August 08, 2022
PageGroup plc, a UK-based recruitment company with global operations, reported revenue up 28.1% year-on-year in constant currency in the first six months of the year. year to June 30.
“This performance was achieved despite the backdrop of macroeconomic and geopolitical uncertainty as well as continued Covid-19 restrictions in certain markets,” CEO Steve Ingham said.
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Ingham noted that gross profit per employee – the company’s measure of productivity – rose 9.2% year-over-year in the first half. It reached an all-time high of £82.8 million (US$100.7 million).
“The group continued to benefit from favorable business conditions, including wage inflation and increased fee rates resulting from high demand and shortage of candidates, in addition to a shorter time to hire. facilitated by video interviews and investments in new systems,” he said. said.
PageGroup’s total workforce increased by 10.6% to 8,668 at the end of June.
Revenue by geographic area
PageGroup reported that Americas gross profit rose 44.1% in constant currency to £94.2 million ($114.5 million) in the first half.
Looking at the company’s US operations alone, gross profit rose 43%. Real estate and construction, PageGroup’s largest discipline in the US, rose 53%.
In addition, the United States has also seen strong growth in technology, healthcare and life sciences, according to the company.
“Looking ahead, we recognize the heightened degree of global macroeconomic and geopolitical uncertainty, particularly with respect to rising inflation around the world,” Ingham said. “In July, we noted a slight slowdown in the time-to-hire in some of our markets, and we continue to closely monitor our forward-looking KPIs.”
Full-year 2022 operating profit expectations remain at £206 million ($248.5 million).
Stock price and market capitalization
Shares of PageGroup closed down 7.22% at £419.00 (US$505.47) in London today; shares were 8.55% above their 52-week low, according to FT.com. The company had a market capitalization of £1.48 billion (US$1.79 billion).