in the Group Consolidated Income Statement on page 155. The reconciliation of turnover to net fees can be found in note 6 to the Consolidated Financial Statements.
(In \u00a3s million)
Note
2024
2023
Turnover
Germany
1,900.3
1,956.3
United Kingdom & Ireland
1,594.4
1,714.6
Australia & New Zealand
1,286.9
1,583.3
Rest of World
2,167.5
2,329.1
Group
6
6,949.1
7,583.3
(In \u00a3s million)
Note
2024
2023
Net fees
Germany
351.8
382.0
United Kingdom & Ireland
225.7
266.1
Australia & New Zealand
139.7
188.4
Rest of World
396.4
458.1
Group
6
1,113.6
1,294.6
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Operating profit
Germany
68.0
(23.6)
44.4
100.2
United Kingdom & Ireland
6.4
(7.3)
(0.9)
28.7
Australia & New Zealand
11.5
(5.3)
6.2
32.1
Rest of World
19.2
(43.8)
(24.6)
36.0
Group
105.1
(80.0)
25.1
197.0
Net trade receivables For the purpose of monitoring performance and allocating resources from a balance sheet perspective, the Group\u2019s Executive Leadership Team monitors trade receivables net of provisions for impairment only on a segmental basis. These are monitored on a constant currency basis for comparability through the year. These are shown below and reconciled to the totals as shown in note 18 to the Consolidated Financial Statements.
As reported Exchange As reported Exchange
(In \u00a3s million) internally
adjustments
2024
internally
adjustments
2023
Germany
231.8
(3.0)
228.8
234.3
(0.3)
234.0
United Kingdom & Ireland
160.8
(0.1)
160.7
174.2
(0.1)
174.1
Australia & New Zealand
89.8
0.6
90.4
109.4
(8.3)
101.1
Rest of World
276.3
(1.9)
274.4
221.1
(3.3)
217.8
Group
758.7
(4.4)
754.3
739.0
(12.0)
727.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-476": { "value": "Major customers In the current year and prior year there was no customer that exceeded 10% of the Group\u2019s turnover. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-425": { "value": "
5 Exceptional items
During the year, the Group incurred an exceptional charge of \u00a380.0 million (2023: \u00a3nil). Of this, \u00a342.2 million relates to a restructuring
charge and the remaining \u00a337.8 million is non-cash, comprising a \u00a322.5 million charge relating to impairment of intangible assets and a
\u00a315.3 million charge relating to the partial impairment of goodwill in the US business.
Effective 31 August 2023, after 16 years of service, Alistair Cox stepped down as CEO and from the Board. The Executive Leadership Team
was restructured, including the departure of several members of the team, as well as the appointment of a new Chief People Officer and a
new Chief Technology Officer. The Group incurred a combined cost, including legal and other third-party costs, of \u00a35.6 million in relation
to the departure of the CEO and members of the Executive Leadership Team. These costs are considered exceptional given their size,
non-recurring nature and because these changes led to the wider restructuring events that occurred through the remainder of the year.
Following the appointment of the new CEO, Dirk Hahn, and in response to increasingly challenging market conditions and a clear
slowdown in most markets, we restructured the business operations of many countries across the Group, to better align business
operations to market opportunities and reduce operating costs. The restructuring exercise led to the redundancy of a number of
employees, including senior and operational management and back-office positions and the closure of 17 offices. This resulted in the
Group incurring a restructuring cost of \u00a342.2 million, including the \u00a35.6 million as noted above, a detailed breakdown of which is provided
in note 6 to the Consolidated Financial Statements. The restructuring costs are expected to generate significant cost savings and are
considered exceptional given their size and impact on business operations.
The cash impact of the restructuring charge in the year was \u00a322.9 million, with a further \u00a317.8 million cash outflow expected in the year to
30 June 2025.
Following the appointment of the new Chief Technology Officer, the Group\u2019s Technology Senior Leadership Team was restructured and the
Directors initiated a Group-wide project to transform its IT infrastructure to better support the operations of the business. This led the
Directors to enter into a contract to outsource the Group\u2019s back-office IT infrastructure and the third-party cost (included in the combined
restructuring cost above) associated with this is considered as exceptional due to the size of the contract and the anticipated long-term
cost savings to the Group. As part of the transformation, the Directors cancelled certain in-flight projects and concluded that the related
intangible assets would not be used in the Group\u2019s operations. The Directors also determined that certain intangible assets currently in use
would no longer be used in the Group\u2019s operations as originally anticipated, and therefore concluded that a material part of their carrying
value was impaired. This cumulatively resulted in an impairment charge of \u00a322.5 million, which is a material non-cash item and based on
its size and nature is considered to be exceptional.
As described in note 13 to the Consolidated Financial Statements, a \u00a315.3 million charge resulted from the partial impairment of the
carrying value of goodwill relating to the 2014 Veredus acquisition in the USA, which was partially impaired in the year ended 30 June 2020.
The goodwill impairment charge is a material non-cash item that based on its size and nature is considered to be exceptional. The
remaining Veredus goodwill balance at 30 June 2024 is \u00a37.2 million.
In total the exceptional charge generated a tax credit of \u00a311.1 million (2023: \u00a3nil).
The last time that the Group recognised an exceptional restructuring charge was in the year ended 30 June 2020, in the immediate
aftermath of the Covid-19 pandemic. The last time that the Group incurred an exceptional impairment charge on other intangible assets
was in the year ended 30 June 2008.
", "dimensions": { "concept": "haysplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-426": { "value": "
6 Operating profit
The following costs are deducted from turnover to determine net fees:
(In \u00a3s million)
2024
2023
Turnover
6,949.1
7,583.3
Remuneration of temporary workers
(4,995.4)
(5,212.9)
Remuneration of other recruitment agencies
(840.1)
(1,075.8)
Net fees
1,113.6
1,294.6
Operating profit is stated after charging the following items to net fees of \u00a31,113.6 million (2023: \u00a31,294.6 million):
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Staff costs (note 8)
789.4
30.2
819.6
868.8
Amortisation of other intangible assets (note 14)
9.2
\u2013
9.2
10.0
Depreciation of property, plant and equipment (note 15)
11.1
\u2013
11.1
10.9
Depreciation of right-of-use assets (note 16)
46.0
\u2013
46.0
46.0
Loss on disposal of property, plant and equipment (note 15)
\u2013
0.4
0.4
\u2013
Impairment loss on goodwill (note 13)
\u2013
15.3
15.3
\u2013
Impairment of right-of-use assets (note 16)
\u2013
4.9
4.9
\u2013
Impairment of intangible assets (note 14)
\u2013
22.5
22.5
\u2013
Short-term leases and leases of low-value assets
3.5
\u2013
3.5
3.8
Impairment loss on trade receivables (note 18)
1.4
\u2013
1.4
3.0
Auditor\u2019s remuneration (note 7):
\u2022
for statutory audit services
2.4
\u2013
2.4
2.1
\u2022
for other services
0.3
\u2013
0.3
0.2
Other external charges
145.2
6.7
151.9
152.8
Administrative expenses
1,008.5
80.0
1,088.5
1,097.6
Within exceptional items in the table above, staff costs (\u00a330.2 million), loss on disposal of property, plant and equipment (\u00a30.4 million),
impairment of right-of-use assets (\u00a34.9 million) and other external charges (\u00a36.7 million) total \u00a342.2 million and represent the restructuring
charge as disclosed in note 5 to the Consolidated Financial Statements.
There were no exceptional items in the prior year.
7 Auditor\u2019s remuneration
(In \u00a3s million)
2024
2023
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s annual Financial Statements
0.6
0.6
Fees payable to the Company\u2019s Auditors and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.8
1.5
Total audit fees
2.4
2.1
Audit-related assurance services
0.3
0.2
Total non-audit fees
0.3
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-477": { "value": "6 Operating profit The following costs are deducted from turnover to determine net fees:
(In \u00a3s million)
2024
2023
Turnover
6,949.1
7,583.3
Remuneration of temporary workers
(4,995.4)
(5,212.9)
Remuneration of other recruitment agencies
(840.1)
(1,075.8)
Net fees
1,113.6
1,294.6
Operating profit is stated after charging the following items to net fees of \u00a31,113.6 million (2023: \u00a31,294.6 million):
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Staff costs (note 8)
789.4
30.2
819.6
868.8
Amortisation of other intangible assets (note 14)
9.2
\u2013
9.2
10.0
Depreciation of property, plant and equipment (note 15)
11.1
\u2013
11.1
10.9
Depreciation of right-of-use assets (note 16)
46.0
\u2013
46.0
46.0
Loss on disposal of property, plant and equipment (note 15)
\u2013
0.4
0.4
\u2013
Impairment loss on goodwill (note 13)
\u2013
15.3
15.3
\u2013
Impairment of right-of-use assets (note 16)
\u2013
4.9
4.9
\u2013
Impairment of intangible assets (note 14)
\u2013
22.5
22.5
\u2013
Short-term leases and leases of low-value assets
3.5
\u2013
3.5
3.8
Impairment loss on trade receivables (note 18)
1.4
\u2013
1.4
3.0
Auditor\u2019s remuneration (note 7):
\u2022
for statutory audit services
2.4
\u2013
2.4
2.1
\u2022
for other services
0.3
\u2013
0.3
0.2
Other external charges
145.2
6.7
151.9
152.8
Administrative expenses
1,008.5
80.0
1,088.5
1,097.6
Within exceptional items in the table above, staff costs (\u00a330.2 million), loss on disposal of property, plant and equipment (\u00a30.4 million), impairment of right-of-use assets (\u00a34.9 million) and other external charges (\u00a36.7 million) total \u00a342.2 million and represent the restructuring charge as disclosed in note 5 to the Consolidated Financial Statements. There were no exceptional items in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-455": { "value": "6 Operating profit The following costs are deducted from turnover to determine net fees:
(In \u00a3s million)
2024
2023
Turnover
6,949.1
7,583.3
Remuneration of temporary workers
(4,995.4)
(5,212.9)
Remuneration of other recruitment agencies
(840.1)
(1,075.8)
Net fees
1,113.6
1,294.6
Operating profit is stated after charging the following items to net fees of \u00a31,113.6 million (2023: \u00a31,294.6 million):
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Staff costs (note 8)
789.4
30.2
819.6
868.8
Amortisation of other intangible assets (note 14)
9.2
\u2013
9.2
10.0
Depreciation of property, plant and equipment (note 15)
11.1
\u2013
11.1
10.9
Depreciation of right-of-use assets (note 16)
46.0
\u2013
46.0
46.0
Loss on disposal of property, plant and equipment (note 15)
\u2013
0.4
0.4
\u2013
Impairment loss on goodwill (note 13)
\u2013
15.3
15.3
\u2013
Impairment of right-of-use assets (note 16)
\u2013
4.9
4.9
\u2013
Impairment of intangible assets (note 14)
\u2013
22.5
22.5
\u2013
Short-term leases and leases of low-value assets
3.5
\u2013
3.5
3.8
Impairment loss on trade receivables (note 18)
1.4
\u2013
1.4
3.0
Auditor\u2019s remuneration (note 7):
\u2022
for statutory audit services
2.4
\u2013
2.4
2.1
\u2022
for other services
0.3
\u2013
0.3
0.2
Other external charges
145.2
6.7
151.9
152.8
Administrative expenses
1,008.5
80.0
1,088.5
1,097.6
Within exceptional items in the table above, staff costs (\u00a330.2 million), loss on disposal of property, plant and equipment (\u00a30.4 million), impairment of right-of-use assets (\u00a34.9 million) and other external charges (\u00a36.7 million) total \u00a342.2 million and represent the restructuring charge as disclosed in note 5 to the Consolidated Financial Statements. There were no exceptional items in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-456": { "value": "7 Auditor\u2019s remuneration
(In \u00a3s million)
2024
2023
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s annual Financial Statements
0.6
0.6
Fees payable to the Company\u2019s Auditors and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.8
1.5
Total audit fees
2.4
2.1
Audit-related assurance services
0.3
0.2
Total non-audit fees
0.3
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-427": { "value": "
8 Staff costs
The aggregate staff remuneration (including Executive Directors) was as follows:
2024
Before 2024
exceptional Exceptional
(In \u00a3s million) items
items
2024
2023
Wages and salaries
666.5
25.2
691.7
737.6
Social security costs
93.1
3.2
96.3
95.9
Other pension costs
21.6
0.3
21.9
23.3
Share-based payments
8.2
1.5
9.7
12.0
Staff costs
789.4
30.2
819.6
868.8
Average number of persons employed during the year (including Executive Directors) was as follows:
(Number)
2024
2023
Germany
2,982
2,994
United Kingdom & Ireland
3,404
3,767
Australia & New Zealand
1,329
1,634
Rest of World
4,419
4,961
Group
12,134
13,356
Closing number of persons employed at the end of the year (including Executive Directors) was as follows:
(Number)
2024
2023
Germany
2,808
3,023
United Kingdom & Ireland
3,204
3,656
Australia & New Zealand
1,143
1,581
Rest of World
3,965
4,789
Group
11,120
13,049
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-428": { "value": "
9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-491": { "value": "9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-489": { "value": "9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-484": { "value": "9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-478": { "value": "9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-457": { "value": "9 Net finance charge
(In \u00a3s million)
2024
2023
Interest received on bank deposits
3.2
2.0
Interest payable on bank loans and overdrafts
(7.2)
(3.7)
Interest on lease liabilities (note 16)
(5.0)
(4.2)
Pension Protection Fund levy
(0.1)
(0.1)
Net interest (expense)/credit on defined benefit pension schemes (note 23)
(1.3)
1.1
Net finance charge
(10.4)
(4.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-429": { "value": "
10 Tax
The tax expense for the year is comprised of the following:
(In \u00a3s million)
2024
2023
Current tax
Current tax expense in respect of the current year
(28.2)
(57.2)
Adjustments to current tax in relation to prior years
4.9
6.8
(23.3)
(50.4)
Deferred tax
Deferred tax credit/(charge) in respect of the current year
2.0
(5.4)
Adjustments to deferred tax in relation to prior years
1.6
2.0
3.6
(3.4)
Total income tax expense recognised in the current year
(19.6)
(53.8)
Current tax expense for the year is comprised of the following:
(In \u00a3s million)
2024
2023
United Kingdom
(3.6)
(5.7)
Overseas
(24.6)
(51.5)
Group
(28.2)
(57.2)
The income tax expense for the year can be reconciled to the accounting profit as follows:
2024
Before 2024
exceptional Exceptional Revised*
(In \u00a3s million) items
items
2024
2023
Profit before tax
94.7
(80.0)
14.7
192.1
Income tax expense calculated at 25.0% (2023: 20.5%)
(23.7)
20.0
(3.7)
(39.4)
Items not taxable or non-deductible for tax
(6.1)
(0.7)
(6.8)
(3.7)
Changes in recognition of deferred tax in relation to losses
(3.4)
(2.2)
(5.6)
(5.1)
Changes in recognition of deferred tax in relation to temporary differences
(2.6)
(7.0)
(9.6)
(0.8)
Effect of different tax rates of subsidiaries operating in other jurisdictions
(0.8)
1.0
0.2
(13.3)
Effect of share-based payment charges and share options
(0.6)
\u2013
(0.6)
(0.3)
Income tax recognised in the current year
(37.2)
11.1
(26.1)
(62.6)
Adjustments recognised in the current year in relation to the current tax of prior years
4.9
\u2013
4.9
6.8
Adjustments to deferred tax in relation to prior years
1.6
\u2013
1.6
2.0
Income tax expense recognised in the Consolidated Income Statement
(30.7)
11.1
(19.6)
(53.8)
Effective tax rate for the year
32.4%
13.9%
133.3%
28.0%
* The Group has simplified the Income tax reconciliation by amalgamating certain categories of the reconciliation for this financial year. As a result the prior year
comparators have been updated to align with the simplified disclosure. This is purely a revision in presentation.
