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Michael Page plc (PAGE) AI Stock Analysis
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Michael Page plc
(LSE:PAGE)
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.
Michael Page plc (PAGE) vs. iShares MSCI United Kingdom ETF (EWC)
- Market Cap
- GBP 666.89M
- Dividend Yield
- 2.18%
- Average Volume (3M)
- 974.51K
- Price to Earnings (P/E)
- 54.5
- Beta (1Y)
- 1.36
- Revenue Growth
- -2.55%
- EPS Growth
- 7.92%
- Country
- UK
- Employees
- 6,679
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Staffing & Employment Services
Michael Page plc 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, su...
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 is...
Michael Page plc Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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.
Michael Page plc Financial Statement Overview
Summary
Financials reflect a cyclical downturn: revenues have contracted in 2024 and 2025 and profitability has compressed sharply (net income down from 77.1m in 2023 to 9.0m in 2025). The balance sheet looks moderately levered (debt 132.3m vs equity 214.6m in 2025), but the equity base has declined meaningfully since 2022, reducing cushion. Cash flow remains positive, yet operating cash flow and free cash flow fell materially in 2025, indicating weaker near-term momentum.
Income Statement
42NeutralBalance Sheet
64PositiveCash Flow
55Neutral| 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 |
Michael Page plc Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PAGE, the sentiment is Positive. The current price of 213.80 is above the 20-day moving average (MA) of 204.63, above the 50-day MA of 210.74, and above the 200-day MA of 166.12, indicating a bullish trend. The MACD of 1.41 indicates Negative momentum. The RSI at 56.25 is Neutral, neither overbought nor oversold. The STOCH value of 83.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:PAGE.
Michael Page plc Peers Comparison
Overall Rating
GB:STEM65Neutral
GB:HAS59Neutral- GB:PAGE58Neutral
GB:STAF57Neutral
GB:GATC56Neutral
GB:RWA53Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| GB:STEM | 65Neutral | GBP 365.33M | 29.81 | 5.85% | 4.71% | -9.15% | -53.32% |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| GB:HAS | 59Neutral | GBP 940.08M | -16.11 | -13.31% | 0.74% | -2.81% | -657.14% |
| GB:PAGE | 58Neutral | GBP 675.23M | 54.54 | 5.95% | 2.18% | -2.55% | 7.92% |
| GB:STAF | 57Neutral | GBP 43.33M | 6.96 | 17.30% | ― | 18.21% | 71.90% |
| GB:GATC | 56Neutral | GBP 43.36M | 12.96 | 11.07% | 2.42% | 5.91% | 458.42% |
| GB:RWA | 53Neutral | GBP 86.17M | -3.64 | -25.40% | ― | -2.82% | -66.89% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| GB:PAGE | Michael Page Plc | 213.80 | -13.65 | -6.00% | |
| GB:GATC | Gattaca plc | 137.50 | 43.14 | 45.71% | |
| GB:HAS | Hays plc | 59.75 | 2.23 | 3.88% | |
| GB:RWA | Robert Walters | 131.00 | -16.50 | -11.19% | |
| GB:STAF | Staffline Group plc | 39.60 | -6.40 | -13.91% | |
| GB:STEM | SThree plc | 303.50 | 159.36 | 110.57% |
Michael Page plc Corporate Events
Michael Page chair adds shares through dividend reinvestment
PositiveMichael Page plc disclosed that its chair, Angela Seymour-Jackson, acquired additional ordinary shares in the company through a dividend reinvestment plan. The transaction, executed on the London Stock Exchange’s Main Market, involved the purch...
Michael Page Returns to Growth as U.S. and Asia Drive Recruitment Recovery
PositiveMichael Page plc reported its first quarter of growth since late 2022, with group gross profit rising 1.5% year on year in constant currency to £190.5 million in the third quarter of 2026. Growth was led by the Americas and Asia Pacific, while E...
Michael Page Schedules Q3 2026 Trading Update and Investor Call
NeutralMichael Page plc has announced that it will publish its trading update for the third quarter of 2026 at 7:00 a.m. on Tuesday, 13 October 2026. The update is expected to provide investors and analysts with fresh insight into the performance of the glo...
Michael Page Names Paul Harrison as Next Chair in Planned Board Succession
PositiveMichael Page plc has appointed existing Non-Executive Director Paul Harrison as Chair-designate, succeeding current Chair Angela Seymour-Jackson when she retires from the board, expected around the 2027 AGM. Harrison brings more than 25 years of publ...
Michael Page lifts profit and productivity as rebrand and tech investments underpin strategy
PositiveMichael 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 maintained...
Michael Page Sets Date for 2026 Half-Year Results and Investor Call
NeutralMichael 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 accomp...
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.
Date of analysis: Aug 06, 2026