PageGroup Q4 Earnings Call Highlights

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MarketBeat

Tue, January 13, 2026 astatine 4:46 AM CST 6 min read

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PageGroup (LON:PAGE) reported little gross nett for the 4th fourth and afloat twelvemonth of 2025, portion absorption highlighted uneven determination trading conditions and continued unit from cautious lawsuit and campaigner behavior. On the company’s Q4 trading update call, Chief Financial Officer Kelvin Stagg said the radical delivered quarterly gross nett of GBP 190.7 million, down 4.6% successful changeless currencies versus Q4 2024. Full-year gross nett was GBP 768.2 million, a diminution of 7.8% compared with 2024.

Executives described the operating backdrop arsenic uncertain, marked by subdued assurance that has slowed recruitment decisions and lengthened hiring timelines. Stagg said the “conversion of offers to placements” remained the astir important situation crossed overmuch of the business, arsenic clients tightened budgets and grew much risk-averse.

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Despite the hard environment, PageGroup said productivity improved. Stagg noted that gross nett per interest earner accrued 3% compared with Q4 2024, with interest rates remaining “at precocious levels.” He added that wage levels stayed strong, but campaigner wage increases were nary longer arsenic elevated arsenic successful 2022 and aboriginal 2023, contributing to little offer-to-placement conversion successful weaker markets.

Fee earner headcount fell by 75 successful the 4th (a 1.5% reduction), chiefly owed to attrition successful December and with reductions concentrated successful Europe. Non-operations headcount declined by 8. The radical ended the play with 4,968 interest earners and a full headcount of 6,820. Management reiterated its intent to support staffing aligned to enactment levels portion reallocating resources toward markets and segments with stronger semipermanent opportunities.

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Management said determination trends remained mixed, accordant with the anterior 2 quarters. Stagg pointed to continued weakness successful continental Europe and the U.K., offset by ongoing maturation successful the U.S. and Asia. He said the U.S. delivered a 5th consecutive 4th of growth, Asia a 3rd consecutive 4th of growth, and Greater China recorded its archetypal 4th of maturation since 2022.

Europe, Middle East and Africa (53% of group): gross nett declined 8.9% twelvemonth implicit twelvemonth successful Q4. France, the largest marketplace (13% of group), fell 17%, with impermanent recruitment down 11% and imperishable down 22%. Germany (12% of group) declined 5%, improving from a diminution of 11% successful Q3, and the interim concern grew 1%. Spain roseate 10%. Stagg said interest earner headcount successful the portion reduced successful the quarter, chiefly successful Europe.
Americas (19% of group, excluding Argentina): gross nett grew 2.4% successful Q4. The U.S. roseate 5%, with beardown results successful construction. Latin America (excluding Argentina) grew 1%, with Brazil up 6% driven by impermanent recruitment maturation of astir 30%. Mexico declined 17% owed to tariff uncertainty, portion Colombia roseate 22% with spot successful technology-focused Page Consulting. Fee earner headcount accrued by 10% successful the quarter.
Asia-Pacific (16% of group): Q4 gross nett accrued 6.4%. Asia grew 7%, with Southeast Asia up 8%. Greater China grew 5%, with Mainland China up 10%. Japan roseate 3%, India accrued 17%, and Australia was flat—its archetypal 4th without diminution since 2022. Regional interest earner headcount was stable.
United Kingdom (12% of group): gross nett declined 10.1%. Stagg said clients continued to hold hiring decisions and candidates remained cautious astir accepting offers. Fee earner headcount reduced by 13% successful Q4.