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Page Group FY20 Pre-tax Profit Plunges - Quick Facts

PageGroup plc (MPGPF.PK,PAGE.L), a specialist professional recruitment company, reported Wednesday that its fiscal 2020 profit before tax fell 89.2 percent to 15.5 million pounds from 144.2 million pounds last year.

Loss per share were 1.8 pence, compared to profit of 32.2 pence a year ago.

Revenue declined 21.1 percent to 1.305 billion pounds from prior year's 1.654 billion pounds. At constant currency rates, revenue fell 20.5 percent.

Gross profit of 610.2 million pounds declined 28.7 percent from 855.5 million pounds a year ago. Gross profit per fee earner was down 18.7% to 113.3 thousand pounds.

Further, the company said it will repay the 3.4 million pounds income received in the UK under the Furlough scheme as it ended the year with a strong cash position of 166 million pounds.

The company will seek to return to its policy of Shareholder returns as market conditions improve.

Looking ahead, Steve Ingham, Chief Executive Officer, said, "As we enter 2021, there remains a high degree of global macro-economic uncertainty in many of our markets..... We remain confident in our strategy of maintaining our platform and continuing to invest carefully in headcount, as well as continuing to roll-out new technology and innovation."

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