The specialist recruiter's operating profit dropped 60% in 2025 as hiring markets remained weak in Europe and the UK
Shares in PageGroup PLC (LSE:PAGE), the specialist professional recruitment company, fell 19% to 144.2p on Thursday after the group reported a sharp decline in annual profits amid prolonged weakness in its European and UK markets.
Operating profit slumped 60.2% to £20.9m for the year ended 31 December 2025, down from £52.4m a year earlier, though the result was in line with the company's own guidance.
Revenue fell 8.2% to £1,596.6m, while gross profit dropped 8.7% to £769.5m.
The conversion rate, which measures operating profit as a percentage of gross profit, collapsed to 2.7% from 6.2% in 2024.
Basic earnings per share fell 68.1% to 2.9p, and the proposed final dividend was cut to 3.21p per share from 11.75p the previous year.
The company reduced its fee-earning headcount by 402, or 7.5%, ending the year with total staff of 6,820.
Chief executive Nicholas Kirk said the conversion of interviews to accepted job offers remained the biggest challenge, with macroeconomic uncertainty undermining confidence among both candidates and employers and extending the time it takes to fill roles.
Kirk said the group continued to grow in the United States and saw improving conditions across Asia Pacific, particularly in the second half of the year.
Net cash stood at £31.4m, down from £95.3m at the end of 2024, after £53.6m in dividends were paid during the year.