FINANCIALS: Page Group reports drop in half-year profits

Recruitment giant the Page Group reported 2023 half-year gross profit of £526.8m yesterday [7 August], falling off from £538.9m in the same period in 2022.

Operating profit was also down from H1 2022, with £63.9m in the first half of 2023, compared to £115.3m.

Productivity fell by 6% in comparison to H1 2022, but was up 5% sequentially on H2 2022, the company reported. 

Elaborating on the productivity figures, the company said activity levels remained strong in H1 2023 with continued high fee rates, and wage inflation occurring across most markets. They also noted a slowdown in time-to-hire driven by increased client caution and less acceptance of offers by candidates because of buybacks, lower offers and general caution.

Net assets of £333.9m were on hand in the first half of this year, compared with £387.3m in H1 2022. 

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