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ManpowerGroup Greater China Announces 2020 Annual Results


Flexible Staffing Records Strong Growth, Technology Platform to OptimizeOperational Efficiency


  • For the 12 months ended 31 December 2020,  the Group recorded totalrevenue of RMB3,222.6million, representing an increase of approximately 6.0%from RMB3,041.5million compared to the same period of 2019.
  • Revenue generated fromflexible staffing segment grew by approximately 12.2% on a year over year basisto RMB3,011.9million, of which the flexible staffing revenue from MainlandChina increased approximately 28% compared with the same period last year.
  • Net profit attributable toowners of the Company increased to RMB126.4million, representing a growth ofapproximately 14.7% year over year.
  • Netoperating cash flow rose significantly by 145.1% year over year to RMB272.6million;As of 31 December 2020, cash and bank deposits of the Company amounted to RMB1,068.8million,an increase of 13.1% from December 31, 2019.
  • TheBoard recommended the payment of a final dividend of HKD$0.32 per ordinaryshare for the year ended 31 December 2020, representing approximately 45% ofthe Group’s earnings per share.

[31 March 2021 – Hong Kong] ManpowerGroup Greater China Limited (“ManpowerGroup Greater China” ortogether with its subsidiaries, the “Group”; stock code: 2180.HK) ispleased to announce its annual results today for the year ended 31 December2020 (the “Period”).

Accordingto the latest report of China Insight Consultancy, the Group is the largestplayer in the workforce solutions market in Greater China by 2019 revenue, accountingfor 1.71% market share. Riding on this achievement, the Group continued torecord stable revenue growth. For the full year2020, the Group achieved a total revenue of RMB3,222.6million, representing anincrease of approximately 6.0% compared to the same period of 2019. Revenuegenerated from flexible staffing business segment grew by approximately 12.2%on a year over year basis to RMB3,011.9million, of which flexible staffingrevenue from Mainland China increased by approximately 28% compared with thesame period last year. Flexible staffing segment contributes 93.5%of the Group’s total revenue. During the Period,net profit attributable to owners of the Company increased to RMB126.4million,representing a growth of approximately 14.7% year over year. Net operating cashflow rose significantly by 145.1% year over year to RMB272.6million. Asof 31 December 2020, cash and bankdeposits of the Company amounted to RMB1,068.8million, an increase of 13.1%from December 31, 2019. A final dividend for the year ended 31 December 2020 ofHK$0.32 per ordinary shares, representing approximately 45% of the Group’searnings per share has been proposed by the directors of the Company.

Strong growthof flexiblestaffing business driven by Mainland China

Despite challenges posed by COVID-19 outbreak, slowing globaleconomic growth, and complex trade and geopolitical uncertainties, theGroup recorded strong growth of its flexible staffing business mainly driven byMainland China, rising 12.2% compared to the same period last year, of whichflexible staffing revenue from Mainland China recorded strong growth ofapproximately 28% year over year.  During the Period,the Group further streamlined its geographical operational structures inMainland China with a view to accelerating its expansion into under-penetratedregions in southern, central, and western China, such as Wuhan, and bolsteringits strong market position in tier-one cities such as Shanghai, Beijing,Guangzhou and Hong Kong. The total number of associates placed during thePeriod increased by 13.2% from approximately 34,000 as the end of 2019 toapproximately 38,500 by the end of 2020, among which the total number ofassociates placed in Mainland China grew by approximately 27%. The Groupbelieves that it will continue to benefit from the industry growth on the backof its strong brand and leading market position.

Solid cash flow management capability as a buffer againstmacroeconomic uncertainties

Despitethe impact of COVID-19 on the cashflow of certain clients, the Group continuedto achieve fast growth of net operating cash flow during the period given itsstrong cash flow management capability and prudent risk control. Net operatingcashflow grew significantly by 145.1% to RMB272.6million compared to the sameperiod last year. As of 31 December 2020, cash and bank deposits of the Companyincreased by 13.1% year over year to RMB1,068.8million, which could serve as abuffer against macroeconomic uncertainties.

Further business development in the NewEconomy & Technology sector, Technology platform to optimizeoperational efficiency

During the Period, the Group has been activelypromoting business development in the New Economy and Technology sector (beingthe sector to which its top 5 clients belong), with the number of clients fromsuch sector increasing by around 19% compared with 2019. During the Period, theGroup remained committed to growing its existing clients, with revenuecontribution from its top 5 clients increasing by approximately 33.8% year overyear and accounting for approximately 33.8% of its total revenue.

