Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- PageGroup plc shares fell 3.7% on Tuesday after the recruiter reported a steep decline in first-half pre-tax profit to £0.2 million from £27.7 million a year earlier, with weaker hiring demand and restructuring costs weighing on results.
Revenue for the six months ended June 30 fell to £798.4 million from £898.0 million. Gross profit dropped to £389.7 million from £444.1 million. Operating profit declined to £2.1 million from £28.4 million. Basic and diluted earnings per share were 0.0 pence, compared with 5.3 pence in the first half of 2024.
The company booked about £13 million in one-off costs during the period, mainly from restructuring and transformation measures. Excluding these, underlying operating profit was about £15 million.
Analysts at Jefferies said the operating profit was slightly ahead of their forecast for a £3 million loss but below the consensus estimate of £11.5 million. By region, Jefferies said EMEA delivered operating profit of £10.9 million, ahead of its forecast, while the Americas, Asia Pacific and UK all came in below or in line with estimates.
Net cash was £10.8 million at the end of June, down from £57.2 million a year earlier. The board declared an interim dividend of 5.36 pence per share, unchanged from last year, payable Oct. 10 to shareholders on the register Aug. 29.