6 August 2026

Half Year Results for the Period Ended 30 June 2026

 

Resilient performance, full year guidance reiterated

 

Michael Page plc ("Michael Page"), the specialist professional recruitment company, announces its unaudited half year results for the period ended 30 June 2026.

 

Financial summary (6 months to 30 June 2026)	2026	2025	Change	Change CC*
Revenue	£799.5m	£798.4m	+0.1%	-1.9%
Gross profit	£385.2m	£389.7m	-1.1%	-2.4%
Operating profit	£9.7m	£2.1m	>100%
Profit before tax	£6.5m	£0.2m	>100%
Basic earnings per share	1.2p	0.0p	>100%
Diluted earnings per share	1.2p	0.0p	>100%
Interim dividend per share	1.46p	5.36p

 

* in constant currencies

** operating profit as a percentage of gross profit

 

H1 Key Points

·       Group gross profit down 2.4%* to £385.2m (H1 2025: £389.7m)

·       Operating profit of £9.7m (H1 2025: £2.1m)

·       Conversion rate** of 2.5% (H1 2025: 0.5%)

·       Improvement and signs of normalisation in trading in a number of our markets - c. 50% of our markets in growth in H1

·       Gross profit per fee earner at highest levels since 2022, up 3.7% on H1 2025

·       Net debt of £7.2m (H1 2025: net cash of £10.8m), in line with expectations

·       Interim dividend of 1.46 pence per share

 

Full Year Outlook

·       The Board continues to expect 2026 Operating Profit to be in line with company compiled consensus of c. £28m

 

Commenting, Nicholas Kirk, Chief Executive Officer, said:

 

"The Group delivered a resilient performance in H1 despite ongoing challenging market conditions. We saw continued growth in Asia Pacific and the Americas, as well as a return to growth in Q2 in Southern Europe. In total, c. 50% of the Group was in growth in H1. However, trading remained more challenging across France, Northern Europe and the UK.

 

"The progress we are making in productivity, technological innovation, operational efficiency and strategic execution demonstrates that our strategy is working and positions us well for future growth. We continue to harness the power of Page and our position as a global leader for specialist, management and leadership perm recruitment, placing more senior talent at higher salary levels and at higher fee rates, which has driven our highest level of productivity since our record year in 2022 and a record performance for Page Executive.

 

"In line with our long-term strategic goals, we made further improvements to our customer proposition, resulting in our client NPS increasing to 67 in H1 2026, from 66 in 2025 and 61 in 2024, exceeding our strategic goal of 60. We also continued progress towards our goal of changing one million lives by 2030, with an emphasis on social impact programmes. As a business, we changed over 75,600 lives in H1 2026, which brings us to a total of over 865,000 lives changed since we set this target in 2020. This puts us well on track to deliver our one million target by 2030.

 

"We have a flexible cost base through our fee earner headcount, which adjusts naturally to market conditions. Alongside this, we continue to control the cost base tightly and have undertaken various programmes since the launch of our new strategy to manage the cost base in light of the tougher market conditions. These programmes included managing our non-operations headcount, moving these functions to more cost-effective locations, consolidating offices and reducing management layers. Collectively, since the launch of our strategy, and excluding savings due to the reduction in fee earner headcount, these initiatives have delivered annualised savings of c. £40m. This cost base control has continued in H1 2026, incurring c. £2.5m of one off costs in relation to some senior exits.

 

"Whilst we have seen improvement and signs of a normalisation in trading in a number of our markets, there remains a high degree of uncertainty in the outlook for the rest of the year. We have a highly diversified and adaptable business model, a strong balance sheet and a cost base that 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, we have experienced ongoing challenging market conditions. However, we have seen continued good growth in Asia Pacific and the Americas, as well as a return to growth in Southern Europe in Q2. 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 such as the US and Japan.

