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PageGroup hires 300 experienced fee earners but cuts 169 roles

Published: 07:50 14 Oct 2020 BST

PageGroup - PageGroup hires 300 experienced fee earners but cuts 169 roles

PageGroup PLC (LON:PAGE) said it saw an unprecedented level of interest to join the company so it hired 300 experienced fee earners coming from its competitors.

The recruiter had let go 531 fee earners in the second quarter and another 169 in the quarter to September 30, despite hiring new people.

READ: PageGroup knocked down to ‘hold’ by Liberum amid low visibility

The FTSE 250 firm said the majority of those who were made redundant were recent joiners or on performance review.

In the third quarter, gross profit tumbled 32% to £143mln, with permanent recruitment down 36% and temporary recruitment down 26%. The period ended with £152mln of net cash.

“The improving trading conditions resulted in the group making a small profit in the quarter, despite an increase in our cost base over the second quarter as we returned staff from furlough and to full pay from July 1,” noted chief executive Steve Ingham in a statement.

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