2024
and Accounts
Annual
Report
Contents
Message from our CEO ...............................................................................................................................1
Highlights
....................................................................................................................................................2
Chair’s Introduction
...................................................................................................................................... 3
Overview
.....................................................................................................................................................5
Business Model
...........................................................................................................................................7
Strategic Review
........................................................................................................................................13
Key Performance Indicators
....................................................................................................................... 21
Q&A with Nick Kirk, CEO
...........................................................................................................................25
Culture & Engagement Framework
............................................................................................................27
Sustainability and TCFD
.............................................................................................................................39
Risk Management
......................................................................................................................................55
Principal Risks and Uncertainties
...............................................................................................................57
Non-Financial and Sustainability Information Statement
.............................................................................66
Stakeholder Engagement
..........................................................................................................................67
Review of the Year
.....................................................................................................................................73
Strategic Report
Chair’s Introduction to Corporate Governance ...........................................................................................78
Our Board of Directors
...............................................................................................................................80
The Executive Board
..................................................................................................................................85
Corporate Governance Report
..................................................................................................................87
Nomination Committee Report
..................................................................................................................94
Audit Committee Report
............................................................................................................................99
Directors’ Remuneration Report – Annual Statement
...............................................................................107
Directors’ Remuneration Report
..............................................................................................................109
Directors’ Report
.....................................................................................................................................132
Directors’ Statements of Responsibility
....................................................................................................135
Corporate Governance
Independent Auditor’s Report ..................................................................................................................136
Consolidated Income Statement
..............................................................................................................143
Consolidated Statement of Comprehensive Income.................................................................................143
Consolidated and Parent Company Balance Sheets
...............................................................................144
Consolidated Statement of Changes in Equity
.........................................................................................145
Statement of Changes in Equity – Parent Company
................................................................................. 146
Consolidated and Parent Company Cash Flow Statements
....................................................................147
Notes to the Financial Statements
...........................................................................................................148
Financial Statements
Shareholder Information and Advisers .....................................................................................................181
Additional Information
1 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Nick Kirk
With great pleasure, I welcome you to
our 2024 Strategic Report, in which I will
present our business model and framework.
Following that, I will take you through our
Strategic Review. This includes a feature on
Artificial Intelligence, as well as an update
on our refreshed Group Strategy which we
launched in 2023. After that, I will walk you
through our capital allocation policy and
how we view current market dynamics.
We continue to link the four key metrics
in our current executive share plans to
performance, as determined by our
financial and non-financial KPIs and the
associated risks.
Message from our CEO
PageGroup 2024 Annual Report & Accounts | 2
Strategic Report Corporate Governance Financial Statements Additional Information
COUNTRIES
£842.6m
2023: £1,007.1m
-12.8%
Conversion rate
6.2%
2023: 11.8%
Operating profit
£52.4m
2023: £118.8m
-53.7%
Basic earnings
per share
9.1p
2023: 24.4p
-62.7%
Ordinary and
special dividend
17.11p
2023: 32.24p
HEADCOUNT OFFICES
36
7,361
129
Gross profit
-46.9%
3 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
2024 was a challenging year for the Group, following on
from the tough macro-economic conditions we experienced
in 2023. Despite this, the Group delivered robust results
and continued to progress against our refreshed Strategy.
Overall for the year, gross profit was £842.6m and we
delivered operating profit of £52.4m. Despite these trading
conditions, the Group has proven resilient and the Board
was pleased to recommend a final dividend of 11.75 pence
per share.
In our largest region, EMEA, market conditions worsened
throughout the year. The region was down 13.4% on 2023,
due mainly to softer activity and trading in a number of
European countries, particularly our two largest, France
and Germany. However, we saw good growth of 3% in the
Middle East and Africa.
Trading conditions in Asia Pacific continued to be subdued
and the region was down 17.0%, with a decline in activity
levels. In Greater China, market conditions remained
challenging and our number of fee earners was 38% lower
than in 2023. Despite this, productivity was at record levels
due to the level of experience of our consultants. Elsewhere
in the region, India delivered the standout performance and
its second consecutive record year.
Conditions in the US were also tough, with the region down
11%, due to subdued candidate and client confidence.
Latin America delivered growth of 4%. Excluding Argentina
due to hyperinflation, the region declined 7%, with
challenging conditions in Mexico due to its dependency
on the US. However, Brazil grew 3% and delivered a
strong performance.
We saw no improvement in the UK, which was down 16.2%
for the year. We continued to see clients deferring hiring
decisions and candidates cautious about accepting offers.