 

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. We continue to see a highly dynamic sector with demand for skills changing rapidly and we continue to see a more resilient performance from non-perm. Despite the tough conditions globally, there were some individual markets which delivered good growth in H1, in particular, Spain, Colombia, Japan, Greater China and India.

 

Page Executive delivered a record performance in H1, with growth of 8% and particularly strong performances from Germany, Southern Europe, Greater China, South East Asia and India.  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 operate. 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, international platform allows us to consult with clients as they look to tap into new markets and geographies. Our customer centric approach, highlighted by our excellent net promotor score, increasingly makes us the partner of choice. Within Enterprise Solutions, our outsourcing business delivered a record H1 with growth of 22% and 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 2026, we changed over 75,600 lives, which brings us to a total of over 865,000 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, 66 in 2025 and in H1 2026 our score improved again to 67, 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

 

Technology and AI have reshaped our industry positively in recent years, driving a more data-led approach to recruitment. Like any major innovation, AI presents both risks and opportunities for our industry, challenging traditional recruitment practices whilst offering new ways to enhance efficiency, insights, and customer service. We have been collaborating with the most significant players in Big Tech for several years to develop safe and secure, cutting-edge technology and AI systems for everyday use by our consultants, delivering fast and accurate results. By implementing global systems such as Customer Connect, our operating system based on Salesforce, and our Global Finance System, together with the planned rollout of our new global HRIS platform throughout 2026, we are creating an integrated data ecosystem in which information is organised, consistent, optimised, secure and governed. Our data intelligence platform is built with market-leading systems including Azure, Databricks, GCP and Salesforce, giving us the scalability and reliability to deploy AI at pace across the organisation.

 

All that said, whilst technology and AI are powerful tools, we expect them to remain a vital enabling role to our consultants rather than a replacement. By staying alert to emerging risks and continuing to adapt, our relationship driven model and focus on white collar professional recruitment positions us strongly for the future.

 

Rebrand

 

As previously announced, the Group has rebranded from PageGroup to Michael Page. The rebrand reflects the decision to bring the business services and solutions together under the Michael Page brand. As the organisation's most established and widely recognised brand, Michael Page has been selected to represent the business as a whole. The Board believes the unified brand structure will strengthen access to the business' broad range of specialist expertise across its global network and support its long-term growth. The rebrand creates a clearer and more unified proposition for clients, candidates and employees, reflecting how we operate as one connected business, supporting our ability to meet evolving client needs and deliver long-term growth. 

 

GROUP RESULTS

 

GROSS PROFIT		£m		Growth rates
	% of Group	H1 2026	H1 2025	Reported	CC
EMEA	52%	200.9	208.9	-3.8%	-6.9%
Americas	20%	78.6	74.9	+4.9%	+4.4%
Asia Pacific	17%	63.0	59.3	+6.1%	+9.2%
UK	11%	42.7	46.6	-8.2%	-8.2%
Total	100%	385.2	389.7	-1.1%	-2.4%
Permanent	73%	279.7	282.3	-0.9%	-1.6%
Temporary	27%	105.5	107.4	-1.8%	-4.6%

 

Revenue for the six months ended 30 June 2026 increased 0.1% to £799.5m (H1 2025: £798.4m) in reported rates, whilst gross profit decreased 1.1% to £385.2m (H1 2025: £389.7m). In constant currencies, the Group's revenue and gross profit decreased 1.9% and 2.4%, respectively.

 

The Group's revenue mix between permanent and temporary placements was 35:65 (H1 2025: 36:64) and for gross profit was 73:27 (H1 2025: 72:28). 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. 78% 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 3.1% in reported rates to £375.5m (H1 2025: £387.5m), driven largely by the lower average headcount in H1 2026. In constant currencies, administrative expenses declined 4.3%.

 

Against the ongoing challenging trading conditions, we have continued to take action to optimise our cost base during H1. In total, we took one off costs of c. £2.5m in the first half of the year in relation to some senior exits.  We expect to take a similar level of one-off costs during H2.

