(Alliance News) - PageGroup PLC on Wednesday reported a record quarterly and annual performance prompting the recruiter to bump up its profit forecast for 2021.
The Surrey-based recruitment business posted gross profit for 2021 of GBP246.8 million, up 55% from GBP166.0 million in 2020 and 24% higher than the pre-pandemic level in 2019.
In light of its strong performance, PageGroup now expects 2021 operating profit to be "marginally in excess" of previous guidance of in the region of GBP165 million outlined in December. This also represents a 6.5% increase from the guided forecast of GBP155 million released back in October.
PageGroup highlighted that the final quarter had seen a record performance for 17 countries, with gross profit from the Americas climbing 76% annually, the UK 73% higher and the Asia Pacific region up by 49%.
"I am pleased to report that 2021 was a record year for the group. The quarterly improvements we saw in 2021 continued in the fourth quarter, with growth in constant currencies of 24% vs 2019, a record quarter," said Chief Executive Steve Ingham.
Looking ahead, Ingham added that there continues to be a "high degree of global macro-economic uncertainty" as Covid-19 remains a significant issue and restrictions remain in a number of the group's markets.
Shares were up 1.0% at 640.00 pence on Wednesday morning in London.
The group will publish its annual results on March 3.
By Will Paige; willpaige@alliancenews.com
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