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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:
Up 587.00p
Change Today:
8.00p
Market Cap:
1,928.99m
Sector:
Support Services

PageGroup slashes costs as profits plunge in second quarter

By Josh White

Date: Thursday 09 Jul 2020

LONDON (ShareCast) - (Sharecast News) - PageGroup reported a 47.6% fall in group gross profit in its second quarter update on Thursday, with large, "high potential" markets, which make up 38% of the group, falling 42%.
The FTSE 250 company said its Europe, Middle East and Africa geography was 42.9% lower in terms of gross profit for the three months ended 30 June, with France down 52% and Germany 20% weaker.

Its Asia Pacific region was off 41.7%, with Greater China losing 41%, south east Asia down 35%, and Australia 53% weaker.

The Americas geography lost 55% in the second quarter, with the US sliding 49% and Latin America 63% weaker, while in the UK, PageGroup's gross profit was down 61.5%, with the Michael Page operation 60% lower and Page Personnel losing 65%.

PageGroup said it was in a "strong" cash position, with around 156m of net cash at the end of June, up from 83m at the end of the first quarter, with a cost base reduction of about 21% achieved in the second quarter, as it forecast in April.

The company said it was "protecting" its platform to take advantage of the eventual recovery, adding that it was gradually opening its offices, bringing back staff from furlough and returning all employees to full pay.

A 12-month covenant waiver had been agreed on its revolving credit facility with BBVA, and approval was received for the Bank of England's Covid Corporate Finance Facility (CCFF), with a maximum facility of 300m.

"PageGroup has a deep core of engaged and motivated employees and we will continue to support them and look to add expertise over the coming months and years," said chief executive officer Steve Ingham.

"We know the future remains unpredictable, but we believe now is the right time to start reinvesting in our flexible and highly diversified business model.

"Having weathered a particularly challenging second quarter, we now look forward to driving improved activity and gross profit through the second half."

At 0851 BST, shares in PageGroup were up 0.53% at 381.2p.

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Pagegroup Market Data

Currency UK Pounds
Price 587.00p
Change Today 8.00p
52 Week High 614.50p
52 Week Low 350.00p
Volume 862,147
Shares Issued 328.62m
Market Cap 1,928.99m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 5
Sell 0
Strong Sell 2
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 22-Jun-2021

Time Volume / Share Price
17:00 19,795 @ 585.25p
17:00 23,705 @ 585.25p
16:44 112,145 @ 578.69p
16:37 30,000 @ 587.00p
16:37 30,000 @ 587.00p

Pagegroup Key Personnel

CEO Stephen Ingham
CFO Kelvin Stagg