 

The Group's conversion rate, which represents the ratio of operating profit to gross profit, was 2.5% (H1 2025: 0.5%, H1 2025 underlying: 3.8%). In H1 2025 we incurred one off costs of c. £13m, which were at a lower level in H1 2026. A net interest charge of £3.2m (H1 2025: £1.9m) in the first half related primarily to an IFRS 16 interest charge of £2.4m, as well as a net external interest charge due to utilising our borrowing facilities in H1.

 

CASH FLOW

 

Cash flow in the period was resilient with £6.1m generated from operations (H1 2025: £3.6m). Tax paid was £6.6m and net capital expenditure was £3.2m. During the first half, dividends of £10.0m were paid to shareholders (H1 2025: £36.9m). As a result, the Group had net debt of £7.2m at 30 June 2026 (30 June 2025: net cash of £10.8m).

 

CAPITAL ALLOCATION POLICY

 

The Group's strategy is to operate a policy of financing the activities and development of the Group from our retained earnings and to maintain a strong balance sheet position. The first use of our cash is to satisfy our operational and investment requirements and to hedge our liabilities under the Group's share plans.

 

The second use of cash is to make returns to Shareholders through ordinary dividends. We review our liquidity over and above our operational and investment requirements to determine the amount of these returns. Our policy is to grow this ordinary dividend over the course of the economic cycle, in line with our long-term growth rate, subject to affordability.

 

Thirdly, any remaining surplus cash will be returned to Shareholders through supplementary returns, using special dividends or share buybacks.

 

Michael Page's stated capital allocation policy is for the Directors to continue to finance the activities and development of the Group from retained earnings and to maintain a strong balance sheet position. While reviewing the Group's current and future cash position, in light of the sustained challenging trading environment and the ongoing unpredictable nature of our markets, the Board believes it is prudent to declare an interim dividend for 2026 of 1.46p (2025: 5.36p) per ordinary share. This action balances the Group's current level of profitability and affordability with the desire to continue to invest in growth areas. The Board recognises the importance of dividends to shareholders and will continue to assess the level of dividend payment while considering the Group's prospects. The interim dividend will be paid on 9 October 2026 to shareholders on the register as at 28 August 2026.

 

OTHER FINANCIAL ITEMS

 

Taxation

 

The effective tax rate for the first half was 41.2% (H1 2025: 37.3%). The forecast effective tax rate for the full year is consistent with the effective rate for H1 (2025 full year: 44.4%).

 

The tax charge of £2.7m for the half year includes a deferred tax credit of £7.5m, primarily related to UK tax losses, increasing the net deferred tax asset of the Group at 30 June 2026 to £35.0m. We expect the full year increase in the net deferred tax asset to be lower than £7.5m, due to the phasing of the Group's profits across the year.

 

Further details about the Group's deferred tax assets can be found in note 18 "Deferred Tax" to the consolidated financial statements of PageGroup plc for the year ended 31 December 2025.

 

Earnings per share

 

For the six months ended 30 June 2026, basic earnings per share and diluted earnings per share were both 1.2p (2025: basic earnings per share 0.0p; diluted earnings per share 0.0p).

 

GEOGRAPHICAL ANALYSIS (All growth rates given below are in constant currency vs. H1 2025 unless otherwise stated)

 

EUROPE, MIDDLE EAST AND AFRICA (EMEA)

 

EMEA	£m		Growth rates
(52% of Group in H1 2026)	H1 2026	H1 2025	Reported	CC
Revenue	428.8	434.9	-1.4%	-4.8%
Gross Profit	200.9	208.9	-3.8%	-6.9%
Operating Profit	15.1	10.9	+37.9%	+34.4%
Conversion Rate (%)	7.5%	5.2%

 

EMEA is the Group's largest region, contributing 52% of Group first half gross profit. Against 2025, in reported rates, revenue in the region decreased 1.4% to £428.8m (H1 2025: £434.9m) and gross profit decreased 3.8% to £200.9m (H1 2025: £208.9m). In constant currencies, revenue decreased 4.8% and gross profit decreased by 6.9%.

