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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  PageGroup    MPI   GB0030232317

PAGEGROUP

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PageGroup : Robert Walters learns to live with Brexit uncertainty as profits rise

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04/15/2019 | 06:30am EDT

(Reuters) - Recruitment company Robert Walters on Monday reported higher first-quarter profit and said confidence among businesses in Britain was reasonable despite Brexit uncertainty.

Earlier this year, the company, which places people in finance, engineering, legal and marketing jobs, had warned of a slowdown in hiring as Britain prepared to leave the European Union and that some jobs were moving from London to other parts of Europe.

But Chief Executive Officer Robert Walters said on Monday that the company was comfortable with its progress in the UK, with reasonable levels of confidence among companies.

He also told Reuters the group was not seeing many jobs move out of London and it was prepared if there was a pick up in momentum.

"I think a lot of the concerns are still there but we are learning to live with them," Walters said.

"I mean, everyone's getting extremely bored with Brexit and people are getting on with it," he said.

The company, reported an 11 percent rise in gross profit to £98.6 million for the three months ended March, boosted by healthy hiring in Asia-Pacific and Europe.

To help to offset the cautious market in Britain the group has been growing its international operations.

Net fee income or gross profit from Europe rose 8 percent to 26.2 million pounds in the first quarter, while the UK had growth of 10 percent. Asia-Pacific gross profit rose 12 percent to 36.4 million pounds in the quarter.

The company's stock was up 1.7 percent at 1045 GMT.

Despite a solid performance in Europe, the company highlighted problems in France due to the "yellow vest" protests, which began in November after public anger over higher fuel taxes.

Robert Walters said its performance in France, its largest market in Europe, was hit by the political turbulence there. The company, however, managed positive single-digit net fee income growth in the country.

Rival PageGroup Plc said last week that the "gilets jaunes" protests in France had hurt candidate confidence.

(Reporting by Samantha Machado and Noor Zainab Hussain and Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta/ Bernard Orr/ Jane Merriman)

By Samantha Machado and Pushkala Aripaka

Stocks mentioned in the article
ChangeLast1st jan.
PAGEGROUP 0.19% 538 Delayed Quote.19.12%
ROBERT WALTERS PLC 0.69% 580 Delayed Quote.4.73%
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Financials (GBP)
Sales 2019 1 654 M
EBIT 2019 160 M
Net income 2019 117 M
Finance 2019 134 M
Yield 2019 4,43%
P/E ratio 2019 14,17
P/E ratio 2020 12,77
EV / Sales 2019 0,95x
EV / Sales 2020 0,87x
Capitalization 1 701 M
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Technical analysis trends PAGEGROUP
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 5,86  GBP
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Stephen John Ingham Chief Executive Officer & Executive Director
David Soutar Lowden Chairman
Kelvin John Stagg Chief Financial Officer & Executive Director
Simon Boddie Independent Non-Executive Director
Patrick Jean-Marie de Smedt Senior Independent Non-Executive Director
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1st jan.Capitalization (M$)
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MORNEAU SHEPELL INC9.86%1 307
HEIDRICK & STRUGGLES INTERNATIONAL, INC.26.51%767
ROBERT WALTERS PLC4.73%578