Michael Page backs profit outlook despite "high degree of uncertainty"

Michael Page PLC on Thursday slashed its half-year dividend to reflect still challenging markets, although profit surged amid lower expenses.

The Weybridge, Surrey-based recruiter, which recently rebranded from PageGroup PLC, said pretax profit ballooned to £6.5 million in the six months ended June 30 from £233,000 the year prior.

Revenue edged up to £799.5 million from £798.4 million on-year but the bottom line benefited from reduced administrative expense which were reduced to £375.5 million from £387.5 million, driven largely by a lower average headcount.

Michael Page said it took one-off costs of around £2.5 million in the first half of the year in relation to some senior staff exits and expects to take a similar level of cost during the second half.

Gross profit fell 1.1% to £385.2 million from £389.7 million, or by 2% at constant currency.

At constant currency, gross profit rose 9.2% in Asia Pacific and 4.4% in the Americas but fell 8.2% in the UK and by 6.9% in Europe, Middle East & Africa.

"Trading remained more challenging across France, Northern Europe and the UK," commented Chief Executive Nicholas Kirk.

Michael Page flagged an "improvement and signs of normalisation" in trading in a number of markets, noting around 50% of markets were in growth in the first half.

But CEO Kirk stressed there "remains a high degree of uncertainty in the outlook for the rest of the year."

In light of this, Michael Page believes it is "prudent" to declare an interim dividend of 1.46 pence per share, down from 5.36p last year.

The firm continues to expect 2026 operating profit to be in line with company compiled consensus of around £28 million, which would be up 34% from £20.9 million in 2025.

Shares in Michael Page, which have risen 54% in the past month, fell 3.5% to 181.30p each in London on Thursday.

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