Half Year Results for the Period Ended 30 June 25

 

 

12 August 2025

Half Year Results for the Period Ended 30 June 2025

 

Resilient performance, full year guidance reiterated

 

PageGroup plc ("PageGroup"), the specialist professional recruitment company, announces its unaudited half year results for the period ended 30 June 2025.

 

Financial summary (6 months to 30 June 2025)	2025	2024	Change	Change CC*
Revenue	£798.4m	£898.0m	-11.1%	-8.6%
Gross profit	£389.7m	£444.1m	-12.3%	-9.7%
Operating profit	£2.1m	£28.4m	-92.5%
Profit before tax	£0.2m	£27.7m	-99.2%
Basic earnings per share	0.0p	5.3p	-99.1%
Diluted earnings per share	0.0p	5.3p	-99.1%
Interim dividend per share	5.36p	5.36p

 

* in constant currencies

** operating profit as a percentage of gross profit

*** excluding one off items of c. £13m in H1 relating to restructuring and transformation

**** excluding the immaterial impact of hyperinflation in Argentina

 

 

H1 Key Points 

·       Group gross profit down 9.7%* to £389.7m (2024: £444.1m)

·       Operating profit of £2.1m (H1 2024: £28.4m), after previously announced one-off costs of c. £13m in H1 relating to restructuring and transformation

·       Conversion rate** of 0.5% (H1 2024: 6.4%)

·       Underlying*** operating profit of c. £15m, at a conversion rate of 3.8%

·       Resilient performance despite market uncertainty, mixed results across the Group

·       Continued subdued levels of client and candidate confidence impacted decision making

·       Gross profit per fee earner remained high but down 1.9% on 2024

·       Decrease in fee earner headcount of 207 (3.9%) in H1 to 5,163

·       Net cash in June of £10.8m (H1 2024: £57.2m)

·       Interim dividend of 5.36 pence per share, in line with 2024

 

Full Year Outlook

·       The Board continues to expect 2025 Operating Profit to be broadly in line with current market consensus of c. £22m

 

Commenting, Nicholas Kirk, Chief Executive Officer, said:

 

"The Group delivered a resilient performance in H1 despite ongoing macro-economic uncertainty. Whilst activity levels remained robust across most of our markets, we experienced a slight deterioration in activity levels and trading in Continental Europe towards the end of the period, particularly in our two largest markets, France and Germany. Elsewhere, we saw some improvement in activity, trading and customer confidence in Asia and the US.

 

"Against the ongoing challenging trading conditions, we have taken robust action to optimise our cost base by simplifying our management structure, reducing our leadership team and improving the efficiency of our business support functions. These initiatives will incur a one off cost of c. £15m in 2025, of which c. £13m was incurred in H1. These initiatives will deliver annualised savings of c. £15m per annum from 2026.

 

"The conversion of accepted offers to placements remained the most significant area of challenge, as ongoing macro-economic uncertainty continued to impact confidence, which extended time-to-hire. Permanent recruitment continued to be impacted more than temporary, as clients sought flexible options and permanent candidates remained reluctant to move jobs.

 

"We continued with our strategy of reallocating resources into the areas of the business where we saw the most significant long-term structural opportunities, as well as ensuring they remained aligned to the activity levels we saw in each of our markets. Overall, our focus remains to balance near-term productivity with ensuring we remain well placed to take advantage of opportunities when market conditions improve.

 

"We continue to see the benefits of our investments in innovation and technology. Customer Connect is supporting productivity and enhancing customer experience, Page Insights is providing real time data to inform business decisions for both Page and our customers, and we continue to work with our partners to deploy AI and automation tools into our working environment.

 

"Despite the uncertain outlook due to the unpredictable economic environment, we have a highly diversified and adaptable business model, a strong balance sheet and our cost base is under continuous review."

 

INTERIM MANAGEMENT REPORT

 

GROUP STRATEGY

 

We launched our strategy in September 2023 with three key strategic goals: delivering operating profit of £400m, changing one million lives and increasing our client net promoter score to over 60. To achieve our strategy, we have four pillars of growth: our core business, our technology business, Page Executive and our Enterprise Solutions business.

