PageGroup PLC (GB:PAGE)
LSE:PAGE
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PageGroup
(LSE:PAGE)
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Rating:48Neutral
Price Target:
134.00 p
â–¼(-42.64% Downside)
Action:ReiteratedDate:03/06/26
The score is held down primarily by materially weaker financial performance (contracting revenue, sharply lower earnings, and weaker 2025 cash flow) and bearish technicals with the stock trading well below key moving averages. Offsetting factors are limited to medium-term cost-savings/productivity initiatives discussed on the earnings call and a high dividend yield, though valuation is pressured by an extremely high P/E.
Positive Factors
Scale and gross profit
Maintaining c.£770m gross profit shows durable scale across brands and geographies. Scale supports fixed-cost absorption, cross-selling and pricing leverage over time, enabling recovery in margins and profits when demand normalises and preserving competitive market position.
Negative Factors
Prolonged revenue and earnings decline
Two consecutive years of revenue contraction and a dramatic earnings fall signal a meaningful earnings-cycle deterioration. Persistently lower profitability limits reinvestment capacity, pressures returns on capital and raises the bar for the company to rebuild margins without sustained demand recovery or material structural change.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and gross profit
Maintaining c.£770m gross profit shows durable scale across brands and geographies. Scale supports fixed-cost absorption, cross-selling and pricing leverage over time, enabling recovery in margins and profits when demand normalises and preserving competitive market position.
Read all positive factors
PageGroup (PAGE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£426.99M
Dividend Yield7.58%
Average Volume (3M)643.34K
Price to Earnings (P/E)81.5
Beta (1Y)1.51
Revenue Growth-12.54%
EPS Growth-76.55%
CountryUK
Employees7,361
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding328,618,770
10 Day Avg. Volume802,367
30 Day Avg. Volume643,341
Financial Highlights & Ratios
PEG Ratio-1.19
Price to Book (P/B)3.43
Price to Sales (P/S)0.46
P/FCF Ratio18.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£238.33Price Target Upside2.03% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.07
Revenue Forecast (FY)£1.52B
PageGroup Business Overview & Revenue Model
Company Description
PageGroup plc, together with its subsidiaries, provides recruitment consultancy and other ancillary services in the United Kingdom, rest of Europe, the Middle East, Africa, the Asia Pacific, and the Americas. The company offers executive search se...
How the Company Makes Money
PageGroup primarily makes money by earning recruitment fees from client organizations when it successfully places candidates into roles. For permanent placements, revenue is typically generated as a one-off placement fee that is commonly calculate...
PageGroup Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Negative
The call presented a mixed picture: pockets of strong operational progress (U.S. recovery, Asia Pacific improvement, Enterprise Solutions and Page Executive resilience), meaningful productivity gains from AI, and a clear strategy with cost-savings expected from 2026. However, these positives were overshadowed by significant near-term financial deterioration — a ~60% drop in operating profit, a 7.6% decline in gross profit, depressed group conversion rates (2.7%) and negative underlying conversion in key regions, and a substantial reduction in net cash and net assets. The company is taking structural actions (restructuring, AI, reallocation to higher-value brands) that should benefit medium-term performance, but the short-term financial weakness and conversion challenges dominate the narrative.Positive Updates
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.
