REG - PageGroup plc - Half Year Results for the Period Ended 30 June 25
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RNS Number : 8824U PageGroup plc 12 August 2025
12 August 2025
Half Year Results for the Period Ended 30 June 2025
Resilient performance, full year guidance reiterated
PageGroup plc ("PageGroup"), the specialist professional recruitment company,
announces its unaudited half year results for the period ended 30 June 2025.
Financial summary 2025 2024 Change Change
(6 months to 30 June 2025) CC*
Revenue £798.4m £898.0m -11.1% -8.6%
Gross profit £389.7m £444.1m -12.3% -9.7%
Operating profit £2.1m £28.4m -92.5%
Profit before tax £0.2m £27.7m -99.2%
Basic earnings per share 0.0p 5.3p -99.1%
Diluted earnings per share 0.0p 5.3p -99.1%
Interim dividend per share 5.36p 5.36p
* in constant currencies
** operating profit as a percentage of gross profit
*** excluding one off items of c. £13m in H1 relating to restructuring and
transformation
**** excluding the immaterial impact of hyperinflation in Argentina
H1 Key Points
· Group gross profit down 9.7%* to £389.7m (2024: £444.1m)
· Operating profit of £2.1m (H1 2024: £28.4m), after previously
announced one-off costs of c. £13m in H1 relating to restructuring and
transformation
· Conversion rate** of 0.5% (H1 2024: 6.4%)
· Underlying*** operating profit of c. £15m, at a conversion
rate of 3.8%
· Resilient performance despite market uncertainty, mixed results
across the Group
· Continued subdued levels of client and candidate confidence
impacted decision making
· Gross profit per fee earner remained high but down 1.9% on 2024
· Decrease in fee earner headcount of 207 (3.9%) in H1 to 5,163
· Net cash in June of £10.8m (H1 2024: £57.2m)
· Interim dividend of 5.36 pence per share, in line with 2024
Full Year Outlook
· The Board continues to expect 2025 Operating Profit to be
broadly in line with current market consensus of c. £22m
Commenting, Nicholas Kirk, Chief Executive Officer, said:
"The Group delivered a resilient performance in H1 despite ongoing
macro-economic uncertainty. Whilst activity levels remained robust across most
of our markets, we experienced a slight deterioration in activity levels and
trading in Continental Europe towards the end of the period, particularly in
our two largest markets, France and Germany. Elsewhere, we saw some
improvement in activity, trading and customer confidence in Asia and the US.
"Against the ongoing challenging trading conditions, we have taken robust
action to optimise our cost base by simplifying our management structure,
reducing our leadership team and improving the efficiency of our business
support functions. These initiatives will incur a one off cost of c. £15m in
2025, of which c. £13m was incurred in H1. These initiatives will deliver
annualised savings of c. £15m per annum from 2026.
"The conversion of accepted offers to placements remained the most significant
area of challenge, as ongoing macro-economic uncertainty continued to impact
confidence, which extended time-to-hire. Permanent recruitment continued to be
impacted more than temporary, as clients sought flexible options and permanent
candidates remained reluctant to move jobs.
"We continued with our strategy of reallocating resources into the areas of
the business where we saw the most significant long-term structural
opportunities, as well as ensuring they remained aligned to the activity
levels we saw in each of our markets. Overall, our focus remains to balance
near-term productivity with ensuring we remain well placed to take advantage
of opportunities when market conditions improve.
"We continue to see the benefits of our investments in innovation and
technology. Customer Connect is supporting productivity and enhancing customer
experience, Page Insights is providing real time data to inform business
decisions for both Page and our customers, and we continue to work with our
partners to deploy AI and automation tools into our working environment.
"Despite the uncertain outlook due to the unpredictable economic environment,
we have a highly diversified and adaptable business model, a strong balance
sheet and our cost base is under continuous review."
INTERIM MANAGEMENT REPORT
GROUP STRATEGY
We launched our strategy in September 2023 with three key strategic goals:
delivering operating profit of £400m, changing one million lives and
increasing our client net promoter score to over 60. To achieve our strategy,
we have four pillars of growth: our core business, our technology business,
Page Executive and our Enterprise Solutions business.
Within our core business, defined as Michael Page and Page Personnel and
including all disciplines except Technology, trading conditions have been
challenging in the majority of our markets. We continue to review our business
operations and reallocate resource, in line with our strategy, into the areas
of the business where we see the most significant long-term structural
opportunities.
As has been widely reported, the technology sector has been impacted heavily
by tough macro factors globally. Despite this, Technology remains our second
largest discipline. Within technology, we continue to see a more resilient
performance from non-perm. We are reshaping this business from the
pre-pandemic model, increasing our offering within contracting and interim
roles. Despite the tough conditions globally, there were some individual
markets which delivered good growth in H1, in particular, the US, India and
Greater China.
Page Executive delivered another good performance in H1, down just 2% against
a record comparator. A key element of our Page Executive strategy has been to
focus on more senior leadership roles and as a result, increase the salary
levels at which we place. It has become increasingly clear that the market gap
for Page Executive is a significant opportunity for the Group.
Enterprise Solutions supports our largest strategic customers with their
complex, global requirements. Our well-established, global platform allows us
to consult with clients as they look to tap into new markets and geographies.
Our customer centric approach, highlighted by our net promotor score,
increasingly makes us the partner of choice. Within Enterprise Solutions, our
outsourcing business delivered a record H1 with growth of 19%. We remain
focused on winning business that delivers conversion rates in line with our
strategy.
Against our social impact goal of changing one million lives, we performed
strongly. Progress in this area is measured by the number of people whose
lives we have changed by placing them into work, as well as the number of
people who access programmes we run that support traditionally
underrepresented groups accessing employment. In H1 2025, we changed over
55,000 lives, which brings us to a total of over 700,000 lives changed since
we set this target in 2020. This puts us well on track to deliver our one
million target by 2030.
We also made excellent progress on our customer experience goal of achieving a
client net promoter score of over 60. Net promoter score is a metric used to
quantify customer loyalty and satisfaction. In simple terms, it measures how
likely our clients are to recommend us to others. Our baseline NPS score was
52 in 2022. This
increased to 56 in 2023, 61 in 2024, and in H1 2025 our score improved again
to 66, rating us as 'excellent' and above our 2030 target. This highlights our
commitment to providing excellent service to our customers, further cementing
our position as a benchmark of quality in our industry.