We continued to see tough conditions in France and Northern Europe, with low levels of candidate and client confidence, however we did see improvement in Southern Europe in Q2. Germany, the Group's largest market, gross profit was down 5%. We saw strong results from our Contracting business and Page Executive, but trading was more challenging in Michael Page due to a combination of renewed energy price shocks, ongoing geopolitical tensions and weak market sentiment. France, our second largest market, declined 13%, due to the ongoing political and macro-economic uncertainty, leading to continued high levels of client and candidate caution. Southern Europe grew 4%, with Spain and Italy up 5% and 2%, respectively. Elsewhere, trading in Northern and Central Europe remained challenging in all markets. The Middle East declined 18%, with low levels of client and candidate confidence due to the regional conflict.

H1 operating profit was £15.1m (H1 2025: £10.9m, H1 2025 underlying £18.4m) with a conversion rate of 7.5% (H1 2025: 5.2%, H1 2025 underlying 8.8%). Profitability decreased on underlying 2025 due to the tougher trading conditions seen in 2026, albeit the region continues to have the highest conversion rate of the Group. Headcount across the region decreased by 127 (4.0%) in the first half, to 3,077 at the end of June 2026 (3,204 at 31 December 2025).

 

THE AMERICAS

 

Americas	£m		Growth rates
(20% of Group in H1 2026)	H1 2026	H1 2025	Reported	CC
Revenue	154.6	135.2	+14.4%	+12.7%
Gross Profit	78.6	74.9	+4.9%	+4.4%
Operating Profit	3.3	2.4	+36.0%	+21.6%
Conversion Rate (%)	4.2%	3.2%

 

In the Americas, representing 20% of Group first half gross profit, revenue increased 14.4% in reported rates against 2025, to £154.6m (H1 2025: £135.2m), while gross profit increased 4.9% to £78.6m (H1 2025: £74.9m). In constant currencies, revenue increased 12.7% and gross profit increased 4.4%.

 

North America grew 3% against 2025, due to the US, which was up 3%. Our largest discipline, Construction, delivered the standout result and we saw a improvement in Engineering & Manufacturing in Q2. However, we are yet to see a broad-based recovery, with tough conditions in most other disciplines.

 

In Latin America, gross profit grew 6%. Our largest market in this region, Mexico, where we continued to see ongoing tariff related uncertainty, was flat. Brazil declined 6%. Temporary recruitment, up 12%, outperformed permanent, down 15%. Colombia, which now represents c. 20% of Latin America, delivered the standout performance of the region, delivering a record H1, up 15%, with a particularly strong performance in our Technology focused Consulting business. Elsewhere in Latin America, our remaining countries in the region grew 23%, collectively.

 

Operating profit was £3.3m (H1 2025: £2.4m, H1 2025 underlying £3.1m), with a conversion rate of 4.2% (H1 2025: 3.2%, H1 2025 underlying 4.2%), with all countries profitable at the trading level. Headcount across the region decreased by 9 (0.7%) in the first half to 1,299 at the end of June 2026 (1,308 at 31 December 2025).

 

ASIA PACIFIC

 

Asia Pacific	£m		Growth rates
(17% of Group in H1 2026)	H1 2026	H1 2025	Reported	CC
Revenue	108.2	106.7	+1.3%	+2.2%
Gross Profit	63.0	59.3	+6.1%	+9.2%
Operating Profit	-0.7	-4.2	+83.2%	+93.5%
Conversion Rate (%)	-1.1%	-7.1%

 

In Asia Pacific, representing 17% of Group first half gross profit, revenue increased 1.3% in reported rates to £108.2m (H1 2025: £106.7m) and gross profit increased 6.1% to £63.0m (H1 2025: £59.3m). In constant currencies, revenue increased 2.2% in H1 and gross profit increased 9.2%.

