Michael Page (PAGE) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 performance amid challenging market conditions, with around 50% of markets in growth, led by Asia-Pacific and the Americas.

• Strategic focus on productivity, technological innovation, and operational efficiency, including a simplified brand structure under Michael Page.

• Continued investment in AI, digital tools, and specialist recruitment services to drive consultant productivity while maintaining a people-centric approach.

• Tight cost control and resource allocation to high-opportunity areas support future growth.

• Business model remains highly diversified and adaptable, with record client satisfaction and social impact progress.

Financial highlights

• Group gross profit for H1 was £385.2m, down 2.4% in constant currencies year-over-year; revenue was £799.5m (+0.1%).

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

• Gross profit per fee earner increased 3.7% year-over-year, reaching £77.4k, the highest level since 2022.

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

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

Outlook and guidance

• Board expects full-year 2026 operating profit to be in line with consensus at ~£28m.

• Interim dividend of 1.46p per share to be paid in October, balancing profitability and investment in growth.

• Cost base optimization and resource reallocation to growth markets like the U.S. and Japan remain priorities.

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

• High degree of uncertainty remains for H2, but the business model is diversified and adaptable.