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View All NewsPageGroup CEO to step down; firm reports Q1 gross profit up 42.6%
PageGroup plc, a UK-based global staffing firm, today announced CEO Steve Ingham plans to step down, although an official date has not been set. In addition, PageGroup reported gross profit rose 42.6% in constant currency in the fourth quarter.
“I have been privileged to lead PageGroup over the last 16 years, and I am immensely proud of everything that the team has achieved together,” said Ingham, who will remain as CEO until a successor formally takes on the role.
The company said it is not possible to indicate when a new CEO will be appointed.
Separately, PageGroup reported grow profit rose in the first quarter with growth across all geographies. Ingham also noted record performances in 19 countries.
Q1 gross profit
| (£ millions) | Q1 2022 | Q1 2021 | % change | % change constant currency | Q1 2022 (US$ millions) |
| EMEA | 129.7 | 96.1 | 35.0% | 41.1% | 170.3 |
| Asia Pacific | 48.7 | 35.8 | 36.0% | 35.8% | 63.9 |
| Americas | 42.9 | 26.8 | 60.4% | 56.6% | 56.3 |
| UK | 36.9 | 25.7 | 43.4% | 43.4% | 48.5 |
| Total | 258.2 | 184.4 | 40.0% | 42.6% | 339.0 |
| Permanent | 202.1 | 140.3 | 44.1% | 46.3% | 265.4 |
| Temporary | 56.1 | 44.1 | 27.1% | 31.0% | 73.7 |
“This ongoing improvement in Q1 was seen throughout the group and was achieved despite the backdrop of macroeconomic and geopolitical uncertainty as well as continued Covid-19 restrictions in certain markets,” Ingham said.
He also said PageGroup has limited exposure to either Russia or Ukraine.
“However, we are acutely aware of the human suffering this war has brought and are committed to supporting refugees, particularly into suitable employment, where we can,” Ingham said. “We are already working with RefuAid in providing sustainable solutions to employment for refugees in the UK.”
PageGroup’s US business — which is included in its Americas segment — saw 60% growth in gross profit. The company reported improved business conditions in the US and strong growth in all offices, most significantly in Boston and Houston. Meanwhile, Latin American gross profit rose 51% with Mexico, the company’s largest country in the region, seeing growth of 52%.
Share price and market cap
Shares in PageGroup closed up 1.99% to £482.40 (US$628.32) today in London; shares were 18.93% above their 52-week low, according to FT.com. The company had a market cap of £1.55 billion (US$2.02 billion).