(Alliance News) - PageGroup PLC on Friday gave a bullish outlook for this year after its performance in March recovered to near pre-pandemic levels.
Shares were up 8.9% to 544.91 pence in London, making PageGroup the best performer in the FTSE 250 index.
The recruitment services provider said it expects operating profit this year of GBP90.0 million to GBP100.0 million, up from the 2020 figure of GBP17.0 million. That's after a strong first quarter, with earnings in March up 31% year-on-year, and down only 2% from March 2019.
The improved performance comes "despite the backdrop of continued and increasing restrictions or lockdowns in many of our markets," PageGroup Chief Executive Steve Ingham said. It may be because of pent-up supply and demand or "the beginning of a sustainable trend."
The Surrey-based company made GBP184.2 million pretax profit in the first quarter, up 2.0% year-on-year from GBP182.3 million. The fastest growth came from the Asia Pacific region, with pretax profit from Greater China rising 45%.
"The strength of our performance in Q1, and notably in March, has increased confidence in our outlook for the year," Ingham said.
By Ivan Edwards; ivanedwards@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
PageGroup (PAGE)