20th Sep 2023 09:43
(Alliance News) - Recruiter PageGroup PLC on Wednesday set out plans to achieve profit growth between now and 2030, and it announced its goal to trim its cost base.
PageGroup is targeting GBP400 million in operating profit by 2030, so more than double the GBP196.1 million it achieved in 2022.
Achieving this goal will enable the company to make shareholder distributions of more than GBP1.5 billion between now and 2030, it said.
"As part of this refined strategy and our increased focus on our conversion rate target, we have already implemented a number of initiatives to reduce our cost base," PageGroup said.
It will incur a one-off hit of GBP15 million as part of the cost-cutting plans. Going forward, the cost cuts will generate annualised cost savings of GBP20 million.
PageGroup shares rose 1.5% to 414.60 pence in London on Wednesday morning.
By Eric Cunha, Alliance News news editor
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