Page Group shares rise as labour market improves and recruiter predicts £135m profit
Recruiter Page Group shares jumped four per cent this morning after it reported strong second quarter trading and predicted a full year operating profit of up to £135m.
The recruiter company reported an improvement in its profits in the second quarter with gross profit up two per cent, in the three months to 30 June, compared to 2019, bringing it to £219.7m.
Page Group, which operates in 36 countries, continued to compare their results to 2019 to take into consideration the impact of the pandemic.
Demand has started to pick up around the world, it said.
Chief executive Steve Ingham, said “at this stage of the recovery, it is not easy to determine whether the improved performance is still the result of pent-up supply and demand, or a sustainable trend.”
He added that the strong performance gave the group reason for a confident outlook and it expects full year operating profit to be between £125-£135m.
“PageGroup’s latest results suggest there is a serious hiring spree going on around the world, perhaps a mixture of reactivating jobs that were lost in the pandemic and companies feeling more confident to invest in the future,” Russ Mould, an investment director at AJ Bell, told ShareCast.
Shares are currently trading hands at around 593p per share.