Pagegroup Plc (MPGPF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.436 -- 00:00:04.422 Good morning, everyone, and thank you for joining us at short notice. 00:00:04.422 -- 00:00:08.448 Welcome to the Page Group 2025 First Quarter Trading Update. 00:00:08.448 -- 00:00:12.854 I'm Kelvin Stagg, Chief Financial Officer, and on the call with me is Nick Kirk, Chief 00:00:12.854 -- 00:00:15.278 Executive Officer. 00:00:15.278 -- 00:00:19.464 Although I will not read it through, I'd just like to make reference to the legal formalities 00:00:19.464 -- 00:00:23.670 that are covered in the cautionary statement in the appendix to this presentation, and 00:00:23.670 -- 00:00:28.364 which will also be available on our website following the call. 00:00:28.364 -- 00:00:32.428 The group delivered a Q1 performance in line with expectations. 00:00:32.428 -- 00:00:35.411 Q1 gross profit was £194.2 00:00:35.411 -- 00:00:42.035 million, a decline of 9.2% in constant currencies against Q1 2024. 00:00:42.117 -- 00:00:46.581 We saw challenging market conditions in the majority of the group's markets, as ongoing 00:00:46.581 -- 00:00:52.605 macroeconomic uncertainty continued to impact candidate and client confidence. 00:00:52.647 -- 00:00:56.788 Our Fiona headcount reduced by 74, or 1.4%. 00:00:56.798 -- 00:01:00.263 with reductions in areas of weaker trading performance. 00:01:00.263 -- 00:01:04.909 Overall, the group ended the quarter with 5,296 fee earners 00:01:04.909 -- 00:01:09.252 and a total headcount of 7,228. Despite 00:01:10.356 -- 00:01:15.363 the tough macroeconomic conditions, gross profit per fee earner and measure of productivity 00:01:15.363 -- 00:01:19.827 remained at elevated levels, down just 1% on Q1 2024. 00:01:19.889 -- 00:01:21.612 Our 00:01:21.612 -- 00:01:25.737 balance sheet remains strong. We'd net cash at the en...