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(Alliance News) - PageGroup on Wednesday reported an 89% fall in pretax profit in 2020, to just GBP15.5 million from GBP144.2 million in 2019, after Covid-19 cut a swathe through the recruitment industry globally.
Revenue dropped 21% to GBP1.30 billion from GBP1.65 billion.
PageGroup as a result declared no dividend for the year, having paid out 26.43 pence per share in 2019, including a special dividend.
"2020 was an unprecedented year, with all of our markets impacted by the COVID-19 pandemic," said Chief Executive Officer Steve Ingham, adding: "Our people made significant sacrifices, predominantly in Q2, with many of our people taking 20% salary cuts or working four day weeks, and demonstrated incredible resilience during the last 12 months."
PageGroup said that despite continued economic uncertainty, it remains confident in its strategy and is continuing to invest "carefully" in headcount. The recruitment firm said fee earner headcount was reduced by a net 882 in 2020, with total headcount cut by 1,004, or 13%, to 6,694. It said it hired 400 experienced new fee earners to replace some of those who departed during 2020.
The company has a strong cash position, it said, standing at GBP155 million on December 31, up from GBP97.8 million a year before, and it will repay UK government furlough income of GBP3.4 million in 2021.
PageGroup shares were down 0.3% at 485.61 pence Wednesday morning in London.
By Tom Waite; thomaslwaite@alliancenews.com
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