AI and Technology
The interest and headlines around the role of technology, and in particular AI
across all industries continues to grow. We have seen positive impacts from
AI which is supporting our business and our consultants in completing the more
administrative-heavy tasks and enhancing customer engagement. Our measured
approach to where we see the value in AI is built on solid foundations in
collaboration with the most significant players in Big Tech to develop safe
and secure, cutting-edge technology and AI systems for everyday use by our
consultants.
AI is deployed globally in our core systems at different stages of the
recruitment process. This enhances and enables our industry leading platforms,
Page Insights and Customer Connect. We are confident in our ever-growing
capability in this space, using our global partnerships and internal
expertise, to work through the latest trends that emerge constantly in AI. We
fundamentally believe that whilst technology and AI are powerful tools, human
interaction is vital to deliver the most successful recruitment outcomes for
both clients and candidates, particularly within white collar, professional
recruitment. Our consultants provide valuable expertise, market knowledge and
insight to our customers, with tech and AI playing a crucial supporting role.
GROUP RESULTS
GROSS PROFIT £m Growth rates
% of Group H1 2025 H1 2024 Reported CC
EMEA 54% 208.9 248.8 -16.0% -14.4%
Americas 19% 74.9 77.3 -3.1% +3.5%****
Asia Pacific 15% 59.3 64.3 -7.7% -5.0%
UK 12% 46.6 53.7 -13.4% -13.4%
Total 100% 389.7 444.1 -12.3% -9.7%
Permanent 72% 282.3 325.5 -13.3% -10.6%
Temporary 28% 107.4 118.6 -9.5% -7.0%
Revenue for the six months ended 30 June 2025 was down 11.1% to £798.4m
(2024: £898.0m) whilst gross profit decreased 12.3% to £389.7m (2024:
£444.1m). In constant currencies, the Group's revenue and gross profit
decreased 8.6% and 9.7%, respectively.
The Group's revenue mix between permanent and temporary placements was 36:64
(2024: 36:64) and for gross profit was 72:28 (2024: 73:27). Revenue from
temporary placements comprises the salaries of those placed, together with the
margin charged.
OPERATING PROFIT AND CONVERSION RATE
The Group's organic growth model and profit-based team bonus ensures costs
remain tightly controlled. 76% of first half costs were employee related,
including salaries, bonuses, share-based long-term incentives, and training
and relocation costs.
In total, administrative expenses in the first half decreased 6.8% in reported
rates to £387.5m (2024: £415.7m), driven largely by the lower average
headcount in H1 2025 compared to H1 2024. In constant currencies,
administrative expenses declined 4.0%.
Against the ongoing challenging trading conditions, we have taken robust
action to optimise our cost base by simplifying our management structure,
reducing our leadership team and improving the efficiency of our business
support functions. These initiatives will incur a one off cost of c. £15m in
2025, partially offset by savings in 2025 of c. £5m. One off costs of c.
£13m were incurred in the first half of the year, in relation to our cost
optimisation programme. These initiatives will deliver annualised savings of
c. £15m per year from 2026.
The Group's conversion rate, which represents the ratio of operating profit to
gross profit, was 0.5% (2024: 6.4%) due to the more challenging trading
conditions experienced in 2025, in addition to c. £13m of one off costs
incurred in H1. Excluding one off costs, our conversion rate was 3.8%. A net
interest charge of £1.9m (2024: £0.7m) in the first half related primarily
to an IFRS 16 interest charge of £2.5m, partially offset by interest
receivable of £0.7m.
CASH FLOW
Cash flow in the period was resilient, but lower due to the reduction in
profitability, with £3.6m generated from operations (2024: £49.2m). Tax paid
was £12.9m and net capital expenditure was £7.1m. During the first half,
£8.3m was spent on the purchase of shares into the Employee Benefit Trust
(2024: £13.2m) and dividends of £36.9m were paid to shareholders (2024:
£35.2m). As a result, the Group had net cash of £10.8m at 30 June 2025 (30
June 2024: £57.2m).
CAPITAL ALLOCATION POLICY
It is the Directors' intention to continue to finance the activities and
development of the Group from retained earnings and to maintain a strong
balance sheet position.
The Group's first use of cash is to satisfy operational and investment
requirements, as well as to hedge its liabilities under the Group's share
plans. The level of cash required for this purpose will vary depending upon
the revenue mix of geographies, permanent and temporary recruitment, and point
in the economic cycle.
Our second use of cash is to make returns to shareholders by way of an
ordinary dividend. Our policy is to grow the ordinary dividend over the course
of the economic cycle in a way that we believe we can sustain the level of
ordinary dividend payment during downturns, as well as increasing it during
more prosperous times.
Cash generated in excess of these first two priorities will be returned to
shareholders through supplementary returns, using special dividends and/or
share buybacks.
The Board has announced an interim dividend of 5.36 pence per share, in line
with 2024. The interim dividend will be paid on 10 October 2025 to
shareholders on the register as at 29 August 2025.
OTHER FINANCIAL ITEMS
Taxation
The effective tax rate for the first half was 37.3% (H1 2024: 39.5%). The
decrease on the prior year is due primarily to a reduction in prior year tax
adjustments impacting the half year results. The effective tax rate for H1 is
consistent with our expectations for the full year.
Earnings per share
For the six months ended 30 June 2025, basic earnings per share and diluted
earnings per share were both 0.0p (2024: basic earnings per share 5.3p;
diluted earnings per share 5.3p).
Share repurchases
During the first half of the year, the Group purchased £8.3m of shares into
the Employee Benefit Trust to hedge its exposure under the Group's share plans
(2024: £13.2m).
