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PageGroup Q2 Gross Profit Up: Sees FY Operating Profit At Low-end Of Market View

PageGroup plc (PAGE.L), a specialist professional recruitment company, reported Wednesday that its second-quarter gross profit was 224.6 million pounds, 7.9 percent higher than last year's 208.2 million pounds. Group gross profit increased 7.4 percent in constant currencies.

Looking ahead, the company said it now expects 2019 operating profit to be towards the lower end of the range of current market forecasts, amid the current macro-economic conditions.

The company compiled consensus for 2019 operating profit of 161.1 million pounds, with a range of 156.5 million pounds to 168 million pounds.

In its trading update, the company noted that in the second quarter, gross profit in 16 countries grew in excess of 10 percent.

Permanent gross profit increased 5.1 percent to 171.5 million pounds, and Temporary gross profit climbed 15.4 percent.

Gross profit at Large, High Potential markets climbed 14 percent. EMEA recorded 9 percent growth, France 6 percent and Germany 24 percent. Asia Pacific gross profit increased, despite weakness in Greater China. Americas climbed 17.4 percent.

Meanwhile, gross profit in UK fell 2.4 percent.

In constant currencies, Michael Page grew 6.2 percent, with Page Personnel growing 10.3 percent.

Kelvin Stagg, Chief Financial Officer, said, "We will continue to focus on driving profitable growth, while continuing our strategic investments towards our Vision of 10,000 headcount, £1bn of gross profit and £200m - £250m of operating profit."

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