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, up from GBP 2.1 million in H1 2025, with a conversion rate of 2.5%. Gross profit per fee earner increased 3.7% versus H1 2025. EPS was 1.2p. Net debt at June was GBP 7.2 million, and the interim dividend is 1.46p per share, totaling GBP 4.6 million. Looking ahead, the Board expects full-year operating profit to be in line with company-compiled consensus of GBP 28 million; management also said net cash should be around GBP 30 million by year-end after the interim dividend.

Nick Kirk said the quarter reflected a resilient performance despite ongoing challenging market conditions, with growth in Asia Pacific and the Americas and a return to growth in Southern Europe. He emphasized that the strategy is working through productivity gains, technology, operational efficiency, and a tighter cost base. He also framed the brand simplification to one Michael Page identity as a way to make the business clearer to customers and strengthen the group’s market position.

Kelvin Stagg highlighted that EMEA had the highest conversion rate in the group at 7.5%, the Americas remained profitable at 4.2%, and Asia Pacific and the U.K. were negative after central costs and one-offs. He said the group has delivered around GBP 40 million of annualized savings from restructuring programs since the strategy launch, excluding fee-earner headcount reductions, and incurred around GBP 2.5 million of net one-off costs in H1 tied to senior exits. He also noted net debt of GBP 7.2 million, cash of GBP 30.4 million, borrowings of GBP 30 million under the RCF and GBP 7.6 million under the trade debtor discounting facility, and said net cash should be about GBP 30 million by year-end after the interim dividend.

Analysts pressed management on whether AI and technology could materially lift consultant productivity, and Nick Kirk said the company feels it is still at the start of that journey, with the aim of using technology to save time and let consultants do more client-facing work. On the rebrand, he said there had been no material client disruption so far and that the change had been carefully planned over about 18 months. On the U.K. losses, management said the business is profitable at a trading level, restructuring is improving productivity, and results should improve in H2, with the possibility of a return to growth later depending on market conditions.