Temporary recruitment was more resilient than permanent
recruitment, reflective of market conditions.
Strategy
We launched our refreshed Strategy in 2023 with a
clear ambition to be the leading specialist recruitment
consultancy in each of our chosen markets. This Strategy
takes the Group to 2030 and prioritises delivering what
Dividends
In 2024, despite the ongoing challenging macro economic
conditions, we continued to deliver Shareholder returns. We paid
an interim dividend of £16.8m in October 2024. We generated cash
from operations of £145.9m in 2024, ending the year with net cash
of £95.3m.
Based on this cash position, the levels of distributable reserves
and our 2024 results, we are proposing a final dividend of 11.75p.
This, combined with the interim dividend of 5.36p paid in October,
represents a total ordinary dividend of 17.11p, an increase of 4.5%
on 2023. This ordinary dividend of 17.11p represents a yield of
5.0% at the year end share price.
2024 Performance
Chair’s Introduction
Angela Seymour-Jackson
Chair
0
10
20
30
40
50
Dividend Per Share (p)
Special dividend
0
2020 2021 2022 2023 2024
xx
16.87
15.67
xx
26.71
xx
41.71
42.38
32.74
15.0
28.71
15.87
xx
17.11
PageGroup 2024 Annual Report & Accounts | 4
Strategic Report Corporate Governance Financial Statements Additional Information
we are famous for, building on our existing strengths and
leveraging our established global platform.
Our three key strategic goals by 2030 remain to deliver
operating profit of £400m, to change one million lives and to
increase our client net promoter score to over 60.
We continue to reshape the Group, investing in selective
markets and reallocating headcount in line with our Strategy,
to ensure that we are well positioned to take advantage of
opportunities and deliver against our strategic goals when
conditions improve.
A full update on progress against our Strategy is detailed on
pages 17-18.
Board Composition
The Plc Board’s composition remained unchanged during
2024. The Board regularly reviews its members’ key skills
and experience, and it is committed to ensuring that we
always have the appropriate expertise to support the
Company in its strategic objectives. The Board meets the
Parker Review Recommendations and has equal gender
balance. The biography of each of the Directors and their
contribution to the Board can be found on pages 80-84.
We continue to support the FTSE Women Leaders Review
and the requirement to disclose the gender balance of
senior management. On the Plc Board as at 31 December
2024, female representation was 50% and on our Executive
Board female representation was 33%. At the Director level,
female representation was 46%. In 2021, we signed up to
the UN Global Compact Network with a target of achieving
gender equality in senior management roles by 2030. Full
details of the work undertaken by the Board during the year
are set out in the Corporate Governance Report.
Purpose and Culture
At PageGroup, our purpose is clear and unwavering: to
change lives. This forms the foundation of our business
and guides us in everything we do. Our success is not just
measured by numbers, but by the connections we build,
the trust we earn, and the positive impact we make on
individuals and communities.
Our culture is the heart of our business. We are committed
to fostering an inclusive and diverse workplace where every
team member feels valued, respected, and empowered
to be their authentic self. Through initiatives like employee
resource groups and our active listening strategy, we
strive to create an environment where everyone can thrive.
Our values - Earn Trust, Grow Connections, and Make a
Difference - are central to everything we do.
As we look to the future, our vision is to continue to change
lives by being customer-led, people-powered, and insight-
driven. We aim to set new benchmarks for excellence in
recruitment, continuing to lead the industry and ensuring
that we remain a best-in-class recruiter, corporate citizen,
and employer. Together, we are not just changing lives; we
are shaping a better, more inclusive world.
In line with the requirements of the UK Corporate
Governance Code, all members of the Board are engaging
effectively with employees, to ensure maximum alignment
with the Company’s values.
Sustainability
We are proud of the progress we have continued to make
against our Sustainability targets in 2024. We are more than
halfway to meeting our target to change one million lives
by 2030, and in 2024 we increased the scale of our social
impact programmes by 29% on 2023. A record number of
external attendees and employees took part in skills sharing
events and activities this year. We also established a global
partnership with Generation, a non-profit organisation that
supports adults of all ages to achieve economic mobility
through sustainable employment.
We believe that we are well placed to support the workforce
transformation attached to the Net-zero economy. In 2024
the Science Based Targets initiative officially validated our
near-term and long-term science-based targets across
Scope 1, 2 and 3 emissions. Our GHG emissions have
reduced across all areas of our operations and our value
chain. For the fourth year running we offset a portion of our
GHG emissions that we have not yet been able to reduce,
and our employees voted to support rainforest restoration
projects in Malaysia and Mexico.