GEOGRAPHICAL ANALYSIS (All growth rates given below are in constant currency
vs. H1 2024 unless otherwise stated)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
EMEA £m Growth rates
(54% of Group in H1 2025) H1 2025 H1 2024 Reported CC
Revenue 434.9 501.4 -13.3% -11.7%
Gross Profit 208.9 248.8 -16.0% -14.4%
Operating Profit 10.9 36.3 -69.8% -69.0%
Conversion Rate (%) 5.2% 14.6%
EMEA is the Group's largest region, contributing 54% of Group first half gross
profit. Against 2024, in reported rates, revenue in the region decreased 13.3%
to £434.9m (2024: £501.4m) and gross profit decreased 16.0% to £208.9m
(2024: £248.8m). In constant currencies, revenue decreased 11.7% and gross
profit decreased by 14.4%.
Temporary recruitment, down 10%, was more resilient than permanent, down 17%,
indicative of the current uncertainty within the market. France, the Group's
largest market, was down 19%, due to ongoing political and macro-economic
uncertainty. Germany, our second largest market, declined 16%, with conditions
particularly tough within permanent, with companies limiting and delaying
hiring decisions due to macro-economic and tariff related uncertainty.
Elsewhere in the region, market conditions remained challenging in all
countries.
H1 operating profit was £10.9m (2024: £36.3m) with a conversion rate of 5.2%
(2024: 14.6%). Excluding one off costs of £7.5m in H1, underlying operating
profit was £18.4m, with a conversion rate of 8.8%. Profitability decreased on
2024 due to the tougher trading conditions seen in 2025, albeit the region
continues to have the highest conversion rate of the Group. Headcount across
the region decreased by 176 (5.0%) in the first half, to 3,354 at the end of
June 2025 (3,530 at 31 December 2024).
THE AMERICAS
Americas £m Growth rates
(19% of Group in H1 2025) H1 2025 H1 2024 Reported CC
Revenue 135.2 139.1 -2.8% +3.4%****
Gross Profit 74.9 77.3 -3.1% +3.5%****
Operating Profit 2.4 4.4 -44.8% -30.8%****
Conversion Rate (%) 3.2% 5.7%
In the Americas, representing 19% of Group first half gross profit, revenue
decreased 2.8% in reported rates against 2024, to £135.2m (2024: £139.1m),
while gross profit declined 3.1% to £74.9m (2024: £77.3m). Excluding
Argentina due to hyperinflation, revenue and gross profit increased by 3.4%
and 3.5% in constant currencies, respectively.
North America grew 10% against 2024, due to the US, which was up 11%. We saw
good levels of activity and trading, with a particularly strong performance in
Engineering, and a significantly improved performance in Construction in Q2.
In Latin America, excluding Argentina, the region declined 4%. Mexico, our
largest country in the region, declined 10%, due to ongoing political
uncertainty and low levels of customer confidence. Brazil grew 3%, with a
particularly strong performance in temporary recruitment. Elsewhere in Latin
America, our remaining countries in the region declined 4%, collectively.
Operating profit was £2.4m (2024: £4.4m), with a conversion rate of 3.2%
(2024: 5.7%). Excluding one off costs of £0.7m in H1, underlying operating
profit was £3.1m, with a conversion rate of 4.2%. Headcount across the region
decreased by 14 (1.1%) in the first half to 1,313 at the end of June 2025
(1,327 at 31 December 2024).
ASIA PACIFIC
Asia Pacific £m Growth rates
(15% of Group in H1 2025) H1 2025 H1 2024 Reported CC
Revenue 106.7 116.6 -8.4% -5.1%
Gross Profit 59.3 64.3 -7.7% -5.0%
Operating Loss -4.2 -4.8 +11.9% +14.8%
Conversion Rate (%) -7.1% -7.4%
In Asia Pacific, representing 15% of Group first half gross profit, revenue
decreased 8.4% in reported rates to £106.7m (2024: £116.6m) and gross profit
decreased 7.7% to £59.3m (2024: £64.3m). In constant currencies, revenue
decreased 5.1% in H1 and gross profit decreased 5.0%. The market remained
tough at the start of the year, however we saw an improvement in trading
conditions towards the end of the period.
Gross profit in Greater China declined 13%, with Mainland China and Hong Kong
down 22% and 2%, respectively. The improved performance in Hong Kong in Q2 was
due partly to a weak comparator, but also driven by stronger trading. South
East Asia declined 3%, with Singapore down 9%. India continued to deliver the
standout performance in the region, up 15% with a record H1 against a very
strong comparator. Japan declined 3% and Australia declined 13%, with ongoing
challenging conditions across most states.
We made an operating loss of £4.2m (2024: £4.8m operating loss), with a
negative conversion rate of 7.1% (2024: -7.4%). Excluding one off costs of
£1.9m in H1, we made an underlying operating loss of £2.3m, with a negative
conversion rate of 3.8%. This was an improvement on H1 2024, due to the
increase in trading and customer confidence we saw in Q2. Headcount across the
region decreased by 61 (4.0%) in the first half to 1,471 at the end of June
2025 (1,532 at 31 December 2024).
UNITED KINGDOM
UK £m Growth rate
(12% of Group in H1 2025) H1 2025 H1 2024
Revenue 121.7 140.9 -13.6%
Gross Profit 46.6 53.7 -13.4%
Operating Loss -7.0 -7.5 +5.6%
Conversion Rate (%) -15.1% -13.9%
In the UK, representing 12% of Group first half gross profit, revenue declined
13.6% to £121.7m (2024: £140.9m) and gross profit declined 13.4% to £46.6m
(2024: £53.7m). The conversion of accepted offers to placements remained a
significant area of challenge, with ongoing subdued levels of client and
candidate confidence impacting decision making and increasing time-to-hire.
We made an operating loss of £7.0m (2024: £7.5m operating loss) in the first
half, with a negative conversion rate of 15.1% (2024: -13.9%). Excluding one
off costs in both periods, we made an underlying operating loss in H1 2025 of
£4.3m (2024: £5.6m operating loss), with a negative conversion rate of 9.3%
(2024: -10.3%). Headcount was down 76 (7.8%) during the first half to 896 at
the end of June 2025 (972 at 31 December 2024).
KEY PERFORMANCE INDICATORS ("KPIs")
We measure our progress against our strategic objectives using the following
key performance indicators:
KPI Definition, method of calculation and analysis
Gross profit growth How measured: Gross profit growth represents revenue less cost of sales,
expressed as the percentage change over the prior year. It consists
principally of placement fees for permanent candidates and the margin earned
on the placement of temporary candidates.
