Business
SECOND QUARTER, FIRST HALF AND COVID-19 UPDATE
SECOND QUARTER, FIRST HALF AND COVID-19 UPDATE.
About this update from Pagegroup Plc
[{"type":"text","content":"\n \n \n RNS Number : 4612S\n PageGroup plc\n 09 July 2020\n \n \n \n \n 9 July 2020\n \n \n PageGroup plc\n \n \n \n \n \n SECOND QUARTER, FIRST HALF AND COVID-19 UPDATE \n \n \n \n \n \n PageGroup (\"PageGroup\" or the \"Group\") today issues a trading update for the second quarter to 30 June 2020 (\"Q2\") and an operational and financial update regarding COVID-19.\n \n \n \n \n \n Q2 Results Summary*\n \n \n \n \n \n · \n Group gross profit -47.6% (-47.4% in reported rates)\n \n \n · \n Large, High Potential markets (38% of Group) -42%\n \n \n · \n EMEA -42.9%: France -52%; Germany -20%\n \n \n · \n Asia Pacific -41.7%: Greater China -41%; SE Asia -35%; Australia -53%\n \n \n · \n Americas -55.0%: US -49%; Latin America -63%\n \n \n · \n UK -61.5%: Michael Page -60%; Page Personnel -65% \n \n \n \n \n \n * In constant currencies except where stated otherwise\n \n \n \n \n \n COVID-19 Operational and Financial Summary\n \n \n \n \n \n · \n Focus continues to be on the protection and wellbeing of employees, candidates and clients\n \n \n · \n Strong cash position, with c. £156m of net cash at the end of June (Q1 2020: c. £83m)\n \n \n · \n Cost base reduction of c. 21% achieved in Q2, as forecast in April\n \n \n · \n The Group is protecting its platform to take advantage of the recovery when it comes \n \n \n · \n Gradual opening of offices, bringing back people from furlough and returning all staff to full pay\n \n \n · \n 12-month covenant waiver agreed on the Group's Revolving Credit Facility with BBVA \n \n \n · \n Approval received for the Bank of England's Covid Corporate Finance Facility (\"CCFF\"), with a maximum facility of £300m\n \n \n \n \n \n \n \n \n Commenting, Steve Ingham, Chief Executive Officer, PageGroup, said:\n \n \n \n \n \n \"Our main focus in the first half has been to protect our people, whilst protecting our platform. I am incredibly proud of the reaction of our staff in what has been an extraordinary period. Their response to this crisis has been exceptional. They have understood the importance of the actions we have taken to protect our platform and put ourselves in as strong a position as possible for when the recovery comes. Whilst it is always regrettable to let any people go, we have chosen not to make wholesale changes and to re...