Want to see GB:PAGE full AI Analyst Report?
Top Page
PageGroup
(LSE:PAGE)
Select Model
Select Model
Rating:58Neutral
Price Target:
216.00 p
▼(-2.70% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weakened financial performance (contracting revenue, sharply lower earnings, and deteriorating cash flow), alongside a demanding valuation (high P/E). These are partly offset by strong technical momentum (price above key moving averages with a positive MACD) and a balanced earnings-call outlook with steady guidance and cost-savings/progress, but with ongoing gross profit and cash/working-capital headwinds.
Positive Factors
Diversified global recruitment platform
PageGroup’s broad geographic, sector and service diversification reduces dependence on any single hiring market or recruitment format. Its mix of permanent, temporary, contract and executive services provides multiple routes to client demand and supports resilience across changing labour-market conditions.
Negative Factors
Material revenue and earnings contraction
The sustained revenue decline and sharp earnings compression show that PageGroup remains exposed to a difficult hiring cycle. Lower activity reduces fee opportunities and weakens profitability, leaving less internal capacity to invest, absorb further demand weakness or rebuild returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified global recruitment platform
PageGroup’s broad geographic, sector and service diversification reduces dependence on any single hiring market or recruitment format. Its mix of permanent, temporary, contract and executive services provides multiple routes to client demand and supports resilience across changing labour-market conditions.
Read all positive factors
PageGroup (PAGE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£681.55M
Dividend Yield2.25%
Average Volume (3M)925.10K
Price to Earnings (P/E)55.1
Beta (1Y)1.56
Revenue Growth-2.55%
EPS Growth7.92%
CountryUK
Employees6,679
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)0.04
Shares Outstanding328,618,770
10 Day Avg. Volume749,726
30 Day Avg. Volume925,101
Financial Highlights & Ratios
PEG Ratio-1.19
Price to Book (P/B)3.43
Price to Sales (P/S)0.46
P/FCF Ratio18.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£197.60Price Target Upside-10.99% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.05
Revenue Forecast (FY)£1.52B
PageGroup Business Overview & Revenue Model
Company Description
PageGroup plc, together with its subsidiaries, provides recruitment consultancy and other ancillary services in the United Kingdom, rest of Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It provides executive search services,...
How the Company Makes Money
PageGroup primarily makes money by earning recruitment fees for successfully placing candidates with client organisations. Its core revenue stream is placement fees from permanent recruitment, where it sources, screens and presents candidates and ...
PageGroup Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 11, 2027
Earnings Call Sentiment Neutral
The call presents a balanced picture. There are clear signs of operational progress: improved operating profit versus the prior year, higher fee-earner productivity, record performances in Page Executive and Enterprise Solutions, significant cost-savings actions (GBP 40m annualized) and a strong Net Promoter Score (67). However, these positives are offset by a small year-on-year decline in gross profit (-2.4%), regional trading challenges (France, Northern Europe, U.K.), working capital and cash pressure that moved the group to net debt in H1 (GBP 7.2m), an elevated tax rate (41.2%) and short-term one-off costs. Management expects full-year operating profit in line with consensus (GBP 28m) and anticipates a return to a net cash position by year-end, but near-term headwinds and mixed regional performance temper the outlook.Positive Updates
Operating Profit Recovery
Group operating profit of GBP 9.7m in H1 2026, up from GBP 2.1m in H1 2025, with a group conversion rate of 2.5% (EMEA conversion was 7.5% and the Americas 4.2%).
Negative Updates
Gross Profit Decline
Group gross profit was GBP 385.2m, down 2.4% in constant currencies versus H1 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Operating Profit Recovery
Group operating profit of GBP 9.7m in H1 2026, up from GBP 2.1m in H1 2025, with a group conversion rate of 2.5% (EMEA conversion was 7.5% and the Americas 4.2%).
