PageGroup (PAGE) Q3 2025 TU earnings summary

Executive summary

• Gross profit for Q3 2025 was £187.8m, 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%) and Asia (up 1%), while EMEA and UK saw significant declines.

• Fee earner headcount was reduced by 120 (2.3%) to 5,043, mainly in Europe, aligning resources with market activity.

• 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

• Net cash at the end of September 2025 was approximately £38m, up from £11m in Q2 2025.

• Interim dividend of £16.7m paid in October 2025.

• Group gross profit declined 6.7% year-over-year in constant currencies.

• Cost optimization programme on track to deliver annualised savings of £15m from 2026.

• Gross profit from permanent recruitment was £133.1m (-6.4%), and temporary recruitment was £54.7m (-7.5%).

Outlook and guidance

• The outlook remains uncertain due to macroeconomic unpredictability, but confidence in strategy execution is supported by a diversified business model and strong balance sheet.

• Full-year operating profit is expected to align with current consensus of £21.5m.

• Net cash is forecasted to be about £40m at year-end, with no expected borrowings.

• Headcount reductions are expected to continue at a similar pace in Q4, mainly in Europe.