PageGroup profits slump as slowing economy hits jobs market

(Sharecast News) - Annual profits at recruiting firm PageGroup slumped in 2024 as economic uncertainty continued to hit client and candidate confidence. Pre-tax profit for the year to December fell 58% to £49.1m on revenue of £1.73bn, down 13.5%. Page said the conversion of interviews to accepted offers "remains the most significant area of challenge", adding that the slow end to 2024 had continued into the first two months of the new year.

The company cut 481 jobs, or "fee earners" as it calls recruiters, and finished the year with a headcount of 7,361.

"Looking ahead, a high degree of macro-economic and geopolitical uncertainty remains across the majority of our markets, notably in the UK, France and Germany. However, we have a diversified and adaptable business model, a highly experienced management team, a strong balance sheet and our cost base is under continuous review," the company said on Thursday.

Reporting by Frank Prenesti for Sharecast.com