Financial Data and Key Metrics Changes - Revenue for FY 2025 was $165.2 million, down 22% from the prior year [17] - Net loss after tax was €2.9 million, an improvement from a €10 million loss in the previous year [17] - Operating expenses were reduced by £6 million through property consolidation and resizing support teams [17][18] - No dividend was declared for the year ending March 31, 2025, reflecting a prudent approach due to uncertain economic conditions [13][17] Business Line Data and Key Metrics Changes - AWF delivered improved profitability year on year despite a challenging environment [21] - Madison launched a greenfield health channel and secured a place on two key panels within the health sector [22] - Jackson Stone and Wellington were significantly impacted by government spending reductions [23] - Absolute IT was hardest hit nationally but retained key capabilities [23] Market Data and Key Metrics Changes - Unemployment rates reached 5.1% in March, reflecting a 53% increase over two years [25] - The labor market showed signs of strain, with a notable increase in tender activity and preferred supplier contract awards [29] - The contractor book reduced as clients implemented cost control measures [21] Company Strategy and Development Direction - The company is focused on financial sustainability, recovery, and growth, with an emphasis on maintaining operational capacity without compromising service quality [15][18] - Strategic focus on sectors with long-term robustness, including infrastructure, health, and professional services [20] - The company aims to leverage AI and digitization to enhance operational efficiency while maintaining a human touch in recruitment processes [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the prolonged and challenging trading cycle but expressed optimism about future recovery [14][15] - The company is preparing for better economic conditions, with expectations for FY 2026 to be a year of rebuild and improved financial performance [25][44] - Management emphasized the importance of maintaining strong relationships with clients and focusing on high-value roles [30][32] Other Important Information - The company maintained a strong banking relationship with ASB, with facilities extending to April 2026 [18] - Continuous conversations with ASB are aimed at reducing net debt and improving gearing metrics [19] Q&A Session Summary Question: Concerns about capital and debt levels - A shareholder expressed concerns about the company's capital needs and suggested that more capital is necessary to navigate current challenges [67][68] - Management acknowledged the importance of retaining quality staff and emphasized that the company does not need to be capital intensive [82][84] Question: Impact of AI on service delivery - A shareholder inquired about how AI might fine-tune the company's processes and operations [92] - Management discussed the integration of AI into core operating platforms to enhance efficiency while maintaining a human touch in recruitment [43][96]

Financial Data and Key Metrics Changes - Revenue for FY 2025 was $165.2 million, down 22% from the prior year [17] - Net loss after tax was €2.9 million, an improvement from a €10 million loss in the previous year [17] - Operating expenses were reduced by £6 million through property consolidation and resizing support teams [18] - No dividend was declared for the year ending March 31, 2025, reflecting a prudent approach due to uncertain economic conditions [17][13] Business Line Data and Key Metrics Changes - AWF delivered improved profitability year on year despite a challenging environment, focusing on efficiency and quality business [22] - Madison strengthened its position in mid-senior recruitments and launched a new health channel, securing a place on key panels [22][23] - Jackson Stone and Wellington were significantly impacted by government spending reductions, affecting permanent and contract hires [24] - Absolute IT faced the hardest hit nationally but retained key capabilities [24] Market Data and Key Metrics Changes - Unemployment rates reached 5.1%, a 53% increase over two years, reflecting a seismic shift in the labor market [26] - The labor market participation rate decreased, indicating potential underreporting of unemployment figures [28] - ANZ's business outlook showed a dip in employment intentions, indicating nervousness in hiring across sectors [30] Company Strategy and Development Direction - The company is focusing on high-value roles and longer-term contingent workforce solutions to provide clients with necessary flexibility [32] - There is a strategic emphasis on sectors with greater long-term robustness, such as infrastructure and health [21] - The company aims to leverage its scale as New Zealand's largest recruitment business to capture more opportunities [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the prolonged and challenging trading cycle but emphasized a positive leadership approach [15] - The focus remains on financial sustainability, recovery, and growth, with expectations for better performance in FY 2026 and stronger in FY 2027 [26][50] - Management is preparing for an eventual economic rebound, despite current market instability [30][47] Other Important Information - The company is actively working on extending banking facilities with ASB to support growth and reduce interest costs [19] - There is a commitment to maintaining a strong banking relationship and avoiding delinquent debt [19] Q&A Session Summary Question: Concerns about capital requirements and company debt - A shareholder expressed concerns about the company's capital needs and suggested that additional capital could help address current challenges [72][74] - Management acknowledged the importance of retaining quality staff and emphasized that the company does not need to be capital-intensive [86][90] Question: Impact of AI on recruitment processes - A shareholder inquired about how AI might fine-tune recruitment processes and improve operational efficiency [96] - Management discussed ongoing digitization efforts and the integration of AI to enhance recruitment capabilities while maintaining the human touch [45][46]