Why it's important: This metric shows the income growth of the business. The
indicator is recorded in both constant and reported currency, as foreign
exchange movements in our international markets can impact it significantly.
How we performed in H1 2025: We continued to experience tough trading
conditions in H1 2025, which resulted in a decline of 12.3% vs. H1 2024 in
reported rates, or 9.7% in constant currencies.
Relevant strategic objective: Organic growth.
Ratio of permanent vs temporary placements How measured: Gross profit earned from permanent and temporary placements,
expressed as a percentage of the Group's total gross profit.
Why it's important: This ratio reflects both the current stage of the economic
cycle and our geographic spread, as a number of countries culturally have
minimal white collar temporary roles. It gives a guide as to the operational
gearing potential in the business, which is significantly greater for
permanent recruitment.
How we performed in H1 2025: 72% of our gross profit was generated from
permanent placements, marginally below the 73% in 2024. Reflecting the
uncertain macro-economic conditions, temporary recruitment (-7.0%) continued
to outperform permanent (-10.6%), as clients sought more flexible options.
Relevant strategic objective: Diversification.
Gross profit per fee earner How measured: Gross profit for the year divided by the average number of
fee-generating staff, calculated on a rolling monthly average basis.
Why it's important: This is our indicator of productivity, which is affected
by levels of activity in the market, capacity within the business and the
number of recently hired fee earners who are not yet at full productivity.
Currency movements can also impact this figure.
How we performed in H1 2025: Gross profit per fee earner remained high at
£73.7k, but was down 1.9% vs. 2024 in constant currencies. This reflected the
reduction in gross profit, although this was partially offset by the decrease
in headcount.
Relevant strategic objective: Organic growth.
Conversion rate How measured: Operating profit (EBIT) shown as a percentage of gross profit.
Why it's important: This reflects how successful the Group is at managing
business-related costs, growing fee-earner productivity and the level of
investment being directed towards future growth.
How we performed in H1 2025: Operating profit as a percentage of gross profit
decreased to 0.5% (H1 2024: 6.4%), due to the tougher trading conditions in
2025, in addition to one off costs incurred of c. £13m.
Relevant strategic objective: Sustainable growth.
Basic earnings per share How measured: Profit for the year attributable to the Group's equity
shareholders, divided by the weighted average number of shares in issue during
the year.
Why it's important: This measures the underlying profitability of the Group
and the progress made against the prior year.
How we performed in H1 2025: Earnings per share in H1 2025 was 0.0p (H1 2024:
5.3p). The decline is due to the lower profit for the period, as a result of
the more challenging trading conditions, in addition to one off costs incurred
of c. £13m.
Relevant strategic objective: Sustainable growth.
Fee-earner headcount growth How measured: Number of fee earners and directors involved in
revenue-generating activities at the year end, expressed as the percentage
change compared to the prior year.
Why it's important: Growth in fee earners is a guide to our confidence in the
business and macro-economic outlook, as it reflects our expectations as to the
level of future demand for our services above the existing capacity currently
within the business.
How we performed in H1 2025: In response to the more challenging trading
conditions, we reduced our fee-earner headcount by 207 (3.9%) to 5,163 in H1
2025, mainly in EMEA and the UK. We continued to reallocate resources into
markets where we saw an improvement in activity levels.
Relevant strategic objective: Sustainable growth.
Net cash How measured: Cash and short-term deposits.
Why it's important: The level of cash reflects our cash generation and
conversion capabilities and our success in managing our working capital. It
determines our ability to reinvest in the business, to return cash to
shareholders and to ensure we remain financially robust through cycles.
How we performed in H1 2025: Net cash at 30 June 2025 was £10.8m (H1 2024:
£57.2m). This is after the payment of the 2024 final dividend of £36.9m, one
off costs of c. £13m and the purchase of shares into the Employee Benefit
Trust of £8.3m (H1 2024: £13.2m).
Relevant strategic objective: Sustainable growth.
The source of data and calculation methods year-on-year are on a consistent
basis. The movements in KPIs are in line with expectations. Disclosures for
GHG emissions and People KPIs are provided annually.
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's strategy are
subject to a number of risks.
The main risks that PageGroup believes could potentially impact the Group's
operating and financial performance for the remainder of the financial year
remain those as set out in the Annual Report and Accounts for the year ending
31 December 2024 on pages 57 to 64.
TREASURY MANAGEMENT, BANK FACILITIES AND CURRENCY RISK
The Group operates a multi-currency cash concentration arrangement managed by
the centralised Treasury function in London. 79% of the Group by revenue
participates in this arrangement. This arrangement facilitates interest
compensation for cash whilst supporting working capital requirements.
The Group maintains a Confidential Invoice Facility with HSBC whereby the
Group has the option to discount receivables in order to advance cash. The
Group also has an £80m Committed Revolving Credit Facility (RCF) with HSBC
and BBVA, expiring in December 2027. These facilities are available for
general corporate purposes. As at 30 June 2025, £10.0m was drawn down under
the RCF, and £13.0m under our UK trade debtor discounting facility.
The main functional currencies of the Group are Sterling, Euro, Chinese
Renminbi, US Dollar, Swiss Franc, Singapore Dollar, Hong Kong Dollar and
Australian Dollar. The Group does not have material transactional currency
exposures. The Group is exposed to foreign currency translation differences in
accounting for its overseas operations. The Group's policy is not to hedge the
translation exposure of the profits of overseas subsidiaries.
The Group may use short-dated foreign exchange derivatives to manage the
foreign currency transaction exposures in the business. The main exposures
arise from intercompany balances and transactions.
ESG
At PageGroup, we want to be the best in recruitment at driving a sustainable
future for our business and our world. Our sustainability strategy and targets
set out how we aim to achieve that. In April 2025, we published our annual
sustainability spotlight report, highlighting the progress we made on our four
sustainability goals over the course of 2024. This included:
· Changing 136,816 lives in 2024 through placements and social impact
programmes
· Increasing the proportion of women in leadership roles to 46%
· Decreasing our scope 1 & 2 emissions by 23% vs 2023
· Increasing net fees from our sustainability business by 2% vs 2023
H1 2025 has delivered continued progress against key targets. We have expanded
our global partnership with Generation, a global nonprofit organisation that
trains and places adults into careers that would otherwise be inaccessible.
