Earnings release
Page 1
7 July 2021 ● Q2 Highlights Note : Given the magnitude of the impact of COVID - 19 in 2020 , we are providing comparisons in constant currencies against 2019 , to ensure the most appropriate representation of current trading . Comparisons to 2020 are also given in the tables . ● ● ● ● ● ● Group gross profit of £ 219.7m , + 94.1 % vs. 2020 ( + 2.0 % vs. 2019 ) Improvement in the exit rate , exiting June at + 11 % vs. 2019 Gross profit per fee earner up 15 % on Q2 2019 17 record quarters including 4 of our 5 Large , High Potential markets Large , High Potential markets ( 38 % of Group ) + 16 % vs. 2019 EMEA + 0.4 % : France -11 % ; Germany + 26 % all vs. 2019 Asia Pacific + 10.5 % : Greater China + 10 % ; SE Asia + 35 % ; India + 47 % all vs. 2019 Americas + 7.7 % : US + 8 % ; Latin America + 11 % all vs. 2019 UK -9.0 % : Michael Page -4 % ; Page Personnel -24 % all vs. 2019 Increase in fee earner headcount of 176 to 5,443 ( Q2 2019 : 6,035 ) Strong cash position , net cash of c . £ 168m ( Q1 2021 : c . £ 136m , Q2 2020 : c . £ 162m ) Outlook Full year operating profit expected to be within the range of £ 125m - £ 135m Q2 BACK TO 2019 RECORD LEVEL : INCREASING 2021 GUIDANCE Q2 Gross Profit Analysis Year - on - year EMEA Asia Pacific Americas UK Total PageGroup H1 Gross Profit Analysis Year - on - year EMEA Asia Pacific Americas UK Total PageGroup % of Group 49 % 21 % 16 % 14 % 100 % % of Group 50 % 20 % 15 % 15 % 100 % Gross Profit ( £ m ) 2020 63.3 25.6 16.0 13.5 118.4 2021 107.3 46.0 34.5 31.9 219.7 2019 108.9 43.7 37.0 35.1 224.7 Gross Profit ( £ m ) 2021 2020 203.4 154.5 81.8 56.9 61.3 46.9 57.6 42.4 404.1 300.7 2019 213.1 81.8 69.2 69.4 433.5 Growth Rates ( % ) Constant Constant vs. 2020 vs. 2019 + 75.8 % + 0.4 % + 10.5 % + 7.7 % -9.0 % + 2.0 % Reported vs. 2020 + 69.5 % + 79.8 % + 89.7 % + 115.8 % + 137.9 % + 136.1 % + 136.1 % + 85.6 % + 94.1 % Growth Rates ( % ) Reported Constant Constant vs. 2020 vs. 2020 vs. 2019 + 31.6 % + 33.3 % + 43.9 % + 48.7 % + 30.6 % + 44.2 % + 35.9 % + 35.9 % + 34.4 % + 38.3 % -3.8 % + 3.6 % + 1.6 % -17.0 % -3.7 % Worldwide leaders in specialist recruitment page.com