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(Alliance News) - PageGroup PLC on Wednesday lifted its outlook for a second time in just three months following growth in the third quarter.
Shares in the recruitment firm were up 6.6% to 653.00 pence in London early morning trading.
For the three months to the end of September, gross profit jumped 65% year-on-year to GBP228.1 million. Compared to 2019, profit was 13% ahead. Gross profit per fee earner was up 21% on 2019.
"Given the magnitude of the impact of Covid-19 on 2020, we are continuing to compare our results to 2019, our record gross profit year," said Chief Executive Steve Ingham.
"Noticeable improvement and record performance in the third quarter was seen throughout the group and was achieved despite the backdrop of continued restrictions or lockdowns in many of our markets."
Despite uncertainty ahead, driven by Covid-19 and supply chain disruption, the FTSE 250-listed firm said its performance in the third quarter has boosted confidence for the full-year. It now expects annual operating profit in the region of GBP155 million, having previously been seen in a range of GBP125 million to GBP135 million.
The Americas was singled out as a specific area of growth, despite being one of the worst Covid-19 affected regions. Gross profit for the third quarter was up 25%, a record quarter and exited in September up 53%. In the US, improvements in trading conditions continued from the end of the previous quarter, growing 28% to give a second consecutive record quarter.
In the UK, gross profit grew 1.3% in the quarter, a significant improvement from a decline of 9.0% in the second quarter.
By Will Paige; willpaige@alliancenews.com
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