Business Services | Europe Previews: 6th July - 17th July

研报英文原文证据摘录

Business Services | Europe Previews: 6th July - 17th July

UpdatePreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Hays PLC HAYS.L

Net fee lfl growth, current trading, FY26

In-line Largely unchanged

profit outlook.

• We expect a slight sequential improvement of net fee lfl growth, on a stable comparison base, predominantly

within Temp & Contracting.

• We note at 3Q in April, management saw minimal net fee impact from Middle East conflict but we

acknowledge downside risk as uncertainty likely persisted through the quarter.

• Focus of investors will be on current trading and comments on FY26 profit expectations.

Page Group PLC PAGE.L

Net fee lfl growth, current trading. Likely downside surprise Modest revision lower

• We expect a slight sequential improvement in ccy net fee growth on a slightly lighter comp at group level.

• We think risk skews to the downside given the uncertainty through the quarter from the Middle East conflict

likely weighed on Perm activity.

• Focus of investors should be on current trading and any comments on FY26 profit expectations.

Experian PLC EXPN.L

Organic growth. In-line Largely unchanged

• We expect 1Q organic growth at the midpoint of the group’s FY27 guidance of 6-8%.

• We look for management commentary on how the lending environment has evolved through the quarter given

the dynamic geopolitical environment.

• We do not expect any changes to FY27 guidance at this stage; consensus expects 7.2% organic growth and

~50bps margin progression.

Diploma PLC DPLM.L

Organic growth, FY26 guidance. Likely upside surprise Largely unchanged

• We expect organic growth to remain strong in 3Q, albeit at a level slightly below that of 2Q (~16%) given a

tougher comp notably in Controls.