PageGroup (PAGE) H2 2025 earnings summary

Executive summary

• Delivered a resilient performance in 2025 despite ongoing market uncertainty and challenging conditions in continental Europe and the UK, with growth in the US and improved Asia-Pacific performance in H2, including record results in India and strong growth in Colombia, Greater China, and Japan.

• Conversion of interviews to accepted offers remained a key challenge due to macroeconomic uncertainty impacting candidate and client confidence, prompting robust cost optimization actions.

• Robust cost optimization actions included simplifying management, reducing operational leadership, and improving business support efficiency.

• Strategic focus on reallocating resources to high-opportunity areas and sunsetting the Page Personnel brand in favor of Michael Page and Page Executive.

• Continued commitment to strategic goals and leveraging global platforms.

Financial highlights

• Gross profit for 2025 was GBP 769.5 million, down 7.6% in constant currencies year-over-year.

• Operating profit fell to GBP 20.9 million from GBP 52.4 million in 2024, with an operating margin of 2.7% versus 6.2% in 2024.

• Earnings per share was GBP 0.029, down from GBP 0.091 in 2024; net cash at year-end was GBP 31.4 million.

• Total dividend for 2025 is GBP 0.0857 per share, including a final dividend of GBP 0.0321, down from GBP 0.1711 in 2024.

• Net assets decreased by GBP 47.8 million to GBP 214.6 million.

Outlook and guidance

• Effective tax rate expected to decrease to around 35% in 2026, down from 44.4% in 2025.

• CapEx for 2026 expected to be around GBP 10 million, with similar levels going forward.

• Market outlook remains uncertain due to unpredictable economic conditions, but confidence in strategy execution and cost control remains high.

• Cost base is under constant review, and the business model remains highly diversified and adaptable.