UK's Michael Page H1 gross profit falls
UK's Michael Page H1 gross profit falls
Overview
UK recruitment firm's H1 revenue was flat, while gross profit declined 1.1% yr/yr
Operating profit and EPS rose sharply due to lower one-off costs
Interim dividend cut to 1.46p per share amid ongoing market uncertainty
Outlook
Michael Page expects 2026 operating profit to be in line with consensus of c. £28m
Company says outlook for rest of year remains highly uncertain
Michael Page maintains tight cost control and flexible cost base amid challenging market conditions
Result Drivers
REGIONAL VARIATION - Growth in Asia Pacific and the Americas, and a return to growth in Southern Europe, offset by declines in France, Northern Europe and the UK, per CEO Nicholas Kirk
COST CONTROL - Operating profit and productivity improved due to ongoing cost base management, including headcount reductions and operational efficiencies
SENIOR PLACEMENTS & OUTSOURCING - Record performance from Page Executive and Enterprise Solutions, driven by focus on senior roles and outsourcing growth
Company press release: ID:nRSF4838Pa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue |
| GBP 799.50 mln |
|
H1 Dividend |
| GBP 0.01 |
|
H1 Pretax Profit |
| GBP 6.50 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the employment services peer group is "buy."
Wall Street's median 12-month price target for Michael Page PLC is GBp140.00, about 25.5% below its August 5 closing price of GBp187.80
The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 17 three months ago
Reuters Recommended Reads
Aug 3 - Germany's Amadeus Fire H1 revenue falls on weak personnel services demand; EBITA drops
Aug 3 - UK's FDM Group H1 revenue falls on weak demand
Aug 6 - Adecco sales come in slightly above forecast in second quarter
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)