 

Gross profit in Asia grew 11% against 2025. We continued to see improvements in both candidate and client confidence which is helping to secure placements, particularly for more senior roles. Greater China grew 14%, albeit against a soft comparator. Mainland China and Hong Kong were up 24% and 3%, respectively. South East Asia grew 4%, with strong trading conditions across most of our markets in this region. India continued to deliver the standout performance, up 9%, with a record H1 against a very strong comparator. In Japan, where we have invested in fee earners due to the size of the market and its strategic importance, we delivered a strong performance, up 17%. Australia grew 2%.

 

We made an operating loss of £0.7m (H1 2025: £4.2m operating loss, H1 2025 underlying loss of £2.3m), with a conversion rate of -1.1% (H1 2025: -7.1%, H1 2025 underlying -3.8%). This was an improvement on H1 2025, due to the increase in trading and customer confidence we saw in Q2, with all countries profitable at the trading level. Headcount across the region increased by 73 (5.0%) in the first half to 1,541 at the end of June 2026 (1,468 at 31 December 2025).

 

 

UNITED KINGDOM

 

UK	£m		Growth rate
(11% of Group in H1 2026)	H1 2026	H1 2025
Revenue	107.9	121.7	-11.3%
Gross Profit	42.7	46.6	-8.2%
Operating Loss	-8.0	-7.0	-13.8%
Conversion Rate (%)	-18.8%	-15.1%

 

In the UK, representing 11% of Group first half gross profit, revenue declined 11.3% to £107.9m (H1 2025: £121.7m) and gross profit declined 8.2% to £42.7m (H1 2025: £46.6m). The market remains tough but stable, with clients continuing to delay hiring decisions and candidates remaining cautious about accepting offers. However, we saw pockets of optimism beginning to appear in Page Executive, Interim and Technology in Q2. Having restructured the business over the last 18 months, we continued to trade up and delivered our highest half yearly productivity since H2 2023.

 

We made an operating loss of £8.0m (H1 2025: £7.0m operating loss, H1 2025 underlying loss £4.3m) in the first half, with a negative conversion rate of 18.8% (H1 2025: -15.1%, H1 2025 underlying -9.3%). While the UK business was profitable before one off costs, the UK incurs a higher recharge of central costs due to the location of senior management and Group functions. Headcount was down 78 (9.3%) during the first half to 762 at the end of June 2026 (840 at 31 December 2025).

 

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
Financial
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 2026: We continued to experience tough trading conditions in H1 2026, which resulted in a decline of 1.1% vs. H1 2025 in reported rates, or 2.4% in constant currencies.   Relevant strategic objective: Organic growth.
Ratio of gross profit generated from permanent and 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 2026: 73% of our gross profit was generated from permanent placements, marginally above the 72% in H1 2025. Permanent recruitment (-1.6%) outperformed temporary (-4.6%), due primarily to the growth we saw in the US and Asia, which are predominantly permanent recruitment markets.   Relevant strategic objective: Diversification.
Basic earnings per share (EPS)	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 profitability of the Group and the progress made against the prior year.   How we performed in H1 2026: Earnings per share in H1 2026 was 1.2p (H1 2025: 0.0p). The increase is due to the higher profit for the period, as a result of the reduction in one off costs.    Relevant strategic objective: Sustainable growth.
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 2026: Net debt at 30 June 2026 was £7.2m (H1 2025: net cash of £10.8m). This is after the payment of the 2025 final dividend of £10.0m.   Relevant strategic objective: Sustainable growth.
Strategic
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 2026: We reduced our fee-earner headcount by 54 (-1.1%) to 4,914 in H1 2026, due to reductions in EMEA and the UK, partially offset by growth in the Americas and APAC. We continued to reallocate resources into markets where we saw improvement in business confidence.   Relevant strategic objective: Sustainable growth.
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 2026: Despite the challenging macro-economic conditions, gross profit per fee earner remained at its highest levels since 2022 at £77.4k, growing 3.7% vs. H1 2025 in constant currencies.   Relevant strategic objective: Organic growth.
Conversion rate	How measured: Operating profit (EBIT) expressed 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 2026: Operating profit as a percentage of gross profit increased to 2.5% (H1 2025: 0.5%), due to the reduced level of one off costs in H1 2026 compared to H1 2025.   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 Michael Page 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 2025 on pages 66 to 72.

