• H2 growth drivers: Management expects H2 to outperform H1 as most segments delivered year-on-year growth of 7% or above in the first half, financial services returns to growth, and tech improves from Q3. AI demand is also strengthening.
• FY27 outlook: The aim is for FY27 growth to be equal to or as close as possible to FY26; management sees stronger prospects in FY28, supported by the Randstad acquisition and further AI capability development.
• Randstad contribution: The acquisition, with annualized revenue close to $500 million, is expected to contribute a quarter of that in Q4 of FY27 and a similar amount for the full year next year.
• Saudi impact: Saudi reduced quarterly growth by 60 to 70 basis points, and management said that revenue is lost for good. It expects no growth in that market for the next 2 quarters; the H2 outlook does not rely on Saudi.
• AI economics: AI is 13.5% of sales and growing 40% year-on-year plus. Business AI is expected to be revenue- and margin-accretive, with gross margins materially higher than traditional services’ 30 to 32, 33%; management is reinvesting AI gains into capabilities and talent.