Group 1 - The core viewpoint of the article highlights the launch of a special recruitment initiative in China, which has attracted over 27,000 employers and generated recruitment demands exceeding 312,000 positions across various industries from August 18 to August 24 [1] Group 2 - In the machinery equipment sector, over 7,500 employers participated, offering positions such as system engineers, debugging engineers, CNC engineers, and welding engineers, with a recruitment demand exceeding 100,000 positions [1] - The cross-border e-commerce sector involved over 3,000 employers, providing roles like foreign trade business managers, foreign trade procurement specialists, sales representatives, and operation managers, with a recruitment demand exceeding 10,000 positions [1] - The healthcare sector saw participation from over 16,000 employers, offering positions for physicians, pharmacists, imaging technicians, and rehabilitation physicians, with a recruitment demand of 190,000 positions [1] - The automotive sector included over 700 employers, offering roles such as automotive assembly engineers, design engineers, and testing engineers, with a recruitment demand of 12,000 positions [1] - The "Employment Online" platform also organized live-streaming recruitment events featuring various industries, including manufacturing, transportation, warehousing, real estate, and business services, providing positions like quality engineers, process engineers, mechanical engineers, station attendants, real estate agents, and sales managers [1]

Core Points - The "Hundred Days, Millions of Jobs" recruitment initiative is being held from August 18 to August 24, focusing on four online recruitment sectors: machinery, cross-border e-commerce, healthcare, and automotive [1] - Over 27,000 employers are participating in the initiative, with recruitment demand exceeding 312,000 positions [1] Group 1: Machinery Industry - The machinery sector has organized over 7,500 employers, offering positions such as system engineers, PLC electrical engineers, debugging engineers, CNC engineers, and welding engineers, with a recruitment demand exceeding 100,000 positions [1] Group 2: Cross-Border E-Commerce - The cross-border e-commerce sector has organized over 3,000 employers, providing roles such as foreign trade business managers, foreign trade purchasing specialists, sales representatives, and operations managers, with a recruitment demand exceeding 10,000 positions [1] Group 3: Healthcare Industry - The healthcare sector has organized over 16,000 employers, offering positions such as physicians, pharmacists, imaging technicians, and rehabilitation physicians, with a recruitment demand of 190,000 positions [1] Group 4: Automotive Industry - The automotive sector has organized over 700 employers, providing roles such as automotive assembly engineers, design engineers, and testing engineers, with a recruitment demand of 12,000 positions [1] Group 5: Initiative Overview - The "Hundred Days, Millions of Jobs" initiative was launched on June 17, 2025, aiming to collect and develop millions of job postings, focusing on various laborers, especially recent graduates [1]

Financial Data and Key Metrics Changes - Group like-for-like net fees decreased by 11% to £972 million, with pre-exceptional operating profit down 56% to £45.6 million [6][15][29] - Cash from operations increased by 14% to £128.3 million, ending the year with a cash position of £37 million [15][25] - Pre-exceptional earnings per share decreased by 67% to 1.31p, driven by lower operating profit and higher finance charges [16][24] Business Line Data and Key Metrics Changes - Temporary and contracting fees decreased by 7%, while permanent fees decreased by 17% [6][17] - Consultant net fee productivity increased by 5%, with enterprise solutions net fees growing by 8% [7][33] - In Germany, like-for-like net fees declined by 10%, while the UK and Ireland saw a 15% decline [8][10] Market Data and Key Metrics Changes - The US market showed strong performance with a 38% increase in net fee productivity [12][34] - In Rest of World, like-for-like net fees declined by 8%, with the US delivering strong growth [12][13] - Italy, Poland, and Spain reported positive growth in net fees, with Italy growing by 29% [40][41] Company Strategy and Development Direction - The company is focused on a five-lever strategy to increase exposure to high-potential markets and improve operational resilience [4][32] - Plans to deliver an additional £45 million in structural cost savings by FY 2029, building on previous savings [21][42] - Continued investment in technology and data to enhance productivity and client service [43][44] Management Comments on Operating Environment and Future Outlook - Management noted ongoing economic and political uncertainty affecting business confidence and recruitment markets [3][47] - The company expects to see improved performance in EMEA, particularly in France, but recovery timelines are uncertain [62][63] - Current trading in July and August is in line with expectations, with no significant changes in trading momentum [30][31] Other Important Information - The company has restructured its operations, closing offices and reducing headcount to improve profitability [22][29] - A full pension buy-in has been completed, significantly reducing future cash flow requirements related to pension contributions [27][70] - The final dividend proposed is 0.29p per share, reflecting a cautious approach to capital allocation amid uncertain trading conditions [28][70] Q&A Session Summary Question: CapEx spend for fiscal 2026 - The increase in CapEx is driven by technology investments and is expected to continue at a higher level over the next few years [53][54] Question: Job flow and conversion metrics - Currently, there is a 25% drop in placements, but pricing improvements are helping to mitigate this decline [56] Question: Expected performance improvement in EMEA - Recovery in EMEA is anticipated, but the timeline for profitability is uncertain, particularly in France [62][63] Question: Cash performance and expectations for FY 2026 - Cash performance was strong in FY 2025, but restructuring costs and increased CapEx may impact cash levels in FY 2026 [66][70] Question: Cost-saving program details - The company aims to achieve £45 million in additional structural cost savings, with significant progress expected in the next twelve months [76][78] Question: Temp and contracting business capacity - The company is satisfied with current consultant headcount levels but is shifting resources within countries to optimize productivity [81]

