PageGroup Q3 2025: Europe Struggles as US and Asia Drive Growth

PageGroup Q3 2025 trading update: solid US and Asia offset a weak Europe

PageGroup’s Q3 shows a familiar split-screen: Europe remains soft, the US is steadily improving, and Asia is quietly rebuilding. Group gross profit came in at £187.8 million, down 6.7% in constant currency versus 2024, with productivity per fee earner up 1% year-on-year. Net cash improved to around £38 million, and the Board still expects 2025 operating profit to be broadly in line with market consensus of £21.5 million.

For context: “gross profit” here is the fees earned after paying temp workers and direct costs; “fee earner” means front-line recruiters; “constant currency” strips out FX swings to show underlying trends.

What stood out in the quarter

• Group gross profit £187.8 million, -6.7% constant currency; -6.8% reported.
• US delivered its fourth consecutive quarter of growth; Asia grew for a second quarter.
• Europe and the UK stayed challenging, with slower decision-making and lower offer-to-placement conversion.
• Fee earner headcount reduced by 120 (-2.3%) to 5,043; gross profit per fee earner up 1% year-on-year.
• Net cash around £38 million (Q2 2025: c. £11 million; Q3 2024: c. £93 million).
• Interim dividend of £16.7 million paid on 10 October 2025.
• Cost reduction programme on track for c. £15 million annualised savings from 2026; one-off costs c. £15 million (c. £13 million in H1), with c. £5 million savings in H2 2025.
• FY25 operating profit expected broadly in line with consensus of £21.5 million.

Regional performance: Europe drags, US and Asia improve

EMEA: low confidence keeps the brakes on

EMEA, 52% of Group, saw gross profit decline 10.2% in constant currency to £97.8 million. Germany was down 11% (better than -21% in Q2), with Technology Interim more resilient (-5%) but Michael Page down 18%. France fell 16%, with temporary down 4% outperforming permanent, down 26% – a classic uncertainty pattern. Spain grew 3%, but Netherlands (-14%), Italy (-6%) and Belgium (-10%) remained tough. Fee earner headcount in the region fell by 79 in the quarter.

Americas: US momentum continues, LatAm mixed

The Americas delivered £36.4 million of gross profit, up 3.5% excluding Argentina. North America rose 10%, led by the US at +10%, with Manufacturing and Construction performing well. Latin America declined 4% ex-Argentina, with Mexico -12% on tariff uncertainty and Brazil flat (permanent weak, temporary strong). Regional fee earner headcount decreased by 16, mainly Brazil, partly offset by additions in the US.

Asia Pacific: two in a row for Asia; Australia still tough

Asia Pacific gross profit was £31.0 million, down 1.2% in constant currency. Asia itself grew 1% for a second consecutive quarter. South East Asia was +5%, India +11% with nearly 250 fee earners, and Hong Kong +8% thanks to strong Page Executive. Greater China was -7% overall, with Mainland China -20%. Japan was -2%. Australia fell 12%, with New South Wales particularly challenging. Fee earner headcount in the region decreased by 9 in Q3; total headcount was flat at 1,471.

UK: another cautious quarter

The UK, 12% of Group, posted gross profit of £22.6 million, down 14.3% year-on-year, similar to Q2. Clients deferred hiring and candidates stayed cautious. Permanent fell 12% while temporary dropped 19%, amplified by the closure of UK Page Personnel earlier this year, which had a heavier temp mix. Fee earner headcount reduced by 16 to 876.