Gross Profit and Scale
Group gross profit of GBP 769.5m in 2025, demonstrating scale despite a 7.6% decline in constant currencies versus 2024.
Regional Growth Pockets (U.S. and Asia Pacific)
Return to growth in the U.S. and improved conditions in Asia Pacific in H2 2025, driven by a gradual normalization of offer-to-placement conversion in those markets.
Enterprise Solutions Momentum
Enterprise Solutions generated 12% more gross profit from the largest 20 clients versus record 2022 and the outsourcing business grew 18% in 2025, delivering a record performance.
Page Executive Resilience and Pricing
Page Executive gross profit down just 2% against a strong comparator; median placement salary and median fee increased, reflecting success in higher-value senior placements.
Technology Discipline Performance
Technology remains the second largest discipline at 12% of group gross profit with resilient non-permanent recruitment, record performance in India and good growth in the U.S., Colombia, Greater China and Japan.
Customer Experience and Social Impact
Net Promoter Score rose to 66 (exceeding the >60 target) and the group changed over 140,000 lives in 2025 (over 790,000 since 2020), showing strong progress on non-financial strategic goals.
Productivity and AI Gains
AI initiatives updated over 7 million candidate records (saving the equivalent of ~2,500 working days); job ad generator produced 48% more applications per job and doubled shortlist rates versus manual adverts; AI-powered lead generation and Copilot tools deployed to improve consultant productivity.
Cost Actions and Future Savings
One-off restructuring costs of ~GBP 15m were recorded in 2025 to simplify management and support functions; these actions are expected to deliver annualized savings of ~GBP 15m from 2026.
Balance Sheet and Capital Allocation
Net cash of GBP 31.4m at year-end; trade and other receivables reduced to GBP 317m (down GBP 11.4m vs 2024). Continued capital allocation framework prioritizing operations, ordinary dividends and supplementary returns.