The tax rate used for the reconciliation above for the year ended 30 June 2024 is the corporation tax rate of 25.0% (2023: 20.5%), payable
by corporate entities in the United Kingdom on taxable profits under tax law in that jurisdiction. The Group operates in jurisdictions which
have tax rates higher than the UK statutory tax rate, the most significant being Germany and Australia with statutory rates of 31.5% and
30% respectively, the impact of which is shown in the above reconciliation under effect of different tax rates of subsidiaries operating in
other jurisdictions.
In the Spring Budget 2021, the UK government announced an increase in the UK corporation tax rate from 19% to 25% with effect from
1 April 2023. This was substantially enacted in May 2021.
Furthermore, on 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax
rate of 15% for each jurisdiction in which the Group operates. The legislation was subsequently enacted on 11 July 2023 and implements a
domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group has
applied the exemption under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities
related to top-up income taxes.
The Pillar Two legislation implementing the global minimum effective tax regime is effective for the Group\u2019s financial year beginning 1 July
2024. The Group is in scope of the legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income
taxes. The assessment has been based on recent Group Consolidated financial statements and Country by Country Reporting, covering
periods ending 30 June 2021, 30 June 2022 and 30 June 2023. Based on the assessment, the Pillar Two effective tax rates in most
jurisdictions in which the Group operates are above 15% or the transitional safe harbour relief is expected to apply. However, there are a
limited number of jurisdictions where the transitional safe harbour relief is not expected to apply, and the Pillar Two effective tax rate is less
than 15%. However, the estimated tax impact on the Group\u2019s tax charge is not material had the rules applied in the periods assessed.
Income tax recognised in other comprehensive income
(In \u00a3s million)
2024
2023
Current tax
Contributions in respect of defined benefit pension scheme
2.4
3.9
Tax on foreign exchange movements
0.1
1.1
Deferred tax
Actuarial loss in respect of defined benefit pension scheme
5.8
23.7
Contributions in respect of defined benefit pension scheme
(4.2)
(4.7)
Effect of tax losses recognised for deferred tax
1.5
(4.5)
Total income tax credit recognised in other comprehensive income
5.6
19.5
17 Deferred tax Deferred tax assets and liabilities in relation to:
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2023 Income Statement income adjustments 2024
Accelerated tax depreciation
(4.8)
10.3
\u2013
0.1
5.6
Retirement benefit surplus
(6.5)
\u2013
1.6
\u2013
(4.9)
Share-based payments
2.3
(0.3)
\u2013
\u2013
2.0
Provisions
7.4
(0.3)
\u2013
(0.1)
7.0
Tax losses
9.4
(2.4)
1.5
\u2013
8.5
Other short-term timing differences
10.8
(3.7)
\u2013
0.1
7.2
Net deferred tax
18.6
3.6
3.1
0.1
25.4
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2022 Income Statement income adjustments 2023
Accelerated tax depreciation
(3.8)
(1.0)
\u2013
\u2013
(4.8)
Retirement benefit surplus
(25.5)
\u2013
19.0
\u2013
(6.5)
Share-based payments
1.7
0.6
\u2013
\u2013
2.3
Provisions
8.5
(0.9)
\u2013
(0.2)
7.4
Tax losses
17.2
(3.1)
(4.5)
(0.2)
9.4
Other short-term timing differences
10.4
1.0
\u2013
(0.6)
10.8
Net deferred tax
8.5
(3.4)
14.5
(1.0)
18.6
Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows:
(In \u00a3s million)
2024
2023
Deferred tax assets
25.4
21.4
Deferred tax liabilities
\u2013
(2.8)
Net deferred tax
25.4
18.6
The deferred tax asset of \u00a325.4 million (2023: \u00a321.4 million) as at 30 June 2024 primarily arises from our Australian and UK businesses. The overall deferred tax asset has increased due to a number of factors including the impairment of intangible assets in Germany, together with a reduction in the deferred tax liability in the UK, driven by a reduction in the retirement benefit surplus. The reduction in the pension deferred tax liability has been partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses, on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. In addition,a deferred tax asset of \u00a38.4m has been recognised in the UK, on the basis of forecast future taxable profits. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buyout of the scheme within the next four years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2024 would be \u00a31.6 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme, as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which took effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse.
Unrecognised deductible temporary differences, unused tax losses and unused tax credits
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are
attributable to the following:
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Tax losses (revenue in nature)
175.3
43.9
138.1
34.6
Tax losses (capital in nature)
22.1
5.5
22.1
5.5
Total tax losses
197.4
49.4
160.2
40.1
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Unrecognised deductible temporary differences
78.3
18.7
49.6
11.9
In tax losses (revenue in nature) \u00a39.4 million is due to expire within thirteen years and \u00a36.1 million within five years. The remaining tax
losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains.
Unrecognised taxable temporary differences associated with investments and interests
Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are
attributable to the following:
(In \u00a3s million)
2024
2023
Foreign subsidiaries
29.5
34.9
Tax thereon
2.4
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-458": { "value": "
11 Dividends
The following dividends were paid by the Group and have been recognised as distributions to equity shareholders in the year:
2024 2024 2023 2023
(pence per share) (\u00a3s million) (pence per share) (\u00a3s million)
Prior year final dividend
2.05
32.6
1.90
30.8
Prior year special dividend
2.24
35.7
7.34
119.1
Current year interim dividend
0.95
15.0
0.95
15.2
Total
5.24
83.3
10.19
165.1
The following dividends have been proposed by the Group in respect of the accounting year presented:
2024 2024 2023 2023
(pence per share) (\u00a3s million) (pence per share) (\u00a3s million)
Interim dividend (paid)
0.95
15.0
0.95
15.2
Final dividend (proposed)
2.05
32.5
2.05
32.6
Special dividend (proposed)
\u2013
\u2013
2.24
35.6
Total
3.00
47.5
5.24
83.4
The final dividend for 2024 of 2.05 pence per share (\u00a332.5 million) will be proposed at the Annual General Meeting on 20 November 2024
and has not been included as a liability. If approved, the final dividend will be paid on 25 November 2024 to shareholders on the register at
the close of business on 18 October 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-431": { "value": "11 Dividends The following dividends were paid by the Group and have been recognised as distributions to equity shareholders in the year:
2024 2024 2023 2023
(pence per share) (\u00a3s million) (pence per share) (\u00a3s million)
Prior year final dividend
2.05
32.6
1.90
30.8
Prior year special dividend
2.24
35.7
7.34
119.1
Current year interim dividend
0.95
15.0
0.95
15.2
Total
5.24
83.3
10.19
165.1
The following dividends have been proposed by the Group in respect of the accounting year presented:
2024 2024 2023 2023
(pence per share) (\u00a3s million) (pence per share) (\u00a3s million)
Interim dividend (paid)
0.95
15.0
0.95
15.2
Final dividend (proposed)
2.05
32.5
2.05
32.6
Special dividend (proposed)
\u2013
\u2013
2.24
35.6
Total
3.00
47.5
5.24
83.4
The final dividend for 2024 of 2.05 pence per share (\u00a332.5 million) will be proposed at the Annual General Meeting on 20 November 2024 and has not been included as a liability. If approved, the final dividend will be paid on 25 November 2024 to shareholders on the register at the close of business on 18 October 2024 25 Called up share capital Called up, allotted and fully paid Ordinary shares of 1 pence each
Share capital Share
number capital
(thousand) (\u00a3s million)
At 1 July 2023
1,600,433
16.0
At 30 June 2024
1,600,433
16.0
In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company is allowed to hold 10% of issued share capital in treasury. As at 30 June 2024, the Company held 15.6 million (2023: 11.3 million) Hays plc shares in treasury. The shares held in treasury are used to satisfy the exercises in relation to equity-settled share-based payment awards. 26 Merger reserve
(In \u00a3s million)
Total
At 1 July 2023
43.8
Interim dividend paid during the year
(15.0)
At 30 June 2024
28.8
The interim dividend for the year ended 30 June 2024 of 95 pence, paid on 9 April 2024, was paid out of the merger reserve, which was generated under Section 612 of the Companies Act 2006 as a result of the cash box structure used in the equity placing of new shares issued during the year ended 30 June 2020.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-12": { "value": "0.0205", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-13": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-430": { "value": "
12 Earnings per share
Weighted average Per share
Earnings number of shares amount
For the year ended 30 June 2024 (\u00a3s million) (million) (pence)
Before exceptional items:
Basic earnings per share
64.0
1,586.6
4.03
Dilution effect of share options
\u2013
13.7
(0.03)
Diluted earnings per share
64.0
1,600.3
4.00
After exceptional items:
Basic earnings per share
(4.9)
1,586.6
(0.31)
Dilution effect of share options
\u2013
13.7
\u2013
Diluted earnings per share
(4.9)
1,600.3
(0.31)
Weighted average Per share
Earnings number of shares amount
For the year ended 30 June 2023 (\u00a3s million) (million) (pence)
Basic earnings per share
138.3
1,610.0
8.59
Dilution effect of share options
\u2013
13.9
(0.07)
Diluted earnings per share
138.3
1,623.9
8.52
The weighted average number of shares in issue for the current and prior years exclude shares held in treasury.
Reconciliation of earnings
(In \u00a3s million)
2024
2023
Earnings before exceptional items
64.0
138.3
Exceptional items (note 5)
(80.0)
\u2013
Tax credit on exceptional items (note 10)
11.1
\u2013
Total earnings
(4.9)
138.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-432": { "value": "
13 Goodwill
(In \u00a3s million)
2024
2023
At 1 July
200.3
202.3
Exchange adjustments
(2.1)
(3.0)
Additions during the year
\u2013
1.0
Impairment loss for the year
(15.3)
\u2013
At 30 June
182.9
200.3
Goodwill arising on business combinations is reviewed and tested on an annual basis or more frequently if there is an indication that
goodwill might be impaired. Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit
(CGU), including goodwill, with the recoverable amount. The recoverable amounts of the CGUs are determined from value-in-use
calculations.
The additions during the year ended 30 June 2023 of \u00a31.0 million relate to the acquisition of Vercida Consulting, a DE&I advisory business
based in the UK, with further amounts payable based on achieving our ambitious growth plans. These amounts are charged to the
Consolidated Income Statement over the earnout period and are not expected to be material.
The key assumptions for the value-in-use calculations are as follows:
Assumption
How determined
Operating The operating profit is based on the latest one-year forecasts for the CGUs approved by the Group\u2019s Executive Leadership
profit Team, and medium-term forecasts over a two to five year period which are compiled using expectations of fee growth,
consultant productivity and operating costs, from past experience. The Group prepares cash flow forecasts derived from
the most recent one-year financial forecasts approved by the Group\u2019s Executive Leadership Team, and extrapolates
cash flows in perpetuity based on the long-term growth rates and expected cash conversion rates.
Cash flow projections used to measure value-in-use do not include any cash inflows or outflows expected from any future
restructurings or asset enhancements.
Discount The pre-tax rates used to discount the forecast cash flows range between 12.9% and 15.6% (2023: 12.2% and 14.2%)
rates reflecting current market assessments of the time value of money and the country risks specific to the relevant CGUs.
The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of
capital (WACC), taking into account adjustments to the risk-free rate for 20-year bonds issued by the government in the
respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate
bond rates may be used.
These rates are adjusted for a risk premium to reflect the increased risk of investing in equities and, where appropriate, the
systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market
risk premium (that is the increased return required over and above a risk-free rate by an investor who is investing in the
market as a whole) and the risk adjustment beta, applied to reflect the risk of the specific Group operating company
relative to the market as a whole.
Growth The medium-term growth rates are based on management\u2019s current forecasts for a period of two to five years. These are
rates consistent with a minimum average estimated fee growth rate for Group of 5.0% (2023: 4.0%). The growth estimates
reflect a combination of both past experience and the macroeconomic environment, including GDP expectations driving
fee growth.
The long-term growth rates are based on management forecasts, which are consistent with external sources of an
average estimated growth rate of 2.0% (2023: 2.0%), reflecting a combination of GDP expectations and long-term wage
inflation driving fee growth.
GDP growth is a key driver of our business, and is therefore a key consideration in developing long-term forecasts. Wage
inflation is also an important driver of net fees, as net fees are derived directly from the salary level of candidates placed
into employment. Based on past experience a combination of these two factors is considered to be an appropriate basis
for assessing long-term growth rates.