Group 1 - A company in Luoyang has launched a recruitment video for 20 "mom-friendly" positions with a schedule of "9 to 4, weekends off, and all holidays off," which has gained significant attention online [1] - Luoyang has implemented various strategies to promote employment, including ensuring key enterprises have sufficient labor, supporting key groups in finding jobs, and encouraging rural labor to transition to employment [1] - The city has organized 263 job fairs this year, involving 12,958 companies and offering 381,599 job positions, resulting in 8,754 re-employments of urban unemployed individuals [1] Group 2 - During the current graduation season, Luoyang hosted a job fair that resulted in over 1,060 employment intentions for graduates [2] - The city has introduced measures to promote high-quality employment for college graduates, including grassroots service projects and campus recruitment activities [2] - Luoyang has developed a public employment service system consisting of a human resources service park, a city-level recruitment market, and 152 local employment service stations [2] Group 3 - The Luoyang Human Resources and Social Security Bureau emphasizes the importance of employment for people's livelihoods and plans to enhance employment services through various initiatives [3] - The focus will be on creating an employment-friendly development model and implementing an employment-first strategy to improve the support system for job seekers [3]

Group 1: Macroeconomic Insights - Recent increase in overseas ultra-long-term government bond yields, with Japan's 30-year bond yield reaching 3.15% and the US 30-year bond yield at 5.08%, the highest since October 2023 [2][4] - Concerns over inflation and fiscal policies are driving the rise in yields, with expectations of a potential short-term pullback in Japanese bond yields after temporary factors dissipate [2][4] - The report suggests that the long-term outlook for US Treasury yields may remain elevated [2] Group 2: Currency Dynamics - The US has adjusted tariffs, leading to a slight rebound in the US dollar index and a 0.5% increase in the RMB against the USD [3] - The report indicates that the RMB may have upward appreciation potential due to structural rebalancing in global asset allocations, particularly in Asia [3] Group 3: Fixed Income Market - Global bond yields have risen, with Japan's 10-year bond yield increasing to 1.53% and the US 10-year bond yield reaching 4.58% [4] - The report highlights that the rise in yields is influenced by various factors, including uncertainty surrounding tariff policies and inflation expectations [4] Group 4: Real Estate Sector - The report discusses the "pre-sale + current sale" model used in many overseas real estate markets, emphasizing the importance of third-party fund supervision to protect buyers [5] - This model ensures that most payments are made after project completion, reducing the risk of fund misappropriation [5] Group 5: Oil and Gas Sector - Oil prices have rebounded due to revised demand expectations following tariff reductions and OPEC+ production adjustments, with WTI and Brent prices rising by 5.8% and 2.8% respectively [6] - The report notes that trade tensions and OPEC+ production strategies are key short-term factors affecting oil prices [6] Group 6: Hong Kong Market Dynamics - The report highlights the recent surge in liquidity in Hong Kong's banking system, driven by currency interventions and successful IPOs, such as that of CATL [6] - It suggests that Hong Kong's market may benefit from a structural shift in global capital flows, particularly in the context of de-dollarization [6] Group 7: Company-Specific Insights - Black Sesame Intelligence is highlighted as a leading supplier of AI chips for smart driving and robotics, with a target price of 24.04 HKD and a "buy" rating [14] - Meitu's strategic partnership with Alibaba is expected to enhance growth prospects, with a "buy" rating maintained [16] - ZTO Express reported a revenue of 10.89 billion RMB, with a focus on market share despite short-term profit pressures, maintaining a "buy" rating [18] - Baidu's transition towards AI cloud services is noted, with a "buy" rating based on strong revenue growth in this segment [23]