FINANCIALS: Page Group posts profits but UK down slightly

International gross profit growth has offset a slight decline in GP in the UK year-on-year, according to specialist professional recruiter Page Group’s unaudited half year results for the period ended 30 June 2019.

The results, released this morning, reveal group revenue rose 9.5% in constant currency from £751.6m in H1 2018 to £820.5m in H1 2019, with GP up by the same percentage in constant currency from £396m to £433.5m over the same period.

GP rose across the group’s international operations – up 19.6%, 10.2% and 9% in constant currency in Americas, EMEA and Asia Pacific respectively, offsetting a 0.3% decline in GP in the UK, where Brexit-related uncertainty continued to adversely affect decision-making from clients and candidates at the more senior levels of the market.

Commenting on the group’s performance, chief financial officer Kelvin Stagg said the group’s financials reflected its continued focus on productivity and conversion.

“Fee earner headcount fell by 81 (-1.3%) in the first half, to 6,035, mainly in markets where conditions were more challenging, such as Greater China and the UK. We continued to invest in markets where we saw the greatest growth, such as the US and India. We completed the implementation of our new global finance system, with roll-outs in Latin America and Europe during the first half. Our operational support staff headcount increased by 72 (4.3%), the majority of which were temporary, to support these roll-outs…

“We will continue to focus on driving profitable growth, while continuing our strategic investments towards our vision of 10,000 headcount, £1bn of GP and £200m-£250m of operating profit.”

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