Impairment reviews were performed at the year-end by comparing the carrying value of goodwill with the recoverable amounts of the
CGUs to which goodwill has been allocated. Management has determined that there has been no impairment to any of the CGUs as at
30 June 2024, subsequent to the impairment recorded in respect of the US CGU during half year ended 31 December 2023. Management
performed a sensitivity analysis in assessing recoverable amounts of goodwill as at 30 June 2024. This has been based on changes in key
assumptions considered to be reasonably possible by management. This included a change in the pre-tax discount rate of up to 3% and
changes in the long-term growth rate of between 0% and 2% in absolute terms, both of which gave a clear headroom and there was no
impairment. Management has also considered the potential impact of climate change on future growth rates, and where appropriate, has
incorporated the risks and opportunities as disclosed in the TCFD Report on pages 71 to 78, into cash flow forecasts.
As mentioned above, the Group recognised an impairment charge of \u00a315.3m (recorded under exceptional items) during the half year
ended 31 December 2023 in respect of the US CGU, included within the Rest of World segment. Management revised its cash flow
forecast for the US CGU as at 31 December 2023, which resulted in a reduction of its recoverable amount below the carrying amount.
Before impairment testing, the carrying value in respect of the goodwill relating to the 2014 Veredus acquisition in the USA was
\u00a322.5 million. The recoverable amount was considered to be in line with its value-in-use which is considered higher than its fair value less
cost of disposal. The key assumptions that were applied to the US CGU as at 31 December 2023 were as follows: A pre-tax WACC of
13.1%, an average medium-term growth rate of 25.0% and a long-term growth rate of 2.0%. The sensitivity of an adverse 0.5% change in
absolute terms to each of these assumptions in isolation would result in a reduction in its value-in-use by \u00a30.7 million, \u00a30.1 million and
\u00a30.2 million respectively. The sensitivity of a favourable 0.5% change in absolute terms to each of these assumptions in isolation would
result in an increase in its value-in-use by \u00a30.7 million, \u00a30.1 million and \u00a30.2 million respectively.
Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are
expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest
level at which goodwill is monitored for internal management purposes, being the operating segments. The carrying amount of goodwill
has been allocated as follows:
(In \u00a3s million)
2024
2023
Germany
49.1
49.8
United Kingdom & Ireland
94.1
94.1
Rest of World
39.7
56.4
Group
182.9
200.3
Information about the performance of the individual CGUs is provided in the Divisional Operating Reviews, within the Strategic Report on
pages 38 to 42.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-459": { "value": "13 Goodwill
(In \u00a3s million)
2024
2023
At 1 July
200.3
202.3
Exchange adjustments
(2.1)
(3.0)
Additions during the year
\u2013
1.0
Impairment loss for the year
(15.3)
\u2013
At 30 June
182.9
200.3
Goodwill arising on business combinations is reviewed and tested on an annual basis or more frequently if there is an indication that goodwill might be impaired. Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit (CGU), including goodwill, with the recoverable amount. The recoverable amounts of the CGUs are determined from value-in-use calculations. The additions during the year ended 30 June 2023 of \u00a31.0 million relate to the acquisition of Vercida Consulting, a DE&I advisory business based in the UK, with further amounts payable based on achieving our ambitious growth plans. These amounts are charged to the Consolidated Income Statement over the earnout period and are not expected to be material. The key assumptions for the value-in-use calculations are as follows:
Assumption
How determined
Operating The operating profit is based on the latest one-year forecasts for the CGUs approved by the Group\u2019s Executive Leadership
profit Team, and medium-term forecasts over a two to five year period which are compiled using expectations of fee growth,
consultant productivity and operating costs, from past experience. The Group prepares cash flow forecasts derived from
the most recent one-year financial forecasts approved by the Group\u2019s Executive Leadership Team, and extrapolates
cash flows in perpetuity based on the long-term growth rates and expected cash conversion rates.
Cash flow projections used to measure value-in-use do not include any cash inflows or outflows expected from any future
restructurings or asset enhancements.
Discount The pre-tax rates used to discount the forecast cash flows range between 12.9% and 15.6% (2023: 12.2% and 14.2%)
rates reflecting current market assessments of the time value of money and the country risks specific to the relevant CGUs.
The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of
capital (WACC), taking into account adjustments to the risk-free rate for 20-year bonds issued by the government in the
respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate
bond rates may be used.
These rates are adjusted for a risk premium to reflect the increased risk of investing in equities and, where appropriate, the
systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market
risk premium (that is the increased return required over and above a risk-free rate by an investor who is investing in the
market as a whole) and the risk adjustment beta, applied to reflect the risk of the specific Group operating company
relative to the market as a whole.
Growth The medium-term growth rates are based on management\u2019s current forecasts for a period of two to five years. These are
rates consistent with a minimum average estimated fee growth rate for Group of 5.0% (2023: 4.0%). The growth estimates
reflect a combination of both past experience and the macroeconomic environment, including GDP expectations driving
fee growth.
The long-term growth rates are based on management forecasts, which are consistent with external sources of an
average estimated growth rate of 2.0% (2023: 2.0%), reflecting a combination of GDP expectations and long-term wage
inflation driving fee growth.
GDP growth is a key driver of our business, and is therefore a key consideration in developing long-term forecasts. Wage
inflation is also an important driver of net fees, as net fees are derived directly from the salary level of candidates placed
into employment. Based on past experience a combination of these two factors is considered to be an appropriate basis
for assessing long-term growth rates.
Impairment reviews were performed at the year-end by comparing the carrying value of goodwill with the recoverable amounts of the CGUs to which goodwill has been allocated. Management has determined that there has been no impairment to any of the CGUs as at 30 June 2024, subsequent to the impairment recorded in respect of the US CGU during half year ended 31 December 2023. Management performed a sensitivity analysis in assessing recoverable amounts of goodwill as at 30 June 2024. This has been based on changes in key assumptions considered to be reasonably possible by management. This included a change in the pre-tax discount rate of up to 3% and changes in the long-term growth rate of between 0% and 2% in absolute terms, both of which gave a clear headroom and there was no impairment. Management has also considered the potential impact of climate change on future growth rates, and where appropriate, has incorporated the risks and opportunities as disclosed in the TCFD Report on pages 71 to 78, into cash flow forecasts. As mentioned above, the Group recognised an impairment charge of \u00a315.3m (recorded under exceptional items) during the half year ended 31 December 2023 in respect of the US CGU, included within the Rest of World segment. Management revised its cash flow forecast for the US CGU as at 31 December 2023, which resulted in a reduction of its recoverable amount below the carrying amount. Before impairment testing, the carrying value in respect of the goodwill relating to the 2014 Veredus acquisition in the USA was \u00a322.5 million. The recoverable amount was considered to be in line with its value-in-use which is considered higher than its fair value less cost of disposal. The key assumptions that were applied to the US CGU as at 31 December 2023 were as follows: A pre-tax WACC of 13.1%, an average medium-term growth rate of 25.0% and a long-term growth rate of 2.0%. The sensitivity of an adverse 0.5% change in absolute terms to each of these assumptions in isolation would result in a reduction in its value-in-use by \u00a30.7 million, \u00a30.1 million and \u00a30.2 million respectively. The sensitivity of a favourable 0.5% change in absolute terms to each of these assumptions in isolation would result in an increase in its value-in-use by \u00a30.7 million, \u00a30.1 million and \u00a30.2 million respectively. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The carrying amount of goodwill has been allocated as follows:
(In \u00a3s million)
2024
2023
Germany
49.1
49.8
United Kingdom & Ireland
94.1
94.1
Rest of World
39.7
56.4
Group
182.9
200.3
Information about the performance of the individual CGUs is provided in the Divisional Operating Reviews, within the Strategic Report on pages 38 to 42. 14 Other intangible assets
(In \u00a3s million)
2024
2023
Cost
At 1 July
194.0
179.2
Exchange adjustments
(0.9)
(1.5)
Additions
15.8
16.8
Disposals
(13.7)
(0.5)
At 30 June
195.2
194.0
Accumulated amortisation
At 1 July
140.3
132.1
Exchange adjustments
(0.8)
(1.3)
Charge for the year
9.2
10.0
Impairment charge (note 5)
22.5
\u2013
Disposals
(13.7)
(0.5)
At 30 June
157.5
140.3
Net book value
At 30 June
37.7
53.7
At 1 July
53.7
47.1
All other intangible assets relate mainly to computer software, and of the additions in the current year, \u00a36.7 million relate to internally generated assets (2023: \u00a37.3 million). The impairment charge of \u00a322.5 million is split by the following segments: Germany \u00a310.3 million; UK&I \u00a32.8 million; ANZ \u00a31.7 million; and RoW \u00a37.7 million. The estimated average useful life of the computer software related intangible assets is seven years (2023: seven years). Software incorporated into major Enterprise Resource Planning (ERP) implementations is amortised on a straight-line basis over a life of up to seven years. Other software is amortised on a straight-line basis between three and five years. There were no capital commitments at 30 June 2024 (2023: \u00a31.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-433": { "value": "
14 Other intangible assets
(In \u00a3s million)
2024
2023
Cost
At 1 July
194.0
179.2
Exchange adjustments
(0.9)
(1.5)
Additions
15.8
16.8
Disposals
(13.7)
(0.5)
At 30 June
195.2
194.0
Accumulated amortisation
At 1 July
140.3
132.1
Exchange adjustments
(0.8)
(1.3)
Charge for the year
9.2
10.0
Impairment charge (note 5)
22.5
\u2013
Disposals
(13.7)
(0.5)
At 30 June
157.5
140.3
Net book value
At 30 June
37.7
53.7
At 1 July
53.7
47.1
All other intangible assets relate mainly to computer software, and of the additions in the current year, \u00a36.7 million relate to internally
generated assets (2023: \u00a37.3 million). The impairment charge of \u00a322.5 million is split by the following segments: Germany \u00a310.3 million;
UK&I \u00a32.8 million; ANZ \u00a31.7 million; and RoW \u00a37.7 million.
The estimated average useful life of the computer software related intangible assets is seven years (2023: seven years). Software
incorporated into major Enterprise Resource Planning (ERP) implementations is amortised on a straight-line basis over a life of up to seven
years. Other software is amortised on a straight-line basis between three and five years.
There were no capital commitments at 30 June 2024 (2023: \u00a31.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-434": { "value": "
15 Property, plant and equipment
Leasehold Plant and Fixtures and
(In \u00a3s million) improvements machinery
fittings
Total
Cost
At 1 July 2023
28.0
57.3
34.0
119.3
Exchange adjustments
(0.4)
(0.4)
(0.3)
(1.1)
Additions
2.8
2.4
2.4
7.6
Disposals
(1.9)
(5.9)
(4.4)
(12.2)
At 30 June 2024
28.5
53.4
31.7
113.6
Accumulated depreciation
At 1 July 2023
20.5
43.8
25.3
89.6
Exchange adjustments
(0.1)
(0.2)
(0.2)
(0.5)
Charge for the year
2.4
6.3
2.4
11.1
Disposals
(1.5)
(5.9)
(4.4)
(11.8)
At 30 June 2024
21.3
44.0
23.1
88.4
Net book value
At 30 June 2024
7.2
9.4
8.6
25.2
At 1 July 2023
7.5
13.5
8.7
29.7
Leasehold Plant and Fixtures and
(In \u00a3s million) improvements machinery
fittings
Total
Cost
At 1 July 2022
28.1
54.8
31.4
114.3
Exchange adjustments
(1.5)
(1.2)
(0.3)
(3.0)
Additions
2.9
5.4
4.0
12.3
Disposals
(1.5)
(1.7)
(1.1)
(4.3)
At 30 June 2023
28.0
57.3
34.0
119.3
Accumulated depreciation
At 1 July 2022
20.7
39.7
24.6
85.0
Exchange adjustments
(1.0)
(0.9)
(0.2)
(2.1)
Charge for the year
2.3
6.7
1.9
10.9
Disposals
(1.5)
(1.7)
(1.0)
(4.2)
At 30 June 2023
20.5
43.8
25.3
89.6
Net book value
At 30 June 2023
7.5
13.5
8.7
29.7
At 1 July 2022
7.4
15.1
6.8
29.3
172
Hays plc Annual Report & Accounts 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-435": { "value": "
16 Lease accounting
Right-of-use assets
Motor Other Total lease Lease
(In \u00a3s million)
Property
vehicles assets assets liabilities
At 1 July 2023
164.5
11.5
0.1
176.1
(189.8)
Exchange adjustments
(1.5)
(0.2)
\u2013
(1.7)
3.2
Lease additions
29.8
10.6
\u2013
40.4
(40.4)
Lease disposals
(1.5)
(0.2)
\u2013
(1.7)
1.7
Impairment of right-of-use assets
(4.9)
\u2013
\u2013
(4.9)
\u2013
Depreciation of right-of-use assets
(38.6)
(7.4)
\u2013
(46.0)
\u2013
Lease liability principal repayments
\u2013
\u2013
\u2013
\u2013
51.0
Interest on lease liabilities
\u2013
\u2013
\u2013
\u2013
(5.0)
At 30 June 2024
147.8
14.3
0.1
162.2
(179.3)
Right-of-use assets
Motor Other Total lease Lease
(In \u00a3s million)
Property
vehicles assets assets liabilities
At 1 July 2022
162.4
9.2
0.1
171.7
(185.1)
Exchange adjustments
(2.2)
\u2013
\u2013
(2.2)
2.2
Lease additions
53.6
8.5
0.1
62.2
(62.2)
Lease disposals
(9.5)
(0.1)
\u2013
(9.6)
9.6
Depreciation of right-of-use assets
(39.8)
(6.1)
(0.1)
(46.0)
\u2013
Lease liability principal repayments
\u2013
\u2013
\u2013
\u2013
49.9
Interest on lease liabilities
\u2013
\u2013
\u2013
\u2013
(4.2)
At 30 June 2023
164.5
11.5
0.1
176.1
(189.8)
Maturity analysis
(In \u00a3s million)
2024
2023
Less than one year
(44.2)
(41.3)
One to two years
(34.0)
(36.5)
Two to three years
(25.8)
(26.9)
Three to four years
(19.3)
(19.6)
Four to five years
(14.9)
(15.4)
More than five years
(41.1)
(50.1)
Total lease liabilities
(179.3)
(189.8)
(In \u00a3s million)
2024
2023
Current
(44.2)
(41.3)
Non-current
(135.1)
(148.5)
Total lease liabilities
(179.3)
(189.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-460": { "value": "
Right-of-use assets
Motor Other Total lease Lease
(In \u00a3s million)
Property
vehicles assets assets liabilities
At 1 July 2023
164.5
11.5
0.1
176.1
(189.8)
Exchange adjustments
(1.5)
(0.2)
\u2013
(1.7)
3.2
Lease additions
29.8
10.6
\u2013
40.4
(40.4)
Lease disposals
(1.5)
(0.2)
\u2013
(1.7)
1.7
Impairment of right-of-use assets
(4.9)
\u2013
\u2013
(4.9)
\u2013
Depreciation of right-of-use assets
(38.6)
(7.4)
\u2013
(46.0)
\u2013
Lease liability principal repayments
\u2013
\u2013
\u2013
\u2013
51.0
Interest on lease liabilities
\u2013
\u2013
\u2013
\u2013
(5.0)
At 30 June 2024
147.8
14.3
0.1
162.2
(179.3)
Right-of-use assets
Motor Other Total lease Lease
(In \u00a3s million)
Property
vehicles assets assets liabilities
At 1 July 2022
162.4
9.2
0.1
171.7
(185.1)
Exchange adjustments
(2.2)
\u2013
\u2013
(2.2)
2.2
Lease additions
53.6
8.5
0.1
62.2
(62.2)
Lease disposals
(9.5)
(0.1)
\u2013
(9.6)
9.6
Depreciation of right-of-use assets
(39.8)
(6.1)
(0.1)
(46.0)
\u2013
Lease liability principal repayments
\u2013
\u2013
\u2013
\u2013
49.9
Interest on lease liabilities
\u2013
\u2013
\u2013
\u2013
(4.2)
At 30 June 2023
164.5
11.5
0.1
176.1
(189.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-461": { "value": "
17 Deferred tax
Deferred tax assets and liabilities in relation to:
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2023 Income Statement income adjustments 2024
Accelerated tax depreciation
(4.8)
10.3
\u2013
0.1
5.6
Retirement benefit surplus
(6.5)
\u2013
1.6
\u2013
(4.9)
Share-based payments
2.3
(0.3)
\u2013
\u2013
2.0
Provisions
7.4
(0.3)
\u2013
(0.1)
7.0
Tax losses
9.4
(2.4)
1.5
\u2013
8.5
Other short-term timing differences
10.8
(3.7)
\u2013
0.1
7.2
Net deferred tax
18.6
3.6
3.1
0.1
25.4
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2022 Income Statement income adjustments 2023
Accelerated tax depreciation
(3.8)
(1.0)
\u2013
\u2013
(4.8)
Retirement benefit surplus
(25.5)
\u2013
19.0
\u2013
(6.5)
Share-based payments
1.7
0.6
\u2013
\u2013
2.3
Provisions
8.5
(0.9)
\u2013
(0.2)
7.4
Tax losses
17.2
(3.1)
(4.5)
(0.2)
9.4
Other short-term timing differences
10.4
1.0
\u2013
(0.6)
10.8
Net deferred tax
8.5
(3.4)
14.5
(1.0)
18.6
Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax
balances (after offset) for financial reporting purposes are as follows:
(In \u00a3s million)
2024
2023
Deferred tax assets
25.4
21.4
Deferred tax liabilities
\u2013
(2.8)
Net deferred tax
25.4
18.6
The deferred tax asset of \u00a325.4 million (2023: \u00a321.4 million) as at 30 June 2024 primarily arises from our Australian and UK businesses.