 

TREASURY MANAGEMENT, BANK FACILITIES AND CURRENCY RISK

 

The Group operates a multi-currency cash concentration arrangement managed by the centralised Treasury function in London. 84% 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 2028. These facilities are available for general corporate purposes. As at 30 June 2026, £30.0m was drawn down under the RCF, and £7.7m under our UK trade debtor discounting facility.

 

By order of magnitude, the main functional currencies of the Group are Euro, Sterling and US Dollar, followed by Swiss Franc, Australian Dollar, Mexican Peso, Japanese Yen, and Indian Rupee. 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 Michael Page, 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 H1 2026, we published our annual sustainability spotlight report, highlighting the progress we made on our four sustainability goals over the course of 2025. This included:

 

·    Changing 147,592 lives in 2025 through placements and social impact programmes

·    45% Women in leadership roles, broadly flat on 2024

·    Decreasing our scope 1 & 2 emissions by 17% vs 2024

·    Fees from our sustainability business down just 4% vs 2024 despite tough market conditions

 

We remain on track to deliver continued progress against our targets in 2026. Our global partnership with Generation, a nonprofit organisation that trains and places adults into careers that would otherwise be inaccessible, expanded further in H1 2026. Our People volunteered their skills to Generation programmes in 17 of its 18 operating countries, reaching more than 1,800 learners during the first half of the year alone, an increase of approximately 50% compared with H1 2025. In H1 2026, we welcomed our second cohort of Generation mentees, who are being mentored by Page leaders, including a member of our Executive Board. For further information on our sustainability efforts, please refer to https://investors.michaelpage.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 2027 (review period).

 

The Group Board considered a variety of downsides that the Group might experience, such as a global downturn, a cyber attack resulting in significant reputational damage and loss of clients and candidates, and the Group's business model becoming ineffective due to new innovations such as recruitment using AI and technology. All modelled scenarios would be expected to impact gross profit and headcount, impacting conversion.

 

The Group had gross cash of c. £30m as at 30 June 2026. Debt facilities relevant to the review period comprise a committed £80m RCF maturing December 2028, an uncommitted UK trade debtor discounting facility (up to £50m depending on debtor levels) and uncommitted bank overdraft facilities of £22m. As at 30 June 2026, we had drawn down c. £38m on these facilities. Overall, we were in a net debt position as at 30 June 2026 of c. £7m. The forecast cash flows, which assumes repayment of all borrowings, indicate that the Group will comply with all relevant banking covenants during the review period.

 

Despite the 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, 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 2027.

 

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 Michael Page 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
5 August 2026	5 August 2026

 

 

Michael Page will host a conference call, with on-line slide presentation, for analysts and investors at 8.30am on 6 August 2026, the details of which are below:

https://www.investis-live.com/michael-page/6a68690b4ef30f000e872a4c/rgwe

 

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 36 63 40 to gain access to the call.