Negative Updates
Sharp Operating Profit Decline
Operating profit fell to GBP 20.9m from GBP 52.4m in 2024, a decline of ~60%, reflecting materially weaker profitability.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The call set out clear numeric guidance and targets: 2025 statutory results included gross profit £769.5m (‑7.6% cc), operating profit £20.9m (vs £52.4m), group conversion 2.7%, EPS 2.9p and net cash £31.4m, and the Board proposed a final dividend of 3.21p (interim 5.36p) totalling 8.57p; management flagged one‑off restructuring costs of ~£15m in 2025 (partially offset by ~£5m), delivering annualised savings of ~£15m from 2026; regional underlying conversion rates were EMEA 9.6% (from 13.2%), Americas 4.4%, Asia‑Pacific −1.4% and UK −8.7%; the 2025 tax charge was £7.2m (effective rate 44.4%) with an expected 2026 effective tax rate of ~35%; balance sheet and cash metrics included trade receivables £317m (‑£11.4m vs 2024), EBITDA inflow £81.8m, working capital increase £8.1m, tax & net interest £23.7m, net capex £11.4m (2025) with expected capex c.£10m in 2026 (c.£2m software, c.£8m fit‑out), lease payments £41.6m, shares into EBT £8.3m and dividends paid £53.6m (cash fell £63.9m to £31.4m); capital policy remains threefold (operate/invest, ordinary dividends growing at long‑term group rate, then supplementary returns), target running net cash lowered to c.£25m (facilities: £80m RCF, £50m invoice discount, £20m overdraft), and medium‑term strategic goals reiterated: £400m operating profit, changing 1m lives by 2030 (140k in 2025; 790k since 2020) and NPS >60 (achieved 66 in 2025); other productive KPIs cited included AI updates to >7m candidate records (saving ~2,500 working days) and job ads delivering 48% more applications and 2x shortlist rates.PageGroup Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.60B | 1.74B | 2.01B | 1.99B | 1.64B |
| Gross Profit | 769.52M | 842.59M | 1.01B | 1.08B | 877.72M |
| EBITDA | 20.86M | 117.54M | 187.83M | 257.77M | 222.53M |
| Net Income | 9.02M | 28.44M | 77.07M | 139.01M | 118.36M |
Balance Sheet | |||||
| Total Assets | 575.73M | 650.10M | 704.57M | 794.94M | 724.46M |
| Cash, Cash Equivalents and Short-Term Investments | 31.38M | 95.35M | 90.14M | 131.48M | 153.98M |
| Total Debt | 132.25M | 136.79M | 110.93M | 109.83M | 102.34M |
| Total Liabilities | 361.10M | 387.69M | 398.09M | 442.74M | 384.35M |
| Stockholders Equity | 214.63M | 262.41M | 306.49M | 352.20M | 340.11M |
Cash Flow | |||||
| Free Cash Flow | 40.10M | 110.99M | 121.63M | 152.99M | 120.32M |
| Operating Cash Flow | 50.06M | 126.66M | 153.01M | 184.66M | 148.69M |
| Investing Cash Flow | -11.38M | -13.73M | -28.56M | -29.59M | -25.73M |
| Financing Cash Flow | -103.51M | -106.09M | -156.76M | -183.53M | -131.19M |
PageGroup Technical Analysis
Negative
233.60
Price Trends
173.97
Negative
201.08
Negative
223.25
Negative
Market Momentum
-11.24
Negative
30.45
Neutral
62.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PAGE, the sentiment is Negative. The current price of 233.6 is above the 20-day moving average (MA) of 140.77, above the 50-day MA of 173.97, and above the 200-day MA of 223.25, indicating a bearish trend. The MACD of -11.24 indicates Negative momentum. The RSI at 30.45 is Neutral, neither overbought nor oversold. The STOCH value of 62.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:PAGE.
PageGroup Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £35.32M | 5.49 | 11.07% | 3.35% | 2.40% | 1101.69% | |
69 Neutral | £182.38M | 12.17 | 7.83% | 6.35% | -13.93% | -48.74% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | £49.52M | 11.41 | 13.11% | ― | 1.44% | ― | |
48 Neutral | £426.99M | 81.54 | 4.18% | 7.58% | -12.54% | -76.55% | |
46 Neutral | £57.22M | -3.34 | -24.67% | 12.88% | -14.31% | -361.93% | |
45 Neutral | £513.64M | 748.65 | -2.24% | 1.76% | -4.92% | -58.06% |
* Industrials Sector Average
GB:PAGE
PageGroup
135.20
-99.20
-42.32%
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GB:STAF
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PageGroup Corporate Events
Regulatory Filings and Compliance
PageGroup Director Buys Shares, Signalling Confidence in Company
Positive
Mar 30, 2026
PageGroup plc disclosed that non-executive director Paul Harrison has purchased 14,500 ordinary shares in the company, in a transaction executed on the London Stock Exchange’s main market. The trade, carried out at a price of 136.63 pence pe...
