Results round-up
Recruitment specialist PageGroup said the uncertainty in the lead up to the Brexit vote had led to a decline in second quarter UK profits, although the group's gross profits were up 3.7% on constant currency rates to £156.9m.
"It is too early to say how the result of the EU Referendum will impact our results going forward, but the environment leading up to the vote caused a slightly weaker result in June,” the company said in a trading statement.
“With continued uncertainty in the UK following the referendum result, ongoing challenges in some of our other larger markets, the unpredictable nature of the current cycle and our limited visibility, we will continue to focus on driving profitable growth, whilst remaining able to respond quickly to any changes in market conditions."
The UK declined 2.3% in the quarter, with uncertainty impacting clients' decision-making in the lead up to the EU Referendum.
Page saw good performances in Continental Europe and Latin America (ex-Brazil), which combined now account for around 45% of the group.
"However, the challenging market conditions in several of our larger markets, including Greater China, the UK and Brazil, continued," it said.
"Current market conditions remain stronger at lower salary levels and in temporary roles and this was reflected by the strong growth of 9% in our Page Personnel business, where temporary recruitment represents 40% of gross profit. Our Michael Page business, where temporary recruitment represents only 16%, grew 2%. Overall, temporary recruitment grew by 6.5%, compared to 2.9% in permanent.”
Hotel Chocolat, which listed on AIM in May, posted a 12% increase in full-year revenue, which was slightly ahead of market expectations.
In a trading update for the 52 weeks ended 26 June, the company reported revenue of £92.6m, with revenue in the digital retail channel up 20%.
Hotel Chocolat said that since its admission to AIM, the new store opening programme has continued to progress well, with one new store opened in Sheffield on 9 May, and a further four new stores expected to open later this year.
In addition, it said that since the initial public offering, the group's new Father's Day campaign 'Better than Socks' performed particularly well.
Hotel Chocolat said its capital projects, namely the increase in manufacturing capacity at the its facility near Cambridge, are on schedule and within budget and the board maintains its focus on operating margins and tight cost control across all aspects of the business.
Trading since full-year 2016 continues to be in line with management’s expectations and the group’s maiden preliminary results for the year are expected in mid-October.
Co-founder and chief executive Angus Thirlwell said: "Hotel Chocolat has had a good start as a listed company, with pleasing growth slightly above expectations. We remain confident in our strategy. Our plans to invest further in our British chocolate manufacturing operations, in new stores, and in our digital offering are all progressing well."