Our People have volunteered their skills to Generation programmes in ten
countries and have reached over 1,200 learners this year alone. We also
launched a mentoring programme, with our first cohort of five Generation
mentees being mentored by Page leaders, including our Chief People Officer.
For further information on our sustainability efforts, please refer to
https://www.page.com/sustainability (https://www.page.com/sustainability) .
GOING CONCERN
The Board has undertaken a review of the Group's forecasts and associated
risks and sensitivities, in the period from the date of approval of the
interim financial statements to August 2026 (review period).
Debt facilities relevant to the review period comprise a committed £80m RCF
maturing December 2027, an uncommitted UK trade debtor discounting facility
(up to £50m depending on debtor levels) and an uncommitted £20m UK bank
overdraft facility.
The Group had net cash of £10.8m as at 30 June 2025. Net cash included cash
of £33.8m, partially offset by borrowings of £10.0m under the RCF, and
borrowings of £13.0m under our UK trade debtor discounting facility. The
Group had no other debt except for IFRS 16 lease liabilities of £142.9m. The
forecast cash flows, which assumes repayment of borrowings, indicate that the
Group will comply with all relevant banking covenants during the review
period.
Despite the current trading position, macro-economic and political uncertainty
that currently exists, and its inherent risk and impact on the business, based
on the modelling of a sustained loss of business arising from a further
worsening of the macro-economic environment, when considering mitigating
actions available to the Group, there are no plausible downside scenarios that
the Board believes would cause a liquidity or covenant compliance issue.
Having considered the Group's forecasts, the level of borrowing facilities
available to the business, the Group's geographical and discipline
diversification, limited concentration risk, as well as the ability to manage
the cost base and discretionary cashflows, the Board has concluded that the
Group has adequate resources to continue in operation, meet its liabilities as
they fall due, retain sufficient available cash and not breach the covenants
under the RCF for the period through to August 2026.
CAUTIONARY STATEMENT
This Interim Management Report ("IMR") has been prepared solely to provide
additional information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. The IMR should not be relied on
by any other party or for any other purpose. This IMR contains certain
forward-looking statements. These statements are made by the directors in good
faith based on the information available to them up to the time of their
approval of this report and such statements should be treated with caution due
to the inherent uncertainties, including both economic and business risk
factors, underlying any such forward-looking information.
This IMR has been prepared for the Group as a whole and therefore gives
greater emphasis to those matters that are significant to PageGroup plc and
its subsidiary undertakings when viewed as a whole.
Bourne Business Park,
200 Dashwood Lang Road,
Addlestone,
Surrey,
KT15 2NX
By order of the Board,
Nicholas Kirk Kelvin Stagg
Chief Executive Officer Chief Financial Officer
11 August 2025 11 August 2025
PageGroup will host a conference call, with on-line slide presentation, for
analysts and investors at 8.30am on 12 August 2025, the details of which are
below:
https://www.investis-live.com/pagegroup/688797375467670031ff634e/dgwga
Please use the following dial-in number to join the conference:
United Kingdom (Local) 020 3936 2999
All other locations +44 20 3936 2999
Please quote participant access code 28 09 62 to gain access to the call.
A presentation and recording to accompany the call will be posted on the
PageGroup website during the course of the morning of 12 August 2025 at:
https://www.page.com/presentations/year/2024
(https://www.page.com/presentations/year/2024)
Enquiries:
PageGroup +44 (0)19 3226 4032
Nicholas Kirk, Chief Executive Officer
Kelvin Stagg, Chief Financial Officer
FTI Consulting +44 (0)20 3727 1340
Richard Mountain / Susanne Yule
INDEPENDENT REVIEW REPORT TO PAGEGROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025 which comprises the Condensed Consolidated Income Statement, the
Condensed Consolidated Statement of Comprehensive Income, the Condensed
Consolidated Balance Sheet, the Condensed Consolidated Statement of Changes in
Equity, the Condensed Consolidated Statement of Cash Flows and the related
notes 1 to 13. We have read the other information contained in the half yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
11 August 2025
Condensed Consolidated Income Statement
For the six months ended 30 June 2025
Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 3 798,426 897,959 1,738,937
Cost of sales (408,769) (453,818) (896,351)
Gross profit 3 389,657 444,141 842,586
Administrative expenses (387,530) (415,728) (790,137)
Operating profit 3 2,127 28,413 52,449
Financial income 4 697 908 2,170
Financial expenses 4 (2,591) (1,606) (5,492)
Profit before tax 233 27,715 49,127
Income tax expense 5 (87) (10,939) (20,684)
Profit for the period 146 16,776 28,443
Attributable to:
Owners of the parent 146 16,776 28,443
Earnings per share
Basic earnings per share (pence) 8 0.0 5.3 9.1
Diluted earnings per share (pence) 8 0.0 5.3 9.0
The above results all relate to continuing operations
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period 146 16,776 28,443
Other comprehensive (expense)/income for the period
Items that may subsequently be reclassified to profit and loss:
Currency translation differences (1,464) (4,069) (10,101)
Items that may not subsequently be reclassified to profit and loss:
Actuarial loss on retirement benefits - - (352)
Deferred tax from actuarial loss on retirement benefits - - 88
Total comprehensive (expense)/income for the period (1,318) 12,707 18,078
Attributable to:
Owners of the parent (1,318) 12,707 18,078
Condensed Consolidated Balance Sheet
As at 30 June 2025
30 June 31 December
30 June
2025 2024 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 9 45,912 46,529 45,811
Right-of-use assets 129,445 99,327 120,711
Intangible assets - Goodwill and other intangible 1,776 1,802 1,738
- Computer software 18,041 25,475 21,916
Deferred tax assets 22,288 17,163 18,127
Other receivables 10 13,876 13,031 13,164
