PageGroup (PAGE) Q4 2025 TU earnings summary

Executive summary

• Q4 gross profit was £190.7m, down 4.6% year-over-year in constant currency, with full-year gross profit at £768.2m, down 7.8% year-over-year.

• Performance remained resilient despite subdued client and candidate confidence and ongoing macroeconomic uncertainty.

• Growth was achieved in the Americas and Asia Pacific, while EMEA and UK faced challenging conditions.

• Fee earner headcount reduced by 75 (1.5%) in Q4, mainly in Europe; gross profit per fee earner rose 3% year-over-year.

• Cost optimisation programme completed, reducing 2025 costs by £5m and set to deliver £15m annualised savings from 2026, incurring a one-off cost of £15m in 2025.

Financial highlights

• Q4 group gross profit: £190.7m, down 4.6% year-over-year in constant currency; full-year gross profit: £768.2m, down 7.8%.

• Net cash at year-end was £31m, down from £38m at Q3, rising to £40m in early January.

• Interim dividend of £16.7m paid in October.

• Gross profit per fee earner increased 3% year-over-year in Q4.

• Permanent recruitment gross profit in Q4: £135.5m (-4.1% constant currency); temporary: £55.2m (-5.6% constant currency).

Outlook and guidance

• 2025 full-year operating profit expected to be broadly in line with market consensus of £21.1m.

• Market outlook remains uncertain; focus on balancing near-term productivity with positioning for future opportunities.

• No major restructuring planned for 2025; further cost savings expected from HR transformation and AI-driven efficiencies.

• Annualised cost savings of £15m expected from 2026 due to cost optimisation.