Recruiter Page sets 22 records abroad but Brexit stymies UK

Recruiting company PageGroup has seen a record year in 22 of its overseas markets, offsetting Brexit-induced weakness in the jobs market at home.

PageGroup on Wednesday reported operating profit for 2017 11.3% higher at £118.3 million, at the top end of expectations.

Revenues climbed 9.8% to £1.37 billion on a constant currency basis, helped by booming recruiting conditions in Europe, China and the US.

However, the group warned 2018 would be another challenging year for its UK business, where reported gross profit fell almost 4% to £140.8 million.

The UK now represents just a fifth of the group’s gross profits after a period of rapid expansion overseas.

Steve Ingham, chief executive, said: “There is a small amount of uncertainty in the UK market. Some international clients are hiring at slightly lower volumes and one or two senior candidates are holding back until there is more certainty.”

Retail, sales and marketing and legal placements were down in the UK but construction and property, engineering and technology were up strongly.

London’s gross profits have fallen 3%, having been down 4% last year.

In contrast, France’s resurgent economy saw PageGroup increase its gross profit by 25%.