Proactive
2 min read
PageGroup PLC (LSE:PAGE) reported an improvement in profits in the second quarter and maintained its full-year guidance as growth in the Americas and Asia Pacific offset continued weakness in the UK, France and Northern Europe.
The FTSE 250-listed recruiter revealed second-quarter gross profit of £197.6 million, up 1.3% year-on-year but down 0.2% on a constant currency basis. That marked an improvement from the 4.9% constant-currency decline in the first quarter as trading showed signs of stabilising in several markets.
About half of the group’s markets returned to growth during the quarter, with the Americas delivering a seventh consecutive quarter of growth, while Asia Pacific recorded a fifth straight quarter of expansion and a return to growth in Southern Europe. Page Executive, the group’s senior executive recruitment business, posted record quarterly gross profit with 15% growth.
Fee earner headcount fell by 80 during the quarter to 4,914, while gross profit per fee earner increased 5%. Net debt remained at about £7 million after the payment of the 2025 final dividend.
Directors expect operating profit for the 2026 financial year to be in line with company-compiled market consensus of £28 million.
Chief executive Nicholas Kirk said: “The progress we are making in productivity, technological innovation, operational efficiency and strategic execution demonstrates that our strategy is working and positions us well for future growth.”
He added: “We have a flexible cost base through our fee earner headcount, which adjusts naturally to market conditions. Alongside this, we continue to control the cost base tightly and have undertaken various programmes since the launch of our new strategy to manage it in light of the tougher market conditions.”
Despite the “signs of a normalisation” seen in a number of markets, he highlighted “a high degree of uncertainty in the outlook for the rest of the year”.
