PageGroup PLC (PAGE.L): Q2 Beat, unch FY guide due to one-off restructuring costs above the line

Research evidence excerpt

PageGroup PLC (PAGE.L): Q2 Beat, unch FY guide due to one-off restructuring costs above the line

Action |

13 Jul 2026 02:25:35 ET │ 12 pages

PageGroup PLC (PAGE.L)

Q2 Beat, unch FY guide due to one-off restructuring costs above the

line

CITI'S TAKE

Q2 GP of £197.6m well ahead of company provided consensus of £186.8m. Neutral

Q2 LFL growth of -0.2% YoY compares with consensus at -5%, Hays' -5%

and Sthree's -6%, despite Page's 73% perm exposure. Page notes Price (10 Jul 26 16:30) £1.29

improvement and signs of normalisation in trading across a number of Target price £1.30

markets, with c50% of markets in growth. Page Executive up 15% YoY, as Expected share price return 0.8%management’s strategy pays off. Page expects 2026 EBITA in line with

company compiled consensus of £28m, due to likely one-off restructuring Expected dividend yield 6.7%

costs above the line. Expected total return 7.4%

Market Cap £424M

Cost management — Management has already achieved annualised savings of US$561M£40m, but this cost base control has continued in 2026 focused on simplification of

business support functions, incurring some one-off costs which will be taken above

the line, with detailed disclosure at the Interims.

Country portfolio — Page views Hays' disposal of its peripheral businesses in Czech Price Performance

Republic, Denmark, Hungary, Luxembourg, Romania and Sweden as unsurprising (RIC: PAGE.L, BB: PAGE LN)

housekeeping. With respect to the other markets earmarked as non-core by Hays,

ie Belgium, Brazil, Greater China, Malaysia, The Netherlands, Singapore, and UAE,

we expect rival recruiters to actively try and poach the best recruiters from these

operations.

Earnings forecasts — We lift our FY26 EBITA from £27m to £28m as per

management’s guide.