FINANCIALS: PageGroup profits down in the UK, up elsewhere

Despite an overall rise in gross profit, political uncertainties around Brexit have resulted in a 7.6% decline in GP in the UK for global recruiter PageGroup.

That’s according to a third quarter trading update, released this morning.

The update reveals the group posted GP of £34.9m in the UK, down from £37.8m in the corresponding period last year, which it put down to political uncertainty around Brexit hitting confidence, particularly among multi-national clients and senior permanent candidates. 

The group’s temporary business was less adversely affected, and while financial services was flat, the group’s property & construction division saw growth of 7% on the previous year.

Overall, GP was up 8.8% from £158.6m to £177.3m, with growth for every other part of the group’s business led by the Americas – up 20.1% from £21.7m to £26.1m, followed by EMEA, up 18.7% from £66.8m to £79.3m and finally Asia Pacific, up 14.6% from £32.3m to £37m.

Commenting on the group’s performance, CEO Steve Ingham said: “We are pleased with the strong performances across the majority of our regions. However, there remain a number of challenges as we continue through 2017 and into 2018: the UK, where we will continue to focus on protecting margins and investing in structural opportunities; Australia, where we have invested in headcount and a new office; and Brazil, which remains challenging, despite results improving from negative to flat year-on-year growth.

“Elsewhere, we continue to invest to take advantage of markets with favourable trading conditions, as well as in our large high potential markets and new markets, such as India and the Nikkei market in Japan.”

• Want to comment on this story? Email us at recruiter.editorial@redactive.co.uk or tweet us below to tell us your thoughts. We will run comments online in a round-up at the end of the week.

Email story to a friend

FINANCIALS: Korn Ferry reveals rise in revenue

Global executive search firm Korn Ferry has seen revenue rise 13% year-on-year, according to full year and Q4 2018 results.

Financials 14 June 2018

FINANCIALS: Harvey Nash posts rise in UK & Ireland profits

Global technology recruiter Harvey Nash has seen UK & Ireland gross profit rise 20% year-on-year, according to a trading update.

Financials 6 June 2018

FINANCIALS: Hydrogen Group performs in line with expectations

Hydrogen Group is performing in line with current market expectations, according to a statement released ahead of the global recruiter’s annual general meeting today.

Financials 25 May 2018

InterQuest chairman presses to delist company from AIM

InterQuest’s chairman has reiterated his desire to delist the technology recruiter from AIM.

Financials 24 May 2018
Top