Published by Global Banking & Finance Review®
Posted on April 14, 2026
3 min readLast updated: April 14, 2026
Add as preferred source on GooglePageGroup reported a 4.9% drop in first‑quarter gross profit to £187 million and signalled uncertainty ahead as the Mideast conflict adds geopolitical risk. Global hiring remains subdued amid economic jitters and AI‑driven concerns about white‑collar job displacement.
By Nithyashree R B and Yadarisa Shabong
April 14 (Reuters) - Recruiter PageGroup faces an increasingly uncertain outlook as the Middle East conflict https://www.reuters.com/world/iran/ has raised the risk of hiring freezes and caution over changing jobs, it said on Tuesday, sending shares to their lowest in nearly a decade.
The specialist in white-collar recruitment reported a 4.9% drop in first-quarter gross profit, marking its 13th consecutive quarter of declining fees, as weakness in its biggest markets, France and Germany, outweighed growth in the U.S. and Asia Pacific.
A surge in oil prices and disruption of freight since U.S.-Israeli airstrikes on Iran at the end of February began a wider conflict, together with the impact of artificial intelligence on hiring, have delayed recruitment decisions.
Many people have also become more cautious about changing jobs, especially when salary offers are not high enough to tempt them.
"Salary levels remain strong, although the level of increases offered to candidates were not as elevated as they were in 2022 and early 2023 and, as a consequence, the conversion of offers to placements remained the most significant challenge," the company said.
Shares dropped as much as 6% in early trade before reversing course to trade marginally higher by 0746 GMT.
LACK OF CONFIDENCE IS LIKELY OVER THE COMING QUARTERS
PageGroup posted group gross profit of 187 million pounds ($252.71 million) for the quarter ended March 31, down from 194.5 million pounds a year ago.
The owner of the Page Executive and Michael Page brands said gross profit in its Middle East business fell 12% in the quarter.
Europe, Middle East and Africa is the group's largest business division, accounting for more than half of the group's gross profit, with France and Germany contributing the biggest share.
"With macro worries around Iran, private credit and key elections, we foresee ongoing wobbliness in confidence in coming quarters," RBC Capital analyst Karl Green said in a note.
Peers Robert Walters and Hays will release quarterly updates later this week.
($1 = 0.7400 pounds)
(Reporting by Nithyashree R B in Bengaluru; Writing by Yadarisa Shabong; Editing by Sumana Nandy and Barbara Lewis)
PageGroup's first-quarter profit fell due to a global hiring slowdown and increased uncertainty, partially impacted by the conflict in the Middle East.
PageGroup's Q1 gross profit decreased by 4.9%, from 194.5 million pounds to 187 million pounds year-on-year.
PageGroup cited the Middle East conflict, economic uncertainty, and concerns about AI reshaping jobs as factors contributing to their cautious outlook.
PageGroup has experienced 13 consecutive quarters of declining fees.
PageGroup specializes in white-collar recruitment.
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