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PageGroup
PageGroup (PAGE) investor relations material
PageGroup H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary5 Mar, 2026
Executive summary
Delivered a resilient performance in 2025 despite ongoing market uncertainty and challenging conditions in continental Europe and the UK, with growth in the US and improved Asia-Pacific performance in H2, including record results in India and strong growth in Colombia, Greater China, and Japan.
Conversion of interviews to accepted offers remained a key challenge due to macroeconomic uncertainty impacting candidate and client confidence, prompting robust cost optimization actions.
Robust cost optimization actions included simplifying management, reducing operational leadership, and improving business support efficiency.
Strategic focus on reallocating resources to high-opportunity areas and sunsetting the Page Personnel brand in favor of Michael Page and Page Executive.
Continued commitment to strategic goals and leveraging global platforms.
Financial highlights
Gross profit for 2025 was GBP 769.5 million, down 7.6% in constant currencies year-over-year.
Operating profit fell to GBP 20.9 million from GBP 52.4 million in 2024, with an operating margin of 2.7% versus 6.2% in 2024.
Earnings per share was GBP 0.029, down from GBP 0.091 in 2024; net cash at year-end was GBP 31.4 million.
Total dividend for 2025 is GBP 0.0857 per share, including a final dividend of GBP 0.0321, down from GBP 0.1711 in 2024.
Net assets decreased by GBP 47.8 million to GBP 214.6 million.
Outlook and guidance
Effective tax rate expected to decrease to around 35% in 2026, down from 44.4% in 2025.
CapEx for 2026 expected to be around GBP 10 million, with similar levels going forward.
Market outlook remains uncertain due to unpredictable economic conditions, but confidence in strategy execution and cost control remains high.
Cost base is under constant review, and the business model remains highly diversified and adaptable.
Rationale for sunsetting the Page Personnel brand
Why was the minimum cash requirement halved?
Explain the shift from CapEx to SaaS accounting
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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Frequently asked questions
The Company, together with its subsidiaries, provides recruitment consulting and other related services in the United Kingdom, rest of Europe, the Middle East, Africa, Asia Pacific and Americas. The Company operates through three segments: PageGroup; Page Personnel; and Medical Placements. PageGroup plc was founded in 1976 and is headquartered in Addlestone, the United Kingdom.
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