Markets

PageGroup Slips To Loss In H1; Revenue Down 20.2%

(RTTNews) - PageGroup plc (MPGPF.PK, PAGE.L) reported first-half loss before tax of EUR 0.8 million compared to a profit of EUR 74.6 million last year.

On a per share basis, loss was 0.5p per share compared to a profit of 16.8p per share reported a year ago, reflecting the significant reduction in profits caused by the challenging trading conditions due to COVID-19.

Revenue for the period declined 20.2% to EUR 655.0 million from EUR 820.5 million generated in the same period of last year.

Commenting, Steve Ingham, Chief Executive Officer, said, "We took decisive management actions on costs to protect near-term profitability, whilst at the same time investing in our platform to ensure we emerge from this period in a position of strength. We also focused on ensuring we retained a strong cash position, which we achieved, and we have access to sizeable borrowing facilities, if required. However, trading conditions remain uncertain and, as such, we have taken the decision to suspend our dividend policy. It is our intention to reinstate shareholder returns when conditions improve."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More