Pagegroup Plc (MPGPF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining us on today's Page Group Q1 Choosing Update. My name is Drew, and I'll be the operator on the call today. After today's prepared remarks, we will have a Q&A session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad. And to withdraw your question, it's star followed by two. With that, it's my pleasure to hand over to Kelvin Stagg, Chief Financial Officer to begin. Please go ahead when you're ready. Thank you, Drew. Good morning, everyone, and welcome to the Page Group 2026 First Quarter Trading Update. I'm Kelvin Stagg, Chief Financial Officer, and on the call with me is Nick Kirk, Chief Executive Officer. Although I will not read it through, I'd just like to make reference to the legal formalities that are covered in the cautionary statement in the appendix to this presentation, which will also be available on our website following the call. The group produced another resilient performance despite the heightened geopolitical and macroeconomic uncertainty. Q1 gross profit was £187 million, a decline of 4.9% in constant currencies against 2025. A Fiona headcount increased by 26, or 0.5%, driven by growth in the Americas and Asia-Pacific, partially offset by reductions in EMEA and the UK. Overall, the group ended the quarter with 4,994 Fionas and a total headcount of 6,801. Despite the challenging macroeconomic conditions, gross profit per fee earner and measure of productivity remained high and grew 2% versus Q1 2025. We had net debt at the end of March of around £7 million, in line with expectations. This compares to net cash of £31 million at the end of 2025, having paid out annual bonuses and a quarterly profit share in January. I will now give a brief f...