 

Within our core business, defined as Michael Page and Page Personnel and including all disciplines except Technology, trading conditions have been challenging in the majority of our markets. We continue to review our business operations and reallocate resource, in line with our strategy, into the areas of the business where we see the most significant long-term structural opportunities.

 

As has been widely reported, the technology sector has been impacted heavily by tough macro factors globally. Despite this, Technology remains our second largest discipline. Within technology, we continue to see a more resilient performance from non-perm. We are reshaping this business from the pre-pandemic model, increasing our offering within contracting and interim roles. Despite the tough conditions globally, there were some individual markets which delivered good growth in H1, in particular, the US, India and Greater China.

 

Page Executive delivered another good performance in H1, down just 2% against a record comparator. A key element of our Page Executive strategy has been to focus on more senior leadership roles and as a result, increase the salary levels at which we place. It has become increasingly clear that the market gap for Page Executive is a significant opportunity for the Group.

 

Enterprise Solutions supports our largest strategic customers with their complex, global requirements. Our well-established, global platform allows us to consult with clients as they look to tap into new markets and geographies. Our customer centric approach, highlighted by our net promotor score, increasingly makes us the partner of choice. Within Enterprise Solutions, our outsourcing business delivered a record H1 with growth of 19%. We remain focused on winning business that delivers conversion rates in line with our strategy.

 

Against our social impact goal of changing one million lives, we performed strongly. Progress in this area is measured by the number of people whose lives we have changed by placing them into work, as well as the number of people who access programmes we run that support traditionally underrepresented groups accessing employment. In H1 2025, we changed over 55,000 lives, which brings us to a total of over 700,000 lives changed since we set this target in 2020. This puts us well on track to deliver our one million target by 2030.

We also made excellent progress on our customer experience goal of achieving a client net promoter score of over 60. Net promoter score is a metric used to quantify customer loyalty and satisfaction. In simple terms, it measures how likely our clients are to recommend us to others. Our baseline NPS score was 52 in 2022. This

increased to 56 in 2023, 61 in 2024, and in H1 2025 our score improved again to 66, rating us as 'excellent' and above our 2030 target. This highlights our commitment to providing excellent service to our customers, further cementing our position as a benchmark of quality in our industry.

 

AI and Technology

 

The interest and headlines around the role of technology, and in particular AI across all industries continues to grow.  We have seen positive impacts from AI which is supporting our business and our consultants in completing the more administrative-heavy tasks and enhancing customer engagement. Our measured approach to where we see the value in AI is built on solid foundations in collaboration with the most significant players in Big Tech to develop safe and secure, cutting-edge technology and AI systems for everyday use by our consultants. 

 

AI is deployed globally in our core systems at different stages of the recruitment process. This enhances and enables our industry leading platforms, Page Insights and Customer Connect. We are confident in our ever-growing capability in this space, using our global partnerships and internal expertise, to work through the latest trends that emerge constantly in AI. We fundamentally believe that whilst technology and AI are powerful tools, human interaction is vital to deliver the most successful recruitment outcomes for both clients and candidates, particularly within white collar, professional recruitment. Our consultants provide valuable expertise, market knowledge and insight to our customers, with tech and AI playing a crucial supporting role.

 

 

GROUP RESULTS

 

GROSS PROFIT		£m		Growth rates
	% of Group	H1 2025	H1 2024	Reported	CC
EMEA	54%	208.9	248.8	-16.0%	-14.4%
Americas	19%	74.9	77.3	-3.1%	+3.5%****
Asia Pacific	15%	59.3	64.3	-7.7%	-5.0%
UK	12%	46.6	53.7	-13.4%	-13.4%
Total	100%	389.7	444.1	-12.3%	-9.7%
Permanent	72%	282.3	325.5	-13.3%	-10.6%
Temporary	28%	107.4	118.6	-9.5%	-7.0%

 

Revenue for the six months ended 30 June 2025 was down 11.1% to £798.4m (2024: £898.0m) whilst gross profit decreased 12.3% to £389.7m (2024: £444.1m). In constant currencies, the Group's revenue and gross profit decreased 8.6% and 9.7%, respectively.

