PageGroup PLC

Group gross profit for H1 was GBP 385.2 million, down 2.4% in constant currencies. Operating profit was GBP 9.7 million versus GBP 2.1 million in H1 2025, for a conversion rate of 2.5%; EPS was 1.2p. Gross profit per fee earner increased 3.7% and was the highest since the record year in 2022. Net debt at June was GBP 7.2 million, with cash of GBP 30.4 million, borrowings of GBP 30 million under the revolving credit facility and GBP 7.6 million under the U.K. trade debtor discounting facility. The interim dividend is 1.46p per share, or GBP 4.6 million. On cash flow, H1 EBITDA inflow was GBP 40 million, net working capital used GBP 33.9 million, tax and net interest were GBP 7.3 million, net capex was GBP 3.2 million, and lease liabilities reduced cash by GBP 20.6 million. Management expects full-year operating profit to be in line with company-compiled consensus of GBP 28 million and expects to close the year with around GBP 30 million of net cash after the interim dividend.

Nick Kirk said the quarter showed a resilient performance despite challenging markets, with growth in Asia Pacific and the Americas and a return to growth in Southern Europe. He emphasized that the strategy is working through higher productivity, technological innovation, operational efficiency and a tighter cost base, and said the group is increasingly focused on permanent recruitment, senior placements and higher fee rates. He also framed the new single Michael Page brand as a simplification that should make the business clearer to customers and support growth over time.

Kelvin Stagg highlighted H1 gross profit of GBP 385.2 million, operating profit of GBP 9.7 million, EPS of 1.2p and gross profit per fee earner up 3.7%. He said the company ended H1 with net debt of GBP 7.2 million, GBP 30.4 million of cash and GBP 346.6 million of trade and other receivables, and noted H1 EBITDA inflow of GBP 40 million was partly offset by GBP 33.9 million of working-capital outflow and GBP 3.2 million of capex. He also said annualized savings from restructuring and related programs are around GBP 40 million, with a further GBP 2.5 million of net one-off costs in H1 expected to yield savings from 2027, and that the tax rate was 41.2% in H1 but should normalize to around 35% as profitability improves.

Analyst questions focused on AI-driven productivity, the new brand transition, the U.K. turnaround, and the scale of Page Executive. Management said the technology journey is still early, but AI should save consultant time and ultimately increase conversations, jobs, interviews and placements, while keeping human judgment central. On the rebrand, Kirk said it was too early to see any customer issues and described the rollout as well planned and well received; on the U.K., he said restructuring is starting to show results and he expects improvement in H2, potentially returning to growth in Q4 or Q1. Page Executive was described as about 10% of group gross profit, with management arguing it has broader referral benefits across the wider business.