Page Group enjoys record quarter but Brexit weighs on UK
Asia Pacific and the Americas performed well. The UK was the only disappointment.
Recruitment firm Page Group booked record second quarter profit and said it will beat full year expectations, but Brexit is set to weigh on its UK unit.
Page Group saw gross profit jump 16% to £208.2 million in the three months to the end of June, buoyed by a strong international performance.
Europe, the Middle East and Africa was the strongest region, notching up profit growth of 20% in the quarter.
Asia Pacific and the Americas also performed well, but the UK was the only disappointment, with profit falling 1.9%.
There remain challenges in a number of our markets, including Brexit in the UK, trading in Catalonia and forthcoming elections in Latin America Chief executive Steve Ingham
Page Group cited the “continued impact from the uncertainty related to Brexit” as dragging on the UK.
Nevertheless, the company expects its 2018 operating profit to be “slightly ahead of consensus of current market forecasts”.
Chief executive Steve Ingham said: “Demonstrating our continued confidence in many of our markets, the group added 136 fee earners in the quarter and now has a record total headcount of 7,457. This investment has been mainly into our large, high potential markets.
“We are pleased with the group’s strong performance in the first half.
“However, there remain challenges in a number of our markets, including Brexit in the UK, trading in Catalonia and forthcoming elections in Latin America.”
In the six month period to June, the company posted a 13% increase in gross profit to £396 million.
Shares were trading down nearly 2% in morning trade.