231,338 203,327 221,467
Current assets
Trade and other receivables 10 325,704 358,218 315,257
Current tax receivable 24,378 22,888 18,023
Cash and cash equivalents 13 33,835 57,249 95,348
383,917 438,355 428,628
Total assets 3 615,255 641,682 650,095
Current liabilities
Trade and other payables 11 (216,737) (231,528) (229,460)
Borrowings (13,034) - -
Provisions 12 (3,631) (3,852) (2,653)
Lease liabilities (33,644) (31,871) (33,418)
Current tax payable (1,348) (6,892) (3,189)
(268,394) (274,143) (268,720)
Net current assets 115,523 164,212 159,908
Non-current liabilities
Borrowings (10,000) - -
Other payables 11 (7,504) (8,410) (10,426)
Lease liabilities (109,227) (78,697) (103,372)
Deferred tax liabilities (609) (2,342) (609)
Provisions 12 (2,529) (4,092) (4,559)
(129,869) (93,541) (118,966)
Total liabilities 3 (398,263) (367,684) (387,686)
Net assets 216,992 273,998 262,409
Capital and reserves
Called-up share capital 3,286 3,286 3,286
Share premium 99,564 99,564 99,564
Capital redemption reserve 932 932 932
Reserve for shares held in the employee benefit trust (79,265) (75,498) (75,391)
Currency translation reserve 7,630 15,916 9,162
Retained earnings 184,845 229,798 224,856
Total equity 216,992 273,998 262,409
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
Reserve
for shares
Called-up Capital held in the Currency
share Share redemption employee translation Retained Total
capital premium reserve benefit trust reserve earnings equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 3,286 99,564 932 (66,813) 19,985 249,534 306,488
Currency translation differences - - - - (4,069) - (4,069)
Net expense recognised directly in equity - - - - (4,069) - (4,069)
Profit for the six months ended 30 June 2024 - - - - - 16,776 16,776
Total comprehensive (expense)/income for the period - - - - (4,069) 16,776 12,707
Purchase of shares held in the employee benefit trust - - - (13,161) - - (13,161)
Exercise of share plans - - - - - 453 453
Reserve transfer when shares held in the employee benefit trust vest - - - 4,476 - (4,476) -
Credit in respect of share schemes - - - - - 2,931 2,931
Debit in respect of tax on share schemes - - - - - (209) (209)
Dividends - - - - - (35,211) (35,211)
- - - (8,685) - (36,512) (45,197)
Balance at 30 June 2024 3,286 99,564 932 (75,498) 15,916 229,798 273,998
Currency translation differences - - - - (6,754) 722 (6,032)
Actuarial expense on retirement benefits net of tax - - - - - (264) (264)
Net (expense)/income recognised directly in equity - - - - (6,754) 458 (6,296)
Profit for the six months ended 31 December 2024 - - - - - 11,667 11,667
Total comprehensive (expense)/income for the period - - - - (6,754) 12,125 5,371
Purchase of shares held in the employee benefit trust - - - - - - -
Exercise of share plans - - - - - 80 80
Reserve transfer when shares held in the employee benefit trust vest - - - 107 - (107) -
Debit in respect of share schemes - - - - - (411) (411)
Credit in respect of tax on share schemes - - - - - 164 164
Dividends - - - - - (16,793) (16,793)
- - - 107 - (17,067) (16,960)
Balance at 31 December 2024 3,286 99,564 932 (75,391) 9,162 224,856 262,409
Balance at 1 January 2025 3,286 99,564 932 (75,391) 9,162 224,856 262,409
Currency translation differences - - - - (1,532) 68 (1,464)
Net (expense)/income recognised directly in equity - - - - (1,532) 68 (1,464)
Profit for the six months ended 30 June 2025 - - - - - 146 146
Total comprehensive (expense)/income for the period - - - - (1,532) 214 (1,318)
Purchase of shares held in employee benefit trust - - - (8,347) - - (8,347)
Exercise of share plans - - - - - 160 160
Reserve transfer when shares held in the employee benefit trust vest - - - 4,473 - (4,473) -
Credit in respect of share schemes - - - - - 936 936
Credit in respect of tax on share schemes - - - - - 31 31
Dividends - - - - - (36,879) (36,879)
- - - (3,874) - (40,225) (44,099)
Balance at 30 June 2025 3,286 99,564 932 (79,265) 7,630 184,845 216,992
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2025
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Profit before tax 233 27,715 49,127
Depreciation, amortisation charges and expense of computer software 28,946 30,019 62,924
(Profit)/loss on sale of property, plant and equipment (22) 258 1,053
Share scheme charges 1,479 2,931 2,687
Net finance costs 1,894 698 3,322
Operating cash flow before changes in working capital 32,530 61,621 119,113
(Increase)/decrease in receivables (9,012) 11,977 47,442
Decrease in payables (19,887) (24,378) (20,619)
Cash generated from operations 3,631 49,220 145,936
Income tax paid (12,939) (7,876) (19,281)
Net cash from operating activities (9,308) 41,344 126,655
Cash flows from investing activities
Purchases of property, plant and equipment (7,044) (8,047) (15,662)
Purchases and capitalisation of intangible assets (1,174) (1,034) (2,607)
Proceeds from the sale of property, plant and equipment, and computer software 1,141 1,714 2,364
Interest received 916 1,021 2,170
Net cash used in investing activities (6,161) (6,346) (13,735)
Cash flows from financing activities
Increase in borrowings 23,034 - -
Dividends paid (36,879) (35,211) (52,004)
Interest paid (287) (290) (833)
Lease liability repayment (23,269) (20,668) (40,630)
Issue of own shares for the exercise of options 160 453 533
Purchase of shares into the employee benefit trust (8,347) (13,161) (13,161)
Net cash used in financing activities (45,588) (68,877) (106,095)
Net (decrease)/increase in cash and cash equivalents (61,057) (33,879) 6,825
Cash and cash equivalents at the beginning of the period 95,348 90,138 90,138
Exchange (loss)/gain on cash and cash equivalents (456) 990 (1,615)
Cash and cash equivalents at the end of the period 13 33,835 57,249 95,348
Notes to the condensed set of interim results
For the six months ended 30 June 2025
1. General information
The information for the year ended 31 December 2024 does not constitute
statutory accounts as defined in section 435 of the Companies Act 2006. A copy
of the statutory accounts for that year has been delivered to the Registrar of
Companies. The auditors reported on those accounts: their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The unaudited interim condensed consolidated financial statements of PageGroup
plc and its subsidiaries (collectively, the Group) for the six months ended 30
June 2025 were authorised for issue in accordance with a resolution of the
directors on 11 August 2025.
