PageGroup has reported a significant decline in gross profit due to tariff uncertainties impacting the job market. The company experienced a 13.1% decrease in gross profit in the second quarter, with UK profits down by 14.3%. European trading conditions worsened, especially in France and Germany, where declines of 20% and 21% were noted respectively. In response to these challenges, PageGroup cut nearly 200 positions from its workforce, although shares rose 3% as the results were better than anticipated. The CEO emphasized the importance of converting accepted offers into placements amid these difficult conditions.
PageGroup has signaled that tariff uncertainty is burdening the job market. Gross profit faced a decline of 13.1% in the second quarter as trading worsened in Europe.
In the UK, PageGroup's gross profit dropped by 14.3% to 23 million. The trading environment deteriorated further in France and Germany, falling by 20% and 21% respectively.
Despite the challenges, shares of PageGroup rose by 3% after initial reports, as the decline did not meet the worst predictions, and the firm is on track for annual profit expectations.
CEO Nicholas Kirk stated that accepted offers converting to placements remained crucial for the company, amid ongoing uncertainties related to tariffs and market conditions.
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