PageGroup (PAGE) AI Stock Analysis

• Market Cap: £479.74M
• Dividend Yield: 7.58%
• Average Volume (3M): 643.34K
• Price to Earnings (P/E): 1436.4
• Beta (1Y): 1.34
• Revenue Growth: -12.54%
• EPS Growth: -76.55%
• Country: UK
• Employees: 7,361
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): 0.03
• Shares Outstanding: 328,618,770
• 10 Day Avg. Volume: 802,367
• 30 Day Avg. Volume: 643,341
• PEG Ratio: -14.56
• Price to Book (P/B): 3.87
• Price to Sales (P/S): 1.05
• P/FCF Ratio: -51.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £257.00
• Price Target Upside: 10.02% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): £1.52B

• Rating: 47 Neutral
• Price Target: 150.00p ▼(-35.79% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is weighed down primarily by materially weaker financial performance (contracting revenue, sharply lower profits, and deteriorating cash flow) and strongly bearish technicals (price below all key moving averages with negative MACD). Earnings-call actions (restructuring savings and AI productivity gains) provide some medium-term support, but valuation is unattractive due to an extremely high P/E despite a high dividend yield.

Positive Factors

Scale and Market Position

Despite recent contraction, a £769.5m gross profit base indicates durable global scale and broad client reach. Scale supports cross-selling across Michael Page, Page Personnel and Page Executive, helps absorb regional cyclicality, and preserves pricing and client relationships as markets normalize.

Enterprise Solutions and Outsourcing Momentum

Growing Enterprise Solutions and outsourcing create higher recurring revenue and deeper client integration. Large-client outsourcing and enterprise contracts increase stickiness, improve revenue visibility and support steadier margins versus one-off permanent placements over the medium term.

Technology and AI-driven Productivity

Substantive AI deployment (7m records, better ad performance, Copilot tools) is a structural productivity lever. Persistent automation reduces consultant time per placement, raises fill rates and can sustainably lower operating cost per placement, supporting margin recovery across cycles.

Negative Factors

Revenue and Profitability Decline

Two consecutive years of revenue decline and a sharp earnings fall indicate structural demand or pricing pressure in core markets. Persistent lower revenues constrain reinvestment capacity, compress margins and limit the firm’s ability to restore prior returns without sustained market or product-mix improvements.

Very Low Conversion Rates

Conversion of offers to placements is central to recruitment economics; a 2.7% group conversion and negative regional conversion mean much activity fails to monetize. This structural operational weakness reduces gross profit per consultant and undermines margin recovery even if demand and sourcing improve.

Deteriorated Cash Flow and Reduced Balance-sheet Cushion

Material falls in operating and free cash flow, plus reduced net cash and equity, weaken financial flexibility. Lower cash generation limits ability to fund restructuring, invest in tech, or sustain dividends without raising debt or cutting spend, elevating medium-term execution and liquidity risk.

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 services under the Page Executive brand; recruitment services for qualified professional on permanent, temporary, and contract or interim basis under the Michael Page brand; recruitment services to organizations requiring permanent employees and temporary or contract staff at technical and administrative support, professional clerical, and junior management levels under the Page Personnel brand; and flexible recruitment outsourcing services under the Page Outsourcing brand. It also provides assessment, consulting, and talent services under the Page Assessment, Page Consulting, and Page Talent supplementary brands. The company was formerly known as Michael Page International plc and changed its name to PageGroup plc in June 2016. PageGroup plc was founded in 1976 and is headquartered in Addlestone, the United Kingdom.

How the Company Makes Money

PageGroup generates revenue primarily through fees charged for its recruitment services. The company operates on a contingency fee model, where it earns a commission once a candidate is successfully placed in a role. This commission is typically a percentage of the candidate's first-year salary. Additionally, PageGroup offers contract staffing services, which provide a steady income stream through billable hours. The company benefits from strong relationships with clients across various industries, enabling it to secure repeat business and maintain a robust pipeline of job placements. Furthermore, PageGroup's international reach allows it to tap into diverse markets, contributing to its revenue growth. Collaborations with various businesses and organizations further enhance its service offerings and revenue potential.

PageGroup Financial Statement Overview

Summary

Income statement weakness is the key drag (score 42): revenues declined in 2024 and 2025 and net income fell sharply, indicating a difficult demand/pricing cycle. Balance sheet is comparatively steadier (score 64) with moderate leverage, but the equity base has stepped down, reducing cushion. Cash flow remains positive (score 55) but deteriorated materially in 2025 with large declines in operating cash flow and free cash flow.