The overall deferred tax asset has increased due to a number of factors including the impairment of intangible assets in Germany, together
with a reduction in the deferred tax liability in the UK, driven by a reduction in the retirement benefit surplus. The reduction in the pension
deferred tax liability has been partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses, on
the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds
in the future. In addition,a deferred tax asset of \u00a38.4m has been recognised in the UK, on the basis of forecast future taxable profits.
Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore,
when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability
recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind.
Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement
benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buyout of the scheme within the next four
years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated
deferred tax liability would unwind simultaneously at that point in time.
As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that
potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds.
If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the
deferred tax asset recognised at 30 June 2024 would be \u00a31.6 million higher.
The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension
scheme, as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax
balance recognised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the
rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the
main UK corporation tax rate from 19% to 25% which took effect from 1 April 2023, the UK deferred tax balances were remeasured as at
30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse.
Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following:
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Tax losses (revenue in nature)
175.3
43.9
138.1
34.6
Tax losses (capital in nature)
22.1
5.5
22.1
5.5
Total tax losses
197.4
49.4
160.2
40.1
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Unrecognised deductible temporary differences
78.3
18.7
49.6
11.9
In tax losses (revenue in nature) \u00a39.4 million is due to expire within thirteen years and \u00a36.1 million within five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following:
(In \u00a3s million)
2024
2023
Foreign subsidiaries
29.5
34.9
Tax thereon
2.4
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-492": { "value": "17 Deferred tax Deferred tax assets and liabilities in relation to:
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2023 Income Statement income adjustments 2024
Accelerated tax depreciation
(4.8)
10.3
\u2013
0.1
5.6
Retirement benefit surplus
(6.5)
\u2013
1.6
\u2013
(4.9)
Share-based payments
2.3
(0.3)
\u2013
\u2013
2.0
Provisions
7.4
(0.3)
\u2013
(0.1)
7.0
Tax losses
9.4
(2.4)
1.5
\u2013
8.5
Other short-term timing differences
10.8
(3.7)
\u2013
0.1
7.2
Net deferred tax
18.6
3.6
3.1
0.1
25.4
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2022 Income Statement income adjustments 2023
Accelerated tax depreciation
(3.8)
(1.0)
\u2013
\u2013
(4.8)
Retirement benefit surplus
(25.5)
\u2013
19.0
\u2013
(6.5)
Share-based payments
1.7
0.6
\u2013
\u2013
2.3
Provisions
8.5
(0.9)
\u2013
(0.2)
7.4
Tax losses
17.2
(3.1)
(4.5)
(0.2)
9.4
Other short-term timing differences
10.4
1.0
\u2013
(0.6)
10.8
Net deferred tax
8.5
(3.4)
14.5
(1.0)
18.6
Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows:
(In \u00a3s million)
2024
2023
Deferred tax assets
25.4
21.4
Deferred tax liabilities
\u2013
(2.8)
Net deferred tax
25.4
18.6
The deferred tax asset of \u00a325.4 million (2023: \u00a321.4 million) as at 30 June 2024 primarily arises from our Australian and UK businesses. The overall deferred tax asset has increased due to a number of factors including the impairment of intangible assets in Germany, together with a reduction in the deferred tax liability in the UK, driven by a reduction in the retirement benefit surplus. The reduction in the pension deferred tax liability has been partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses, on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. In addition,a deferred tax asset of \u00a38.4m has been recognised in the UK, on the basis of forecast future taxable profits. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buyout of the scheme within the next four years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2024 would be \u00a31.6 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme, as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which took effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse. Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following:
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Tax losses (revenue in nature)
175.3
43.9
138.1
34.6
Tax losses (capital in nature)
22.1
5.5
22.1
5.5
Total tax losses
197.4
49.4
160.2
40.1
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Unrecognised deductible temporary differences
78.3
18.7
49.6
11.9
In tax losses (revenue in nature) \u00a39.4 million is due to expire within thirteen years and \u00a36.1 million within five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following:
(In \u00a3s million)
2024
2023
Foreign subsidiaries
29.5
34.9
Tax thereon
2.4
2.2
22 Trade and other payables
(In \u00a3s million)
2024
2023
Trade payables
320.7
278.6
Other tax and social security
73.2
87.4
Other payables
55.1
87.6
Accruals
477.6
537.7
Trade and other payables
926.6
991.3
The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 38 days (2023: 31 days). Accruals primarily relate to the remuneration costs for temporary workers and other agencies that have provided their services but remuneration has yet to be made due to timing.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-490": { "value": "17 Deferred tax Deferred tax assets and liabilities in relation to:
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2023 Income Statement income adjustments 2024
Accelerated tax depreciation
(4.8)
10.3
\u2013
0.1
5.6
Retirement benefit surplus
(6.5)
\u2013
1.6
\u2013
(4.9)
Share-based payments
2.3
(0.3)
\u2013
\u2013
2.0
Provisions
7.4
(0.3)
\u2013
(0.1)
7.0
Tax losses
9.4
(2.4)
1.5
\u2013
8.5
Other short-term timing differences
10.8
(3.7)
\u2013
0.1
7.2
Net deferred tax
18.6
3.6
3.1
0.1
25.4
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2022 Income Statement income adjustments 2023
Accelerated tax depreciation
(3.8)
(1.0)
\u2013
\u2013
(4.8)
Retirement benefit surplus
(25.5)
\u2013
19.0
\u2013
(6.5)
Share-based payments
1.7
0.6
\u2013
\u2013
2.3
Provisions
8.5
(0.9)
\u2013
(0.2)
7.4
Tax losses
17.2
(3.1)
(4.5)
(0.2)
9.4
Other short-term timing differences
10.4
1.0
\u2013
(0.6)
10.8
Net deferred tax
8.5
(3.4)
14.5
(1.0)
18.6
Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows:
(In \u00a3s million)
2024
2023
Deferred tax assets
25.4
21.4
Deferred tax liabilities
\u2013
(2.8)
Net deferred tax
25.4
18.6
The deferred tax asset of \u00a325.4 million (2023: \u00a321.4 million) as at 30 June 2024 primarily arises from our Australian and UK businesses. The overall deferred tax asset has increased due to a number of factors including the impairment of intangible assets in Germany, together with a reduction in the deferred tax liability in the UK, driven by a reduction in the retirement benefit surplus. The reduction in the pension deferred tax liability has been partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses, on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. In addition,a deferred tax asset of \u00a38.4m has been recognised in the UK, on the basis of forecast future taxable profits. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buyout of the scheme within the next four years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2024 would be \u00a31.6 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme, as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which took effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse. Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following:
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Tax losses (revenue in nature)
175.3
43.9
138.1
34.6
Tax losses (capital in nature)
22.1
5.5
22.1
5.5
Total tax losses
197.4
49.4
160.2
40.1
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Unrecognised deductible temporary differences
78.3
18.7
49.6
11.9
In tax losses (revenue in nature) \u00a39.4 million is due to expire within thirteen years and \u00a36.1 million within five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following:
(In \u00a3s million)
2024
2023
Foreign subsidiaries
29.5
34.9
Tax thereon
2.4
2.2
18 Trade and other receivables
(In \u00a3s million)
2024
2023
Net trade receivables
754.3
727.0
Net accrued income
394.5
476.8
Prepayments and other receivables
45.7
40.8
Trade and other receivables
1,194.5
1,244.6
Due to their short-term nature, the Directors consider that the carrying amount of trade receivables approximates to their fair value. The average credit period taken is 36 days (2023: 33 days). Accrued income primarily arises where temporary workers have provided their services but the amount incurred and margin earned thereon has yet to be invoiced on to the client due to timing. The Group\u2019s exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the year-end closing exchange rates in respect of the euro and Australian dollar would result in a \u00a32.8 million and \u00a30.5 million movement in trade receivables respectively. Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2024
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
684.6
0.3%
(1.7)
682.9
Up to one month past due
60.5
8.3%
(5.0)
55.5
One to three months past due
17.8
20.2%
(3.6)
14.2
Greater than three months past due
9.8
83.7%
(8.2)
1.6
Trade receivables
772.7
2.4%
(18.5)
754.2
Accrued income
396.2
0.4%
(1.7)
394.5
As at 30 June 2023
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
633.2
0.3%
(1.7)
631.5
Up to one month past due
81.9
5.7%
(4.7)
77.2
One to three months past due
20.1
17.4%
(3.5)
16.6
Greater than three months past due
11.0
84.6%
(9.3)
1.7
Trade receivables
746.2
2.6%
(19.2)
727.0
Accrued income
478.5
0.4%
(1.7)
476.8
The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows:
(In \u00a3s million)
2024
2023
At 1 July
19.2
17.6
Exchange movement
(0.3)
(0.2)
Charge for the year
1.4
3.0
Uncollectable amounts written off
(1.8)
(1.2)
At 30 June
18.5
19.2
Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 36 days at 30 June 2024 (30 June 2023: 33 days). The sensitivity analysis shows that an increase of one DSO will result in an additional \u00a30.8 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.0 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2024, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
717.2
0.3%
(1.8)
Up to one month past due
63.4
8.3%
(5.2)
One to three months past due
18.5
20.2%
(3.7)
Greater than three months past due
10.3
83.7%
(8.6)
Trade receivables
809.4
2.4%
(19.3)
One fewer DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
649.8
0.3%
(1.6)
Up to one month past due
57.4
8.3%
(4.7)
One to three months past due
16.8
20.2%
(3.4)
Greater than three months past due
9.3
83.7%
(7.8)
Trade receivables
733.3
2.4%
(17.5)
The risk disclosures contained on page 79 to 85 within the Strategic Report form part of these Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-479": { "value": "17 Deferred tax Deferred tax assets and liabilities in relation to:
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2023 Income Statement income adjustments 2024
Accelerated tax depreciation
(4.8)
10.3
\u2013
0.1
5.6
Retirement benefit surplus
(6.5)
\u2013
1.6
\u2013
(4.9)
Share-based payments
2.3
(0.3)
\u2013
\u2013
2.0
Provisions
7.4
(0.3)
\u2013
(0.1)
7.0
Tax losses
9.4
(2.4)
1.5
\u2013
8.5
Other short-term timing differences
10.8
(3.7)
\u2013
0.1
7.2
Net deferred tax
18.6
3.6
3.1
0.1
25.4
(Charge)/credit to
(Charge)/credit to other
1 July Consolidated comprehensive Exchange 30 June
(In \u00a3s million) 2022 Income Statement income adjustments 2023
Accelerated tax depreciation
(3.8)
(1.0)
\u2013
\u2013
(4.8)
Retirement benefit surplus
(25.5)
\u2013
19.0
\u2013
(6.5)
Share-based payments
1.7
0.6
\u2013
\u2013
2.3
Provisions
8.5
(0.9)
\u2013
(0.2)
7.4
Tax losses
17.2
(3.1)
(4.5)
(0.2)
9.4
Other short-term timing differences
10.4
1.0
\u2013
(0.6)
10.8
Net deferred tax
8.5
(3.4)
14.5
(1.0)
18.6
Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows:
(In \u00a3s million)
2024
2023
Deferred tax assets
25.4
21.4
Deferred tax liabilities
\u2013
(2.8)
Net deferred tax
25.4
18.6
The deferred tax asset of \u00a325.4 million (2023: \u00a321.4 million) as at 30 June 2024 primarily arises from our Australian and UK businesses. The overall deferred tax asset has increased due to a number of factors including the impairment of intangible assets in Germany, together with a reduction in the deferred tax liability in the UK, driven by a reduction in the retirement benefit surplus. The reduction in the pension deferred tax liability has been partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses, on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. In addition,a deferred tax asset of \u00a38.4m has been recognised in the UK, on the basis of forecast future taxable profits. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buyout of the scheme within the next four years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2024 would be \u00a31.6 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme, as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which took effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse. Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following:
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Tax losses (revenue in nature)
175.3
43.9
138.1
34.6
Tax losses (capital in nature)
22.1
5.5
22.1
5.5
Total tax losses
197.4
49.4
160.2
40.1
Gross Tax Gross Tax
(In \u00a3s million) 2024 2024 2023 2023
Unrecognised deductible temporary differences
78.3
18.7
49.6
11.9
In tax losses (revenue in nature) \u00a39.4 million is due to expire within thirteen years and \u00a36.1 million within five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following:
(In \u00a3s million)
2024
2023
Foreign subsidiaries
29.5
34.9
Tax thereon
2.4
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-480": { "value": "18 Trade and other receivables
(In \u00a3s million)
2024
2023
Net trade receivables
754.3
727.0
Net accrued income
394.5
476.8
Prepayments and other receivables
45.7
40.8
Trade and other receivables
1,194.5
1,244.6
Due to their short-term nature, the Directors consider that the carrying amount of trade receivables approximates to their fair value. The average credit period taken is 36 days (2023: 33 days). Accrued income primarily arises where temporary workers have provided their services but the amount incurred and margin earned thereon has yet to be invoiced on to the client due to timing. The Group\u2019s exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the year-end closing exchange rates in respect of the euro and Australian dollar would result in a \u00a32.8 million and \u00a30.5 million movement in trade receivables respectively. Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2024
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
684.6
0.3%
(1.7)
682.9
Up to one month past due
60.5
8.3%
(5.0)
55.5
One to three months past due
17.8
20.2%
(3.6)
14.2
Greater than three months past due
9.8
83.7%
(8.2)
1.6
Trade receivables
772.7
2.4%
(18.5)
754.2
Accrued income
396.2
0.4%
(1.7)
394.5
As at 30 June 2023
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
633.2
0.3%
(1.7)
631.5
Up to one month past due
81.9
5.7%
(4.7)
77.2
One to three months past due
20.1
17.4%
(3.5)
16.6
Greater than three months past due
11.0
84.6%
(9.3)
1.7
Trade receivables
746.2
2.6%
(19.2)
727.0
Accrued income
478.5
0.4%
(1.7)
476.8
The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations
where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers.