To follow the evolving workforce needs brought by thetrend of digitalisation and technology , the Group launched an all-in-one workforcetechnology platform (職場+)in 2020 aiming to embed its various technology products into theexternal-facing workforce technology platform and integrate with the Group’sinternal operation technology platform to optimize operational efficiency andcreate more synergy between different business lines. By the end of 2020,the number of active members on the Group’s recruiting service product (天天U才)portal had reached around 33,000 per month with the number of new positionsposted at around 8,600. The Group’s collaborative platform (天天U單)had posted around 3,500 positions as the end of 2020. The Group’s employeevalue-adding platform (天天U福) has recorded over 15,000 registered members.

Strategic Investment to accelerate the development of digitalizedsolutions and products

The Group acquired45% equity interest of ZhongRui FESCO Outsourcing (Beijing) Co., Ltd (“中瑞方勝金融服務外包(北京)有限公司”) in December 2020. The Group believes thatthe acquisition will further strengthen the Company's service capabilities inthe financial sector, accelerate the development of digital solutions andproducts of the Company's payroll and tax services, facilitate the developmentof the Company's integrated workforce technology platform, and provide one-stopcomprehensive human resources solutions to corporate clients and theiremployees.

Undertake corporate social responsibility with wide recognition

To counteract theCOVID-19 pandemic and to fulfil its corporate social responsibility, the Groupset up an RMB1.38 million Public Welfare Fund together with its associatecompanies in early 2020. All funds have been donated within the year to fourhospitals in Hubei province and to the Hubei Youth Development Foundation. TheGroup is committed to promoting corporate social responsibility and is activelytaking part in the economic recovery of Wuhan and other areas in the Hubeiprovince which the Group considers key regions for future development.

The Group’s effortsin providing customized and professional services to its clients in the GreaterChina region have been recognized with a number of awards, including “2019-2020The Best Comprehensive HR Service Provider in Greater China” (「大中華區最佳綜合人力資源服務機構」)by HRoot, “The Best HR Service Provider inChina 2020” (「年度最佳人力資源服務機構」) by TopHR, “The BestSaaS Service Provider in 2019-2020” (「2019-2020年度最佳SaaS服務商」) by Top Exhibition,and “Top 30 Innovative Brands” (「2020中國人力資源科技創新品牌30強」) by HRTechChina.

Progress towardsthe next stage of development

The Board announces that Mr YUAN Jianhua,Executive Director, Chief Executive Officer and President of the Company, hasdecided to step down from his current roles with effect from 31 March 2021, todevote more time to his family and personal interests and to pursue personalhealth. Mr. YUAN will serve as a Senior Advisor to the Group for a period ofone year commencing from 1 April 2021 and will remain as the Permanent HonourablePresident of the Company. 

Mr. CUI Zhihui, Chief Financial Officer ofthe Company, has been appointed as an Executive Director, Chief ExecutiveOfficer of the Company and the Authorised Representative with effect from 31March 2021. Mr. CUI has served as the Group’s Chief Financial Officer since January2016 and is responsible for the Group’s management, including overseeing itsfinancial affairs and leading the merger and acquisition and post-acquisitionmanagement. He also holds directorship in a number of the Group’s subsidiaries.

Mr.CUI Zhihui said “We greatly appreciate Mr. YUAN’s long-termcontribution to the development of the Group. We are confident about the growthpotential of the flexible staffing industry. The Group’s global brand and leadingmarket position in the Greater China region, together with its strong cashflowmanagement capability, sufficient cash reserve, and the optimization of theworkforce technology platform, will help us take full advantage of the growthpotential of the human resources market in the Greater China region.”


About ManpowerGroup Greater China

ManpowerGroup Greater China Limited (“ManpowerGroup Greater China” or the“Company”, together with its subsidiaries, the “Group”, stockcode: 2180.HK), is the largest workforce solutions provider in theGreater China Region by 2019 revenue. The Group provides comprehensiveworkforce solutions and other HR services to clients located in Greater China,including Mainland China, Hong Kong, Macau and Taiwan. The Group’s services,namely flexible staffing, recruitment solutions and other HR services, are aimedat providing comprehensive human resources solutions throughout differentstages of clients’ business cycles. The Group’s largest stakeholder,ManpowerGroup Inc., is a Fortune 500 company listed on the New York StockExchange (NYSE:MAN) and is a global leader in workforce solutions and serviceswith operating history of over 70 years and a network of nearly 2,600 offices. 


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