PageGroup, a UK-based staffing provider, reported gross profit fell 24.5% in constant currency in its fiscal third quarter ended Sept. 30. The company noted it returned a majority of its staff from furlough and all staff to full pay starting July 1.
In the US, gross profit fell 39%, and the company cited the impact of the pandemic. Business conditions remained particularly difficult in construction, the company’s largest discipline in the US.
Gross profit
| (£ millions) | Q3 2020 | Q3 2019 | % change | % change (constant currency) | Q3 2020 (US$ millions) |
| EMEA | £76.5 | £101.6 | -24.7% | -24.5% | $98.4 |
| Asia Pacific | £30.3 | £44.1 | -31.3% | -28.2% | $39.0 |
| Americas | £19.1 | £37.3 | -48.8% | -41.9% | $24.6 |
| United Kingdom | £17.6 | £33.8 | -47.9% | -47.9% | $22.6 |
| Total | £143.5 | £217 | -33.8% | -31.9% | $184.5 |
| Permanent | £103.5 | £162.5 | -36.3% | -34.2% | $133.1 |
| Temporary | £40.0 | £54.3 | -26.3% | -25.1% | $51.4 |
| Total | £143.5 | £217 | -33.8% | -31.9% | $184.5 |
“During the quarter we continued to focus on protecting our people, whilst also protecting our trading platform,” CEO Steve Ingham said. “The improving activity levels we saw in June progressed further in the quarter.”
The company noted it continues to suspend guidance amid the ongoing Covid-19 pandemic.
Share price and market cap
Shares in PageGroup closed at £415.20 (US$539.77), or 24.44% below their 52-week high. The company had a market cap of £1.35 billion (US$1.76 billion).