PageGroup Warns of Profit Decline as Hiring Market Weakens

The recruitment firm reports a sharp drop in profits and further workforce reductions due to global economic and geopolitical uncertainty.

PageGroup's gross profits fell 17.2% in the final quarter of 2024, with significant declines in Europe, the Americas, Asia, and the UK.
The company has reduced its fee-earner workforce by 2.4%, cutting 130 roles, alongside additional back-office layoffs and service center closures.
Europe, particularly France and Germany, saw worsening market conditions, with job offer conversions and time-to-hire becoming key challenges.
Economic and political instability in the UK and eurozone, including rising taxes and fluctuating business confidence, has contributed to the hiring slump.
PageGroup now expects its full-year earnings to be at the lower end of the previously forecast range of £49 million to £58.5 million.