9th Mar 2023 10:48
(Alliance News) - PageGroup PLC on Thursday reported a record operating profit in 2022, but warned that there remains a high level of global macro-economic and political uncertainty in the majority of its markets.
The recruitment company reported a 17% increase in pretax profit in 2022. The figure rose to GBP194.4 million from GBP168.5 million in 2021.
Gross profit jumped 23% to GBP1.08 billion - a record for the firm - from GBP877.7 million the year prior. It also reported a record operating profit of GBP196.1 million, up from GBP168.5 million in 2021.
Annual revenue jumped 21% to GBP1.99 billion from GBP1.64 billion the previous year.
PageGroup said growth in permanent recruitment was stronger in the first half of the year, whilst temporary growth improved in the second half, as trading conditions became more challenging. It added that, overall, pricing improved as it continued to see candidate shortages and high levels of vacancies in the majority of its markets.
Chief Executive Nicholas Kirk said: "Looking forward, there remains a high level of global macro-economic and political uncertainty in the majority of our markets. However, against this backdrop, we continue to see candidate shortages and good levels of vacancies. Given our highly diversified and adaptable business model, with a variable cost base and a strong balance sheet, we believe we are well-positioned to weather the uncertainty and continue to deliver strong shareholder returns."
The Surrey, England-based proposed a final dividend of 10.76 pence per share, up from 10.30p the year prior. Combined with interim and special payouts, its total dividend for the year amounted to 42.38p, up 1.6% from 41.71p.
Shares in PageGroup were down 3.7% at 456.60 pence on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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