PageGroup (LSE:PAGE) has reaffirmed its full-year guidance after reporting stronger trading during the second quarter, with recruitment activity showing signs of stabilising across several of its key markets.
While market conditions remain mixed, the recruiter said improving performance in the Americas and Asia-Pacific helped offset continued weakness in parts of Europe.
Second Quarter Marks Improvement in Gross Profit
Group gross profit totalled £197.6 million in the second quarter, representing a year-on-year decline of just 0.2%.
The result marked a significant improvement from the 4.9% fall recorded during the first quarter, reflecting a gradual recovery in hiring activity.
Around half of the company’s markets delivered growth during the period, with the Americas and Asia-Pacific continuing to perform well. The Page Executive business also recorded a strong 15% increase in gross profit.
In contrast, trading conditions in France, Northern Europe and the UK remained challenging, although management described those markets as stable.
Cost Controls Improve Productivity
Gross profit generated per fee earner increased by 5% compared with the same period last year.
The improvement came despite a reduction in recruitment headcount, with the number of fee earners falling by 80, or 1.6%, to 4,914.
PageGroup said its ongoing efficiency programme has now delivered annualised cost savings of approximately £40 million.
Guidance Maintained Despite Uncertain Outlook
The company ended the quarter with net debt of around £7 million, unchanged from the previous quarter after paying approximately £10 million in its 2025 final dividend.
The board continues to expect operating profit for 2026 to be in line with the company-compiled market consensus of £28 million.
However, management cautioned that uncertainty remains elevated and said visibility for the remainder of the year continues to be limited.
About PageGroup
PageGroup is a global specialist recruitment company providing permanent, temporary and contract recruitment services across a wide range of industries and professional disciplines.
Operating in markets around the world, the group includes brands such as Page Executive and supports clients across sectors including finance, technology, engineering, legal, healthcare and professional services.
Leave a Reply