AUS
NZ
UK
CA
USA
IND
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Highlights
- PAGE’s group gross profits are down 6.7% in constant currency to GBP 187.8m for Q3 2025.
- Fee earner headcount was reduced by 120 to 5,043, mainly across Europe.
- Net cash position increased to approximately GBP 38m from GBP 11m in Q2 2025.
PageGroup plc (LSE:PAGE) released its trading update for the third quarter of 2025, reporting group gross profit of GBP 187.8m, a 6.7% decline in constant currencies compared with the prior year. The performance reflected differing outcomes across regions, influenced by subdued client and candidate confidence levels. Gross profit per fee earner improved 1% year-on-year. An interim dividend of GBP 16.7m was paid on 10 October 2025, and net cash rose to around GBP 38m, up from GBP 11m at the close of Q2 2025.
Regional Performance
In EMEA, gross profit fell 10.2% in constant currencies to GBP 97.8m. Germany and France posted declines of 11% and 16%, respectively, while Spain recorded growth of 3%. Other markets, including the Netherlands and Belgium, saw lower results. Fee earner numbers in EMEA decreased by 79 during the quarter.
In the Americas, gross profit grew 3.5% in constant currencies to GBP 36.4m. The US reported a 10% increase, marking its fourth straight quarter of growth. Latin America, excluding Argentina, declined by 4%, driven by a 12% drop in Mexico and stable performance from Brazil. Overall fee earner headcount in the Americas fell by 16, primarily in Brazil, partially offset by new hires in the US.
In Asia Pacific, gross profit declined 1.2% in constant currency to GBP 31.0m. Growth was recorded in Asia (+1%), South East Asia (+5%), and India (+11%), offset by declines in Mainland China (-20%), Greater China overall (-7%), Japan (-2%), and Australia (-12%). Fee earner headcount stood at 1,471, down by nine during the quarter.
In the UK, gross profit decreased 14.3% to GBP 22.6m. Permanent recruitment fell 12%, and temporary recruitment dropped 19%, impacted by the closure of the UK Page Personnel business. The UK fee earner headcount fell by 16.
Recruitment Mix and Staffing
Permanent recruitment contributed GBP 133.1m to gross profit, down 6.4% in constant currency, while temporary recruitment added GBP 54.7m, down 7.5%. The ratio of permanent to temporary business remained stable at 71:29. Overall fee earner headcount declined by 120 (-2.3%), largely within Europe, while non-operational staff decreased by 11 (-0.6%), bringing total group headcount to 6,903.
Cost Measures and Outlook
The company’s ongoing cost optimisation initiatives are expected to generate annualised savings of approximately GBP 15m starting in 2026. Restructuring costs of about GBP 15m were partly recorded in H1 2025, with offsets anticipated through cost savings in H2. The Board expects 2025 operating profit to be broadly in line with market estimates of GBP 21.5m.
Shares and Voting Rights
As of 30 September 2025, PageGroup had 328,618,774 ordinary shares in issue, of which 18,617,958 shares were held by the Employee Benefit Trust (EBT). Voting rights attached to 17,255,201 of these shares have been waived by the EBT.
Share Performance
The company is currently trading at GBX 240.60 and is up by 2.65% from its previous close of GBX 233.80.
