PageGroup, a UK-based staffing firm with global operations, reported revenue fell 20.5% in constant currency in full-year 2020 amid the impact of the pandemic.
“2020 was an unprecedented year, with all of our markets impacted by the Covid-19 pandemic,” CEO Steve Ingham said. “Our focus throughout has been the protection and well-being of our employees, candidates and clients, whilst progressing our strategy of investment in our platform to take advantage of the recovery.”
Ingham noted sacrifices by workers during the year with many internal employees taking 20% salary cuts or working four-day weeks.
However, PageGroup’s business model remains resilient and the company made 400 experienced hires, he said, also noting strong performances in Germany and Japan.
| (£ thousands) | 2020 | 2019 | % change | % change constant currency | 2020 (US$ thousands) |
| Revenue | £1,304,791 | £1,653,948 | -21.1% | -20.5% | $1,771,541 |
| Gross profit | £610,249 | £855,450 | -28.7% | -28.1% | $828,547 |
| Gross margin | 46.8% | 51.7% | |||
| Profit for the year | (£5,742 | £103,445 | nm |
“As we enter 2021, there remains a high degree of global macroeconomic uncertainty in many of our markets, with Covid-19 still a significant global issue and a number of the group’s markets in lockdown,” Ingham said. “However, in the UK we are encouraged that the Brexit deal and the recent government announcements about lockdown easing have provided a degree of clarity.”
Revenue by geography
| (£ thousands) | 2020 | 2019 | % change | 2020 (US$ thousands) |
| EMEA | £717,294 | £861,827 | -16.8% | $973,884 |
| Asia Pacific | £215,959 | £273,437 | -21.0% | $293,212 |
| Americas | £154,257 | £205,074 | -24.8% | $209,438 |
| United Kingdom | £217,281 | £313,310 | -30.6% | $295,007 |
PageGroup reported gross profit in the US — which is included in the Americas segment — fell 30% with tough business conditions due to Covid-19 as well as political uncertainty and social unrest. It noted particularly difficult conditions in the construction segment — PageGroup’s largest segment in the country — as sites closed for large periods of the year. PageGroup has eight offices in the US.
Share price and market cap
PageGroup shares closed down 0.66% in London today to £490.00 (US$682.00); they were only 3.35% below their 52-week high set Feb. 16, according to FT.com. The company had a market cap of £1.60 billion (US$2.23 billion).