Ann: Results Presentation - Full Year Results, page-32

One of the reasons for their success is probably their dynamic way of managing their office capacity :
- when they were cautious about their market, they did not hesitate to decrease their capacity (ex. - 13 % in FY 20),
- they also exit under-performing markets (ex. HK in FY 23),
- they do a regular arbitrage in their portfolio (ex. in FY 23, they closed 3 locations in Aus and NZ and opened 3 locations in the same geographic area, "deploying resources to more prestigious locations").

Also interesting to look at their performance by geographic area.
During the last 2 years, their results have been driven by 2 geographic areas : ANZ and SE Asia, as well as Europe and Middle East.
In both geographic areas, they had a strong rebound of their mature revenues, respectively + 34 % and + 45 %, which led to significant rebound in their margin :
- ANZ and SE Asia margin : 24 % in FY 24 vs - 4 % in FY 22,
- Europe and Middle East margin : 24 % in FY 24 vs 13 % in FY 22.
SRV had only a decline of its earnings in North Asia during FY 22 to FY 24, due to the difficulties of the Greater China economy and more recently decline of the JPY.