London · Delayed Price · Currency is GBP · Price in GBX Michael Page Earnings Call Transcripts
Fiscal Year 2026
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Q2 gross profit was GBP 197.6 million, down 0.2% year-over-year, with productivity per fee earner up 5%. Growth was seen in the Americas, Asia-Pacific, and Southern Europe, while France, Northern Europe, and the U.K. remained challenging. Operating profit for 2026 is expected to be in line with consensus at GBP 28 million.
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Q1 gross profit declined 4.9% year-over-year, but productivity per fee earner rose 2%. Americas and Asia-Pacific saw growth, while EMEA and the U.K. faced tougher conditions. Geopolitical risks and macroeconomic uncertainty continue to weigh on outlook.
Fiscal Year 2025
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Gross profit declined 7.6% year-over-year to GBP 769.5 million, with operating profit and EPS also down amid challenging market conditions. Strategic cost actions and resource reallocation are underway, with AI investments driving efficiency and a focus on higher-value segments.
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Q4 and full-year gross profit declined year-over-year, but productivity per fee earner improved and net cash remained strong. US and Asia showed growth, while Europe and UK faced ongoing challenges. 2025 profit is expected in line with consensus, with further cost savings and AI-driven efficiencies planned.
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Gross profit declined 6.7% year-over-year, with growth in the US and Asia offset by weakness in Europe and the UK. Productivity per fee earner rose 1%, and cost optimization is on track. The outlook remains cautious, but full-year operating profit is expected to meet consensus.
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H1 saw a resilient performance amid macro uncertainty, with gross profit down 9.7% and operating profit impacted by one-off restructuring costs. Early recovery signs in the U.S. and Asia are driven by improved offer-to-placement conversion, while Europe remains challenging.
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Q2 gross profit fell 10.5% year-over-year, with EMEA and tech segments under pressure, but growth in the U.S. and Asia. Full-year operating profit is expected to align with consensus, and restructuring is delivering cost benefits. Net cash is forecasted at £60–70m by year-end.
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Q1 gross profit declined 9.2% year-over-year amid challenging macroeconomic conditions, with resilience in temporary recruitment and standout growth in India and the U.S. Cost-saving initiatives and a strong balance sheet position the group for future opportunities, but no forward guidance is provided due to recent tariff-related uncertainty.
Fiscal Year 2024
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Challenging market conditions in 2024 led to declines in gross and operating profit, but robust activity and strategic cost reductions preserved productivity and cash flow. Dividend increased 4.5%, and investments in technology and AI continue to support long-term growth.
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Q4 and full-year gross profit declined 13% and 12.9% year-over-year, respectively, amid challenging market conditions, especially in Europe. Fee earner headcount was reduced, and 2024 operating profit is expected at the lower end of guidance after one-off costs.
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Q3 gross profit fell 13.5% year-over-year amid tough global markets, with temp recruitment more resilient than perm. Fee rates remain high, but offer turndown rates have doubled, and confidence is low. Full-year operating profit is expected to meet consensus at £58m.
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Gross profit and operating profit declined year-over-year amid challenging market conditions, but the group maintained a strong balance sheet and increased its interim dividend. Strategic investments in technology and cost savings support long-term growth, with 2024 operating profit expected around £60m.
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Q2 2024 gross profit fell 12% year-over-year, with broad-based market softness and June exit rate down 18%. Fee rates remain high, but offer rejection rates have risen to 30-33%. Full-year operating profit is now expected at £60m, with recovery delayed to 2025.