We trim our target price slightly on this update, despite the ongoing progress, given current valuations. The impact that tightening economic conditions can have on the bottom line, however, means the shares remain a Hold. Page remains the best franchise to play the recruitment cycle in our view.
HENRY CARVER | PEEL HUNT
First-half net fee income was slightly ahead of expectations. However, as a result of continued investment in further growth, we expect full-year profits to be in line. We maintain our Hold recommendation. We also note the departure of the finance director, who is very well regarded.
JOHN CUMMINS | ALTIUM
Management highlight significant investment plans which are expected to leave the full year outturn “broadly” in line with current consensus earnings before tax. We are likely to leave our estimates for full year unchanged at £114.9m and continue to see upside risk. But Michael Page continues to be our staffing pick.