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ManpowerGroup Greater China Announces 2022 Annual Results Total Revenue Grows Steadily and Rapidly mainly driven by Flexible Staffing

2023-03-30

Financial Highlights:

·  For the year ended 31 December2022, the Group recorded total revenue of RMB 4,588 million, representing an increase of approximately 15.6% compared to the sameperiod of 2021.

·  Revenue generated from flexiblestaffing segment, the largest businesssegment of the Group, grew by approximately 17.8% ona year over year basis to RMB 4,344 million,of which the flexible staffing revenue from Mainland China maintained stronggrowth momentum of 23.3% on a year overyear basis despite a three-month lockdown of Shanghai, where theGroup’s headquarter is located, and a COVID-19 outbreak in Mainland Chinatowards the year end.

·   Net profit attributable to owners of the Company decreased to RMB 118.6million, representing negative growth of approximately 14.8%year over year, mainly due to rising cost from regional expansion andoptimization of product mix despite continuous COVID outbreaks and lockdownsacross the region. Adjusted net profit attributable to owners of the Company recordedRMB 131.8 million after adjusting one-off expenses, decreasing by 9.6%yearover year.

·   The Board recommended payment of a final dividend of HKD 0.12 (RMB 0.11)per ordinary share for the year ended 31 December 2022, representingapproximately 20% of the Group’searnings per share. The final dividend is on top of a special interim dividendof HKD1.60 paid out in September 2022 to reward long-term investors.

 

(March【30】, 2023, Hong Kong) ManpowerGroup Greater China Limited (stockcode: 2180.HK) is pleased to announce the annual results for the year ended 31 December 2022(the “Reporting Period”). For theyear of 2022 the Group recorded total revenue of RMB 4,588 million, an increase of approximately 15.6% compared to the same period in 2021. 

The Group's largest businesssegment, flexible staffing, recorded a year-on-year growth ofapproximately 17.8% in revenue to RMB 4,344 million, with the revenue of flexible staffing business in Mainland China growing byapproximately 23.3%compared to the same period last year despite a three-month lockdown ofShanghai, where the Group’s headquarter is located, and a COVID-19 outbreak inMainland China towards the year end. Net profit attributable to owners of theCompany decreased to RMB 118.6 million, representing negative growth of approximately 14.8%year over year, mainly due to rising cost from regional expansion andoptimization of product mix despite continuous COVID outbreaks and lockdownsacross the region. Adjusted net profit attributable to owners of the Companyrecorded RMB 131.8million after adjusting one-off expenses, decreasing by 9.6% year over year. The Board recommended payment of a final dividend of HKD 0.12 (RMB 0.11) per ordinary share for the year ended 31December 2022. The final dividend is on top of a special interim dividend ofHKD1.60 paid out in September 2022 to reward long-term investors.

 

Strong Growth Momentum of Mainland Flexible Staffing Business Maintain Leading Position in the Market

In 2022, despite variouschallenges including continuous Covid-19 pandemic and volatile macro-economicenvironment, the Group remained committed to growing its existing accounts andexpanded its service offerings with new State-Owned Enterprises (SOE) clientsand clients from the financial sector. In the meantime, the Group activelydeveloped its ITO business and further expanded product portfolio to providemore comprehensive services in a fast-growing market.

In addition, the Group accelerated expansioninto under-penetrated regions in southern, central, and western China (such asWuhan and Chengdu), as well as bolstering its leading position in tier-onecities including Beijing, Shanghai, Shenzhen, Guangzhou. The total number of associatesplaced during the Period increased from approximately 48,000 as ofthe end of 2021 to approximately 49,200 as of 31 December 2022.

Outstanding CashFlow Management Capability as a Buffer against Macroeconomic Uncertainties

Despite the continuous impact of Covid andweak economy growth in 2022, the Group achieved fast growth of net operatingcash flow during the period given its strong cash flow management capabilityand prudent risk control. Net operating cash flow grew significantly by 167% to RMB 266.2 millioncompared to the same period last year. With sufficient cash the hand, the Groupbelieves it could serve as a buffer against macroeconomic uncertainties.

Technology platform to further optimize operationalefficiency

To implement itsstrategic initiatives of digitalisation, the Group has been transforming andoptimizing its workforce technology platform with focus on key products such asthe collaborative recruiting platform (天天U单), to expand client baseand improve cross-selling between different business lines.

Bythe end of 2022, the Group’s mobile recruiting platform天天U才 had recorded around 51,700, Monthly Active User (MAU) with approximately 14,500 positions posted; the collaborative platform天天U单had posted around 19,900 positions during the year; the Group’s employeevalue-adding platform天天U福 had registered over 35,100 members. As of the end 2022, the Group’s talent poolhas reached a total number of around 6.3million.

Leading HR Service Providerin the Greater China Region with wide recognition

The Group’s efforts in providingcustomized and professional services to its clients in the Greater China regionhave been recognized with several awards, including“2022 Human Resources PioneerOrganization Award” (“2022人力资源先锋机构”)by TopHR, “Staffing and Hunting Supplier Value Award” (“灵活用工HR臻选服务机构”、“猎头服务HR臻选服务机构”) byHREC, and “2022 Digital Human Resources Technology Award” (“2022数字人力资源科技奖”) by HRTech China.


Looking forward to the year of 2023, increasingregional geopolitical tension, uncertainties of macroeconomy, have posedvarious challenges to our business. However, the Group is confident about the robustness of itsbusiness model and the diversification within the business. The Groupremains cautiously optimistic of its business in 2023.

Mr. Ricky Cui,Executive Director and CEO ofthe Group said, “We are confidentabout the growth potential of the human resources industry. The Group’s leading market position in theGreater China region, together with its diversified business segments, strongbusiness development capability, and outstanding cashflow managementcapability, will help us take full advantage of the growth potential of the humanresources market in the Greater China region.”

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