Income Statement

Profitability has weakened materially over the last two years. Revenue declined in 2024 (-13.5%) and again in 2025 (-2.6%), and earnings compressed sharply (net income fell from 77.1m in 2023 to 28.4m in 2024 and 9.0m in 2025). The business showed strong profitability in 2021–2022 (healthy margins and solid growth), but the current cycle shows much thinner operating profit, indicating a tougher demand environment and/or pricing/volume pressure.

Balance Sheet

Leverage appears moderate and generally manageable: total debt is 132.3m versus equity of 214.6m in 2025, and the company previously ran at a mid-range debt-to-equity level in 2024 (0.52), improving from lower leverage in 2021–2023. However, equity has stepped down from 352.2m (2022) to 214.6m (2025), reducing the balance-sheet cushion. Returns on equity were strong in 2021–2023, but the recent earnings downturn likely pressures returns and limits balance-sheet flexibility if weakness persists.

Cash Flow

Cash generation has deteriorated notably in the most recent year. Free cash flow declined to 40.1m in 2025 (down 34.6%), and operating cash flow fell to 50.1m from 126.7m in 2024. That said, the company historically converted earnings into cash reasonably well (in 2021–2024, free cash flow was a substantial portion of net income), suggesting the model can produce cash in healthier trading conditions—but current cash flow momentum is clearly negative.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.64B	1.60B	1.74B	2.01B	1.99B	1.64B
Gross Profit	788.10M	769.52M	842.59M	1.01B	1.08B	877.72M
EBITDA	88.01M	20.86M	117.54M	187.83M	257.77M	222.53M
Net Income	11.81M	9.02M	28.44M	77.07M	139.01M	118.36M
Balance Sheet
Total Assets	615.25M	575.73M	650.10M	704.57M	794.94M	724.46M
Cash, Cash Equivalents and Short-Term Investments	33.84M	31.38M	95.35M	90.14M	131.48M	153.98M
Total Debt	165.91M	132.25M	136.79M	110.93M	109.83M	102.34M
Total Liabilities	398.26M	361.10M	387.69M	398.09M	442.74M	384.35M
Stockholders Equity	216.99M	214.63M	262.41M	306.49M	352.20M	340.11M
Cash Flow
Free Cash Flow	61.34M	40.10M	110.99M	121.63M	152.99M	120.32M
Operating Cash Flow	76.00M	50.06M	126.66M	153.01M	184.66M	148.69M
Investing Cash Flow	-15.62M	-11.38M	-13.73M	-28.56M	-29.59M	-25.73M
Financing Cash Flow	-81.98M	-103.51M	-106.09M	-156.76M	-183.53M	-131.19M

PageGroup Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 233.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 192.66, above the 50-day MA of 205.63, and below the 200-day MA of 235.39, indicating a bearish trend. The MACD of -9.83 indicates Positive momentum. The RSI at 22.23 is Positive, neither overbought nor oversold. The STOCH value of 14.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:PAGE.

PageGroup Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GATC	71 Outperform	£36.72M	12.62	6.45%	3.35%	2.40%	1101.69%
STEM	69 Neutral	£222.28M	12.17	12.99%	6.35%	-13.93%	-48.74%
STAF	66 Neutral	£51.46M	39.17	44.68%	―	1.44%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RWA	53 Neutral	£72.35M	-2.69	-11.22%	12.88%	-14.31%	-361.93%
PAGE	47 Neutral	£479.74M	1,436.42	4.81%	7.58%	-12.54%	-76.55%
HAS	46 Neutral	£620.79M	748.65	-1.52%	1.76%	-4.92%	-58.06%

PageGroup Corporate Events

PageGroup Non-Executive Director Ben Stevens boosts stake with share purchase

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 notable increase in personal investment by a board member and may be viewed by investors as a signal of confidence in the company’s prospects.

The purchase was formally notified under the UK Market Abuse Regulation, underscoring the company’s adherence to transparency and regulatory requirements for dealings by persons discharging managerial responsibilities. Such insider share acquisitions are often closely watched by the market, as they can influence sentiment regarding governance, alignment of interests with shareholders, and the perceived outlook for the business.

The most recent analyst rating on (GB:PAGE) stock is a Hold with a £3.10 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Profits Slump but Cost Cuts and Tech Focus Underpin Resilience

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 more than 60%. The group cut fee-earner headcount by 7.5%, completed a cost-optimisation programme delivering £5m savings in 2025 and targeting £15m annually from 2026, and reduced its dividend, while maintaining net cash and prioritising productivity and strategic investments in technology and higher-margin segments.

