Brexit, global economic worries hit PageGroup FY profit outlook
Pagegroup Plc
445.20p
16:30 25/04/24
Recruitment company PageGroup said it expected full-year operating profit to be towards the lower end of market expectations as Brexit worries and weaker macro-economic conditions hit candidate and client confidence.
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The company on Wednesday said said operating profit was likely to be at the lower end of £156.5m - £168m range.
Page reported a 9.5% rise in gross first-half profit on a constant currency basis to £433.5m, although the number of its staff that generate fees fell by 122, having risen by 41 in the first quarter and 619 in 2018.
“It is clear that macroeconomic conditions in a number of our regions are becoming more challenging,” said chief financial officer Kelvin Stagg.
Markets including the UK, Italy and China reported slower growth, with strong growth in the US.
UK second quarter profit fell 2% to £35m as Brexit uncertainty continued to cause problems, while trade war concerns and unrest in Hong Kong led to a 1% fall in China.