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PageGroup gross profit up 20% in Q3; North America region up 27%

October 10, 2018

PageGroup, a UK-based staffing provider with operations in the US, reported third-quarter gross profit rose 19.7%. The strongest growth was in the company’s Americas and Asia Pacific segments.

Gross profit by geography

(£ millions) Q3 2018 Q3 2017 % change % change constant currency Q3 2018 (US$ millions)
EMEA £94.6 £79.3 19.3% 20.9% $123.2
Asia Pacific £46.0 £37.0 24.1% 27.7% $59.9
UK £35.2 £34.9 0.8% 0.8% $45.8
Americas £31.9 £26.0 22.7% 30.1% $41.5
Total £207.7 £177.2 17.2% 19.7% $270.5

Gross profit rose 30.1% in the Americas. North America increased 27%, with the US and Canada up 26% and 35% respectively, a record quarter for both countries. PageGroup’s diversification strategy continued in the US, and the company noted strong performances from its regional offices — in particular Boston, Houston and Los Angeles — as well as disciplines outside of financial services.

Gross profit by segment

(£ millions) Q3 2018 Q3 2017 % change % change constant currency Q3 2018 (US$ millions)
Accounting and financial services £75.3 £64.4 16.9% 19.5% $98.1
Legal, technology, HR, secretarial, healthcare £48.9 £40.7 20.0% 22.8% $63.7
Engineering, property & construction, procurement & supply chain £48.7 £40.0 21.9% 23.9% $63.4
Marketing, sales and retail £34.8 £32.1 8.2% 11.0% $45.3
Total £207.7 £177.2 17.2% 19.7% $270.5

“We will continue to focus on driving profitable growth as we progress towards our Vision of 10,000 headcount, £1bn of gross profit and £200m – £250m of operating profit,” said CEO Steve Ingham. “We are pleased with the Group’s continued strong performance and now expect 2018 operating profit to be marginally ahead of the consensus of current market forecasts.”

Share price and market cap

Shares in PageGroup closed down 2.20% at £533.00 in London.

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