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(Alliance News) - PageGroup PLC on Wednesday affirmed yearly guidance after a "strong" third-quarter, but noted most of its regions have seen a small number of jobs being pulled due to a loss of economic confidence.
The Surrey, England-based recruiter said gross profit in the third-quarter of 2022 rose 14% to GBP270.5 million from GBP228.1 million a year earlier.
PageGroup, however, drew attention to a 26% gross profit fall in Greater China due Covid-19 curbs. Gross profit was down 32% in mainland China, driven by the continued Covid-19 lockdowns and restrictions.
"We also saw a slight softening in client confidence across the majority of our regions. This led to a small number of jobs being withdrawn and a slowdown in time to hire in a number of our markets towards the end of the quarter," Chief Executive Officer Steve Ingham warned.
Looking ahead, PageGroup expects annual operating profit in line with GBP204 million market consensus. PageGroup reported GBP168.5 million in operating profit in 2021.
PageGroup reported a pretax profit of GBP114.5 million in the six months to June 30, from GBP63.7 million last year. Revenue climbed 28% to GBP977.3 million from GBP766.4 million.
Shares were down 0.3% at 368.80 pence each on Wednesday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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