Recruitment company PageGroup has posted a 99.2% decline in pre-tax profit in H1, slipping from £27.7m last year to just £200,000.

In the six months to 30 June, PageGroup also report an 11.1% drop in revenue, to £798.4m.

PageGroup’s operating profit in H1, at £2.1m, was also down significantly from £28.4m last year, however, this was largely due to one-off costs of £13m relating to “restructuring and transformation”.

In its outlook for the full financial year, PageGroup said its board was still expecting an operating profit “broadly in line with current market consensus” at around £22m.

PageGroup CEO, Nicholas Kirk, said the company had delivered a “resilient performance” in H1, despite ongoing macroeconomic uncertainty.

“Against the ongoing challenging trading conditions, we have taken robust action to optimise our cost base by simplifying our management structure, reducing our leadership team and improving the efficiency of our business support functions,” Kirk commented.

“These initiatives will incur a one off cost of £15m in 2025, of which £13m was incurred in H1. These initiatives will deliver annualised savings of £15m per annum from 2026.”

Kirk added: “Despite the uncertain outlook due to the unpredictable economic environment, we have a highly diversified and adaptable business model, a strong balance sheet and our cost base is under continuous review.”

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