Strong half-year results, raising FY 2023 guidance and announcing
a further share buyback of up to £750m
· Strong organic revenue growth of 25% with excellent net new business of 5.2%
- First-time outsourcing trends continue, accounting for c.45% of new business wins
- Balanced growth across all regions with very strong performance in Europe
- Maintaining strong client retention rate
· Operating profit over £1bn and operating profit margin of 6.6%, up 80bps
· Strong cash generation, net debt to EBITDA reduced to 1.1x
· Further share buyback of up to £750m to be completed this calendar year
Strategic priorities for growth - capturing the outsourcing market opportunities
· Sustaining the outperformance in North America
· Building a track record of growth in Europe and Rest of World
· Exited six tail countries as we continue to reshape our portfolio to focus on growth opportunities in attractive markets
The interim dividend of 15.0p per share (2022: 9.4p per share), £262m in aggregate1, is payable on 27 July 2023 to shareholders on the register at the close of business on 9 June 2023. The dividend was approved by the Board after the balance sheet date and, therefore, it has not been reflected as a liability in the interim financial statements.
Ian (No holding).