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06 October 2021
PageGroup plc, a UK-based recruiting company active in the US, reported a third quarter gross margin up 65.4% year-on-year in constant currencies. He also noted that the third quarter gross margin was up 12.9% from the third quarter of 2019.
CEO Steve Ingham said gross profit growth rates in July and August were lower than the company saw in June. However, September’s gross margin jumped from 2019.
“We ended the quarter strongly with September up 26% from 2019 compared to July and August, up 4% and 9% respectively from 2019,†Ingham said. “This significant improvement and record third quarter performance was observed across the Group and was achieved despite the context of continued restrictions or blockages in many of our markets. “
3rd quarter gross profit
| (millions of pounds sterling) | 2021 | 2020 | 2019 | % change from 2020 | % change at constant exchange rate compared to 2020 | % change at constant exchange rate compared to 2019 | 2020 (in thousands of US dollars) |
| EMEA | £ 105.9 | £ 76.5 | £ 101.6 | 38.3% | 45.8% | 9.9% | $ 143 |
| Asia Pacific | £ 48.9 | £ 30.3 | £ 44.1 | 61.8% | 68.2% | 20.4% | $ 66 |
| Americas | £ 39.1 | £ 19.1 | £ 37.3 | 104.2% | 113.4% | 24.6% | $ 53 |
| UK | £ 34.2 | £ 17.6 | £ 33.8 | 94.3% | 94.3% | 1.3% | $ 46 |
| Total | £ 228.1 | £ 143.5 | £ 216.8 | 58.9% | 65.4% | 12.9% | $ 308 |
The United States is included in the Americas segment of PageGroup. US gross margin increased 28% at constant currency in the third quarter compared to the third quarter of 2019. Compared to the third quarter of 2020, the US gross margin increased 111%.
Ingham noted on a conference call with analysts that September is traditionally a strong month, as are March and June.
For more information on PageGroup’s third quarter gross margin update, please see our European edition.
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