 

The Group's revenue mix between permanent and temporary placements was 36:64 (2024: 36:64) and for gross profit was 72:28 (2024: 73:27). Revenue from temporary placements comprises the salaries of those placed, together with the margin charged.

 

OPERATING PROFIT AND CONVERSION RATE

 

The Group's organic growth model and profit-based team bonus ensures costs remain tightly controlled. 76% of first half costs were employee related, including salaries, bonuses, share-based long-term incentives, and training and relocation costs.

 

In total, administrative expenses in the first half decreased 6.8% in reported rates to £387.5m (2024: £415.7m), driven largely by the lower average headcount in H1 2025 compared to H1 2024. In constant currencies, administrative expenses declined 4.0%.

 

Against the ongoing challenging trading conditions, we have taken robust action to optimise our cost base by simplifying our management structure, reducing our leadership team and improving the efficiency of our business support functions. These initiatives will incur a one off cost of c. £15m in 2025, partially offset by savings in 2025 of c. £5m. One off costs of c. £13m were incurred in the first half of the year, in relation to our cost optimisation programme. These initiatives will deliver annualised savings of c. £15m per year from 2026.

 

The Group's conversion rate, which represents the ratio of operating profit to gross profit, was 0.5% (2024: 6.4%) due to the more challenging trading conditions experienced in 2025, in addition to c. £13m of one off costs incurred in H1. Excluding one off costs, our conversion rate was 3.8%. A net interest charge of £1.9m (2024: £0.7m) in the first half related primarily to an IFRS 16 interest charge of £2.5m, partially offset by interest receivable of £0.7m.

 

CASH FLOW

 

Cash flow in the period was resilient, but lower due to the reduction in profitability, with £3.6m generated from operations (2024: £49.2m). Tax paid was £12.9m and net capital expenditure was £7.1m. During the first half, £8.3m was spent on the purchase of shares into the Employee Benefit Trust (2024: £13.2m) and dividends of £36.9m were paid to shareholders (2024: £35.2m). As a result, the Group had net cash of £10.8m at 30 June 2025 (30 June 2024: £57.2m).

 

CAPITAL ALLOCATION POLICY

 

It is the Directors' intention to continue to finance the activities and development of the Group from retained earnings and to maintain a strong balance sheet position.

 

The Group's first use of cash is to satisfy operational and investment requirements, as well as to hedge its liabilities under the Group's share plans. The level of cash required for this purpose will vary depending upon the revenue mix of geographies, permanent and temporary recruitment, and point in the economic cycle.

 

Our second use of cash is to make returns to shareholders by way of an ordinary dividend. Our policy is to grow the ordinary dividend over the course of the economic cycle in a way that we believe we can sustain the level of ordinary dividend payment during downturns, as well as increasing it during more prosperous times.

 

Cash generated in excess of these first two priorities will be returned to shareholders through supplementary returns, using special dividends and/or share buybacks.

 

The Board has announced an interim dividend of 5.36 pence per share, in line with 2024. The interim dividend will be paid on 10 October 2025 to shareholders on the register as at 29 August 2025.

 

OTHER FINANCIAL ITEMS

 

Taxation

 

The effective tax rate for the first half was 37.3% (H1 2024: 39.5%). The decrease on the prior year is due primarily to a reduction in prior year tax adjustments impacting the half year results. The effective tax rate for H1 is consistent with our expectations for the full year.

 

Earnings per share

 

For the six months ended 30 June 2025, basic earnings per share and diluted earnings per share were both 0.0p (2024: basic earnings per share 5.3p; diluted earnings per share 5.3p).

 

 

Share repurchases

 

During the first half of the year, the Group purchased £8.3m of shares into the Employee Benefit Trust to hedge its exposure under the Group's share plans (2024: £13.2m).

