PageGroup plc, a UK-based staffing firm with global operations, reported gross profit rose 14.0% in constant currency. In the US alone, gross profit was up 14% as well. The company also reported signs of softening in client confidence.
“We exited the quarter strongly, delivering our third month of gross profit in excess of £100 million, albeit aided by the strengthening of the dollar,” CEO Steve Ingham said.
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However, PageGroup’s greater China segment continued to be impacted by Covid lockdowns and restrictions, Ingham said.
“We also saw a slight softening in client confidence across the majority of our regions,” he said. “This led to a small number of jobs being withdrawn and a slowdown in time to hire in a number of our markets towards the end of the quarter. Temporary recruitment outperformed permanent as clients looked for more flexibility in their resourcing and cost base, reflecting the current economic uncertainty.”
Ingham also noted a high level of global macroeconomic and political uncertainty.
Share price and market cap
Shares in PageGroup closed at £375.20 (US$414.62), 5.16% above their 52-week low, according to FT.com. The company had a market cap of £1.29 billion (US$1.43 billion).