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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
PageGroup
PageGroup (PAGE) investor relations material
PageGroup Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary13 Jan, 2026
Executive summary
Q4 gross profit was £190.7m, down 4.6% year-over-year in constant currency, with full-year gross profit at £768.2m, down 7.8% year-over-year.
Performance remained resilient despite subdued client and candidate confidence and ongoing macroeconomic uncertainty.
Growth was achieved in the Americas and Asia Pacific, while EMEA and UK faced challenging conditions.
Fee earner headcount reduced by 75 (1.5%) in Q4, mainly in Europe; gross profit per fee earner rose 3% year-over-year.
Cost optimisation programme completed, reducing 2025 costs by £5m and set to deliver £15m annualised savings from 2026, incurring a one-off cost of £15m in 2025.
Financial highlights
Q4 group gross profit: £190.7m, down 4.6% year-over-year in constant currency; full-year gross profit: £768.2m, down 7.8%.
Net cash at year-end was £31m, down from £38m at Q3, rising to £40m in early January.
Interim dividend of £16.7m paid in October.
Gross profit per fee earner increased 3% year-over-year in Q4.
Permanent recruitment gross profit in Q4: £135.5m (-4.1% constant currency); temporary: £55.2m (-5.6% constant currency).
Outlook and guidance
2025 full-year operating profit expected to be broadly in line with market consensus of £21.1m.
Market outlook remains uncertain; focus on balancing near-term productivity with positioning for future opportunities.
No major restructuring planned for 2025; further cost savings expected from HR transformation and AI-driven efficiencies.
Annualised cost savings of £15m expected from 2026 due to cost optimisation.
Specifics of cost reduction program actions
Impact of resource reallocation on headcount
Address offer to placement conversion rates
Future strategy for Page Personnel brand
Explain the key driver of growth in Asia and US
Dividend policy given new cash minimum
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Next PageGroup earnings date
H2 20255 Mar, 2026
PageGroup
Next PageGroup earnings date
H2 20255 Mar, 2026
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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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