Business
FIRST QUARTER 2026 TRADING UPDATE
PageGroup plc reported a group gross profit of £187.0 million for the first quarter of 2026, a decrease of 4.9% compared to the prior year, reflecting continued challenging market conditions in the UK and EMEA, particularly in France and Germany. However, the company experienced growth in the Americas and Asia Pacific regions, with the US and Asia showing consistent improvement. Fee earner headcount increased by 0.5% to 4,994, with increases in the growth regions offsetting reductions in more challenging markets. Net debt stood at approximately £7 million, a seasonal shift from net cash due to bonus payments. The outlook for the remainder of the year is uncertain due to geopolitical risks, but the company remains focused on its strategy and controlling operational factors. Disclaimer*
About this update from Pagegroup Plc
14 April 2026 FIRST QUARTER 2026 TRADING UPDATE CONTINUED GROWTH IN AMERICAS AND ASIA PACIFIC; UK AND EUROPE REMAIN CHALLENGING Q1 Highlights* · Group gross profit of £187.0m, -4.9% vs. 2025 · Resilient performance despite heightened geopolitical and macro-economic uncertainty · Ongoing subdued levels of client and candidate confidence impacting decision making · Continued tough market conditions in EMEA and the UK · Strong performances from Americas and Asia Pacific, both delivering continued growth · Fee earner headcount up 26 (+0.5%) in the quarter to 4,994 (Q4 2025: 4,968), increases in Americas and Asia Pacific · Gross profit per fee earner remains high, up 2% on Q1 2025 · Net debt of c. £7m (Q4 2025: net cash of c. £31m, Q1 2025: net cash of c. £54m), in line with expectations due to usual Q1 outflows for quarterly and annual bonuses · Middle East conflict driving an increasingly uncertain outlook for the rest of the year *In constant currencies vs 2025 except where stated otherwise Q1 Gross Profit Analysis Reported (£m) Constant Year-on-year % of Group Q1 2026 Q1 2025 % % EMEA 54% 100.4 105.9 -5.2% -9.2% Americas 19% 36.5 37.0 -1.5% +1.1% Asia Pacific 16% 29.2 28.0 +4.5% +9.3% UK 11% 20.9 23.6 -11.4% -11.4% Total 100% 187.0 194.5 -3.9% -4.9% Permanent 72% 135.1 140.0 -3.5% -3.7% Temporary 28% 51.9 54.5 -4.8% -7.8% Nicholas Kirk, Chief Executive Officer, PageGroup, said: "The Group produced another resilient performance despite a backdrop of heightened geopolitical and macro-economic uncertainty. We delivered continued growth in Asia Pacific and the Americas, which represent 35% of the Group collectively. Within these regions, the US and Asia have grown for six and four quarters in a row, respectively. However, we continued to experience lower levels of candidate and client confidence in Europe, particularly in our second largest market, France, as well as in the UK. "We remain committed to our strategy and continue to reallocate resources into the areas of the business offering the most significant long-term structural opportunities, ensuring headcount in all our markets i...