(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.