13th Jan 2026 10:19
(Alliance News) - PageGroup PLC on Tuesday said gross profit fell 4.6% in the fourth quarter of 2025 as continued subdued levels of client and candidate confidence impacted decision making.
The Weybridge, Surrey-based international recruitment company called it a "resilient" performance despite market uncertainty, and pointed to variable results across the group.
Gross profit declined 4.6% in the quarter to GBP190.7 million from GBP196.9 million at constant currency, or by 3.1% on a reported basis.
The UK division fared worst with gross profit down 10%, while Europe, Middle East & Africa saw gross profit slump 8.9%. Performance was brighter in Asia Pacific and the Americas which reported 6.4% and 2.4% growth in gross profit respectively, both at constant currency.
Permanent fees, 71% of group sales, were down 4.1% from a year ago, and temporary fees down 5.6% at constant currency.
"We delivered growth across both the Americas and Asia Pacific regions, with sustained growth in the US, our fourth largest market. Collectively, these two regions represent 35% of the group. However, we continued to experience lower levels of confidence in Europe, particularly in France, our largest market, as well as in the UK," commented Chief Executive Nicholas Kirk.
PageGroup noted it was a fifth consecutive quarter of growth in the US, and a third consecutive quarter of growth in Asia, where Greater China delivered its first quarter of growth since 2022.
But while fee rates "remained at high levels", client recruitment budgets have "tightened", they have become more "risk averse", which has continued to "slow the recruitment process, extending time-to-hire," PageGroup said.
For 2025 as a whole, PageGroup said gross profit fell 7.8% at constant currency to GBP768.2 million from GBP842.6 million.
The firm expects 2025 operating profit to be broadly in line with current market consensus of GBP21.1 million, which would be more than half 2024's GBP52.4 million.
Looking ahead, Kirk said: "While the market outlook remains uncertain due to the unpredictable economic environment, we will continue to control the controllables and we remain confident in the execution of our strategy, given our highly diversified and adaptable business model, strong balance sheet and our cost base that is under continuous review."
Shares in PageGroup were 1.0% lower at 221.20 pence each in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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