Management highlighted that gross profit per fee earner remained high and client satisfaction reached record levels, with its client Net Promoter Score surpassing its strategic target for a second year. The company reiterated its strategy of reallocating resources toward growth areas such as U.S. operations, technology contracting and Page Executive, betting that its diversified model, tech investments and strengthened customer proposition will leave it well positioned when hiring markets recover.

The most recent analyst rating on (GB:PAGE) stock is a Hold with a £3.10 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Announces Departure of Long-Serving Non-Executive Director

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 contribution, signalling an upcoming refresh in the company’s board composition that may open the way for new perspectives in its governance.

The change marks a standard transition in long-tenured board membership at a U.K.-listed company and underscores PageGroup’s adherence to corporate governance norms on director independence and tenure. While no successor has yet been named, the move may prompt investor attention on how the board is reshaped to support the recruitment group’s strategic direction in a competitive labour and staffing market.

The most recent analyst rating on (GB:PAGE) stock is a Hold with a £3.10 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Sets Date for 2025 Full-Year Results and Investor Call

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 with a live conference call and online slide presentation, and will later post a recording and supporting materials on its website, underscoring its efforts to maintain transparency and active engagement with the financial community.

By setting out clear timings and access details for the event, PageGroup is signaling the importance of the forthcoming results to stakeholders monitoring conditions in the recruitment sector. The structured communication plan suggests the company expects meaningful interest in its 2025 performance and outlook, which may offer insight into hiring trends and broader labour-market dynamics in its core markets.

The most recent analyst rating on (GB:PAGE) stock is a Hold with a £3.10 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Issues Late Disclosures on Chair’s Dividend Reinvestment Share Deals

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 and involve small periodic purchases of 1p ordinary shares on the London Stock Exchange, were omitted at the time due to an oversight and are now being formally notified to align with regulatory reporting requirements for senior management dealings.

The disclosure covers multiple dates where cash dividends were automatically reinvested into PageGroup stock at market prices, resulting in modest incremental increases in the chair’s shareholding. While the volumes are relatively limited, the catch-up notification underscores the company’s obligation to ensure transparent reporting of dealings by persons discharging managerial responsibilities, an issue closely watched by investors and regulators concerned with governance and market integrity.

The most recent analyst rating on (GB:PAGE) stock is a Hold with a £213.00 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Holds Profit Guidance as US and Asia Offset Weak Europe and UK

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 and the UK saw double‑digit full-year gross profit declines, the group delivered growth in the US for a fifth consecutive quarter and in Asia for a third, with Greater China returning to growth for the first time since 2022; overall, permanent recruitment slightly outperformed temporary in Q4 due to tougher comparatives. Management completed a cost optimisation programme that cut 2025 costs by about £5m and is expected to yield around £15m in annualised savings from 2026, while fee earner headcount was trimmed 1.5% in the quarter but productivity per consultant rose 3%. The Board expects full‑year 2025 operating profit to be broadly in line with market consensus at £21.1m, and the company emphasised its strong balance sheet, diversified geographic exposure and ongoing technology investments as it reallocates resources toward higher‑growth markets and seeks to protect margins amid an uncertain macroeconomic outlook.

The most recent analyst rating on (GB:PAGE) stock is a Sell with a £215.00 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Holds Profit Guidance as US and Asia Offset Weak Europe and UK

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 and the UK saw double‑digit full-year gross profit declines, the group delivered growth in the US for a fifth consecutive quarter and in Asia for a third, with Greater China returning to growth for the first time since 2022; overall, permanent recruitment slightly outperformed temporary in Q4 due to tougher comparatives. Management completed a cost optimisation programme that cut 2025 costs by about £5m and is expected to yield around £15m in annualised savings from 2026, while fee earner headcount was trimmed 1.5% in the quarter but productivity per consultant rose 3%. The Board expects full‑year 2025 operating profit to be broadly in line with market consensus at £21.1m, and the company emphasised its strong balance sheet, diversified geographic exposure and ongoing technology investments as it reallocates resources toward higher‑growth markets and seeks to protect margins amid an uncertain macroeconomic outlook.

The most recent analyst rating on (GB:PAGE) stock is a Sell with a £215.00 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.

PageGroup Sets Date for Q4 and Full-Year 2025 Trading Update

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 trading update and accompanying presentation will provide stakeholders with detailed insight into the group’s recent financial and operational performance, and the scheduled call underlines the company’s efforts to maintain transparent communication with the market and engage closely with its investor base.

The most recent analyst rating on (GB:PAGE) stock is a Sell with a £200.00 price target. To see the full list of analyst forecasts on PageGroup stock, see the GB:PAGE Stock Forecast page.