 

A presentation and recording to accompany the call will be posted on the Michael Page website during the course of the morning of 6 August 2026 at:

 

https://investors.michaelpage.com/investors/results-and-presentations

 

Enquiries:

 

Michael Page	+44 (0)19 3226 4032
Nicholas Kirk, Chief Executive Officer Kelvin Stagg, Chief Financial Officer
FTI Consulting	+44 (0)20 3727 1340
Richard Mountain / Georgia Badcock

 

 

 

INDEPENDENT REVIEW REPORT TO MICHAEL PAGE 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 2026 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 2026 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 for 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

5 August 2026

 

 

 

Condensed Consolidated Income Statement

For the six months ended 30 June 2026

			Six months ended				Year ended
			30 June		30 June		31 December
			2026		2025		2025
			Unaudited		Unaudited		Audited
	Note		£'000		£'000		£'000
Revenue	3		799,472		798,426		1,596,577
Cost of sales			(414,284)		(408,769)		(827,061)
Gross profit	3		385,188		389,657		769,516
Administrative expenses			(375,523)		(387,530)		(748,651)
Operating profit	3		9,665		2,127		20,865
Financial income	4		390		697		1,580
Financial expenses	4		(3,558)		(2,591)		(6,218)
Profit before tax			6,497		233		16,227
Income tax expense	5		(2,679)		(87)		(7,210)
Profit for the period			3,818		146		9,017
Attributable to:
Owners of the parent			3,818		146		9,017
Earnings per share
Basic earnings per share (pence)	8		1.2		0.0		2.9
Diluted earnings per share (pence)	8		1.2		0.0		2.9

 

The above results all relate to continuing operations

 

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026

		Six months ended				Year ended
		30 June		30 June		31 December
		2026		2025		2025
		Unaudited		Unaudited		Audited
		£'000		£'000		£'000
Profit for the period		3,818		146		9,017
Other comprehensive income/(expense) for the period
Items that may subsequently be reclassified to profit and loss:
Currency translation differences net of tax		1,535		(1,464)		1,458
Items that may not subsequently be reclassified to profit and loss:
Actuarial gain on retirement benefits net of tax		-		-		141
Total comprehensive income/(expense) for the period		5,353		(1,318)		10,616
Attributable to:
Owners of the parent		5,353		(1,318)		10,616

 

 

 

Condensed Consolidated Balance Sheet

As at 30 June 2026

			30 June		30 June		31 December
			2026		2025		2025
			Unaudited		Unaudited		Audited
	Note		£'000		£'000		£'000
Non-current assets
Property, plant and equipment	9		38,987		45,912		43,472
Right-of-use assets			119,344		129,445		116,870
Intangible assets - Goodwill and other intangible			1,772		1,776		1,750
- Computer software			10,018		18,041		14,172
Deferred tax assets			35,687		22,288		28,495
Other receivables	10		14,043		13,876		14,502
			219,851		231,338		219,261
Current assets
Trade and other receivables	10		332,518		325,704		302,572
Current tax receivable			22,603		24,378		22,520
Cash and cash equivalents	13		30,434		33,835		31,376
			385,555		383,917		356,468
Total assets	3		605,406		615,255		575,729
Current liabilities
Trade and other payables	11		(205,088)		(216,737)		(205,870)
Borrowings	13		(7,657)		(13,034)		-
Provisions	12		(3,261)		(3,631)		(1,869)
Lease liabilities			(31,654)		(33,644)		(32,777)
Current tax payable			(4,076)		(1,348)		(1,404)
			(251,736)		(268,394)		(241,920)
Net current assets			133,819		115,523		114,548
Non-current liabilities
Borrowings	13		(30,000)		(10,000)		-
Other payables	11		(7,380)		(7,504)		(15,342)
Lease liabilities			(100,670)		(109,227)		(99,477)
Deferred tax liabilities			(682)		(609)		(682)
Provisions	12		(3,306)		(2,529)		(3,681)
			(142,038)		(129,869)		(119,182)
Total liabilities	3		(393,774)		(398,263)		(361,102)
Net assets			211,632		216,992		214,627
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			(75,798)		(79,265)		(79,265)
Currency translation reserve			13,051		7,630		10,884
Retained earnings			170,597		184,845		179,226
Total equity			211,632		216,992		214,627