FINANCIALS: Mixed results for PageGroup
16 July 2013
International staffing company PageGroup reported a 2% drop in net fee income (NFI) in the second quarter of 2013, compared with the same quarter in 2012.
Tue, 16 July 2013
International staffing company PageGroup reported a 2% drop in net fee income (NFI) (3.8% at constant currency) in the second quarter of 2013, compared with the same quarter in 2012.
NFI fell from £138m in 2012 to £135.2m against a backdrop of what chief executive officer Steve Ingham described as “challenging market conditions”.
Over the first half of 2013 NFI fell by 4.3% compared with 2012.
However, the company performed more strongly when compared with Q1 of 2013, with the £135.2m figure representing a 6.6% rise.
Net fee income from permanent recruitment rose 7.4% from Q1 of 2013 to £105.2m in Q2, while NFI from temporary recruitment was 3.8% higher at £30m.
The group performed most strongly in the Americas, where it reported NFI 5.9% higher in the first six months of the year than in 2012.
UK NFI was broadly flat, while EMEA and Asia Pacific saw falls.
Commenting on the results, Ingham says: “Overall PageGroup delivered a robust performance throughout the second quarter, against a backdrop of challenging market conditions across most of our regions, reporting gross profit of £135.2m, up 6.6% on the first quarter, and down only 2% year-on-year.
"During the quarter we saw good performances in a number of regions, most notably in North America. Our offices in Japan, Mexico, Spain and the Middle East also performed particularly well, as did some smaller and newer businesses in Europe, Latin America and Asia. In Australia, our business experienced a challenging quarter.
“Activity levels remained strong throughout the quarter, but with difficult conditions likely to continue in several markets, we expect Q3 will be another challenging quarter.”
International staffing company PageGroup reported a 2% drop in net fee income (NFI) (3.8% at constant currency) in the second quarter of 2013, compared with the same quarter in 2012.
NFI fell from £138m in 2012 to £135.2m against a backdrop of what chief executive officer Steve Ingham described as “challenging market conditions”.
Over the first half of 2013 NFI fell by 4.3% compared with 2012.
However, the company performed more strongly when compared with Q1 of 2013, with the £135.2m figure representing a 6.6% rise.
Net fee income from permanent recruitment rose 7.4% from Q1 of 2013 to £105.2m in Q2, while NFI from temporary recruitment was 3.8% higher at £30m.
The group performed most strongly in the Americas, where it reported NFI 5.9% higher in the first six months of the year than in 2012.
UK NFI was broadly flat, while EMEA and Asia Pacific saw falls.
Commenting on the results, Ingham says: “Overall PageGroup delivered a robust performance throughout the second quarter, against a backdrop of challenging market conditions across most of our regions, reporting gross profit of £135.2m, up 6.6% on the first quarter, and down only 2% year-on-year.
"During the quarter we saw good performances in a number of regions, most notably in North America. Our offices in Japan, Mexico, Spain and the Middle East also performed particularly well, as did some smaller and newer businesses in Europe, Latin America and Asia. In Australia, our business experienced a challenging quarter.
“Activity levels remained strong throughout the quarter, but with difficult conditions likely to continue in several markets, we expect Q3 will be another challenging quarter.”
