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Recruiter PageGroup's annual profit tops pre-pandemic levels

By Reuters

-Global recruiter PageGroup reported record annual profit on Thursday, soaring past pre-pandemic levels, on the back of surging demand for long-term hiring in technology and healthcare sectors following the reopening of economies.

The London-listed company, which helps hire executives, professionals and clerical staff, will pay shareholders a final dividend of 10.30 pence per share. It had not paid a dividend in the pandemic-disrupted 2020, but resumed its interim payment in August last year.

Chief Executive Steve Ingham credited the strong results to the company’s focus on high potential sectors such as technology, and healthcare and life sciences.

Recruiters across the globe have witnessed a boom in demand as the global economy recovers and employers ramp-up hiring. PageGroup’s results echoed those of British rival Hays’, whose half-year profit more than quadrupled.

Ingham said the recruiter was alert to the macroeconomic uncertainties that exist, but expressed confidence that its diversified business model will allow the company to adapt quickly to any changes in market conditions.

PageGroup’s operating profit soared to 168.5 million pounds ($225.9 million) for the year ended Dec. 31, compared with 17 million pounds a year earlier. Profit was up about 15% from pre-pandemic 2019.

($1 = 0.7459 pounds)