9th Aug 2021 09:39
(Alliance News) - PageGroup PLC on Monday said it has upgraded its full-year outlook after the recruitment firm swung to profit in the first half of 2021.
The Surrey-based headhunter's pretax profit for the six months that ended June 30 was GBP63.7 million, swung from a loss of GBP800,000 in the same period last year. Pretax profit for the same period in 2019, meaning before the virus pandemic, was GBP74.6 million.
Revenue surged by 17%, climbing to GBP766.4 million for the half year from GBP655.0 million in 2020, though still short of GBP820.5 million in 2019.
PageGroup upgraded its full-year outlook after the interim performance and now expects an operating profit in the range of GBP125 million to GBP135 million. Its operating profit in the first half was GBP64.3 million, up from just GBP400,000 in 2020, but down from GBP75.6 million in 2019.
However, Chief Executive Officer Steve Ingham said the outlook for the recruitment market is unclear. "Looking ahead, there continues to be a high degree of global macro-economic uncertainty as Covid-19 remains a significant issue and restrictions continue in a number of the group's markets," Ingham said.
"At this stage of the recovery, it is not clear whether the improved performance is still the result of pent-up supply and demand, or a sustainable trend."
PageGroup reinstated an interim dividend of 4.70 pence per share after suspending it in 2020 due to the pandemic. Its interim dividend in 2019 was 4.30 pence per share.
In addition, it declared a special dividend of 26.71 pence per share, more than doubled from 12.73 pence in 2019.
Shares in PageGroup were down 4.8% at 593.00 pence in London on Monday morning.
By Josie O'Brien; [email protected]
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