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Michael Page (PAGE) investor relations material
Michael Page Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 gross profit was £190.5m, up 1.5% in constant currencies and 1.4% reported; first quarterly growth since Q4 2022, with ~50% of the business growing.
Growth in the Americas, Asia Pacific and Southern Europe offset declines in EMEA overall and the UK; regional recovery remained uneven.
Financial highlights
Q3 gross profit was £190.5m, up 1.5% in constant currencies and 1.4% reported YoY, from £187.8m.
Permanent gross profit was £134.2m, up 1.1% in constant currencies; temporary gross profit was £56.3m, up 2.6%.
Growth markets represented ~50% of Q3 gross profit; Page Executive grew 15%.
Net cash was ~£6m at 30 September, versus net debt of ~£7m at Q2-end and net cash of ~£38m at Q3 2025-end.
Outlook and guidance
FY 2026 operating profit expected to be in line with consensus of ~£29m; full-year expectations maintained.
A further ~£2.5m of one-off senior-exit costs is expected in H2, following ~£2.5m incurred in H1.
Improvement and normalisation continued in several markets, but significant uncertainty remains; improved offer conversion could extend to more markets over the next 3–6 months.
- Operating profit rose in H1 2026 as cost savings and growth in APAC and Americas offset challenges.PAGE
H1 2026 - Q2 gross profit stable, with productivity and growth in Americas and Asia-Pacific offsetting EMEA and UK declines.PAGE
Q2 2026 TU - Gross profit fell 4.9% YoY, with Americas and Asia Pacific growth offsetting EMEA and UK declines.PAGE
Q1 2026 TU - Gross profit fell 7.6% as cost actions and AI investments support a shift to higher-value segments.PAGE
H2 2025 - Gross profit fell 4.6%, but US and Asia growth offset EMEA and UK declines; productivity rose.PAGE
Q4 2025 TU - Q3 2025 gross profit declined 6.7% year-over-year, but US and Asia showed growth.PAGE
Q3 2025 TU - Q3 gross profit declined 13.5% year-over-year as market softness persisted globally.PAGE
Q3 2024 TU - Profit and revenue fell, but cash flow and dividend growth signal resilience.PAGE
H1 2024 - Q2 gross profit down 12% year-over-year; full-year profit guidance cut to £60m.PAGE
Q2 2024 TU
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