PageGroup warns of slowdown as profits hit £270.5m
Recruitment giant PageGroup warned it had seen a “slight softening” in employers’ confidence today as it reported a 14 per cent jump in profits the third quarter of the year.
In a trading update today, gross profits at the group came in at £270.5m after a 22.1 per cent surge across its business in EMEA, led by a 29 per cent in its Germany division.
Chief Steve Ingham said the firm saw “strong growth” in the quarter across its regions but said jobs had begun to be withdrawn at the end of the period as the economic picture deteriorated.
“We delivered a good broad-based performance across the majority of our geographies, disciplines and brands, with record performances in nine countries despite the typically slower summer months,” he said in a statement today.
“We exited the quarter strongly, delivering our third month of gross profit in excess of £100m, albeit aided by the strengthening of the Dollar.”
“Temporary recruitment outperformed permanent, as clients looked for more flexibility in their resourcing and cost base, reflecting the current economic uncertainty,” he added.
The firm’s greater China unit, which makes up around six per cent of the group, was hit by a slowdown however as covid lockdowns hampered the jobs market. Profits slumped 26 per cent in the quarter which dragged down APAC performance by 3.9 per cent.