Pagegroup Plc (MPGPF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the Page Group 2025 third 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, and which will also be available on our website following the call. The group delivered gross profit of £187.8 million in the quarter, a decline of 6.7% in constant currencies. In line with Q2, we saw variable market conditions across the group. We continue to experience subdued levels of sentiment and confidence in Europe, particularly in our two largest markets, France and Germany, as well as in the UK. However, we delivered a fourth consecutive quarter of growth in the US, our fourth largest market, and a second consecutive quarter of growth in Asia. Collectively, these two markets represent a quarter of the group. We reduced our fee-earner headcount by 120, or 2.3%, during the quarter, mainly in Europe. Productivity measured as gross profit per fee-earner grew 1% versus Q3 2024, despite the tough macroeconomic conditions. Net cash at the end of September was around £38 million. This compares to 11 at the end of Q2 and is before the recent interim dividend payment paid on the 10th of October, totaling 16.7 million pounds. I will now give a brief financial review. We reduced Southiana headcount by 120 or 2.3 percent during Q3, with reductions mainly in Europe. And non-operations headcount decreased by 11 in the quarter. Overall, the group had 5,043 fee earners and a total headcount of 6,903. We remain committed to our strategy and continue to reallocate resources into the areas of the business where ...