The movement on the provision for impairment of trade receivables is as follows:
(In \u00a3s million)
2024
2023
At 1 July
19.2
17.6
Exchange movement
(0.3)
(0.2)
Charge for the year
1.4
3.0
Uncollectable amounts written off
(1.8)
(1.2)
At 30 June
18.5
19.2
Sensitivity
The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019).
Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 36 days at 30 June 2024 (30 June
2023: 33 days). The sensitivity analysis shows that an increase of one DSO will result in an additional \u00a30.8 million impairment allowance,
whereas a decrease of one DSO will result in a \u00a31.0 million decrease in impairment allowance. The impact of forward-looking factors on
the required provision is immaterial at 30 June 2024, including the impact on the required provision on accrued income. The results of the
sensitivity analysis of DSO is shown below:
One additional DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
717.2
0.3%
(1.8)
Up to one month past due
63.4
8.3%
(5.2)
One to three months past due
18.5
20.2%
(3.7)
Greater than three months past due
10.3
83.7%
(8.6)
Trade receivables
809.4
2.4%
(19.3)
One fewer DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
649.8
0.3%
(1.6)
Up to one month past due
57.4
8.3%
(4.7)
One to three months past due
16.8
20.2%
(3.4)
Greater than three months past due
9.3
83.7%
(7.8)
Trade receivables
733.3
2.4%
(17.5)
The risk disclosures contained on page 79 to 85 within the Strategic Report form part of these Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-462": { "value": "
(In \u00a3s million)
2024
2023
Net trade receivables
754.3
727.0
Net accrued income
394.5
476.8
Prepayments and other receivables
45.7
40.8
Trade and other receivables
1,194.5
1,244.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-493": { "value": "
Credit risk
The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject
to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued
income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure
the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using
historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth
outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected
credit loss rates. The provision matrix used to measure the expected credit losses is:
As at 30 June 2024
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
684.6
0.3%
(1.7)
682.9
Up to one month past due
60.5
8.3%
(5.0)
55.5
One to three months past due
17.8
20.2%
(3.6)
14.2
Greater than three months past due
9.8
83.7%
(8.2)
1.6
Trade receivables
772.7
2.4%
(18.5)
754.2
Accrued income
396.2
0.4%
(1.7)
394.5
As at 30 June 2023
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
633.2
0.3%
(1.7)
631.5
Up to one month past due
81.9
5.7%
(4.7)
77.2
One to three months past due
20.1
17.4%
(3.5)
16.6
Greater than three months past due
11.0
84.6%
(9.3)
1.7
Trade receivables
746.2
2.6%
(19.2)
727.0
Accrued income
478.5
0.4%
(1.7)
476.8
The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows:
(In \u00a3s million)
2024
2023
At 1 July
19.2
17.6
Exchange movement
(0.3)
(0.2)
Charge for the year
1.4
3.0
Uncollectable amounts written off
(1.8)
(1.2)
At 30 June
18.5
19.2
Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 36 days at 30 June 2024 (30 June 2023: 33 days). The sensitivity analysis shows that an increase of one DSO will result in an additional \u00a30.8 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.0 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2024, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
717.2
0.3%
(1.8)
Up to one month past due
63.4
8.3%
(5.2)
One to three months past due
18.5
20.2%
(3.7)
Greater than three months past due
10.3
83.7%
(8.6)
Trade receivables
809.4
2.4%
(19.3)
One fewer DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
649.8
0.3%
(1.6)
Up to one month past due
57.4
8.3%
(4.7)
One to three months past due
16.8
20.2%
(3.4)
Greater than three months past due
9.3
83.7%
(7.8)
Trade receivables
733.3
2.4%
(17.5)
The risk disclosures contained on page 79 to 85 within the Strategic Report form part of these Consolidated Financial Statements. 19 Cash and cash equivalents
(In \u00a3s million)
2024
2023
Cash and cash equivalents
121.8
145.6
The Group had net cash of \u00a356.8 million (2023: \u00a3135.6 million), comprising of cash and cash equivalents of \u00a3121.8 million (2023: \u00a3145.6 million) less bank loan of \u00a365.0 million (2023: \u00a310.0 million). No short-term deposits were placed in the year ended 30 June 2024. Capital management The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to shareholders via special dividends and share buybacks. The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings, however given the Group\u2019s strong financial position, the Group maintains the flexibility to pay dividend outside this target range where appropriate as is the case in the year ended 30 June 2024. The Group\u2019s policy for returning surplus net cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each financial year-end (30 June) of \u00a3100 million, subject to the economic outlook. The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and overdrafts (note 21) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings. The Group is not restricted to any externally imposed capital requirements. Risk management A description of the Group\u2019s treasury policy and controls is included in the Chief Financial Officer\u2019s Review on page 47. Cash management and foreign exchange risk The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk. The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a \u00a30.9 million and \u00a30.1 million change in operating profit respectively. The Group does not use derivatives to hedge balance sheet and income statement translation exposure. Interest rate risk The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money market rates. Counterparty credit risk Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have an acceptable credit profile and limits its exposure to each institution accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-485": { "value": "Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2024
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
684.6
0.3%
(1.7)
682.9
Up to one month past due
60.5
8.3%
(5.0)
55.5
One to three months past due
17.8
20.2%
(3.6)
14.2
Greater than three months past due
9.8
83.7%
(8.2)
1.6
Trade receivables
772.7
2.4%
(18.5)
754.2
Accrued income
396.2
0.4%
(1.7)
394.5
As at 30 June 2023
Expected
(In \u00a3s million)
Gross
Credit Loss
Provision
Net
Not yet due
633.2
0.3%
(1.7)
631.5
Up to one month past due
81.9
5.7%
(4.7)
77.2
One to three months past due
20.1
17.4%
(3.5)
16.6
Greater than three months past due
11.0
84.6%
(9.3)
1.7
Trade receivables
746.2
2.6%
(19.2)
727.0
Accrued income
478.5
0.4%
(1.7)
476.8
The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows:
(In \u00a3s million)
2024
2023
At 1 July
19.2
17.6
Exchange movement
(0.3)
(0.2)
Charge for the year
1.4
3.0
Uncollectable amounts written off
(1.8)
(1.2)
At 30 June
18.5
19.2
Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 36 days at 30 June 2024 (30 June 2023: 33 days). The sensitivity analysis shows that an increase of one DSO will result in an additional \u00a30.8 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.0 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2024, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
717.2
0.3%
(1.8)
Up to one month past due
63.4
8.3%
(5.2)
One to three months past due
18.5
20.2%
(3.7)
Greater than three months past due
10.3
83.7%
(8.6)
Trade receivables
809.4
2.4%
(19.3)
One fewer DSO
Expected Required
(In \u00a3s million)
Adjusted Gross
Credit Loss Provision
Not yet due
649.8
0.3%
(1.6)
Up to one month past due
57.4
8.3%
(4.7)
One to three months past due
16.8
20.2%
(3.4)
Greater than three months past due
9.3
83.7%
(7.8)
Trade receivables
733.3
2.4%
(17.5)
The risk disclosures contained on page 79 to 85 within the Strategic Report form part of these Consolidated Financial Statements.
Counterparty credit risk
Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to
financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have
an acceptable credit profile and limits its exposure to each institution accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-481": { "value": "19 Cash and cash equivalents
(In \u00a3s million)
2024
2023
Cash and cash equivalents
121.8
145.6
The Group had net cash of \u00a356.8 million (2023: \u00a3135.6 million), comprising of cash and cash equivalents of \u00a3121.8 million (2023: \u00a3145.6 million) less bank loan of \u00a365.0 million (2023: \u00a310.0 million). No short-term deposits were placed in the year ended 30 June 2024. Capital management The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to shareholders via special dividends and share buybacks. The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings, however given the Group\u2019s strong financial position, the Group maintains the flexibility to pay dividend outside this target range where appropriate as is the case in the year ended 30 June 2024. The Group\u2019s policy for returning surplus net cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each financial year-end (30 June) of \u00a3100 million, subject to the economic outlook. The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and overdrafts (note 21) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings. The Group is not restricted to any externally imposed capital requirements. Risk management A description of the Group\u2019s treasury policy and controls is included in the Chief Financial Officer\u2019s Review on page 47. Cash management and foreign exchange risk The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk. The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a \u00a30.9 million and \u00a30.1 million change in operating profit respectively. The Group does not use derivatives to hedge balance sheet and income statement translation exposure. Interest rate risk The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money market rates. Counterparty credit risk Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have an acceptable credit profile and limits its exposure to each institution accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-486": { "value": "
Capital management
The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and
development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to
shareholders via special dividends and share buybacks.
The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings, however given the Group\u2019s strong financial position, the
Group maintains the flexibility to pay dividend outside this target range where appropriate as is the case in the year ended 30 June 2024.
The Group\u2019s policy for returning surplus net cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each
financial year-end (30 June) of \u00a3100 million, subject to the economic outlook.
The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and
overdrafts (note 21) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings.
The Group is not restricted to any externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-487": { "value": "
Cash management and foreign exchange risk
The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external
borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility
over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the
Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates
significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of
its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk.
The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The
sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a
\u00a30.9 million and \u00a30.1 million change in operating profit respectively.
The Group does not use derivatives to hedge balance sheet and income statement translation exposure.
Interest rate risk
The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to
fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate
swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money
market rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-436": { "value": "
20 Derivative financial instruments
(In \u00a3s million)
2024
2023
Net derivative asset
\u2013
0.1
As set out in note 19 to the Consolidated Financial Statements and in the treasury management section of the Chief Financial Officer\u2019s
Review on page 47, in certain cases the Group uses derivative financial instruments to manage its foreign exchange exposures as part of
its day-to-day cash management.
As at 30 June 2024, the Group had entered into six forward exchange contract arrangements with a counterparty bank (2023: six forward
contracts). There was no net gain or loss resulting from fair market value of the contracts as at 30 June 2024 (2023: gain of \u00a30.1 million) in
the Consolidated Balance Sheet.
In the current year, some of the derivative assets and liabilities met the offsetting criteria of IAS 32 paragraph 42. Consequently, the
qualifying gross derivative assets were set off against the qualifying gross derivative liabilities.
The Group does not use derivatives for speculative purposes and all transactions are undertaken to manage the risks arising from
underlying business activities. These instruments are classified as Level 2 in the IFRS 7 fair value hierarchy.
Categories of financial assets and liabilities held by the Group are as follows:
(In \u00a3s million)
2024
2023
Financial assets
Net trade receivables
754.3
727.0
Net accrued income
394.5
476.8
Cash and cash equivalents
121.8
145.6
Derivative financial instruments
\u2013
0.1
Total financial assets
1,270.6
1,349.5
(In \u00a3s million)
2024
2023
Financial liabilities
Trade payables
320.7
278.6
Other payables
55.1
87.6
Accruals
477.6
537.7
Bank loans and overdrafts
65.0
10.0
Total financial liabilities
918.4
913.9
21 Bank loans and overdrafts
(In \u00a3s million)
2024
2023
Bank loans
65.0
10.0
Risk management
A description of the Group\u2019s treasury policy and controls is included in the Chief Financial Officer\u2019s Review on page 47.
Committed facilities
On 19 October 2020, the Group extended the maturity of its \u00a3210 million unsecured revolving credit facility by one year to November 2025
at the lower value of \u00a3170 million in its final year due to reduced lender commitments received. The financial covenants within the facility
remain unchanged and require the Group\u2019s interest cover ratio to be at least 4:1 and its leverage ratio (net debt to EBITDA) to be no greater
than 2.5:1. The interest rate of the facility is based on a ratchet mechanism with a margin payable over SONIA in the range of 0.70%
to 1.50%.
