ManpowerGroup Greater China Announces Annual Results for 2023 Mainland China’s Flexible Staffing Business Outperforms and Accelerates Diversified Business Development Despite the Market Downturn
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financial summary(For the year ended December 31, 2023):
The group achieved total operating income of RMB5303.6 million yuan, a year-on-year increase of approximately 15.6%.
Flexible employment income from the group’s largest business segment increased by approximately17.9% to 5122.8 million yuan, of which flexible employment income from mainland China bucked the market trend and grew strongly by 25.2%.
The total number of outsourced employees of the Group increased from approximately49,200 people increased by approximately 10% to approximately 54,000 as of December 31, 2023, of which the number of outsourced employees in mainland China increased significantly by approximately 25.4% year-on-year.
Net profit from continuing operations attributable to shareholders increased to126.5 million yuan, a year-on-year increase of approximately 6.6%. After taking into account one-time expenses such as equity incentives, the adjusted net profit from continuing operations attributable to shareholders was 135.1 million yuan, a year-on-year increase of approximately 2.5%.
The board of directors recommends distributing a final dividend of HK$0.31 per ordinary share (equivalent to RMB 0.28 per share) for the year ended December 31, 2023, accounting for approximately 45% of the group’s earnings per share, to give back to shareholders in the long term support.
【March 29, 2024】ManpowerGroup Greater China Limited(“ManpowerGroup Greater China”or”company“, and its subsidiaries collectively referred to as “group“, stock code: 2180.HK), is pleased to announce that for the year ended December 31, 2023 (“During the reporting period》) annual performance. In 2023, the group will continue to maintain steady growth in various regions in Greater China. During the reporting period, the group achieved total revenue of RMB 5,303.6 million, a year-on-year increase of approximately 15.6%. Revenue from flexible staffing, the Group’s largest business segment, increased by approximately 17.9% year-on-year to 5,122.8 million yuan, of which the flexible staffing business in mainland China increased significantly by approximately 25.2% compared with the same period last year. During the reporting period, net profit from continuing operations attributable to shareholders increased to 126.5 million yuan, a year-on-year increase of approximately 6.6%. After adjusting for one-time expenses such as equity incentive expenses, the adjusted net profit from continuing operations attributable to shareholders was RMB 135.1 million, a year-on-year increase of approximately 2.5%.
In the past three years, under the leadership of management, the company has experienced a series of severe tests such as the COVID-19 epidemic, macroeconomic downturn, and weak demand after the epidemic. In an environment of uncertainty and an increasingly competitive market, the company still achieved a doubling of revenue in mainland China in 2023 compared with 2020, a three-year compound growth rate of 30% in flexible employment in mainland China, and an annual growth rate of 30% in mainland China, Hong Kong, and Taiwan. All achieved positive revenue growth and a series of outstanding performances.
Flexible staffing business in mainland China has grown strongly despite the economic downturn Continue to expand business scope
In 2023, the global economy will be full of challenges, geopolitical instability will intensify, and the recovery of market demand after the epidemic will be weaker than expected. In the face of various adverse external environments such as macroeconomic fluctuations, the Group actively expanded its flexible employment business in mainland China. While tapping the potential of existing large customers and increasing the contribution of existing customers, it also actively expanded state-owned enterprise (SOE) customers and financial institutions. Serve customers in the field; at the same time, we focus on developing IT Outsourcing (ITO) business, further expand our product portfolio, and provide comprehensive services with diversified businesses in the rapidly growing market.
At the same time, the Group insists on further optimizing the regional operating structure in mainland China, accelerating its expansion into East China and West China (such as Hangzhou, Chengdu and other cities), and consolidating its market leadership in first-tier cities such as Beijing, Shanghai and Guangzhou. The total number of outsourcing employees of the Group increased by approximately 10% from approximately 49,200 in the same period last year to approximately 54,000 as of December 31, 2023. Among them, the number of outsourcing employees in Mainland China bucked the market trend and increased significantly by approximately 25.4%. The human resources market has huge potential and development prospects, and the Group will continue to maintain its leading position in the market.
Actively promote cost reduction and efficiency improvement Digital transformation helps improve operational efficiency
In 2023, through the implementation of proactive cost management measures and optimization of operational efficiency, significant results will be achieved in cost reduction and efficiency improvement. The group’s average income per employee will increase significantly by 24.4% in 2023 compared with the same period last year. In addition, thanks to strong risk control capabilities, during the reporting period, the group’s accounts receivable turnover days remained stable at 52 days from 51.9 days in the same period last year.
During the reporting period, in response to the digitalization trend in the industry, the Group continued to upgrade its internal technology platform and IT infrastructure. Through the optimization of the customer relationship management system and the upgrade of the recruitment system, the group has realized the further integration of the entire work process from contract signing to order execution and other value-added services to achieve higher operational efficiency.
Leading human resources company in Greater China Recognized by the industry and won many honors
With more than 20 years of experience in the Greater China region, the Group is committed to providing customized and professional services to customers in the Greater China region. It has been widely praised by the industry and has won multiple awards, including the “Top 100 Human Resources Service Organizations in 2023” issued by TopHR, HREC The “2023 Flexible Employment HR Selection Service Agency-White Collar Positions” was awarded by the company and the “Asia-Pacific Human Resources Service Award-Innovation Development Award” was awarded by the Asia-Pacific Human Resources Development and Service Expo.
Looking forward to 2024, the macro environment is full of challenges. Intensified geopolitical conflicts and continued high interest rates in the United States have brought more uncertainty to the global economy; at the same time, problems of weak domestic demand and insufficient endogenous growth momentum continue, and downward macroeconomic pressure remains high. The Group is cautious about business growth in 2024, but is optimistic about the rapidly developing flexible employment industry, the Group’s diversified service portfolio and its robust business model.
Mr. Cui Zhihui, Group Executive Director and Chief Executive Officer said: “Currently, we are in a critical period of China’s industrial transformation. In 2024, we will continue to be committed to releasing the development potential of talents. On the one hand, we will reduce costs and increase efficiency for enterprises through professional human resources services, and on the other hand, we will help companies acquire better quality talents. positions. At the same time, relying on the group’s leading position in the human resources industry in Greater China, coupled with its strong global brand and diversified business lines, excellent customer development capabilities and excellent cash flow management capabilities, it will further fully grasp the human resources services market potential.”
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