PageGroup gross profit up 25.5% in Q2


PageGroup, a global staffing firm based in the UK, reported gross profit rose 25.5% year over year in constant currency in the fourth quarter. Americas gross profit rose 34.1% year over year.

The company continued to see strong growth in the second quarter, CEO Steve Ingham said.

“We delivered increased levels of productivity with the group continuing to benefit from favorable trading conditions, including wage inflation and increased fee rates resulting from the high demand and short supply of candidates as well as a shorter time to hire facilitated by video interviewing and investments in new systems,” Ingham said.

Gross profit

(£ millions) Q2 2022 Q2 2021 % change % change constant currency 2022 (US$ thousands)
EMEA                             137.1                           107.4 27.6% 29.4%                                                      167
Asia Pacific                               53.6                             46.0 16.7% 11.7%                                                        65
Americas                               51.1                             34.5 48.0% 34.1%                                                        62
UK                               39.1                             31.9 22.6% 22.6%                                                        48
Total                             280.9                           219.8 27.8% 25.5%                                                      342

PageGroup’s gross profit in the US rose 30% in constant currency in the second quarter, a record quarter for the company. It cited strong growth in all its US offices with the most significant growth in Boston, Chicago and Houston.

Gross profit by permanent and temporary placement

(£ millions) Q2 2022 Q2 2021 % change % change constant currency 2022 (US$ thousands)
Permanent                             220.1                           171.0 28.7% 25.7% $268
Temporary                               60.8                             48.8 24.6% 24.5% $74

PageGroup also added 307 fee-earning employees in the quarter.

Looking ahead, Ingham said the company remains aware of macroeconomic and political uncertainty, including inflation. However, the company has not yet seen significant changes apart from its usual seasonal movements.

Share price and market cap

Shares in PageGroup closed up 2.00% to £438.60 (US$520.71) today in London; shares were 13.63% above their 52-week low, according to The company had a market cap of £1.41 billion (US$1.67 billion).