2. Accounting policies
Basis of preparation
The unaudited interim condensed consolidated financial statements for the six
months ended 30 June 2025 have been prepared in accordance with UK adopted IAS
34 'Interim financial reporting' and with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
The unaudited interim condensed consolidated financial statements do not
constitute the Group's statutory financial statements. The Group's most
recent statutory financial statements, which comprise the annual report and
audited financial statements for the year ended 31 December 2024, were
approved by the directors on 5 March 2025. The interim condensed
consolidated financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 December 2024, which have
been prepared in accordance with UK-adopted international accounting standards
("IFRSs").
Going concern
The Board has undertaken a review of the Group's forecasts and associated
risks and sensitivities, in the period from the date of approval of the
interim financial statements to August 2026 (review period).
Debt facilities relevant to the review period comprise a committed £80m RCF
maturing December 2027, an uncommitted UK trade debtor discounting facility
(up to £50m depending on debtor levels) and an uncommitted £20m UK bank
overdraft facility.
The Group had net cash of £10.8m as at 30 June 2025. Net cash included cash
of £33.8m, partially offset by borrowings of £10.0m under the RCF, and
borrowings of £13.0m under our UK trade debtor discounting facility. The
Group had no other debt except for IFRS 16 lease liabilities of £142.9m. The
forecast cash flows, which assumes repayment of borrowings, indicate that the
Group will comply with all relevant banking covenants during the review
period.
Despite the current trading position, macro-economic and political uncertainty
that currently exists, and its inherent risk and impact on the business, based
on the modelling of a sustained loss of business arising from a further
worsening of the macro-economic environment, when considering mitigating
actions available to the Group, there are no plausible downside scenarios that
the Board believes would cause a liquidity or covenant compliance issue.
Having considered the Group's forecasts, the level of borrowing facilities
available to the business, the Group's geographical and discipline
diversification, limited concentration risk, as well as the ability to manage
the cost base and discretionary cashflows, the Board has concluded that the
Group has adequate resources to continue in operation, meet its liabilities as
they fall due, retain sufficient available cash and not breach the covenants
under the RCF for the period through to August 2026.
New accounting standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual consolidated financial statements for the
year ended 31 December 2024. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
IFRS 18 Presentation and disclosure in financial statements was issued in
April 2024 and becomes effective for periods commencing on or after 1 January
2027. The Group is currently assessing the impact of this standard.
3. Segment reporting
All revenues disclosed are derived from external customers.
The accounting policies of the reportable segments are the same as the Group's
accounting policies. Segment operating profit represents the profit earned by
each segment including allocation of central administration costs. This is the
measure reported to the Group's Board, the chief operating decision maker, for
the purpose of resource allocation and assessment of segment performance.
(a) Revenue, gross profit and operating profit/(loss) by
reportable segment
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 434,852 501,431 946,755 208,858 248,757 462,450
Asia Pacific 106,741 116,570 231,842 59,329 64,310 126,455
Americas 135,154 139,067 279,825 74,917 77,348 149,181
United Kingdom 121,679 140,891 280,515 46,553 53,726 104,500
798,426 897,959 1,738,937 389,657 444,141 842,586
Operating Profit/(Loss)
Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
EMEA 10,946 36,258 60,895
Asia Pacific (4,198) (4,765) (8,345)
Americas 2,414 4,375 6,949
United Kingdom (7,035) (7,455) (7,050)
Operating profit 2,127 28,413 52,449
Financial expense (1,894) (698) (3,322)
Profit before tax 233 27,715 49,127
The above analysis by destination is not materially different to analysis by
origin.
The analysis below is of the carrying amount of reportable segment assets,
liabilities and non-current assets. Segment assets and liabilities include
items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. The individual reportable segments exclude
current income tax assets and liabilities. Intangible assets include computer
software, goodwill and other intangibles.
(b) Segment assets, liabilities and non-current assets by
reportable segment
Total Assets Total Liabilities
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 280,781 303,767 287,233 219,587 212,825 216,982
Asia Pacific 80,130 83,543 77,088 42,054 52,943 52,470
Americas 94,665 93,434 96,260 45,794 41,840 49,330
United Kingdom 135,301 138,050 171,491 89,480 53,184 65,715
Segment assets/liabilities 590,877 618,794 632,072 396,915 360,792 384,497
Income tax 24,378 22,888 18,023 1,348 6,892 3,189
615,255 641,682 650,095 398,263 367,684 387,686
Property, Plant & Equipment Intangible Assets
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 18,214 17,220 16,607 1,930 1,959 1,889
Asia Pacific 3,799 4,811 4,295 8 21 13
Americas 5,958 5,411 6,710 8 5 9
United Kingdom 17,941 19,087 18,199 17,871 25,292 21,743
45,912 46,529 45,811 19,817 27,277 23,654
Right-of-use Assets Lease Liabilities
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 78,695 71,466 74,027 84,845 75,359 78,025
Asia Pacific 10,973 13,629 9,980 11,435 18,836 16,728
Americas 14,274 6,319 11,538 15,979 8,220 13,269
United Kingdom 25,503 7,913 25,166 30,612 8,153 28,768
129,445 99,327 120,711 142,871 110,568 136,790
The below analyses in notes (c) and (d) relates to the requirement of IFRS 15
to disclose disaggregated revenue streams.