At 30 June 2024, \u00a3145 million of the committed facility was undrawn (2023: \u00a3200 million undrawn).
Interest rates
The weighted average interest rates paid were as follows:
2024
2023
Bank borrowings
6.2%
4.6%
For every 25 basis points fall or rise in the average SONIA rate in the year, there would be a reduction or increase in profit before tax by
approximately \u00a30.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-463": { "value": "20 Derivative financial instruments
(In \u00a3s million)
2024
2023
Net derivative asset
\u2013
0.1
As set out in note 19 to the Consolidated Financial Statements and in the treasury management section of the Chief Financial Officer\u2019s Review on page 47, in certain cases the Group uses derivative financial instruments to manage its foreign exchange exposures as part of its day-to-day cash management. As at 30 June 2024, the Group had entered into six forward exchange contract arrangements with a counterparty bank (2023: six forward contracts). There was no net gain or loss resulting from fair market value of the contracts as at 30 June 2024 (2023: gain of \u00a30.1 million) in the Consolidated Balance Sheet. In the current year, some of the derivative assets and liabilities met the offsetting criteria of IAS 32 paragraph 42. Consequently, the qualifying gross derivative assets were set off against the qualifying gross derivative liabilities. The Group does not use derivatives for speculative purposes and all transactions are undertaken to manage the risks arising from underlying business activities. These instruments are classified as Level 2 in the IFRS 7 fair value hierarchy. Categories of financial assets and liabilities held by the Group are as follows:
(In \u00a3s million)
2024
2023
Financial assets
Net trade receivables
754.3
727.0
Net accrued income
394.5
476.8
Cash and cash equivalents
121.8
145.6
Derivative financial instruments
\u2013
0.1
Total financial assets
1,270.6
1,349.5
(In \u00a3s million)
2024
2023
Financial liabilities
Trade payables
320.7
278.6
Other payables
55.1
87.6
Accruals
477.6
537.7
Bank loans and overdrafts
65.0
10.0
Total financial liabilities
918.4
913.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-464": { "value": "21 Bank loans and overdrafts
(In \u00a3s million)
2024
2023
Bank loans
65.0
10.0
Risk management A description of the Group\u2019s treasury policy and controls is included in the Chief Financial Officer\u2019s Review on page 47. Committed facilities On 19 October 2020, the Group extended the maturity of its \u00a3210 million unsecured revolving credit facility by one year to November 2025 at the lower value of \u00a3170 million in its final year due to reduced lender commitments received. The financial covenants within the facility remain unchanged and require the Group\u2019s interest cover ratio to be at least 4:1 and its leverage ratio (net debt to EBITDA) to be no greater than 2.5:1. The interest rate of the facility is based on a ratchet mechanism with a margin payable over SONIA in the range of 0.70% to 1.50%. At 30 June 2024, \u00a3145 million of the committed facility was undrawn (2023: \u00a3200 million undrawn). Interest rates The weighted average interest rates paid were as follows:
2024
2023
Bank borrowings
6.2%
4.6%
For every 25 basis points fall or rise in the average SONIA rate in the year, there would be a reduction or increase in profit before tax by approximately \u00a30.2 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-438": { "value": "
22 Trade and other payables
(In \u00a3s million)
2024
2023
Trade payables
320.7
278.6
Other tax and social security
73.2
87.4
Other payables
55.1
87.6
Accruals
477.6
537.7
Trade and other payables
926.6
991.3
The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for
trade purchases is 38 days (2023: 31 days).
Accruals primarily relate to the remuneration costs for temporary workers and other agencies that have provided their services but
remuneration has yet to be made due to timing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-466": { "value": "22 Trade and other payables
(In \u00a3s million)
2024
2023
Trade payables
320.7
278.6
Other tax and social security
73.2
87.4
Other payables
55.1
87.6
Accruals
477.6
537.7
Trade and other payables
926.6
991.3
The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 38 days (2023: 31 days). Accruals primarily relate to the remuneration costs for temporary workers and other agencies that have provided their services but remuneration has yet to be made due to timing.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-437": { "value": "
23 Retirement benefit surplus
The Group operates a number of retirement benefit schemes in the UK and in other countries. The Group\u2019s principal schemes are within
the UK where the Group operates one defined contribution scheme and two defined benefit schemes. The majority of overseas
arrangements are either defined contribution or government-sponsored schemes and these arrangements are not material in the context
of the Group results. The total cost charged to the Consolidated Income Statement in relation to these overseas arrangements was
\u00a315.3 million (2023: \u00a317.5 million).
UK Defined Contribution Scheme
The Group\u2019s principal defined contribution benefit scheme is the Hays Group Personal Pension Plan which is operated for all qualifying
employees and is funded via an employee salary sacrifice arrangement, and for qualifying employees additional employer contributions.
Employer contributions are in the range of 3% to 12% of pensionable salary depending on the level of employee contribution and seniority.
The total cost charged to the Consolidated Income Statement of \u00a36.3 million (2023: \u00a35.8 million) represents employer\u2019s contributions
payable to the money purchase arrangements. There were no contributions outstanding at the end of the current or prior year. The assets
of the money purchase arrangements are held separately from those of the Group.
UK Defined Benefit Schemes
The Group\u2019s principal defined benefit schemes are the Hays Pension Scheme and the Hays Supplementary Scheme both in the UK. The
Hays Pension Scheme is a funded final salary defined benefit scheme providing pensions and death benefits to members. The Hays
Supplementary Scheme is an unfunded unapproved retirement benefit scheme for employees who were subject to HMRC\u2019s earnings cap
on pensionable salary. The Schemes were closed to future accrual from 30 June 2012 with pensions calculated up until the point of
closure. The Schemes are governed by a Trustee Board, which is independent of the Group and are subject to full actuarial valuation on a
triennial basis.
The last formal actuarial valuation of the Hays Pension Scheme was performed at 30 June 2021 and quantified the deficit at \u00a323.9 million.
A revised deficit funding schedule, in line with the Group\u2019s strategy to achieve an eventual buy-out of the Scheme, was agreed with effect
from 1 July 2021 which maintained the annual contribution at its previous level, subject to a 3% per annum fixed uplift over a period of five
and a half years. During the year ended 30 June 2024, the Group made a contribution of \u00a317.7 million to the Hays Pension Scheme
(2023: \u00a317.2 million) in accordance with the agreed deficit funding schedule. The cash contributions made during the year mainly related
to deficit funding payments.
In respect of IFRIC 14, The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a
refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make
funding contributions do not give rise to any additional liabilities in respect of the Scheme.
The defined benefit schemes expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market
(investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks.
The net amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit pension
schemes is as follows:
(In \u00a3s million)
2024
2023
Present value of defined benefit obligations
(489.7)
(475.8)
Less fair value of defined benefit scheme assets:
Bonds and gilts
180.4
166.7
LDI funds
158.2
162.6
Buy-in policy and other insurance policies
159.5
159.7
Cash
11.0
12.5
Total fair value of defined benefit scheme assets
509.1
501.5
Net asset arising from defined benefit obligations
19.4
25.7
(In \u00a3s million)
Quoted
Unquoted
2024
Asset category
Bonds and gilts
181.2
(0.8)
180.4
LDI funds
261.1
(102.9)
158.2
Buy-in policy and other insurance policies
\u2013
159.5
159.5
Cash
11.0
\u2013
11.0
Total scheme assets
453.3
55.8
509.1
The Trustee Board is responsible for determining the Hays Pension Scheme\u2019s investment strategy, after taking advice from the Scheme\u2019s
investment advisor Mercer Limited. The investment objective for the Trustee of the Scheme is to maintain a portfolio of suitable assets of
appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the defined benefit
scheme as they fall due. The current strategy is to hold investments that share characteristics with the long-term liabilities of the Scheme.
The majority of assets are invested in a Liability Driven Investments (LDI) portfolio and corporate bonds and gilts. The Scheme also holds a
bulk purchasing annuity policy (buy-in) contract with Canada Life Limited in respect of ensuring all future payments to existing pensioners
of the Hays defined benefit Scheme as at 31 December 2017. The Scheme assets do not include any directly held shares issued by the
Company or property occupied by the Company.
The fair value of financial instruments has been determined using the fair value hierarchy. Where such quoted prices are unavailable, the
price of a recent transaction for an identical asset, adjusted if necessary, is used. Where quoted prices are not available and recent
transactions of an identical asset on their own are either unavailable or not a good estimate of fair value, valuation techniques are
employed using both observable market data and non-observable data.
In relation to the LDI funds the valuations have been determined as follows:
\u2022 Repurchase agreements (where the Scheme has sold assets with the agreement to repurchase at a fixed date and price) are included in
the Consolidated Financial Statements at the fair value of the repurchase price as a liability. The assets sold are reported at their fair
value reflecting that the Scheme retains the risks and rewards of ownership of those assets;
\u2022 The fair value of the forward currency contracts is based on market forward exchange rates at the year-end and determined as the gain
or loss that would arise if the outstanding contract was matched at the year-end with an equal and opposite contract; and
\u2022 Swaps represent current value of future cash flows arising from the swap determined using discounted cash flow models and market
data at the reporting date.
The analysis of the LDI funds included within the pension scheme assets is as follows:
(In \u00a3s million)
Quoted
Unquoted
2024
LDI funds summary valuation
Government bonds
(10.1)
\u2013
(10.1)
Government index-linked
267.1
\u2013
267.1
Interest rate swaps
\u2013
(2.5)
(2.5)
Fixed incomes futures
46.5
\u2013
46.5
Liquidity
4.1
\u2013
4.1
Gross funds
307.6
(2.5)
305.1
Repurchase agreements
\u2013
(102.1)
(102.1)
Asset swaps
\u2013
1.7
1.7
Futures
(46.5)
\u2013
(46.5)
Gross liabilities
(46.5)
(100.4)
(146.9)
Total LDI funds
261.1
(102.9)
158.2
The LDI portfolio is managed by Insight (a Bank of New York Mellon company) under an active mandate and uses government bonds and
derivative instruments (such as interest rate swaps, inflation swaps and gilt repurchase transactions) to hedge the impact of interest rate
and inflation movements in relation to the long-term liabilities.
Under the Schemes\u2019 LDI strategy, if interest rates fall, the value of LDI investments will rise to help match the increase in actuarial liabilities
arising from the fall in discount rate. Similarly if interest rates rise, the LDI investments will fall in value, as will the liabilities because of the
increase in the discount rate. The extent to which the liability interest rate and inflation risk is not fully matched by the LDI funds, represents
the residual interest rate and inflation risk the Scheme remains exposed to.
In addition to the above risk, the LDI portfolio forms part of a diversified investment portfolio for the Scheme, with this diversification
seeking to reduce investment risk.
The Scheme is subject to direct credit risk because it invests in segregated mandates with the LDI portfolio. Credit risk arising on bonds
held directly within the LDI portfolio is mitigated by investing mostly in government bonds where the credit risk is minimal.
Credit risk arising on the derivatives held in the LDI mandate depends on whether the derivative is exchange traded or over the counter
(OTC). OTC derivative contracts are not guaranteed by any regulated exchange and therefore the Scheme is subject to risk of failure of the
counterparty. The credit risk for OTC swaps held in the LDI portfolio is reduced by collateral arrangements.
The change in the present value of defined benefit obligations is as follows:
(In \u00a3s million)
2024
2023
Opening defined benefit obligation at 1 July
(475.8)
(573.5)
Administration costs
(3.0)
(3.2)
Interest on defined benefit scheme liabilities
(24.2)
(21.9)
Net remeasurement losses \u2013 change in experience assumptions
(3.6)
(26.5)
Net remeasurement gains \u2013 change in demographic assumptions
2.0
16.8
Net remeasurement (losses)/gains \u2013 change in financial assumptions
(9.6)
106.6
Benefits and expenses paid
24.5
25.9
Closing defined benefit obligation at 30 June
(489.7)
(475.8)
The analysis of the defined benefit obligations is as follows:
(In \u00a3s million)
2024
2023
Plans that are wholly or partly funded
(484.3)
(470.2)
Plans that are wholly unfunded
(5.4)
(5.6)
Total
(489.7)
(475.8)
The defined benefit schemes\u2019 liability comprises 54% (2023: 55%) in respect of deferred benefit scheme participants and 46% (2023: 45%)
in respect of retirees.
The weighted average duration of the UK defined benefit scheme liabilities at the end of the reporting year is c.13-14 years (2023: 15 years).
The change in the fair value of defined benefit scheme assets is as follows:
(In \u00a3s million)
2024
2023
Fair value of plan assets at 1 July
501.5
675.5
Interest income on defined benefit scheme assets
25.9
26.2
Return on scheme assets
(12.0)
(192.0)
Employer contributions (towards funded and unfunded schemes)
18.2
17.7
Benefits and expenses paid
(24.5)
(25.9)
Fair value of plan assets at 30 June
509.1
501.5
During the year the Company made deficit funding contributions of \u00a317.7 million (2023: \u00a317.2 million) into the funded Hays Pension
Scheme, and made pension payments amounting to \u00a30.5 million (2023: \u00a30.5 million) in respect of the unfunded Hays Supplementary
Scheme. The amount of deficit funding contributions expected to be paid into the funded Hays Pension Scheme in the year to 30 June
2025 is \u00a318.2 million. Following the closure of the schemes in 2012, future service contributions are no longer payable.
The net interest (expense)/credit recognised in the Consolidated Income Statement comprised:
(In \u00a3s million)
2024
2023
Net interest income
1.7
4.3
Administration costs
(3.0)
(3.2)
Net interest (expense)/credit recognised in the Consolidated Income Statement
(1.3)
1.1
The net interest income and administration costs in the current year and prior year were recognised within finance costs.
The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows:
(In \u00a3s million)
2024
2023
Return on plan assets (excluding amounts included in net interest expense)
(12.0)
(192.0)
Actuarial remeasurement:
Net remeasurement losses \u2013 change in experience assumptions
(3.6)
(26.5)
Net remeasurement gains \u2013 change in demographic assumptions
2.0
16.8
Net remeasurement (losses)/gains \u2013 change in financial assumptions
(9.6)
106.6
Remeasurement of the net defined benefit surplus
(23.2)
(95.1)
A roll-forward of the actuarial valuation of the Hays Pension Scheme to 30 June 2024 and the valuation of the Hays Supplementary
Pension Scheme has been performed by an independent actuary, who is an employee of ISIO Group Limited.