Read all positive updates
Company Guidance
Management guided that full‑year operating profit should be in line with company‑compiled consensus of GBP 28.0m and announced an interim dividend of 1.46p (GBP 4.6m), expecting to close the year with around GBP 30m net cash after that payment; H1 results were gross profit GBP 385.2m (‑2.4% cc), operating profit GBP 9.7m (conversion 2.5%), gross profit per fee earner +3.7%, EPS 1.2p and net debt GBP 7.2m, with trade receivables GBP 346.6m, cash GBP 30.4m, borrowings GBP 30.0m (RCF) and GBP 7.6m (debtor facility) and net assets GBP 211.6m. Management flagged H1 one‑off net costs of GBP 2.5m that will deliver annualized savings from 2027, cited around GBP 40m of annualized savings from earlier cost programmes, reported H1 EBITDA inflow GBP 40m alongside an increase in net working capital of c. GBP 34m, capex of GBP 3.2m (down from GBP 7.1m), an elevated effective tax rate of 41.2% expected to normalize to ~35% as profitability improves, and reiterated capital allocation priorities (operational investment, ordinary dividends growing with long‑term growth, then supplementary returns). They also highlighted operational momentum — c.50% of the group in growth, Page Executive up 8% (c.10% of group gross profit), Enterprise Solutions outsourcing +22%, >75,000 lives changed in H1 (c.865,000 to date) and an NPS of 67 — and will provide a Q3 trading update on 13 October.PageGroup Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.60B | 1.60B | 1.74B | 2.01B | 1.99B | 1.64B |
| Gross Profit | 765.05M | 769.52M | 842.59M | 1.01B | 1.08B | 877.72M |
| EBITDA | 84.44M | 78.14M | 117.54M | 187.83M | 257.77M | 222.53M |
| Net Income | 12.69M | 9.02M | 28.44M | 77.07M | 139.01M | 118.36M |
Balance Sheet | ||||||
| Total Assets | 605.41M | 575.73M | 650.10M | 704.57M | 794.94M | 724.46M |
| Cash, Cash Equivalents and Short-Term Investments | 30.43M | 31.38M | 95.35M | 90.14M | 131.48M | 153.98M |
| Total Debt | 169.98M | 132.25M | 136.79M | 110.93M | 109.83M | 102.34M |
| Total Liabilities | 393.77M | 361.10M | 387.69M | 398.09M | 442.74M | 384.35M |
| Stockholders Equity | 211.63M | 214.63M | 262.41M | 306.49M | 352.20M | 340.11M |
Cash Flow | ||||||
| Free Cash Flow | 51.54M | 40.10M | 110.99M | 121.63M | 152.99M | 120.32M |
| Operating Cash Flow | 57.56M | 50.06M | 126.66M | 153.01M | 184.66M | 148.69M |
| Investing Cash Flow | -7.50M | -11.38M | -13.73M | -28.56M | -29.59M | -25.73M |
| Financing Cash Flow | -51.41M | -103.51M | -106.09M | -156.76M | -183.53M | -131.19M |
PageGroup Technical Analysis
Neutral
222.00
Price Trends
177.59
Positive
149.73
Positive
168.75
Positive
Market Momentum
9.82
Positive
55.46
Neutral
20.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PAGE, the sentiment is Neutral. The current price of 222 is above the 20-day moving average (MA) of 210.42, above the 50-day MA of 177.59, and above the 200-day MA of 168.75, indicating a neutral trend. The MACD of 9.82 indicates Positive momentum. The RSI at 55.46 is Neutral, neither overbought nor oversold. The STOCH value of 20.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:PAGE.
PageGroup Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £345.04M | 28.00 | 5.85% | 5.11% | -9.15% | -53.32% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £44.31M | 7.12 | 17.30% | 2.32% | 18.21% | 71.90% | |
59 Neutral | £1.10B | -18.81 | -13.31% | 0.65% | -2.81% | -657.14% | |
58 Neutral | £681.55M | 55.05 | 5.95% | 2.25% | -2.55% | 7.92% | |
56 Neutral | £44.30M | 13.24 | 11.07% | 2.30% | 5.91% | 458.42% | |
51 Neutral | £85.51M | -3.61 | -25.40% | 10.44% | -2.82% | -66.89% |
* Industrials Sector Average
GB:PAGE
PageGroup
207.80
-15.19
-6.81%
GB:GATC
Gattaca
145.00
51.12
54.45%
GB:HAS
Hays plc
67.40
7.89
13.26%
GB:RWA
Robert Walters
124.50
-33.50
-21.20%
GB:STAF
Staffline
40.00
-2.00
-4.76%
GB:STEM
SThree plc
280.00
109.61
64.33%
PageGroup Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Michael Page lifts profit and productivity as rebrand and tech investments underpin strategy
Positive
Aug 6, 2026
Michael Page reported a resilient first-half performance in 2026, with revenue broadly flat, gross profit slightly lower and operating profit more than quadrupling amid tighter cost control and higher productivity per fee earner. The group maintai...
Business Operations and StrategyFinancial Disclosures
Michael Page Sets Date for 2026 Half-Year Results and Investor Call
Neutral
Aug 3, 2026
Michael Page plc will publish its 2026 half year financial results at 7:00 a.m. on Thursday 6 August 2026, providing the market with an update on trading performance and business trends for the first six months of the year. The release will be acc...
Business Operations and Strategy
PageGroup Completes Rebrand to Michael Page plc
Positive
Jul 21, 2026
Michael Page plc has completed its legal name change from PageGroup plc, consolidating its services and solutions under the long‑standing Michael Page brand. The move leverages the recruitment firm’s most recognised identity to represe...
Business Operations and Strategy
PageGroup to Rebrand Under Michael Page Name in Global Brand Unification
Positive
Jul 16, 2026
PageGroup plans to rebrand its entire business under the Michael Page name, including changing its legal name to Michael Page plc, in a move to unify services and solutions under its most established and widely recognised brand. The board expects ...
Business Operations and StrategyFinancial Disclosures
PageGroup holds profit guidance as cost cuts offset uneven recruitment markets
Positive
Jul 13, 2026
PageGroup reported broadly flat second-quarter gross profit at £197.6m, down 0.2% in constant currency versus a year earlier, with about half its markets back in growth and strong contributions from the Americas, Asia-Pacific and its Page Exe...
Financial Disclosures
PageGroup Sets Date for Q2 2026 Trading Update and Investor Call
Neutral
Jul 9, 2026
PageGroup plc has scheduled the release of its Second Quarter 2026 trading update for 7:00 a.m. on Monday, 13 July 2026, providing investors and analysts with fresh insight into its recent trading performance. The update will be supported by an on...
Executive/Board Changes
PageGroup Chair to Join Rathbones Board as Non-Executive Director
Positive
Jun 16, 2026
PageGroup has announced a board development, with its chair, Angela Seymour-Jackson, set to join Rathbones Group as a non-executive director from 1 October 2026. The additional external board role underscores Seymour-Jackson’s standing in th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.