1st Mar 2005 07:02
Hays PLC01 March 2005 1 March 2005 Hays plc "RECORD NET FEES AND OPERATING PROFIT FOR HAYS SPECIALIST RECRUITMENT" INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 Financial highlights(1) • Record six months for Specialist Recruitment• Specialist Recruitment net fees(2) 18% ahead of last year at £226.1m• Specialist Recruitment operating profit(3) 28% ahead of last year at £80.6m• Conversion rate(4) improved by 2.9% to 35.6%• Group profit before tax of £86.4m• Net cash of £113.7m, £36.3m ahead of 30 June 2004• Interim dividend of 1.13p per share, 13% ahead of last year Specialist Recruitment • Sustained growth delivered record net fees and operating profit• UK and Ireland net fee growth of 15% delivered operating profit(3) growth of 20%• Australia and New Zealand net fee growth of 24% delivered operating profit(3) growth of 38%• Continental Europe net fee growth of 32% delivered operating profit(3) of £3.8m (2003/04: £0.4m)• Significant continued investment in recruitment consultants, offices and the roll out of specialist activities across the branch network• Substantial improvement in productivity across all regions Other corporate activity • Successful demerger of the DX Services business• Acquired 43.3m own shares for £52.8m to date under the ongoing share buy-back programme• Disposed of equity interest in associate and rescheduled loan notes 1. The interim results for Specialist Recruitment previously included theresults for a 24 week period. Following the transformation of the Group, theinterim results include the results for the six months ended 31 December. Theprior period comparatives have been restated, the impact of which has been toincrease turnover, net fees and operating profit by £38.6m, £11.8m and £2.9mrespectively. There is no material impact on the reported rate of growth of netfees.2. Net fees are equal to turnover less payroll costs of temporary contractors3. Specialist Recruitment operating profit is stated before goodwillamortisation of £6.6m (2003/04: £6.6m)4. Conversion rate is defined as operating profit before goodwill amortisation,divided by net fees Bob Lawson, Chairman, commented: "Sustained growth and further impressive improvements in productivity have ledto net fees of £226.1m, 18% ahead of last year, and operating profit3 of £80.6m,28% ahead of last year. This represents a record performance in our SpecialistRecruitment business. The business grew in each of the 16 countries in which we operate. Net fees grew15% in the United Kingdom and Ireland, 24% in Australia and New Zealand and 32%across Continental Europe. Even after accounting for substantial investment in the business, Hays' alreadyimpressive conversion rate improved to 35.6% and other key productivity measuresalso demonstrated considerable improvement in every region. These record results demonstrate the benefits of being a focused SpecialistRecruitment business." Denis Waxman, Chief Executive, commenting on the outlook said: "The business has generated net fee growth of 17% since the start of the secondhalf. This is broadly consistent with recent growth rates, though prior yearcomparatives will now be tougher to exceed. The proportion of temporarycontractors returning to work after the Christmas break is encouraging andorders for permanent jobs continue to grow. The business is continuing to invest strongly in new recruitment consultants,rolling out specialist activities and expanding the branch network across allregions. This investment is expected to increase in the second half of thefinancial year. The performance of the business for the full year is continuingin line with our expectations." Enquiries Denis Waxman Chief Executive, Hays plc + 44 (0)20 7628 9999 John Martin Group Finance Director, Hays plc + 44 (0)20 7628 9999 Jon Coles Brunswick + 44 (0)20 7404 5959 Delayed web-cast The presentation to analysts and investors will be available from 14:30 UK timeon 1 March 2005 at www.haysplc.com. The presentation will also be filmed anddistributed by RAW Communications to those who subscribe to that service. Results summary Turnover from continuing operations