The key assumptions used at 30 June are as follows:
2024
2023
Discount rate
5.10%
5.20%
RPI inflation
3.25%
3.25%
CPI inflation
2.65%
2.55%
Rate of increase of pensions in payment
2.95%
2.90%
Rate of increase of pensions in deferment
2.65%
2.55%
The discount rate has been constructed to reference the AA corporate bond curve (which fits a curve to iBoxx sterling AA corporate data).
The corporate bond yield curve has been used to discount the Scheme cash flows using the rates available at each future duration and this
had been converted into a single flat rate assumption to give equivalent liabilities to the Scheme\u2019s cash flows. The duration of the
Scheme\u2019s liabilities using this approach is c.13-14 years.
The RPI inflation assumption has been set as gilt market implied RPI appropriate to the duration of the liabilities (c.13-14 years) less a
0.2% per annum inflation risk premium. The CPI inflation assumption has been determined as 0.6% per annum below the RPI assumption
(2023: 0.7%).
The life expectancy assumptions have been updated and calculated using bespoke 2021 Club Vita base tables along with CMI 2023
projections (smoothing factor of 7 and assuming improvements have peaked) and a long-term improvement rate of 1.25% per annum.
On this basis a 65-year-old current pensioner has a life expectancy of 21.8 years for males (2023: 21.8 years) and 23.4 years for females
(2023: 23.4 years). Also on the same basis, the life expectancy from age 65 years of a current 45-year-old deferred member is 22.6 years
for males (2023: 22.6 years) and 25.4 years for females (2023: 25.4 years).
A sensitivity analysis on the principal assumptions used to measure the Scheme\u2019s liabilities at the year-end is:
Change in Impact on
assumption Scheme\u2019s liabilities
Discount rate
+/- 0.5%
-\u00a331m/+\u00a334m
Inflation and pension increases (allowing for caps and collars)
+/- 0.5%
+\u00a319m/-\u00a317m
Assumed life expectancy at age 65
+/- 1 year
+\u00a315m/-\u00a315m
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation; it is unlikely that
the change in assumptions would occur in isolation to one another as some of the assumptions may be correlated.
In presenting the above sensitivity analysis the present value of the defined benefit obligation has been calculated using the projected unit
credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability
recognised in the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-465": { "value": "UK Defined Contribution Scheme The Group\u2019s principal defined contribution benefit scheme is the Hays Group Personal Pension Plan which is operated for all qualifying employees and is funded via an employee salary sacrifice arrangement, and for qualifying employees additional employer contributions. Employer contributions are in the range of 3% to 12% of pensionable salary depending on the level of employee contribution and seniority. The total cost charged to the Consolidated Income Statement of \u00a36.3 million (2023: \u00a35.8 million) represents employer\u2019s contributions payable to the money purchase arrangements. There were no contributions outstanding at the end of the current or prior year. The assets of the money purchase arrangements are held separately from those of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-467": { "value": "UK Defined Benefit Schemes The Group\u2019s principal defined benefit schemes are the Hays Pension Scheme and the Hays Supplementary Scheme both in the UK. The Hays Pension Scheme is a funded final salary defined benefit scheme providing pensions and death benefits to members. The Hays Supplementary Scheme is an unfunded unapproved retirement benefit scheme for employees who were subject to HMRC\u2019s earnings cap on pensionable salary. The Schemes were closed to future accrual from 30 June 2012 with pensions calculated up until the point of closure. The Schemes are governed by a Trustee Board, which is independent of the Group and are subject to full actuarial valuation on a triennial basis. The last formal actuarial valuation of the Hays Pension Scheme was performed at 30 June 2021 and quantified the deficit at \u00a323.9 million. A revised deficit funding schedule, in line with the Group\u2019s strategy to achieve an eventual buy-out of the Scheme, was agreed with effect from 1 July 2021 which maintained the annual contribution at its previous level, subject to a 3% per annum fixed uplift over a period of five and a half years. During the year ended 30 June 2024, the Group made a contribution of \u00a317.7 million to the Hays Pension Scheme (2023: \u00a317.2 million) in accordance with the agreed deficit funding schedule. The cash contributions made during the year mainly related to deficit funding payments. In respect of IFRIC 14, The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. The defined benefit schemes expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market (investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. The net amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit pension schemes is as follows:
(In \u00a3s million)
2024
2023
Present value of defined benefit obligations
(489.7)
(475.8)
Less fair value of defined benefit scheme assets:
Bonds and gilts
180.4
166.7
LDI funds
158.2
162.6
Buy-in policy and other insurance policies
159.5
159.7
Cash
11.0
12.5
Total fair value of defined benefit scheme assets
509.1
501.5
Net asset arising from defined benefit obligations
19.4
25.7
(In \u00a3s million)
Quoted
Unquoted
2024
Asset category
Bonds and gilts
181.2
(0.8)
180.4
LDI funds
261.1
(102.9)
158.2
Buy-in policy and other insurance policies
\u2013
159.5
159.5
Cash
11.0
\u2013
11.0
Total scheme assets
453.3
55.8
509.1
The Trustee Board is responsible for determining the Hays Pension Scheme\u2019s investment strategy, after taking advice from the Scheme\u2019s investment advisor Mercer Limited. The investment objective for the Trustee of the Scheme is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the defined benefit scheme as they fall due. The current strategy is to hold investments that share characteristics with the long-term liabilities of the Scheme. The majority of assets are invested in a Liability Driven Investments (LDI) portfolio and corporate bonds and gilts. The Scheme also holds a bulk purchasing annuity policy (buy-in) contract with Canada Life Limited in respect of ensuring all future payments to existing pensioners of the Hays defined benefit Scheme as at 31 December 2017. The Scheme assets do not include any directly held shares issued by the Company or property occupied by the Company. The fair value of financial instruments has been determined using the fair value hierarchy. Where such quoted prices are unavailable, the price of a recent transaction for an identical asset, adjusted if necessary, is used. Where quoted prices are not available and recent transactions of an identical asset on their own are either unavailable or not a good estimate of fair value, valuation techniques are employed using both observable market data and non-observable data. In relation to the LDI funds the valuations have been determined as follows: \u2022 Repurchase agreements (where the Scheme has sold assets with the agreement to repurchase at a fixed date and price) are included in the Consolidated Financial Statements at the fair value of the repurchase price as a liability. The assets sold are reported at their fair value reflecting that the Scheme retains the risks and rewards of ownership of those assets; \u2022 The fair value of the forward currency contracts is based on market forward exchange rates at the year-end and determined as the gain or loss that would arise if the outstanding contract was matched at the year-end with an equal and opposite contract; and \u2022 Swaps represent current value of future cash flows arising from the swap determined using discounted cash flow models and market data at the reporting date. The analysis of the LDI funds included within the pension scheme assets is as follows:
(In \u00a3s million)
Quoted
Unquoted
2024
LDI funds summary valuation
Government bonds
(10.1)
\u2013
(10.1)
Government index-linked
267.1
\u2013
267.1
Interest rate swaps
\u2013
(2.5)
(2.5)
Fixed incomes futures
46.5
\u2013
46.5
Liquidity
4.1
\u2013
4.1
Gross funds
307.6
(2.5)
305.1
Repurchase agreements
\u2013
(102.1)
(102.1)
Asset swaps
\u2013
1.7
1.7
Futures
(46.5)
\u2013
(46.5)
Gross liabilities
(46.5)
(100.4)
(146.9)
Total LDI funds
261.1
(102.9)
158.2
The LDI portfolio is managed by Insight (a Bank of New York Mellon company) under an active mandate and uses government bonds and derivative instruments (such as interest rate swaps, inflation swaps and gilt repurchase transactions) to hedge the impact of interest rate and inflation movements in relation to the long-term liabilities. Under the Schemes\u2019 LDI strategy, if interest rates fall, the value of LDI investments will rise to help match the increase in actuarial liabilities arising from the fall in discount rate. Similarly if interest rates rise, the LDI investments will fall in value, as will the liabilities because of the increase in the discount rate. The extent to which the liability interest rate and inflation risk is not fully matched by the LDI funds, represents the residual interest rate and inflation risk the Scheme remains exposed to. In addition to the above risk, the LDI portfolio forms part of a diversified investment portfolio for the Scheme, with this diversification seeking to reduce investment risk. The Scheme is subject to direct credit risk because it invests in segregated mandates with the LDI portfolio. Credit risk arising on bonds held directly within the LDI portfolio is mitigated by investing mostly in government bonds where the credit risk is minimal. Credit risk arising on the derivatives held in the LDI mandate depends on whether the derivative is exchange traded or over the counter (OTC). OTC derivative contracts are not guaranteed by any regulated exchange and therefore the Scheme is subject to risk of failure of the counterparty. The credit risk for OTC swaps held in the LDI portfolio is reduced by collateral arrangements. The change in the present value of defined benefit obligations is as follows:
(In \u00a3s million)
2024
2023
Opening defined benefit obligation at 1 July
(475.8)
(573.5)
Administration costs
(3.0)
(3.2)
Interest on defined benefit scheme liabilities
(24.2)
(21.9)
Net remeasurement losses \u2013 change in experience assumptions
(3.6)
(26.5)
Net remeasurement gains \u2013 change in demographic assumptions
2.0
16.8
Net remeasurement (losses)/gains \u2013 change in financial assumptions
(9.6)
106.6
Benefits and expenses paid
24.5
25.9
Closing defined benefit obligation at 30 June
(489.7)
(475.8)
The analysis of the defined benefit obligations is as follows:
(In \u00a3s million)
2024
2023
Plans that are wholly or partly funded
(484.3)
(470.2)
Plans that are wholly unfunded
(5.4)
(5.6)
Total
(489.7)
(475.8)
The defined benefit schemes\u2019 liability comprises 54% (2023: 55%) in respect of deferred benefit scheme participants and 46% (2023: 45%) in respect of retirees. The weighted average duration of the UK defined benefit scheme liabilities at the end of the reporting year is c.13-14 years (2023: 15 years). The change in the fair value of defined benefit scheme assets is as follows:
(In \u00a3s million)
2024
2023
Fair value of plan assets at 1 July
501.5
675.5
Interest income on defined benefit scheme assets
25.9
26.2
Return on scheme assets
(12.0)
(192.0)
Employer contributions (towards funded and unfunded schemes)
18.2
17.7
Benefits and expenses paid
(24.5)
(25.9)
Fair value of plan assets at 30 June
509.1
501.5
During the year the Company made deficit funding contributions of \u00a317.7 million (2023: \u00a317.2 million) into the funded Hays Pension Scheme, and made pension payments amounting to \u00a30.5 million (2023: \u00a30.5 million) in respect of the unfunded Hays Supplementary Scheme. The amount of deficit funding contributions expected to be paid into the funded Hays Pension Scheme in the year to 30 June 2025 is \u00a318.2 million. Following the closure of the schemes in 2012, future service contributions are no longer payable. The net interest (expense)/credit recognised in the Consolidated Income Statement comprised:
(In \u00a3s million)
2024
2023
Net interest income
1.7
4.3
Administration costs
(3.0)
(3.2)
Net interest (expense)/credit recognised in the Consolidated Income Statement
(1.3)
1.1
The net interest income and administration costs in the current year and prior year were recognised within finance costs. The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows:
(In \u00a3s million)
2024
2023
Return on plan assets (excluding amounts included in net interest expense)
(12.0)
(192.0)
Actuarial remeasurement:
Net remeasurement losses \u2013 change in experience assumptions
(3.6)
(26.5)
Net remeasurement gains \u2013 change in demographic assumptions
2.0
16.8
Net remeasurement (losses)/gains \u2013 change in financial assumptions
(9.6)
106.6
Remeasurement of the net defined benefit surplus
(23.2)
(95.1)
A roll-forward of the actuarial valuation of the Hays Pension Scheme to 30 June 2024 and the valuation of the Hays Supplementary Pension Scheme has been performed by an independent actuary, who is an employee of ISIO Group Limited. The key assumptions used at 30 June are as follows:
2024
2023
Discount rate
5.10%
5.20%
RPI inflation
3.25%
3.25%
CPI inflation
2.65%
2.55%
Rate of increase of pensions in payment
2.95%
2.90%
Rate of increase of pensions in deferment
2.65%
2.55%
The discount rate has been constructed to reference the AA corporate bond curve (which fits a curve to iBoxx sterling AA corporate data). The corporate bond yield curve has been used to discount the Scheme cash flows using the rates available at each future duration and this had been converted into a single flat rate assumption to give equivalent liabilities to the Scheme\u2019s cash flows. The duration of the Scheme\u2019s liabilities using this approach is c.13-14 years. The RPI inflation assumption has been set as gilt market implied RPI appropriate to the duration of the liabilities (c.13-14 years) less a 0.2% per annum inflation risk premium. The CPI inflation assumption has been determined as 0.6% per annum below the RPI assumption (2023: 0.7%). The life expectancy assumptions have been updated and calculated using bespoke 2021 Club Vita base tables along with CMI 2023 projections (smoothing factor of 7 and assuming improvements have peaked) and a long-term improvement rate of 1.25% per annum. On this basis a 65-year-old current pensioner has a life expectancy of 21.8 years for males (2023: 21.8 years) and 23.4 years for females (2023: 23.4 years). Also on the same basis, the life expectancy from age 65 years of a current 45-year-old deferred member is 22.6 years for males (2023: 22.6 years) and 25.4 years for females (2023: 25.4 years). A sensitivity analysis on the principal assumptions used to measure the Scheme\u2019s liabilities at the year-end is:
Change in Impact on
assumption Scheme\u2019s liabilities
Discount rate
+/- 0.5%
-\u00a331m/+\u00a334m
Inflation and pension increases (allowing for caps and collars)
+/- 0.5%
+\u00a319m/-\u00a317m
Assumed life expectancy at age 65
+/- 1 year
+\u00a315m/-\u00a315m
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation; it is unlikely that the change in assumptions would occur in isolation to one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Consolidated Balance Sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-439": { "value": "
24 Provisions
Legal, tax and
(In \u00a3s million)
Property
Restructuring
other matters
Total
At 1 July 2023
\u2013
\u2013
23.6
23.6
Charged to income statement
\u2013
35.8
2.8
38.6
Credited to income statement
\u2013
\u2013
(4.6)
(4.6)
Utilised
\u2013
(22.9)
(3.4)
(26.3)
Transfers from trade and other payables
5.4
\u2013
\u2013
5.4
At 30 June 2024
5.4
12.9
18.4
36.7
(In \u00a3s million)
2024
2023
Current
24.0
10.8
Non-current
12.7
12.8
Total provisions
36.7
23.6
During the current year, the Group recognised a restructuring charge of \u00a342.2 million as an exceptional cost as detailed in note 5 of the
Consolidated Financial Statements. Of the \u00a342.2 million restructuring charge, \u00a34.9 million relates to impairment of right-of-use assets and
\u00a31.5 million relates to early vesting on Performance Share Plans (PSPs), which has been charged to equity. The remaining \u00a335.8m was
recognised as a restructuring provision, of which \u00a322.9m was utilised in the year.