 

GEOGRAPHICAL ANALYSIS (All growth rates given below are in constant currency vs. H1 2024 unless otherwise stated)

 

EUROPE, MIDDLE EAST AND AFRICA (EMEA)

 

EMEA	£m		Growth rates
(54% of Group in H1 2025)	H1 2025	H1 2024	Reported	CC
Revenue	434.9	501.4	-13.3%	-11.7%
Gross Profit	208.9	248.8	-16.0%	-14.4%
Operating Profit	10.9	36.3	-69.8%	-69.0%
Conversion Rate (%)	5.2%	14.6%

 

EMEA is the Group's largest region, contributing 54% of Group first half gross profit. Against 2024, in reported rates, revenue in the region decreased 13.3% to £434.9m (2024: £501.4m) and gross profit decreased 16.0% to £208.9m (2024: £248.8m). In constant currencies, revenue decreased 11.7% and gross profit decreased by 14.4%.

 

Temporary recruitment, down 10%, was more resilient than permanent, down 17%, indicative of the current uncertainty within the market. France, the Group's largest market, was down 19%, due to ongoing political and macro-economic uncertainty. Germany, our second largest market, declined 16%, with conditions particularly tough within permanent, with companies limiting and delaying hiring decisions due to macro-economic and tariff related uncertainty. Elsewhere in the region, market conditions remained challenging in all countries.

 

H1 operating profit was £10.9m (2024: £36.3m) with a conversion rate of 5.2% (2024: 14.6%). Excluding one off costs of £7.5m in H1, underlying operating profit was £18.4m, with a conversion rate of 8.8%. Profitability decreased on 2024 due to the tougher trading conditions seen in 2025, albeit the region continues to have the highest conversion rate of the Group. Headcount across the region decreased by 176 (5.0%) in the first half, to 3,354 at the end of June 2025 (3,530 at 31 December 2024).

 

THE AMERICAS

 

Americas	£m		Growth rates
(19% of Group in H1 2025)	H1 2025	H1 2024	Reported	CC
Revenue	135.2	139.1	-2.8%	+3.4%****
Gross Profit	74.9	77.3	-3.1%	+3.5%****
Operating Profit	2.4	4.4	-44.8%	-30.8%****
Conversion Rate (%)	3.2%	5.7%

 

 

In the Americas, representing 19% of Group first half gross profit, revenue decreased 2.8% in reported rates against 2024, to £135.2m (2024: £139.1m), while gross profit declined 3.1% to £74.9m (2024: £77.3m). Excluding Argentina due to hyperinflation, revenue and gross profit increased by 3.4% and 3.5% in constant currencies, respectively.

 

North America grew 10% against 2024, due to the US, which was up 11%. We saw good levels of activity and trading, with a particularly strong performance in Engineering, and a significantly improved performance in Construction in Q2.

 

In Latin America, excluding Argentina, the region declined 4%. Mexico, our largest country in the region, declined 10%, due to ongoing political uncertainty and low levels of customer confidence. Brazil grew 3%, with a particularly strong performance in temporary recruitment. Elsewhere in Latin America, our remaining countries in the region declined 4%, collectively.

 

Operating profit was £2.4m (2024: £4.4m), with a conversion rate of 3.2% (2024: 5.7%). Excluding one off costs of £0.7m in H1, underlying operating profit was £3.1m, with a conversion rate of 4.2%. Headcount across the region decreased by 14 (1.1%) in the first half to 1,313 at the end of June 2025 (1,327 at 31 December 2024).

 

ASIA PACIFIC

 

Asia Pacific	£m		Growth rates
(15% of Group in H1 2025)	H1 2025	H1 2024	Reported	CC
Revenue	106.7	116.6	-8.4%	-5.1%
Gross Profit	59.3	64.3	-7.7%	-5.0%
Operating Loss	-4.2	-4.8	+11.9%	+14.8%
Conversion Rate (%)	-7.1%	-7.4%

 

In Asia Pacific, representing 15% of Group first half gross profit, revenue decreased 8.4% in reported rates to £106.7m (2024: £116.6m) and gross profit decreased 7.7% to £59.3m (2024: £64.3m). In constant currencies, revenue decreased 5.1% in H1 and gross profit decreased 5.0%. The market remained tough at the start of the year, however we saw an improvement in trading conditions towards the end of the period.

