Pagegroup Plc (MPGPF) Q3 2025 Earnings Call

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WEBVTT 00:00:00.233 -- 00:00:05.821 Good morning, everyone, and welcome to the Page Group 2025 third quarter trading update. 00:00:05.821 -- 00:00:10.728 I'm Kelvin Stagg, Chief Financial Officer, and on the call with me is Nick Kirk, Chief 00:00:10.728 -- 00:00:13.012 Executive Officer. 00:00:13.012 -- 00:00:17.077 Although I will not read it through, I'd just like to make reference to the legal formalities 00:00:17.077 -- 00:00:21.123 that are covered in the cautionary statement in the appendix to this presentation, and 00:00:21.123 -- 00:00:26.068 which will also be available on our website following the call. 00:00:26.491 -- 00:00:29.495 The group delivered gross profit of £187.8 00:00:29.495 -- 00:00:35.224 million in the quarter, a decline of 6.7% in constant currencies. 00:00:35.224 -- 00:00:39.450 In line with Q2, we saw variable market conditions across the group. 00:00:39.450 -- 00:00:44.537 We continue to experience subdued levels of sentiment and confidence in Europe, particularly 00:00:44.537 -- 00:00:49.705 in our two largest markets, France and Germany, as well as in the UK. 00:00:49.705 -- 00:00:54.431 However, we delivered a fourth consecutive quarter of growth in the US, our fourth largest 00:00:54.431 -- 00:00:58.463 market, and a second consecutive quarter of growth in Asia. 00:00:58.463 -- 00:01:03.427 Collectively, these two markets represent a quarter of the group. 00:01:03.470 -- 00:01:07.533 We reduced our fee-earner headcount by 120, or 2.3%, 00:01:07.716 -- 00:01:11.001 during the quarter, mainly in Europe. 00:01:11.001 -- 00:01:16.609 Productivity measured as gross profit per fee-earner grew 1% versus Q3 2024, 00:01:16.609 -- 00:01:19.713 despite the tough macroeconomic conditions. 00:01:19.713 -- 00:01:24.237 Net cash at the end of Septem...