Recruiter Page Group to cut leadership team in £15m cost-cutting drive

The profit of £194.2m was also down 13 per cent compared with the final quarter of last year, after the group said “subdued levels of client and candidate confidence impacted decision-making”.

PageGroup said it saw a slump in headcount of its fee-earning consultants to 5,296, down from 5,751 at the same point last year.

The firm is one of a raft of recruitment companies to have been knocked by the weak jobs market, after rival Robert Walters cut more staff earlier this year.

Mr Kirk added: “The conversion of interviews to accepted offers remained the most significant challenge, as ongoing macro-economic uncertainty continued to impact confidence, which extended time to hire.”

The industry has come under pressure from firms slowing down headhunting activity due to soaring cost pressures and uncertainty over the economic outlook.

PageGroup said it is targeting £15m in annual savings from the cost-cutting measures.

Meanwhile, the London-listed company declined to give financial forecasts for the coming months because of uncertainty caused by US President Donald Trump’s tariffs.

Mr Kirk said: “Against the ongoing challenging trading conditions, we have taken robust action to optimise the cost base by simplifying our management structure, reducing our leadership team and improving the efficiency of our business support functions – these actions will benefit the group from 2026 onwards.”

He added: “Despite the uncertain outlook due to the increasingly unpredictable economic environment, Page Group has a highly diversified and adaptable business model, a strong balance sheet and our cost base is under continuous review.

“Given the recent introduction of tariffs and the resultant market uncertainty, we are not providing forward-looking guidance on business performance.”

The Page Group was founded in London by Bill McGregor and Michael Page in 1976 in an office above a launderette, providing selection and recruitment services for accounting and finance professionals. It now operates in 36 countries.

The group’s shares were down 2.9 per cent in Wednesday morning trading.

Last month, the recruiter Robert Walters revealed plunging profits due to troubles in the global jobs market and warned conditions were unlikely to improve until the end of the year.

The firm saw profits nearly wiped out, slumping to £500,000 from £20.8m in 2023, as net fee income slumped 14 per cent, it revealed in a statement issued in March.

Speaking last month, Toby Fowlston, chief executive of Robert Walters, said trading had continued to be “muted” in the first few weeks of the year and cautioned that “improvement in end markets is unlikely to be seen before the latter part of 2025”.

Robert Walters cut its own workforce by 17 per cent or nearly 700 roles, over the year to 3,294 as it looked to cut costs in the face of challenging job markets, and Mr Fowlston said the firm would “ensure its cost base is appropriate for the current conditions” over the year ahead.