(c) Revenue and gross profit generated from permanent and
temporary placements
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
Permanent 284,509 327,362 610,889 282,278 325,520 605,865
Temporary 513,917 570,597 1,128,048 107,379 118,621 236,721
798,426 897,959 1,738,937 389,657 444,141 842,586
(d) Revenue generated from permanent and temporary placements by
reportable segment
Permanent Temporary
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 139,154 170,230 310,496 295,698 331,201 636,259
Asia Pacific 50,863 55,034 107,768 55,878 61,536 124,074
Americas 61,636 62,943 121,903 73,518 76,124 157,922
United Kingdom 32,856 39,155 70,722 88,823 101,736 209,793
284,509 327,362 610,889 513,917 570,597 1,128,048
The below analyses in notes (e) revenue and gross profit by discipline (being
the professions of candidates placed) and (f) revenue and gross profit by
strategic market have been included as additional disclosure over and above
the requirements of IFRS 8 "Operating Segments".
(e) Revenue and gross profit by discipline
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
£'000 £'000 £'000 £'000 £'000 £'000
Accounting and Financial Services 292,628 339,339 656,048 134,439 145,664 280,564
Technology 128,235 148,692 278,896 46,546 58,602 107,152
Legal, HR, Secretarial and Other 121,149 134,358 267,805 59,232 71,067 135,858
Engineering, Property & Construction, Procurement & Supply Chain 182,649 193,021 379,407 98,002 110,712 208,932
Marketing, Sales and Retail 73,765 82,549 156,781 51,438 58,096 110,080
798,426 897,959 1,738,937 389,657 444,141 842,586
4. Financial income/(expense)
Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Financial income
Bank interest receivable 697 908 2,170
Financial expense
Bank interest payable (67) (177) (834)
Interest on lease liabilities (2,524) (1,429) (4,658)
(2,591) (1,606) (5,492)
5. Income tax expense
Taxation for the six month period is charged at 37.3% (six months ended 30
June 2024: 39.5%; year ended 31 December 2024: 42.1%), representing the best
estimate of the average annual effective tax rate expected for the full year
together with known prior year adjustments applied to the pre-tax income for
the six month period.
6. Dividends
Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2024 of 11.75p per ordinary 36,879 35,211 35,211
share (2023: 11.24p)
Interim dividend for the period ended 30 June 2024 of 5.36p per ordinary share - - 16,793
(2023: 5.13p)
36,879 35,211 52,004
Amounts proposed as distributions to equity holders in the period:
Proposed interim dividend for the period ended 30 June 2025 of 5.36p per 16,689 16,796
ordinary share (2024: 5.36p)
Proposed final dividend for the year ended 31 December 2024 of 11.75p per - - 36,803
ordinary share
The proposed interim dividend has not been approved by the Board at 30 June
2025 and therefore has not been included as a liability. The comparative
interim and special dividends at 30 June 2024 were also not recognised as a
liability in the prior period.
The proposed interim dividend of 5.36p (2024: 5.36p) per ordinary share will
be paid on 10 October 2025 to shareholders on the register at the close of
business on 29 August 2025.
7. Share-based payments
In accordance with IFRS 2 "Share-based Payment", a charge of £1.5m has been
recognised for share options and other share-based payment arrangements
(excluding social charges) (30 June 2024: £2.9m, 31 December 2024: £2.7m).
8. Earnings per ordinary share
The calculation of the basic and diluted earnings per share is based on the
following data:
Six months ended Year ended
30 June 30 June 31 December
Earnings 2025 2024 2024
Earnings for basic and diluted earnings per share (£'000) 146 16,776 28,443
Number of shares
Weighted average number of shares used for basic earnings per share ('000) 313,296 314,242 314,038
Dilution effect of share plans ('000) 978 1,173 1,068
Diluted weighted average number of shares used for diluted earnings per share 314,274 315,415 315,106
('000)
Basic earnings per share (pence) 0.0 5.3 9.1
Diluted earnings per share (pence) 0.0 5.3 9.0
The above results all relate to continuing operations.
9. Property, plant and equipment
Acquisitions
During the period ended 30 June 2025 the Group acquired property, plant and
equipment with a cost of £7.0m (30 June 2024: £8.0m).
10. Trade and other receivables
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Current
Trade receivables 217,719 244,200 234,948
Less allowance for expected credit losses (11,860) (11,599) (11,660)
Net trade receivables 205,859 232,601 223,288
Other receivables 5,800 6,645 8,404
Accrued income 90,299 93,132 68,716
Prepayments 23,746 25,840 14,849
325,704 358,218 315,257
Non-current
Other receivables 13,876 13,031 13,164
11. Trade and other payables
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Current
Trade payables 7,360 2,276 15,110
Other tax and social security 36,626 42,852 47,555
Other payables 19,799 19,702 37,111
Accruals 152,952 166,698 129,684
216,737 231,528 229,460
Non-current
Accruals 5,982 7,206 9,230
Other tax and social security 1,522 1,204 1,196
7,504 8,410 10,426
12. Provisions
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Dilapidations 4,815 6,099 6,275
NI on share schemes 405 1,953 728
Other 940 1,096 209
6,160 9,148 7,212
Current 3,631 3,852 2,653
Non-Current 2,529 4,092 4,559
6,160 7,944 7,212
13. Cash and cash equivalents
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Cash at bank and in hand 33,835 57,249 95,348
Short-term deposits - - -
Cash and cash equivalents 33,835 57,249 95,348
Cash and cash equivalents in the statement of cash flows 33,835 57,249 95,348
The Group operates a multi-currency cash concentration arrangement managed by
the centralised Treasury function in London. 79% of the Group by revenue
participates in this arrangement. This arrangement facilitates interest
compensation for cash whilst supporting working capital requirements.
The Group maintains a Confidential Invoice Facility with HSBC whereby the
Group has the option to discount facilities in order to advance cash of up to
£50m on its receivables, depending on debtor levels. The facility is used
only ad hoc in case the Group needs to fund any major GBP cash outflow. As at
30 June 2025, £13.0m (2024: Nil) was drawn down under this facility.
RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:-
a) the condensed set of interim financial statements has been prepared in
accordance with UK adopted IAS 34 "Interim Financial Reporting"
b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year); and
c) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
On behalf of the Board
N Kirk K Stagg
Chief Executive Officer Chief Financial Officer
11 August 2025 11 August 2025
Copies of the condensed interim financial statements are now available and can
be downloaded from the Company's website:
https://www.page.com/presentations/year/2025
(https://www.page.com/presentations/year/2025)
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