Pagegroup Plc (MPGPF) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.470 -- 00:00:05.495 Thank you and good morning, everyone, and welcome to the Page Group 2025 second quarter 00:00:05.495 -- 00:00:10.620 trading update. I'm Kelvin Stagg, Chief Financial Officer, and on the call with me 00:00:10.620 -- 00:00:14.243 is Nick Kirk, Chief Executive Officer. 00:00:14.243 -- 00:00:18.807 Although I will not read it through, I'd just like to make reference to the legal formalities 00:00:18.807 -- 00:00:23.312 that are covered in the cautionary statement in the appendix to this presentation, and 00:00:23.312 -- 00:00:28.475 which will also be available on our website following the call. 00:00:28.938 -- 00:00:32.442 The group delivered gross profit of £194.8 00:00:32.442 -- 00:00:36.347 million in the quarter, a decline of 10.5% 00:00:36.347 -- 00:00:38.490 in constant currencies. 00:00:38.490 -- 00:00:43.956 For the first half, we delivered gross profit of £389.3 million, 00:00:43.956 -- 00:00:47.758 a decline of 9.7% in constant currencies. 00:00:47.821 -- 00:00:53.207 We saw a slight deterioration in activity levels and trading in continental Europe, particularly 00:00:53.207 -- 00:00:57.035 in our two largest markets, France and Germany. 00:00:57.035 -- 00:01:02.283 However, we saw some improvement in activity, trading and customer confidence in Asia 00:01:02.283 -- 00:01:04.564 and the US. 00:01:04.607 -- 00:01:08.570 We reduced AFIANA headcounts by 133 or 2.5% 00:01:09.094 -- 00:01:13.381 during Q2, mainly in Europe and the UK. 00:01:13.381 -- 00:01:18.545 Overall, the group ended the quarter with 5,163 fee earners 00:01:18.549 -- 00:01:22.071 and a total headcount of 7,034. 00:01:23.156 -- 00:01:28.180 Productivity? measured as gross profit per fee earner remained high, but declined 00:01:28.180 -- 00:01:31.622 3% on Q2...