of £800.7m (2003/04: £661.8m) grew by 21%and net fees of £226.1m (2003/04: £192.4m) grew by 18%. The conversion rateimproved by 2.9% to 35.6%. Operating profit(3) before goodwill amortisation fromcontinuing operations grew by 28% to £80.6m (2003/04: £63.0m). There were noacquisitions in the period. Discontinued operations, which relate primarily to the demerged DX Servicesbusiness, generated turnover of £42.6m and operating profit of £9.7m. There wereno exceptional items in the period (2003/04: £1.9m). Net interest receivable of £1.3m compares favourably to last year (2003/04:interest payable £3.0m) as a result of cash receipts from disposals in the prioryear and continued careful management of working capital. Tax of £29.3mrepresents an effective rate on profit before goodwill amortisation of 31.5%. Operating review United Kingdom and Ireland Net fees in the United Kingdom and Ireland of £172.9m (2003/04: £150.7m) were15% ahead of last year and operating profit(3) of £64.0m (2003/04: £53.3m) was 20%ahead. Accountancy and Finance Demand for our Accountancy and Finance services started to improve in January2004 and has now recorded 12 consecutive months of growth. Net fees in theperiod were 13% ahead of last year and operating profit(3) was 18% ahead. Thegrowth was broadly based throughout the country. Fees from permanent placementsgrew strongly reflecting higher client demand combined with improved candidateconfidence. The growth rate of temporary fees was reasonably consistentthroughout the period. The business continued to invest in the development andexpansion of new specialist recruitment services, such as Human Resources andPurchasing, which contributed to good growth rates. The conversion rate improvedto 42.4%, even after investing in new services. Construction and Property Construction and Property continued its long record of impressive growth,generating net fees 13% ahead of last year. Demand for its services continued togrow with increased volumes of both temporary and permanent placements. Thebusiness continued to develop and invest in new specialist services such astechnical recruitment in Social Housing. The conversion rate improved to 38.5%. Information Technology The Information Technology business experienced a strong growth in demand.Contractor volumes continued to grow strongly in both the spot and contractmarkets. Increased demand for permanent staff had a favourable impact onpermanent placement fees, which now represent 25% of overall net fees. Inaddition to achieving excellent net fee growth of 31%, management remainedfocused on productivity as demonstrated by a conversion rate of 35.5%. Other specialist activities Within our other activities in the United Kingdom, Banking, Legal and Educationwere the largest contributors to growth with high levels of net fees andproductivity being achieved. Australia and New Zealand Australia and New Zealand generated net fee growth of 24% to £28.9m andoperating profit(3) growth of 38% to £12.8m. Growth was broadly based throughoutthe region. Demand for both temporary and permanent placements was highthroughout the period with record numbers of temps paid and permanent placementsfilled. Each of the specialist activities generated double-digit net fee growthand the business has continued to win market share. The conversion rate improvedto 44.3%. Continental Europe* The performance of the business in Continental Europe demonstrates the strengthof the Hays business model. Net fees across the region grew by 32% to £24.3m.Operating profit(3) improved from £0.4m to £3.8m which resulted in a substantialincrease in the conversion rate to 15.6%. Germany and Benelux performed wellahead of expectations. The Accountancy and Finance business established inFrance in 2002 grew particularly strongly. Net fee growth in each of the Group'soperations in Austria, Canada, Czech Republic, Poland, Portugal, Spain, Swedenand Switzerland exceeded 50% as compared to last year. *Includes Canada Investment The business continued to invest in new recruitment consultants across all majorspecialist activities and in all geographies. The office network was