 

Gross profit in Greater China declined 13%, with Mainland China and Hong Kong down 22% and 2%, respectively. The improved performance in Hong Kong in Q2 was due partly to a weak comparator, but also driven by stronger trading. South East Asia declined 3%, with Singapore down 9%. India continued to deliver the standout performance in the region, up 15% with a record H1 against a very strong comparator. Japan declined 3% and Australia declined 13%, with ongoing challenging conditions across most states.

 

We made an operating loss of £4.2m (2024: £4.8m operating loss), with a negative conversion rate of 7.1% (2024: -7.4%). Excluding one off costs of £1.9m in H1, we made an underlying operating loss of £2.3m, with a negative conversion rate of 3.8%. This was an improvement on H1 2024, due to the increase in trading and customer confidence we saw in Q2. Headcount across the region decreased by 61 (4.0%) in the first half to 1,471 at the end of June 2025 (1,532 at 31 December 2024).

 

UNITED KINGDOM

 

UK	£m		Growth rate
(12% of Group in H1 2025)	H1 2025	H1 2024
Revenue	121.7	140.9	-13.6%
Gross Profit	46.6	53.7	-13.4%
Operating Loss	-7.0	-7.5	+5.6%
Conversion Rate (%)	-15.1%	-13.9%

 

In the UK, representing 12% of Group first half gross profit, revenue declined 13.6% to £121.7m (2024: £140.9m) and gross profit declined 13.4% to £46.6m (2024: £53.7m). The conversion of accepted offers to placements remained a significant area of challenge, with ongoing subdued levels of client and candidate confidence impacting decision making and increasing time-to-hire.

We made an operating loss of £7.0m (2024: £7.5m operating loss) in the first half, with a negative conversion rate of 15.1% (2024: -13.9%). Excluding one off costs in both periods, we made an underlying operating loss in H1 2025 of £4.3m (2024: £5.6m operating loss), with a negative conversion rate of 9.3% (2024: -10.3%). Headcount was down 76 (7.8%) during the first half to 896 at the end of June 2025 (972 at 31 December 2024).

 

KEY PERFORMANCE INDICATORS ("KPIs")

 

We measure our progress against our strategic objectives using the following key performance indicators:

 

