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Michael Page plc
(LSE:PAGE)
Select Model
Select Model
Rating:58Neutral
Price Target:
222.00 p
▲(0.00% Upside)
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 model
The multi-brand, international model spreads activity across geographies, recruitment formats, professional disciplines and client segments. This diversification can support resilience when hiring conditions vary by region or role type and provides several channels for rebuilding growth over the next few quarters.
Negative Factors
Prolonged revenue and earnings contraction
The decline in revenue across two consecutive years and the sharp reduction in net income demonstrate material pressure on placement volumes, pricing or mix. Thin current profitability leaves less buffer for further weakness and makes recovery dependent on a sustained improvement in hiring activity.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified global recruitment model
The multi-brand, international model spreads activity across geographies, recruitment formats, professional disciplines and client segments. This diversification can support resilience when hiring conditions vary by region or role type and provides several channels for rebuilding growth over the next few quarters.
Read all positive factors
Michael Page plc (PAGE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£675.23M
Dividend Yield2.18%
Average Volume (3M)1.10M
Price to Earnings (P/E)54.5
Beta (1Y)1.36
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. Volume968,332
30 Day Avg. Volume1,103,390
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
£249.00Price Target Upside12.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.05
Revenue Forecast (FY)£1.58B
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,...
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 ...
Michael Page plc 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.Michael Page plc 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 |
Michael Page plc Technical Analysis
Positive
222.00
Price Trends
210.74
Positive
182.72
Positive
166.12
Positive
Market Momentum
1.41
Negative
56.25
Neutral
83.24
Negative
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 222 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | £365.33M | 29.81 | 5.85% | 4.71% | -9.15% | -53.32% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | £940.08M | -16.11 | -13.31% | 0.74% | -2.81% | -657.14% | |
58 Neutral | £675.23M | 54.54 | 5.95% | 2.18% | -2.55% | 7.92% | |
57 Neutral | £43.33M | 6.96 | 17.30% | 2.32% | 18.21% | 71.90% | |
56 Neutral | £43.36M | 12.96 | 11.07% | 2.42% | 5.91% | 458.42% | |
51 Neutral | £86.17M | -3.64 | -25.40% | 10.44% | -2.82% | -66.89% |
* Industrials Sector Average
GB:PAGE
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Michael Page plc Corporate Events
DividendsRegulatory Filings and Compliance
Michael Page chair adds shares through dividend reinvestment
Positive
Oct 20, 2026
Michael 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 pu...
Business Operations and StrategyFinancial Disclosures
Michael Page Returns to Growth as U.S. and Asia Drive Recruitment Recovery
Positive
Oct 13, 2026
Michael 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, whil...
Financial Disclosures
Michael Page Schedules Q3 2026 Trading Update and Investor Call
Neutral
Oct 9, 2026
Michael 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 ...
Business Operations and StrategyExecutive/Board Changes
Michael Page Names Paul Harrison as Next Chair in Planned Board Succession
Positive
Sep 24, 2026
Michael 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 p...
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...
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.