expanded byopening 9 new offices in the United Kingdom and Ireland and 6 new officesoverseas in Auckland, Katowice, Nantes, Oporto, Toronto and Vancouver. Transformation The demerger of DX Services was completed on 1 November 2004, marking the lastsignificant step in the transformation. The equity interest in Albion was alsodisposed of in the period and the outstanding loan notes were rescheduled. Thetransaction gave rise to no gain or loss on disposal. The Group is now focused entirely on Specialist Recruitment and has no non-coretrading interests. Cash flow The Group generated £67.4m of cash from operating activities. This cash flow isstated after increases in working capital of the Specialist Recruitment businessof £9.4m due to the expansion of the business, and after other working capitalmovements of £17.4m. £33.1m was invested in buying back the company's ownshares. Tax payments of £37.0m and dividend payments of £34.4m were also made inthe period. The demerger of DX resulted in a cash inflow of £68.1m. The Group's net cash position improved by £36.3m to £113.7m at the end of theperiod. Dividends and capital structure The Board has declared an interim dividend of 1.13p per share payable on Friday27 May 2005 to shareholders on the register at the close of business on Friday22 April. This represents a 13% increase on last year.The target net debt range for the Group continues to be £50m to £150m. Earlierin the financial year the Company announced its intention to return at least£200m to shareholders via the purchase of its own shares on the open market. Theprogramme commenced on 5 November and, including purchases after the period end,has acquired 43.3m of its own shares representing 2.5% of the issued sharecapital for £52.8m. The Company remains committed to returning surplus cash toshareholders via the share buy-back programme which will continue subject tomarket conditions. Management and employees The commitment of staff has once again been first class and the Board would liketo record its appreciation for this record performance. The Board welcomedWilliam Eccleshare and Paul Stoneham who joined the Company as non-executiveDirectors in the period. Outlook The business has generated net fee growth of 17% since the start of the secondhalf. This is broadly consistent with recent growth rates, though prior yearcomparatives will now be tougher to exceed. The proportion of temporarycontractors returning to work after the Christmas break is encouraging andorders for permanent jobs continue to grow. The business is continuing to invest strongly in new recruitment consultants,rolling out specialist activities and expanding the branch network across allregions. This investment is expected to increase in the second half of thefinancial year. The performance of the business for the full year is continuingin line with our expectations. INDEPENDENT REVIEW REPORT TO HAYS PLC INTRODUCTION We have been instructed by the Company to review the financial information forthe six months ended 31 December 2004 which comprises the consolidated profitand loss account, the consolidated summary balance sheet, the consolidatedsummary cash flow statement, the reconciliation of net cash flow to movements innet cash/(debt), the consolidated statement of total recognised gains andlosses, the consolidated reconciliation of movements in equity shareholders'interests and related notes 1 to 13. We have read the other informationcontained in the interim report and considered whether it contains any apparentmisstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with Bulletin 1999/4issued by the Auditing Practices Board. Our work has been undertaken so that wemight state to the Company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe Company, for our review work, for this report, or for the conclusions wehave formed. DIRECTORS' RESPONSIBILITIES The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the Directors. The Directors areresponsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority which require that the accountingpolicies and presentation applied to the interim figures are consistent