KPI	Definition, method of calculation and analysis
Gross profit growth	How measured: Gross profit growth represents revenue less cost of sales, expressed as the percentage change over the prior year. It consists principally of placement fees for permanent candidates and the margin earned on the placement of temporary candidates.   Why it's important: This metric shows the income growth of the business. The indicator is recorded in both constant and reported currency, as foreign exchange movements in our international markets can impact it significantly.   How we performed in H1 2025: We continued to experience tough trading conditions in H1 2025, which resulted in a decline of 12.3% vs. H1 2024 in reported rates, or 9.7% in constant currencies.   Relevant strategic objective: Organic growth.
Ratio of permanent vs temporary placements	How measured: Gross profit earned from permanent and temporary placements, expressed as a percentage of the Group's total gross profit.   Why it's important: This ratio reflects both the current stage of the economic cycle and our geographic spread, as a number of countries culturally have minimal white collar temporary roles. It gives a guide as to the operational gearing potential in the business, which is significantly greater for permanent recruitment.   How we performed in H1 2025: 72% of our gross profit was generated from permanent placements, marginally below the 73% in 2024. Reflecting the uncertain macro-economic conditions, temporary recruitment (-7.0%) continued to outperform permanent (-10.6%), as clients sought more flexible options.   Relevant strategic objective: Diversification.
Gross profit per fee earner	How measured: Gross profit for the year divided by the average number of fee-generating staff, calculated on a rolling monthly average basis.   Why it's important: This is our indicator of productivity, which is affected by levels of activity in the market, capacity within the business and the number of recently hired fee earners who are not yet at full productivity. Currency movements can also impact this figure.   How we performed in H1 2025: Gross profit per fee earner remained high at £73.7k, but was down 1.9% vs. 2024 in constant currencies. This reflected the reduction in gross profit, although this was partially offset by the decrease in headcount.   Relevant strategic objective: Organic growth.
Conversion rate	How measured: Operating profit (EBIT) shown as a percentage of gross profit.   Why it's important: This reflects how successful the Group is at managing business-related costs, growing fee-earner productivity and the level of investment being directed towards future growth.   How we performed in H1 2025: Operating profit as a percentage of gross profit decreased to 0.5% (H1 2024: 6.4%), due to the tougher trading conditions in 2025, in addition to one off costs incurred of c. £13m.     Relevant strategic objective: Sustainable growth.
Basic earnings per share	How measured: Profit for the year attributable to the Group's equity shareholders, divided by the weighted average number of shares in issue during the year.   Why it's important: This measures the underlying profitability of the Group and the progress made against the prior year.   How we performed in H1 2025: Earnings per share in H1 2025 was 0.0p (H1 2024: 5.3p). The decline is due to the lower profit for the period, as a result of the more challenging trading conditions, in addition to one off costs incurred of c. £13m.   Relevant strategic objective: Sustainable growth.
Fee-earner headcount growth	How measured: Number of fee earners and directors involved in revenue-generating activities at the year end, expressed as the percentage change compared to the prior year.   Why it's important: Growth in fee earners is a guide to our confidence in the business and macro-economic outlook, as it reflects our expectations as to the level of future demand for our services above the existing capacity currently within the business.   How we performed in H1 2025: In response to the more challenging trading conditions, we reduced our fee-earner headcount by 207 (3.9%) to 5,163 in H1 2025, mainly in EMEA and the UK. We continued to reallocate resources into markets where we saw an improvement in activity levels.   Relevant strategic objective: Sustainable growth.
Net cash	How measured: Cash and short-term deposits.   Why it's important: The level of cash reflects our cash generation and conversion capabilities and our success in managing our working capital. It determines our ability to reinvest in the business, to return cash to shareholders and to ensure we remain financially robust through cycles.   How we performed in H1 2025: Net cash at 30 June 2025 was £10.8m (H1 2024: £57.2m). This is after the payment of the 2024 final dividend of £36.9m, one off costs of c. £13m and the purchase of shares into the Employee Benefit Trust of £8.3m (H1 2024: £13.2m).   Relevant strategic objective: Sustainable growth.

 

The source of data and calculation methods year-on-year are on a consistent basis. The movements in KPIs are in line with expectations. Disclosures for GHG emissions and People KPIs are provided annually.

 

PRINCIPAL RISKS AND UNCERTAINTIES

 

The management of the business and the execution of the Group's strategy are subject to a number of risks.

 

The main risks that PageGroup believes could potentially impact the Group's operating and financial performance for the remainder of the financial year remain those as set out in the Annual Report and Accounts for the year ending 31 December 2024 on pages 57 to 64.

 

TREASURY MANAGEMENT, BANK FACILITIES AND CURRENCY RISK

The Group operates a multi-currency cash concentration arrangement managed by the centralised Treasury function in London. 79% of the Group by revenue participates in this arrangement.  This arrangement facilitates interest compensation for cash whilst supporting working capital requirements.

The Group maintains a Confidential Invoice Facility with HSBC whereby the Group has the option to discount receivables in order to advance cash. The Group also has an £80m Committed Revolving Credit Facility (RCF) with HSBC and BBVA, expiring in December 2027. These facilities are available for general corporate purposes. As at 30 June 2025, £10.0m was drawn down under the RCF, and £13.0m under our UK trade debtor discounting facility.

The main functional currencies of the Group are Sterling, Euro, Chinese Renminbi, US Dollar, Swiss Franc, Singapore Dollar, Hong Kong Dollar and Australian Dollar. The Group does not have material transactional currency exposures. The Group is exposed to foreign currency translation differences in accounting for its overseas operations. The Group's policy is not to hedge the translation exposure of the profits of overseas subsidiaries.

The Group may use short-dated foreign exchange derivatives to manage the foreign currency transaction exposures in the business. The main exposures arise from intercompany balances and transactions.

ESG

 

At PageGroup, we want to be the best in recruitment at driving a sustainable future for our business and our world. Our sustainability strategy and targets set out how we aim to achieve that. In April 2025, we published our annual sustainability spotlight report, highlighting the progress we made on our four sustainability goals over the course of 2024. This included:

 

·    Changing 136,816 lives in 2024 through placements and social impact programmes

·    Increasing the proportion of women in leadership roles to 46%

·    Decreasing our scope 1 & 2 emissions by 23% vs 2023

·    Increasing net fees from our sustainability business by 2% vs 2023

 

H1 2025 has delivered continued progress against key targets. We have expanded our global partnership with Generation, a global nonprofit organisation that trains and places adults into careers that would otherwise be inaccessible. Our People have volunteered their skills to Generation programmes in ten countries and have reached over 1,200 learners this year alone. We also launched a mentoring programme, with our first cohort of five Generation mentees being mentored by Page leaders, including our Chief People Officer. For further information on our sustainability efforts, please refer to https://www.page.com/sustainability.

 

GOING CONCERN

 

The Board has undertaken a review of the Group's forecasts and associated risks and sensitivities, in the period from the date of approval of the interim financial statements to August 2026 (review period).

 

Debt facilities relevant to the review period comprise a committed £80m RCF maturing December 2027, an uncommitted UK trade debtor discounting facility (up to £50m depending on debtor levels) and an uncommitted £20m UK bank overdraft facility.

 

The Group had net cash of £10.8m as at 30 June 2025. Net cash included cash of £33.8m, partially offset by borrowings of £10.0m under the RCF, and borrowings of £13.0m under our UK trade debtor discounting facility. The Group had no other debt except for IFRS 16 lease liabilities of £142.9m. The forecast cash flows, which assumes repayment of borrowings, indicate that the Group will comply with all relevant banking covenants during the review period.

 

Despite the current trading position, macro-economic and political uncertainty that currently exists, and its inherent risk and impact on the business, based on the modelling of a sustained loss of business arising from a further worsening of the macro-economic environment, when considering mitigating actions available to the Group, there are no plausible downside scenarios that the Board believes would cause a liquidity or covenant compliance issue.

 

Having considered the Group's forecasts, the level of borrowing facilities available to the business, the Group's geographical and discipline diversification, limited concentration risk, as well as the ability to manage the cost base and discretionary cashflows, the Board has concluded that the Group has adequate resources to continue in operation, meet its liabilities as they fall due, retain sufficient available cash and not breach the covenants under the RCF for the period through to August 2026.

 

CAUTIONARY STATEMENT

 

This Interim Management Report ("IMR") has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. This IMR contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

 

This IMR has been prepared for the Group as a whole and therefore gives greater emphasis to those matters that are significant to PageGroup plc and its subsidiary undertakings when viewed as a whole.

 

Bourne Business Park,

200 Dashwood Lang Road,

Addlestone,

Surrey,

KT15 2NX

 

By order of the Board,

 

 

 

Nicholas Kirk	Kelvin Stagg
Chief Executive Officer	Chief Financial Officer
11 August 2025	11 August 2025

 

PageGroup will host a conference call, with on-line slide presentation, for analysts and investors at 8.30am on 12 August 2025, the details of which are below:

https://www.investis-live.com/pagegroup/688797375467670031ff634e/dgwga

 

Please use the following dial-in number to join the conference:

United Kingdom (Local)	020 3936 2999
All other locations	+44 20 3936 2999

 

Please quote participant access code 28 09 62 to gain access to the call.

 

A presentation and recording to accompany the call will be posted on the PageGroup website during the course of the morning of 12 August 2025 at:

 

https://www.page.com/presentations/year/2024

 

Enquiries:

 

PageGroup	+44 (0)19 3226 4032
Nicholas Kirk, Chief Executive Officer Kelvin Stagg, Chief Financial Officer
FTI Consulting	+44 (0)20 3727 1340
Richard Mountain / Susanne Yule

 

 

 

 

INDEPENDENT REVIEW REPORT TO PAGEGROUP PLC

 

Conclusion

 

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises the Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Balance Sheet, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Cash Flows and the related notes 1 to 13. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

Basis for Conclusion

 

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

 

 

Conclusions Relating to Going Concern

 

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

 