On a number of leased properties, the Group has an obligation to restore the leased property to its original condition at the end of the lease
term, or incur costs related to the repair and maintenance of the property due to dilapidation. The Group previously recognised an accrual
for property dilapidation within Trade and other payables, based on management\u2019s best estimate of the expenditure required to settle the
present obligation at the balance sheet date. During the year, the Directors made the decision to reclassify the property dilapidation
obligations as provisions and therefore the amounts held as Trade and other payables at 30 June 2024 were transferred to provisions.
Given that the amount is not material, a prior year restatement has not been made (2023: \u00a35.6 million).
As a global specialist in recruitment and workforce solutions and in common with other similar organisations, in the ordinary course of our
business the Group is exposed to the risk of legal, tax and other disputes. Where costs are likely to arise in defending and concluding such
disputes, and these costs can be measured reliably, they are provided for in the Consolidated Financial Statements. These items affect
various Group subsidiaries in different geographic regions and the amounts provided for are based on management\u2019s assessment of the
specific circumstances in each case. The timing of settlement depends on the circumstances in each case and is uncertain. Legal matters
includes claims relating to disputes raised by our workers with either Hays or our clients. There are no individually material balances within
this provision, and management does not consider it reasonably possible that any of these balances will change materially in the
next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-468": { "value": "
25 Called up share capital
Called up, allotted and fully paid Ordinary shares of 1 pence each
Share capital Share
number capital
(thousand) (\u00a3s million)
At 1 July 2023
1,600,433
16.0
At 30 June 2024
1,600,433
16.0
In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company is allowed to hold
10% of issued share capital in treasury.
As at 30 June 2024, the Company held 15.6 million (2023: 11.3 million) Hays plc shares in treasury. The shares held in treasury are used to
satisfy the exercises in relation to equity-settled share-based payment awards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-469": { "value": "
26 Merger reserve
(In \u00a3s million)
Total
At 1 July 2023
43.8
Interim dividend paid during the year
(15.0)
At 30 June 2024
28.8
The interim dividend for the year ended 30 June 2024 of 95 pence, paid on 9 April 2024, was paid out of the merger reserve, which was
generated under Section 612 of the Companies Act 2006 as a result of the cash box structure used in the equity placing of new shares
issued during the year ended 30 June 2020.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-440": { "value": "
27 Share-based payments
During the year, \u00a39.7 million (2023: \u00a312.0 million) was charged to the Consolidated Income Statement in relation to equity-settled
share-based payments.
Share options
Sharesave is a save as you earn (SAYE) scheme designed to give employees the opportunity to buy Hays plc shares at a discounted price
at the end of three-year savings contract, where they have six months to buy the shares or withdraw the savings.
At 30 June 2024 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1
pence each under the Company\u2019s share option schemes:
Nominal
value of Subscription Date
Number of shares price normally
shares (\u00a3) (pence/share) exercisable
Hays UK Sharesave Scheme
334,377
3,344
143
2024
498,808
4,988
117
2025
466,633
4,666
108
2026
3,798,136
37,981
85
2027
5,097,954
50,979
Hays International Sharesave Scheme
412,328
4,123
143
2024
520,039
5,200
117
2025
451,807
4,518
108
2026
834,296
8,343
85
2027
2,218,470
22,184
Total Sharesave options outstanding
7,316,424
73,163
The Hays International Sharesave Scheme is available to employees in Australia, New Zealand, Germany, the Republic of Ireland, Canada,
Hong Kong SAR, Singapore and the United Arab Emirates.
Details of the share options outstanding during the year are as follows:
2024 2023
2024 Weighted 2023 Weighted
Number of average Number of average
share options exercise price share options exercise price
(thousand) (pence) (thousand) (pence)
Sharesave
Outstanding at the beginning of the year
5,666
118
6,125
127
Granted during the year
4,733
85
2,328
108
Forfeited during the year
(3,046)
114
(2,104)
126
Expired during the year
(37)
121
(684)
136
Outstanding at the end of the year
7,316
98
5,665
118
Exercisable at the end of the year
747
143
\u2013
135
There were no options exercised during the year (2023: none).
The options outstanding as at 30 June 2024 had a weighted average remaining contractual life of 2.03 years.
Performance Share Plan (PSP) and Deferred Annual Bonus (DAB)
The PSP is designed to link reward to the key long-term value drivers of the business and to align the interests of the Executive Directors
and approximately 360 of the global senior management population with the long-term interests of shareholders. PSP awards are
discretionary and vesting is dependent upon the achievement of performance conditions measured over either a three-year period with a
two-year holding period, or a one-year period with a two-year holding period. The fair value of both the PSP and DAB awards are calculated
using the share price as at the date the shares are granted.
Only the Executive Directors and other members of the Executive Leadership Team participate in the DAB, which promotes a stronger link
between short-term and long-term performance through the deferral of annual bonuses into shares for a three-year period.
Further details of the schemes for the Executive Directors can be found in the Remuneration Report on pages 120 to 144.
Details of the share awards outstanding during the year are as follows:
2024 2024 2023 2023
Number of Weighted average Number of Weighted average
share options fair value at grant share options fair value at grant
(thousand) (pence) (thousand) (pence)
Performance Share Plan
Outstanding at the beginning of the year
27,458
127
24,024
137
Granted during the year
11,212
108
10,245
117
Exercised during the year
(6,315)
128
(3,442)
169
Lapsed during the year
(3,810)
122
(3,369)
144
Outstanding at the end of the year
28,545
116
27,458
127
The weighted average share price on the date of exercise was 105 pence (2023: 115 pence).
The options outstanding as at 30 June 2024 had a weighted average remaining contractual life of 2.1 years.
2024 2024 2023 2023
Number of Weighted average Number of Weighted average
share options fair value at grant share options fair value at grant
(thousand) (pence) (thousand) (pence)
Deferred Annual Bonus
Outstanding at the beginning of the year
3,040
135
2,028
157
Granted during the year
822
104
1,765
114
Exercised during the year
(293)
134
(753)
147
Outstanding at the end of the year
3,569
128
3,040
135
The weighted average share price on the date of exercise was 105 pence (2023: 117 pence).
The options outstanding as at 30 June 2024 had a weighted average remaining contractual life of 1.2 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-441": { "value": "
28 Related parties
Remuneration of key management personnel
The remuneration of the Executive Leadership Team and Non-Executive Directors, who are key management personnel of the Group, is set
out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019 and represents the total compensation
costs incurred by the Group in respect of remuneration, not the benefit to the individuals. Further information about the remuneration of
Executive and Non-Executive Directors is provided in the Directors\u2019 Remuneration Report on pages 120 to 144.
(In \u00a3s million)
2024
2023
Short-term employee benefits
8.7
8.9
Share-based payments
4.5
5.1
Remuneration of key management personnel
13.2
14.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-470": { "value": "Remuneration of key management personnel The remuneration of the Executive Leadership Team and Non-Executive Directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019 and represents the total compensation costs incurred by the Group in respect of remuneration, not the benefit to the individuals. Further information about the remuneration of Executive and Non-Executive Directors is provided in the Directors\u2019 Remuneration Report on pages 120 to 144.
(In \u00a3s million)
2024
2023
Short-term employee benefits
8.7
8.9
Share-based payments
4.5
5.1
Remuneration of key management personnel
13.2
14.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-442": { "value": "
29 Disaggregation of net fees
IFRS 15 requires entities to disaggregate revenue recognised from contracts with customers into relevant categories that depict how the
nature, amount and cash flows are affected by economic factors. As a result, we consider the following information relating to net fees to
be relevant and should be considered alongside note 4:
For the year ended 30 June 2024
United Kingdom & Australia &
Germany Ireland
New Zealand
Rest of World
Group
Temporary placements
82%
57%
65%
39%
59%
Permanent placements
18%
43%
35%
61%
41%
Total
100%
100%
100%
100%
100%
Private sector
85%
68%
63%
98%
83%
Public sector
15%
32%
37%
2%
17%
Total
100%
100%
100%
100%
100%
Technology
33%
15%
16%
27%
25%
Accountancy & Finance
17%
20%
12%
11%
15%
Engineering
27%
2%
0%
7%
11%
Construction & Property
4%
16%
20%
9%
10%
Office Support
0%
9%
11%
4%
5%
Other
19%
38%
41%
42%
34%
Total
100%
100%
100%
100%
100%
For the year ended 30 June 2023
United Kingdom & Australia &
Germany Ireland
New Zealand
Rest of World
Group
Temporary placements
83%
56%
61%
34%
57%
Permanent placements
17%
44%
39%
66%
43%
Total
100%
100%
100%
100%
100%
Private sector
86%
70%
65%
98%
84%
Public sector
14%
30%
35%
2%
16%
Total
100%
100%
100%
100%
100%
Technology
35%
18%
16%
27%
26%
Accountancy & Finance
17%
19%
11%
11%
15%
Engineering
26%
2%
0%
6%
10%
Construction & Property
4%
16%
21%
9%
10%
Office Support
0%
10%
11%
5%
5%
Other
18%
35%
41%
42%
34%
Total
100%
100%
100%
100%
100%
", "dimensions": { "concept": "haysplc:DisclosureOfDisaggregationOfNetFees", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-443": { "value": "
30 Contingent liabilities
The Group has issued certain financial guarantees in respect of operating lease obligations and in respect of obtaining regulatory licenses
in certain countries. The Group has recognised liabilities in respect of these guarantees, where applicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-471": { "value": "30 Contingent liabilities The Group has issued certain financial guarantees in respect of operating lease obligations and in respect of obtaining regulatory licenses in certain countries. The Group has recognised liabilities in respect of these guarantees, where applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-472": { "value": "
31 Reconciliation of financial liabilities arising from financing activities
Net debt
(In \u00a3s million)
2024
2023
Cash and cash equivalents
121.8
145.6
Bank loans
(65.0)
(10.0)
Lease liabilities
(179.3)
(189.8)
Net debt
(122.5)
(54.2)
Net debt reconciliation
Cash
Lease and cash
(In \u00a3s million)
Bank loans
liabilities
Subtotal
equivalents
Total
At 1 July 2023
(10.0)
(189.8)
(199.8)
145.6
(54.2)
Exchange adjustments
\u2013
3.2
3.2
(0.6)
2.6
Financing cash flows
(55.0)
51.0
(4.0)
(23.2)
(27.2)
Interest expense
(7.2)
(5.0)
(12.2)
\u2013
(12.2)
Interest payments
7.2
\u2013
7.2
\u2013
7.2
New leases
\u2013
(38.7)
(38.7)
\u2013
(38.7)
At 30 June 2024
(65.0)
(179.3)
(244.3)
121.8
(122.5)
Cash
Lease and cash
(In \u00a3s million)
Bank loans
liabilities
Subtotal
equivalents
Total
At 1 July 2022
\u2013
(185.1)
(185.1)
296.2
111.1
Exchange adjustments
\u2013
2.2
2.2
(3.8)
(1.6)
Financing cash flows
(10.0)
49.9
39.9
(146.8)
(106.9)
Interest expense
(3.7)
(4.2)
(7.9)
\u2013
(7.9)
Interest payments
3.7
\u2013
3.7
\u2013
3.7
New leases
\u2013
(52.6)
(52.6)
\u2013
(52.6)
At 30 June 2023
(10.0)
(189.8)
(199.8)
145.6
(54.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-445": { "value": "31 Reconciliation of financial liabilities arising from financing activities Net debt
(In \u00a3s million)
2024
2023
Cash and cash equivalents
121.8
145.6
Bank loans
(65.0)
(10.0)
Lease liabilities
(179.3)
(189.8)
Net debt
(122.5)
(54.2)
Net debt reconciliation
Cash
Lease and cash
(In \u00a3s million)
Bank loans
liabilities
Subtotal
equivalents
Total
At 1 July 2023
(10.0)
(189.8)
(199.8)
145.6
(54.2)
Exchange adjustments
\u2013
3.2
3.2
(0.6)
2.6
Financing cash flows
(55.0)
51.0
(4.0)
(23.2)
(27.2)
Interest expense
(7.2)
(5.0)
(12.2)
\u2013
(12.2)
Interest payments
7.2
\u2013
7.2
\u2013
7.2
New leases
\u2013
(38.7)
(38.7)
\u2013
(38.7)
At 30 June 2024
(65.0)
(179.3)
(244.3)
121.8
(122.5)
Cash
Lease and cash
(In \u00a3s million)
Bank loans
liabilities
Subtotal
equivalents
Total
At 1 July 2022
\u2013
(185.1)
(185.1)
296.2
111.1
Exchange adjustments
\u2013
2.2
2.2
(3.8)
(1.6)
Financing cash flows
(10.0)
49.9
39.9
(146.8)
(106.9)
Interest expense
(3.7)
(4.2)
(7.9)
\u2013
(7.9)
Interest payments
3.7
\u2013
3.7
\u2013
3.7
New leases
\u2013
(52.6)
(52.6)
\u2013
(52.6)
At 30 June 2023
(10.0)
(189.8)
(199.8)
145.6
(54.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-444": { "value": "
32 Subsequent events
The final dividend for 2024 of 2.05 pence per share (\u00a332.5 million) will be proposed at the Annual General Meeting on 20 November 2024
and has not been included as a liability. If approved, the final dividend will be paid on 25 November 2024 to shareholders on the register at
the close of business on 18 October 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QC8AWD4BO8TH08", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } } } }