PageGroup holds guidance as Q2 profit rises on strong Americas

(Sharecast News) - Recruiter PageGroup held annual guidance after a rise in second quarter gross profit driven by a strong performance in the Americas, offsetting weaker trading in France, Northern Europe and the UK, although it warned of "a high degree of uncertainty in the outlook for the rest of the year". Gross profit rose 1.3% to £197.6m for the three months to June 30, beating forecasts of £186.8m. The company still expects full-year operating profit of £28m based on its own compiled consensus of analyst estimates.

"We remain committed to our strategy and continue to reallocate resources into the areas of the business offering the most significant long-term structural opportunities, ensuring headcount in all our markets is aligned to activity levels," the company said in a trading update on Monday.

"Overall, our focus remains on balancing near-term productivity with ensuring we are well placed to take market share as conditions improve."

Reporting by Frank Prenesti for Sharecast.com