withthose applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. REVIEW WORK PERFORMED We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board for use in the United Kingdom. A reviewconsists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with United Kingdom Auditing Standards and thereforeprovides a lower level of assurance than an audit. Accordingly, we do notexpress an audit opinion on the financial information. REVIEW CONCLUSION On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 31 December 2004. Deloitte & Touche LLP Chartered AccountantsLondon28 February 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 31 December 2004 (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3)TURNOVERContinuing operations 800.7 661.8 1,388.8Discontinued operations 42.6 618.5 776.5 --------- --------- --------- note 4 843.3 1,280.3 2,165.3 OPERATING PROFITBefore goodwillamortisation 90.3 92.6 181.5Goodwill amortisation (6.6) (6.6) (13.3) --------- --------- --------- note 4 83.7 86.0 168.2 OPERATING PROFITContinuing operations 74.0 56.4 120.1Discontinued operations 9.7 29.6 48.1 --------- --------- --------- note 4 83.7 86.0 168.2 Share of operating profitof associated company(discontinued) 1.4 1.2 2.9 EXCEPTIONAL ITEMS - 1.9 (20.0) Net interestreceivable/(payable) note 5 1.3 (3.0) (3.4) --------- --------- ---------PROFIT ON ORDINARYACTIVITIES BEFORETAXATION 86.4 86.1 147.7 Tax on profit onordinary activities note 6 (29.3) (50.6) (81.4) --------- --------- ---------PROFIT ON ORDINARYACTIVITIES AFTER TAXATION 57.1 35.5 66.3 Equity minorityinterests - (0.1) - --------- --------- ---------PROFIT FOR THE PERIOD 57.1 35.4 66.3 DX Services demerger(dividend in specie) note 7 (39.3) - - Dividends note 8 (19.3) (17.4) (51.5) --------- --------- ---------TRANSFERRED (FROM)/TORESERVES (1.5) 18.0 14.8 ========= ========= ========= EARNINGS PER SHARE Basic earnings pershare note 9 3.34p 2.07p 3.87p Earnings per share beforegoodwill amortisationand exceptional items note 9 3.72p 3.54p 7.23p Diluted earnings pershare note 9 3.32p 2.07p 3.86p DIVIDEND PER SHARE note 8 1.13p 1.00p 3.00p CONSOLIDATED SUMMARISED BALANCE SHEETas at 31 December 2004 (In £'s 31 December 31 December 30 June million) 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3) Goodwill 95.3 106.9 99.2 Intangible fixedassets - 0.5 - Tangible fixedassets 17.5 203.0 38.7 Investments note 10 - 48.4 - Net currentassets/(liabilities) 70.1 (49.0) (8.7) Creditors due aftermore than one year (9.2) (8.5) (6.7) Provisions forliabilities and charges note 11 (118.9) (128.5) (125.4) Net cash/(debt) note 12 113.7 (94.5) 77.4 ---------- ---------- ---------- Net assets 168.5 78.3 74.5 ========== ========== ========== Called up share capital 17.4 17.4 17.4 Share premium account 369.5 369.2 369.4 Profit and loss account (204.7) (290.7) (296.0) Own shares - ESOP (13.7) (17.7) (16.3) ---------- ---------- ----------Equity shareholders'interests 168.5 78.2 74.5 Minority interests - 0.1 - ---------- ---------- ---------- 168.5 78.3 74.5 ========== ========== ========== CONSOLIDATED SUMMARISED CASH FLOW STATEMENTfor the six months ended 31 December 2004 (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3)OPERATING ACTIVITIES Total operating profit 83.7 86.0 168.2 Depreciation,amortisation and otheroperating activities 10.5 29.5 46.6 Pension contribution inSeptember 2003 - (51.7) (51.7) Increase in workingcapital (26.8) (35.5) (58.3) ---------- ---------- ----------NET CASH INFLOW FROMOPERATING ACTIVITIES 67.4 28.3 104.8 Returns on investment andservicing of finance 1.3 (3.4) (4.1) Tax paid (37.0) (9.4) (40.7) Net capital receipts /(expenditure) 0.2 18.3 (24.0) ---------- ---------- ----------CASH INFLOW BEFOREACQUISITIONS ANDDISPOSALS 31.9 33.8 36.0 Net acquisitions anddisposals - 198.8 334.0 Net repayment of DXServices loan notes note 7 68.1 - - Equity dividends paid (34.4) (62.2) (79.3) ---------- ---------- ----------CASH INFLOW BEFOREFINANCING 65.6 170.4 290.7 Financing (30.4) (207.4) (347.2) Exceptional finance costs - (18.0) (18.0) ---------- ---------- ----------INCREASE/(DECREASE) INCASH 35.2 (55.0) (74.5) ========== ========== ========== RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET CASH/(DEBT)for the six months ended 31 December 2004 (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited)Increase/(decrease) incash 35.2 (55.0) (74.5) Cash flow from movement indebt and lease financing - 207.7 349.2 ---------- ---------- ----------Change in net debtresulting from cash flows 35.2 152.7 274.7 Borrowings disposed - 0.3 44.9 Exchange adjustment andother 1.1 (1.7) 3.6 ---------- ---------- ----------MOVEMENT IN NET CASH IN THEPERIOD 36.3 151.3 323.2 OPENING NET CASH / (DEBT) 77.4 (245.8) (245.8) ---------- ---------- ----------CLOSING NET CASH / (DEBT) 113.7 (94.5) 77.4 ========== ========== ========== CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESfor the six months ended 31 December 2004 (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3) Profit for the period 57.1 35.4 66.3 Exchange differences ontranslation 4.3 (0.1) (2.3) ---------- ---------- --------Total recognised gains andlosses for the period 61.4 35.3 64.0 ========== ========== ======== CONSOLIDATED RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' INTERESTSfor the six months ended 31 December 2004 (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3) Profit for the period aspreviously reported 57.1 33.5 66.3 Restatement note 3 - 1.9 - ---------- ---------- -------- 57.1 35.4 66.3DX Services demerger(dividend in specie) note 7 (39.3) - - Dividends (19.3) (17.4) (51.5) ---------- ---------- -------- (1.5) 18.0 14.8Exchange differences ontranslation 4.3 (0.1) (2.3) New share capitalsubscribed 0.1 0.3 0.6 Share buy-back note 13 (33.1) - - Disposal of own shares 2.6 - 1.4 Goodwill written back note 7 121.6 63.2 63.2 ---------- ---------- --------Net increase in equityshareholders' interests 94.0 81.4 77.7 Opening shareholders'interests 74.5 (3.2) (3.2) ---------- ---------- --------Closing shareholders'interests (2003 - asrestated) 168.5 78.2 74.5 ========== ========== ======== NOTES 1 STATEMENT UNDER S240 - PUBLICATION OF NON STATUTORY ACCOUNTS The financial information contained in this interim statement does notconstitute statutory accounts as defined in section 240 of the Companies Act1985. The financial information for the full preceding year is based on thestatutory accounts for the financial year ended 30 June 2004. Those accounts,upon which the auditors issued an unqualified opinion, have been delivered tothe Registrar of Companies. 2 BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION The interim financial information has been prepared on the basis of theaccounting policies set out in the Group's statutory accounts for the year ended30 June 2004. 3 RESTATEMENT OF PRIOR PERIOD COMPARATIVES The interim results of the Group have previously included the results of theSpecialist Recruitment business for a 24 week period. Following thetransformation of the Group, the interim results now include results of allbusinesses to 31 December 2004. The prior period comparatives have been restated to increase turnover, operatingprofit and profit on ordinary activities after taxation by £36.8 million, £2.9million and £1.9 million respectively. 4 SEGMENTAL INFORMATION (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited and restated) (note 3)TURNOVER Continuing operations - SpecialistRecruitment United Kingdom & Ireland 604.3 503.5 1,059.3Continental Europe 101.8 81.4 171.7Australia & New Zealand 94.6 76.9 157.8 --------- --------- --------- 800.7 661.8 1,388.8Discontinued operations 42.6 618.5 776.5 --------- --------- --------- 843.3 1,280.3 2,165.3 ========= ========= ========= OPERATING PROFIT BEFORE GOODWILL AMORTISATION Continuing operations - SpecialistRecruitment United Kingdom & Ireland 64.0 53.3 111.0Continental Europe 3.8 0.4 2.6Australia & New Zealand 12.8 9.3 19.8 --------- --------- --------- 80.6 63.0 133.4Discontinued operations 9.7 29.6 48.1 --------- --------- --------- 90.3 92.6 181.5 ========= ========= ========= OPERATING PROFIT AFTER GOODWILL AMORTISATION Continuing operations - SpecialistRecruitment United Kingdom & Ireland 60.4 49.7 103.7Continental Europe 0.8 (2.6) (3.4)Australia & New