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Prices & Quotes - UK Markets - Pagegroup (PAGE)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 588.50p
Change Today:
-16.50p
Market Cap:
1,933.92m
Sector:
Support Services

Robert Walters FY profit seen flat as Brexit, trade worries dent performance

By Michele Maatouk

Date: Tuesday 08 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Recruiter Robert Walters posted a rise in overall third-quarter profit on Tuesday but a drop in UK profit amid Brexit uncertainty, as it warned that its full-year performance would be flat.
In the quarter to 30 September, group net fee income rose 4% to 105.6m, with gross profit in Asia Pacific and Europe up 9% and 10% to 44.8m and 26.9m, respectively. Other international saw profit grow 18% to 9.2m, but profit in the UK was down 11% at 24.8m.

The company took a hit from Brexit-related uncertainty, the trade spat between the US and China, protests in Hong Kong and the impact of the gilets jaunes protests in France, all of which mean that full-year pre-tax profit is now expected to be in line with the previous year.

Chief executive Robert Walters said: "Whilst visibility is limited, the group's international footprint and diverse blend of revenue streams covering permanent, contract, interim and recruitment process outsourcing ensures we are well positioned to respond to any market opportunities as and when they arise whilst also having the agility to closely manage our cost base."

Also on Tuesday, FTSE 250 recruiter PageGroup warned over its annual profits, citing slow German growth, Brexit, the Sino-US trade war and the Hong Kong protests.

At 0910 BST, Robert Walters shares were down 6.3% at 459p.

Russ Mould, investment director at AJ Bell, said the fact that PageGroup and Robert Walters have both warned about major headwinds in the recruitment space and reported a big slowdown in earnings growth shouldn't be a surprise.

"The large amount of gloomy economic data including deteriorating purchasing managers' indices should give you some very strong clues about corporate confidence. Companies presented with a negative backdrop will think hard about their spending and that includes staff costs.

"The first step in a bleak situation is to normally hold off from replacing any staff who have moved on to another job. The second step is to make actual job cuts and it feels like we may be seeing the first small signs of the latter given talk of HSBC slashing 10,000 positions, HP reducing up to 16% of its workforce and British American Tobacco cutting 2,300 jobs.

"While PageGroup and Robert Walters are global businesses, they've both reported shocking numbers for the UK with declining profit. Brexit must be to blame as companies avoid making decisions on recruitment amid all the uncertainty. PageGroup has also flagged weaker confidence in China because of the trade war with the US and social unrest in Hong Kong."



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Pagegroup Market Data

Currency UK Pounds
Price 588.50p
Change Today -16.50p
52 Week High 614.50p
52 Week Low 350.00p
Volume 254,227
Shares Issued 328.62m
Market Cap 1,933.92m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 6
Sell 0
Strong Sell 1
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Pagegroup Dividends

  Latest Previous
  Special Interim
Ex-Div 05-Sep-19 05-Sep-19
Paid 09-Oct-19 09-Oct-19
Amount 12.73p 4.30p

Trades for 15-Jun-2021

Time Volume / Share Price
11:08 40 @ 588.50p
11:08 640 @ 588.50p
11:08 71 @ 588.50p
11:08 292 @ 588.50p
11:07 71 @ 589.00p

Pagegroup Key Personnel

CEO Stephen Ingham
CFO Kelvin Stagg