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PageGroup (PAGE) investor relations material
PageGroup Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 gross profit was £187.8 million, down 6.7% year-over-year in constant currencies, reflecting subdued sentiment and variable market conditions, especially in Europe and the UK.
Growth continued in the US (up 10% for the fourth consecutive quarter) and Asia (up 1% for the second consecutive quarter), while EMEA and UK saw significant declines.
Fee earner headcount reduced by 120 (2.3%) to 5,043, mainly in Europe, aligning resources with market activity; total headcount at 6,903.
Productivity per fee earner increased 1% year-over-year.
Conversion of offers to placements remains a challenge, especially in Continental Europe and the UK.
Financial highlights
Q3 2025 gross profit was £187.8m, down from £201.6m in Q3 2024.
Net cash at end of September 2025 was approximately £38 million, up from £11 million in Q2 2025.
Interim dividend of £16.7 million paid in October 2025.
Cost reduction programme on track to deliver £15 million annualised savings from 2026.
Gross profit from permanent recruitment was £133.1m (-6.4%), and temporary recruitment was £54.7m (-7.5%).
Outlook and guidance
Full-year 2025 operating profit expected to be broadly in line with consensus at £21.5 million.
Net cash forecast for year-end is about £40 million, with no expected borrowings under the RTF facility.
Uncertain economic environment continues to impact outlook, but confidence remains in strategy execution due to a diversified business model and strong balance sheet.
Ongoing uncertainty continues to impact candidate and client confidence, extending time-to-hire.
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