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Annual Results

Page Group lifts FY profit, flags larger market challenges

08 March 2017 07:22

Page Group has lifted its FY pretax profit and dividend, excluding special payment, as it flagged challenges in a number of its larger markets.

Pretax profit for the 12-month period was £100.0m, from £90.7m. Total dividend, excluding special payment, was 11.98p a share, from 11.5p. Including special payment it was 18.44p, from 27.5p.

"The Group's conversion rate increased slightly to 16.3% from 16.2%, due to improved business performance and operational efficiencies offsetting the challenging economic conditions encountered in some of our larger markets," said CEO Steve Ingham in a statement.

In 2016, forex impacted Page's results positively, with gross profit benefiting by £48m and operating profit by £10m.

Page's fee-earner headcount grew 227, up 5.1%, and it also completed the roll-out of its new operating system, PRS.

"Our businesses in Continental Europe, Australasia and Latin America, excluding Brazil, all performed well," said Ingham.

In the UK, client and candidate confidence levels were impacted by the EU Referendum result, with activity levels reduced, the CEO said.

"Market conditions were also challenging in several of our other larger markets, particularly Brazil and Financial Services, notably in New York.

"Despite the challenges in a number of our larger markets, such as the UK, Brazil and China, the unpredictable nature of the current cycle and our limited visibility, we will continue to focus on driving profitable growth, whilst remaining able to respond quickly to any changes in market conditions."

Story provided by StockMarketWire.com

Related Company: PAGE

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