Michael Page (PAGE) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 performance despite challenging market conditions, with 50% of markets in growth, led by Asia-Pacific and the Americas, while France, Northern Europe, and the UK remained challenging.

• Strategic focus on senior-level placements, brand simplification under Michael Page, and leveraging AI to enhance productivity and operational efficiency.

• Tight cost control, resource allocation to high-opportunity areas, and continued investment in technology and specialist recruitment services supported future growth.

Financial highlights

• Group gross profit for H1 2026 was £385.2m, down 2.4% in constant currencies year-over-year; gross profit per fee earner up 3.7% to £77.4k, the highest since 2022.

• Operating profit rose to £9.7m from £2.1m in H1 2025; conversion rate improved to 2.5% from 0.5%.

• Basic EPS was 1.2p; interim dividend declared at 1.46p per share (£4.6m), down from 5.36p.

• Net debt at period end was £7.2m, with expectations to close the year with around £30m net cash.

• H1 EBITDA inflow was £40m; net working capital outflow of £33.9m; net capital expenditure was £3.2m.

Outlook and guidance

• Full-year 2026 operating profit expected to be in line with consensus at ~£28m.

• Board remains cautious, balancing profitability and investment in growth areas, with ongoing review of dividend policy and a flexible cost base.

• Guidance reiterated for the year, with expectations to close FY 2026 with net cash of around £30m.