PageGroup CEO announces exit after record quarter

PageGroup announced a record quarter for the start of 2022 and said its chief executive, Steve Ingham, was leaving after 16 years at the top of the recruitment company.

The FTSE 250 group said gross profit rose 42.6% to £258.2m in the three months to the end of March at constant currency from a year earlier. March was the first month it recorded gross profit of more than £100m.

PageGroup also said its board had decided to look for a replacement for Ingham and that he had agreed. Ingham will stay on as CEO until a replacement is found.

Growth in the first quarter was strong across the company with Europe, Middle East and Africa profit up 41% at constant currency to £129.7m. The Americas had the most rapid growth, up 60% to £42.9m, and profit rose 43% in the UK to £36.9m. In Asia Pacific, profit was up 36% to £48.7m.

Job markets have boomed as economies have recovered from the Covid-19 crisis. PageGroup said trading was supported by rising wages and higher fees because of high demand for and shortage of supply of job candidates.

Ingham said: We delivered another record quarter for the group, with record performances in 19 countries. We exited the quarter strongly, with a record in March, the first time the group has delivered gross profit in excess of £100m.

"Having consulted with me, the nomination committee has decided that now is the right time to commence the process to identify my successor, and I have indicated my support for their decision. I have been privileged to lead PageGroup over the last 16 years and I am immensely proud of everything we have achieved together."