PageGroup CEO to take leave of absence after suffering severe back injury in skiing accident
The recruitment firm will be led by chief financial officer, Kelvin Stagg, during the chief executive's absence
Company
LON:PAGE
PageGroup PLC, formerly Michael Page International, is a professional recruitment consultant, specialising in the placement of candidates in permanent, contract, temporary and interim positions with clients. Established in 1976, Michael Page has expanded over the past 30 years and now operates through 166 offices in 28 countries worldwide and 5,052 employees worldwide.
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The recruitment firm will be led by chief financial officer, Kelvin Stagg, during the chief executive's absence
“Our flexible and diversified business model ensures that we are able to respond quickly to changes in market conditions," said chief executive Steve Ingham
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Footsie closed at 7,196 - up 12.57 points, while FTSE 250 finished in the red - down around 83 at 198,359
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While the insurer is scheduled to report its finals, the figures may be overshadowed by the new head of its investment management arm Michelle Scrimgeor
HSBC cut its target price and 2019 earnings estimate for PageGroup to reflect a slowdown in France and China
PageGroup maintained its guidance for 2018 operating profit and said it was well placed to respond quickly to changes in market conditions
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Aside from the Brexit merry-go-round, the Week Ahead will bring UK inflation and retail sales numbers, plus updates from the likes of AB Foods, Persimmon, Bovis Homes, and Whitbread
Credit Suisse raised its rating on Pagegroup to ‘outperform’ from ‘neutral’ but cut its target price to 575p from 600p
The UK, which has seen a slowdown in the recruitment market due Brexit uncertainty, delivered a 0.8% increase in gross profit in the third quarter
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The day ahead includes trading updates from Marston's and PageGroup
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The week ahead sees updates from N Brown, WH Smith, Hays, PageGroup, Greggs, RPC Group and Marston's
PageGroup said it continues to face challenges including Brexit, tough trading in Catalonia and the upcoming elections in Latin America
Investments and investor services
Sterling's fall was good news for the Footsie's many big dollar earners
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Away from the banks, the financial sector will still be at the forefront of the market's mind as Prudential and Paddy Power Betfair prepare to release interim results
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Aside from HSBC's numbers, Prudential, L&G, Standard Life Aberdeen, and Hargreaves Lansdown are all on the results docket in the coming week
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The day ahead includes trading updates from Hays and Experian
“We expect to see a gradual slowdown in top-line growth,” Kepler said as it cut its rating on PageGroup to 'hold' from 'buy'.
The UK blue chip index dropped 100 points after the US said it was ready to impose tariffs on an extra US$200bn worth of Chinese goods
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The pub chain will be hoping to mitigate any potential drink shortages as the warm weather and England's World Cup performance drive up customer numbers
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Aside from M&S and ASOS, the week ahead will also bring trading updates from the likes of Ocado, Burberry, Barratt Development, Experian, and JD Wetherspoon