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

 

 

Responsibilities of the directors

 

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

 

 

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

 

 

Use of our report

 

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

 

 

 

 

 

 

 

Ernst & Young LLP

London

11 August 2025

 

 

Condensed Consolidated Income Statement

For the six months ended 30 June 2025

			Six months ended				Year ended
			30 June		30 June		31 December
			2025		2024		2024
			Unaudited		Unaudited		Audited
	Note		£'000		£'000		£'000
Revenue	3		798,426		897,959		1,738,937
Cost of sales			(408,769)		(453,818)		(896,351)
Gross profit	3		389,657		444,141		842,586
Administrative expenses			(387,530)		(415,728)		(790,137)
Operating profit	3		2,127		28,413		52,449
Financial income	4		697		908		2,170
Financial expenses	4		(2,591)		(1,606)		(5,492)
Profit before tax			233		27,715		49,127
Income tax expense	5		(87)		(10,939)		(20,684)
Profit for the period			146		16,776		28,443
Attributable to:
Owners of the parent			146		16,776		28,443
Earnings per share
Basic earnings per share (pence)	8		0.0		5.3		9.1
Diluted earnings per share (pence)	8		0.0		5.3		9.0

 

The above results all relate to continuing operations

 

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2025

		Six months ended			Year ended
		30 June		30 June		31 December
		2025		2024		2024
		Unaudited		Unaudited		Audited
		£'000		£'000		£'000
Profit for the period		146		16,776		28,443
Other comprehensive (expense)/income for the period
Items that may subsequently be reclassified to profit and loss:
Currency translation differences		(1,464)		(4,069)		(10,101)
Items that may not subsequently be reclassified to profit and loss:
Actuarial loss on retirement benefits		-		-		(352)
Deferred tax from actuarial loss on retirement benefits		-		-		88
Total comprehensive (expense)/income for the period		(1,318)		12,707		18,078
Attributable to:
Owners of the parent		(1,318)		12,707		18,078

 

 

 

Condensed Consolidated Balance Sheet

As at 30 June 2025

			30 June		30 June		31 December
			2025		2024		2024
			Unaudited		Unaudited		Audited
	Note		£'000		£'000		£'000
Non-current assets
Property, plant and equipment	9		45,912		46,529		45,811
Right-of-use assets			129,445		99,327		120,711
Intangible assets - Goodwill and other intangible			1,776		1,802		1,738
- Computer software			18,041		25,475		21,916
Deferred tax assets			22,288		17,163		18,127
Other receivables	10		13,876		13,031		13,164
			231,338		203,327		221,467
Current assets
Trade and other receivables	10		325,704		358,218		315,257
Current tax receivable			24,378		22,888		18,023
Cash and cash equivalents	13		33,835		57,249		95,348
			383,917		438,355		428,628
Total assets	3		615,255		641,682		650,095
Current liabilities
Trade and other payables	11		(216,737)		(231,528)		(229,460)
Borrowings			(13,034)		-		-
Provisions	12		(3,631)		(3,852)		(2,653)
Lease liabilities			(33,644)		(31,871)		(33,418)
Current tax payable			(1,348)		(6,892)		(3,189)
			(268,394)		(274,143)		(268,720)
Net current assets			115,523		164,212		159,908
Non-current liabilities
Borrowings			(10,000)		-		-
Other payables	11		(7,504)		(8,410)		(10,426)
Lease liabilities			(109,227)		(78,697)		(103,372)
Deferred tax liabilities			(609)		(2,342)		(609)
Provisions	12		(2,529)		(4,092)		(4,559)
			(129,869)		(93,541)		(118,966)
Total liabilities	3		(398,263)		(367,684)		(387,686)
Net assets			216,992		273,998		262,409
Capital and reserves
Called-up share capital			3,286		3,286		3,286
Share premium			99,564		99,564		99,564
Capital redemption reserve			932		932		932
Reserve for shares held in the employee benefit trust			(79,265)		(75,498)		(75,391)
Currency translation reserve			7,630		15,916		9,162
Retained earnings			184,845		229,798		224,856
Total equity			216,992		273,998		262,409