Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

PageGroup reports quarterly rise in gross profit amid tough conditions

Wed, 11th Jan 2023 11:09

(Alliance News) - PageGroup PLC on Wednesday reported an annual jump in gross profit despite softening towards the end of the fourth quarter.

The Surrey-based recruiter said gross profit in the fourth quarter of 2022 increased to GBP266.4 million, up 3.5% from GBP246.8 million a year earlier.

In the Europe, Middle East and Africa region, quarterly profit was up 12%. In France and Germany, it was up 7% and 14% respectively.

In the Americas, gross profit was up 6.6%.

However, in the Asia Pacific region, gross profit was down 16% as Mainland China plummeted by 52%, while in the UK it was only down 1.9%.

For 2022, gross profit amounted to GBP1.08 billion, up from GBP877.7 million a year earlier.

Chief Executive Officer Nicholas Kirk said: "2022 was a record year for the group with gross profit growing 20% year-on-year and, in [the fourth quarter], we delivered gross profit growth of 3.5% against Q4 2021. As the quarter progressed, conditions became increasingly challenging and we saw a reduction in both candidate and client confidence, leading to further delays in decision making, as well as candidates being more reluctant to accept offers. Due to these tougher trading conditions, gross profit per fee earner, our measure of productivity, declined 12% compared to Q4 2021."

Looking ahead, PageGroup expects full-year operating profit to be at GBP195 million. It also said it continues to see "candidates shortages and good levels of vacancies" against a high level of global macro-economic and political uncertainty in the majority of our markets.

In August, the company said pretax profit jumped 80% to GBP114.5 million for the six months to June 30, from GBP63.7 million the year earlier. Revenue climbed 28% to GBP977.3 million from GBP766.4 million.

PageGroup said it will issue full-year results on March 9.

Shares were up 3.3% at 453.80 pence each on Wednesday morning in London.

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
14 Mar 2024 09:51

LONDON BROKER RATINGS: Kepler Cheuvreux likes Diageo; BofA lifts Man

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

13 Mar 2024 09:25

LONDON BROKER RATINGS: JPMorgan raises Flutter and cuts Entain

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

7 Mar 2024 10:58

PageGroup says recruitment market got more difficult late in 2023

(Alliance News) - PageGroup PLC on Thursday reported slightly higher revenue in 2023, but profit dropped despite efforts at cost control by the recrui...

7 Mar 2024 08:12

Pagegroup profits slump in 'challenging' conditions

(Sharecast News) - Recruiter Pagegroup reported a slump in full-year profit on Thursday amid "challenging" market conditions.

29 Feb 2024 16:05

UK earnings, trading statements calendar - next 7 days

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.