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(Alliance News) - PageGroup PLC on Tuesday reported another record performance for the first quarter of 2022, leading to increased expectations for the full-year.
Also on Tuesday, the Surrey-based recruitment firm said following consultation with Chief Executive Officer Steve Ingham, the group's nomination committee has decided that now is the right time to start the process to find a successor.
Ingham will remain as CEO until a successor is found. Ingham has been in charge of PageGroup for 16 years since 2006.
"Steve's contribution and leadership of the group over the last 16 years has been exceptional and the board looks forward to continuing to work with him until a successor has been appointed," Chair David Lowden.
For the three months ended March 31, PageGroup posted a total gross profit of GBP258.2 million, up 40% from GBP184.4 million the same period a year prior. On a constant currency basis, gross profit increased 43%.
PageGroup recorded a double-digit rise from all regions, with EMEA remaining the largest contributor at 50% of group gross profit, rising 35% to GBP129.7 million through an improvement in trading conditions.
Meanwhile, the Americas saw the fastest rate of growth, with gross profit rising 60% to GBP42.9 million, with strong results from all offices in the US, and a record quarter in Mexico.
"This ongoing improvement in Q1 was seen throughout the group and was achieved despite the backdrop of macro-economic and geo-political uncertainty as well as continued Covid-19 restrictions in certain markets. We believe that our strategy of maintaining and investing in our platform throughout the pandemic; by investing in experienced hires; and focusing on technology and innovation, has been key to us achieving these outstanding results," Ingham said.
"Looking ahead, there continues to be a high degree of global macro-economic and geo-political uncertainty. However, we maintain our focus on being the leading specialist recruiter in each of the markets in which we operate. We are pleased with the group's performance in Q1 and, at this early stage in the year, expect 2022 operating profit to be slightly ahead of company compiled consensus of GBP202 million," he added.
Shares in PageGroup were down 0.3% at 471.80 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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