Zealand 12.8 9.3 19.8 --------- --------- --------- 74.0 56.4 120.1Discontinued operations 9.7 29.6 48.1 --------- --------- --------- 83.7 86.0 168.2 ========= ========= ========= 5 NET INTEREST RECEIVABLE/(PAYABLE) (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited) INTEREST PAYABLE AND SIMILARCHARGESBank overdrafts and otherloans (0.6) (4.8) (6.3)Finance leases - (1.1) (1.1)Share of interest payableof associate (discontinued) (0.6) (2.1) (2.2) --------- --------- --------- (1.2) (8.0) (9.6)INTEREST RECEIVABLE AND SIMILARINCOMEDeposits 2.5 3.2 6.2Interest receivable on loanto associate (discontinued) - 1.8 - --------- --------- --------- 2.5 5.0 6.2 --------- --------- --------- 1.3 (3.0) (3.4) ========= ========= ========= 6 TAX ON PROFIT ON ORDINARY ACTIVITIES The tax charge for the six months to 31 December 2004 is based on the estimatedeffective rate for the full year before goodwill amortisation and exceptionalitems of 31.5% (six months to 31 December 2003 - 33.1%). The results for the sixmonths to 31 December 2003 included an exceptional tax charge of £20.5 millionarising from disposals in the period. The results for the year ended 30 June2004 included an exceptional tax charge of £24.3 million. 7 DEMERGER OF DX SERVICES BUSINESS On 1 November 2004 the DX Services business was demerged from the Group. Thesummary balance sheet of the DX Services business at the date of the demergerwas: --------- £'s million (Unaudited)Tangible fixed assets 17.6Net current liabilities (31.8)Net debt (68.1) ---------Net liabilities (82.3) ========= Goodwill previously written off to reserves in respect of the DX Servicesbusiness was £121.6 million. The dividend in specie of £39.3 million representsgoodwill previously written off to reserves less net liabilities demerged. 8 DIVIDENDS (pence) Six months to Six months to Year to 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited) Interim - pence perordinary share 1.13 1.00 1.00Final - pence per ordinaryshare - - 2.00 --------- ---------- --------- 1.13 1.00 3.00 ========= ========== ========= (In £'s Six months to Six months to Year to million) 31 December 31 December 30 June 2004 2003 2004 (Unaudited) (Unaudited) Interim 19.3 17.4 17.2Final - - 34.3 --------- ---------- --------- 19.3 17.4 51.5 ========= ========== ========= 9 EARNINGS PER SHARE Earnings per share (EPS) is based on profits from ordinary activities aftertaxation and minority interests of £57.1 million and a weighted average of1,712.1 million shares. EPS has also been calculated before goodwill andexceptional items using earnings of £63.7 million. The weighted average numberof shares in issue excludes shares held by the Hays Employee Share Trust Ltd andthe Hays plc Qualifying Employee Share Ownership Trust. The dilution effect ofshare options issued to employees but not yet exercised is 8.4 million sharesand diluted EPS is 3.32p. 10 INVESTMENTS In the six months ended 31 December 2004, the Group's share of Albion GroupLimited profit after tax was £0.5 million. This equity investment was disposedon 10 December 2004. No profit or loss on disposal was incurred. The value ofthe investment at 30 June 2004 was nil. 11 PROVISIONS FOR LIABILITIES AND CHARGES (In £'s million- Pensions Property Deferred Other Total unaudited) employee benefits At 1 July 2004 10.6 29.2 4.0 81.6 125.4Exchangeadjustments - 0.3 0.1 - 0.4Utilised - (1.5) - (5.4) (6.9) -------- -------- -------- -------- --------At 31 December 2004 10.6 28.0 4.1 76.2 118.9 ======== ======== ======== ======== ======== 12 MOVEMENT IN NET DEBT (In £'s million- Cash Debt Net cash unaudited)At 1 July 2004 78.7 (1.3) 77.4Foreign exchange movements 1.1 - 1.1Movement during period 35.2 - 35.2 -------- -------- --------At 31 December 2004 115.0 (1.3) 113.7 ======== ======== ======== Cash comprises cash at bank and in hand, less overdrafts. Debt includes loannotes and finance lease liabilities. 13 SHARE BUY-BACK PROGRAMME Hays commenced its share buy-back programme in the period, purchasing 27.1million shares (held as treasury shares) for a total cost of £33.1 million. 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