Page Group delivers record quarterly profits but warns over Brexit uncertainty
Recruitment firm Page Group posted record profit in the second quarter, but warned that Brexit and political uncertainty is continuing to hit the UK jobs market.
The company saw gross profit rise 7.7% in the period to £182 million, boosted by a strong performance in France, Germany and southern Europe.
But profits at Page’s UK arm, which comprises 20% of the group’s business, slumped 4.5% to £36.6 million.
Boss Steve Ingham said that client and candidate confidence levels continue “to be impacted by Brexit and political uncertainty”.
The news comes as the Government remains in disarray over which Brexit path to pursue, although Tory hardliners are still pushing a so-called “hard Brexit” where the UK would ditch the EU’s single market, a move that many argue would be catastrophic for businesses and jobs.
Page Group, formerly known as Michael Page International, added that it could face other potential headwinds in the coming months. It has offices in Leeds and Sheffield.
“There remain a number of uncertainties as we continue through 2017, including the impact of Brexit negotiations and political uncertainty in the UK, elections in Germany and Brazil’s ongoing macro-economic challenges.
“Costs from our headcount investments including in new markets such as the Nikkei market in Japan, our contracting business in Germany and our Page Personnel businesses, continue,” Mr Ingham added.