Executive/Board Changes
PageGroup CFO Receives Incentive Shares and Sells Portion to Cover Tax
Neutral
Mar 17, 2026
PageGroup plc disclosed that its chief financial officer, Kelvin Stagg, has received 50,591 ordinary shares in the company at nil cost following the vesting of an award tranche under the group’s Executive Single Incentive Plan. The award was...
Executive/Board Changes
PageGroup grants large deferred share awards to CEO and CFO
Neutral
Mar 16, 2026
PageGroup has granted substantial deferred share awards to its top executives under the company’s Executive Single Incentive Plan, signalling continued use of equity-based incentives to align leadership with shareholder interests. On 13 Marc...
Regulatory Filings and Compliance
PageGroup Executives Disclose Share Deals Following Incentive Plan Vesting
Neutral
Mar 13, 2026
PageGroup has disclosed a series of share transactions by its senior leadership following the vesting of awards under the company’s Executive Single Incentive Plan. Chief executive Nicholas Kirk received 118,244 shares at nil cost, then sold...
Regulatory Filings and Compliance
PageGroup Non-Executive Director Ben Stevens boosts stake with share purchase
Positive
Mar 5, 2026
PageGroup plc disclosed that Non-Executive Director Ben Stevens has purchased 71,583 ordinary shares in the company on the London Stock Exchange’s Main Market. The transaction, executed at a price of 139.6973 pence per share, represents a no...
Business Operations and StrategyDividendsFinancial Disclosures
PageGroup Profits Slump but Cost Cuts and Tech Focus Underpin Resilience
Negative
Mar 5, 2026
PageGroup reported a sharp fall in 2025 profits as weak hiring demand in Continental Europe and the U.K. offset growth in the U.S. and improving conditions in Asia-Pacific, with revenue and gross profit down around 8% and operating profit tumbling...
Executive/Board Changes
PageGroup Announces Departure of Long-Serving Non-Executive Director
Neutral
Mar 4, 2026
PageGroup plc has announced that Non-Executive Director Michelle Healy will step down from the board with effect from 30 April 2026, after serving nine years in the role. Chair Angela Seymour-Jackson publicly thanked Healy for her long-standing co...
Business Operations and StrategyFinancial Disclosures
PageGroup Sets Date for 2025 Full-Year Results and Investor Call
Neutral
Mar 2, 2026
PageGroup plc has scheduled the release of its 2025 full-year financial results for the morning of 5 March 2026, providing investors and analysts with an update on the recruitment group’s performance. The company will accompany the release w...
Regulatory Filings and Compliance
PageGroup Issues Late Disclosures on Chair’s Dividend Reinvestment Share Deals
Neutral
Feb 10, 2026
PageGroup has disclosed a series of previously unreported share acquisitions by its chair, Angela Seymour-Jackson, arising from a standing dividend reinvestment instruction on her brokerage account. The transactions, which span from 2023 to 2025 a...
Business Operations and StrategyFinancial Disclosures
PageGroup Holds Profit Guidance as US and Asia Offset Weak Europe and UK
Neutral
Jan 13, 2026
PageGroup reported a 4.6% year-on-year decline in fourth-quarter 2025 gross profit at constant currency to £190.7m, reflecting subdued client and candidate confidence and prolonged hiring cycles, particularly in Europe and the UK. While EMEA ...
Business Operations and StrategyFinancial Disclosures
PageGroup Holds Profit Guidance as US and Asia Offset Weak Europe and UK
Neutral
Jan 13, 2026
PageGroup reported a 4.6% year-on-year decline in fourth-quarter 2025 gross profit at constant currency to £190.7m, reflecting subdued client and candidate confidence and prolonged hiring cycles, particularly in Europe and the UK. While EMEA ...
Financial Disclosures
PageGroup Sets Date for Q4 and Full-Year 2025 Trading Update
Neutral
Jan 9, 2026
PageGroup plc has announced it will publish its fourth-quarter and full-year 2025 trading update at 7:00 a.m. on 13 January 2026, followed by an analyst and investor conference call with an online slide presentation at 8:30 a.m. the same day. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.