Further details of our progress on Sustainability, greenhouse
gas reporting and climate-related financial disclosures are
included in the Sustainability section on pages 39-54.
Looking ahead
As we enter 2025, a high degree of macro economic and
geopolitical uncertainty remains across the majority of our
markets. The conversion of interviews to accepted offers
remains the most significant area of challenge due to
subdued candidate and client confidence.
Despite this, we have made good progress against our
refreshed Strategy by reallocating resources into the
areas of the business where we see the most significant
opportunities, ensuring we are well positioned for the
market recovery and driving the long-term profitability of the
Group. We have an established, experienced management
team and a flexible business model, and I remain confident
in our ability to weather any uncertainty in 2025.
I am hugely proud of the achievements made by the Group
in 2024. On behalf of the Board, I would like to thank all of
our People for their high levels of dedication and excellent
work this year.
Strategic Report
Our Strategic Report on pages 1-77 has been reviewed and
approved by the Board.
The Group complies with the local legal requirements in
the jurisdictions in which it operates. The report reflects
the Group’s operations, policies and practice during the
financial year ended 31 December 2024.
Angela Seymour-Jackson
Chair
5 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Overview
Page 7 – Business Model
Financial Strategic People Operational
• Long-term investment
into core strategic
markets:
• Core
• Technology
• Page Executive
• Enterprise Solutions
• To be the leading
specialist recruiter in each
of the markets in which
we operate
• Career development
structure
• Training
• Global mobility
• Assurance of a
quality service
• Effective recruitment
process
Page 9 – Strategy
Financial Strategic People Operational
• Macro economic
exposure
• Foreign exchange
translation risk
• Shift in business model
• Delivery of operational
efficiencies
• People
development
• Attraction
and retention
• Technology; systems
transformation
and change; data
security; brand
reputation; financial
management and
control; fiscal and
legal compliance
Page 55 – Risks
Financial Strategic People Operational
• Highly profitable
• Maintain a strong
balance sheet
• Highly cash generative
• Sustainable organic
growth
• Diversification to mitigate
cyclicality by geography,
brand and discipline
• Focus on operational
efficiency
• Team-based service
delivery
• Talent and skills
development/retention
• Strong brands
• Effective use of
technology
PageGroup 2024 Annual Report & Accounts | 6
Strategic Report Corporate Governance Financial Statements Additional Information
Financial Strategic People Operational
• Gross profit growth
• Perm:Temp ratio
• Cash
• Earnings per share
• Gross profit per fee
earner
• Fee earner headcount
growth
• Conversion rate
• Net promoter score
• Employee engagement
survey
• Measurement
performed at a
granular level
• DE&I review
Page 21 – Key Performance Indicators
Financial Strategic People Operational
• EPS growth: “point-to-
point” basis
• PBT performance
• Comparator gross profit
growth
• Strategic targets
• Systems and innovation
• Leadership and people
development
• Retention/succession
• Cost and financial
management
• Risk management
and internal controls
• IT strategic
development
Page 107 – Remuneration
Financial Strategic People Operational
• Maintain a strong
balance sheet
• Maintain core ordinary
dividend
• Return surplus cash to
Shareholders by special
dividends and/or share
buybacks
• Ensure dividends are paid
at sustainable levels such
that investment in the
business and its People is
maintained
• First use of cash is
to satisfy operational
and investment
needs, as well as
to hedge liabilities
under the Group’s
share plans
Page 16 – Dividend Policy
7 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Our Value
Proposition Model
Clients
• Sector expertise
• Appropriate candidate shortlist
• Professional high quality service
Candidates
• Professional high-quality service
• Market understanding and client
profiling
• Career advice
Business Model
Our model at work
An experienced senior management
team and high-quality consultants.
Expertise in premium candidate
sourcing and advocating for clients
and candidates.
Diverse and inclusive culture with
ingrained values of how to do
business ethically. We have created
an environment where developing
our People and achieving results
for the Customer is paramount.
Our
People
Our
Culture
Our
Relationships
We work closely with our
clients and candidates. Our
Customer-centric ethos upholds
our reputation, maintains our
competitive edge and enables our
business to thrive.
Our Brand
and Scale
Global reach, with deep local
knowledge. Specialist industry and
market knowledge. High levels of
operational efficiency.
Technology &
Innovation
Focused on how best to acquire,
engage and nurture Customers
to build long-term relationships.
The use of technology allows us to
leverage growth and improve our
conversion rate.
Financial
Capability
Our business is supported by a
strong balance sheet and
significant cash flow generation.
Consultants
• Team-based structure and
compensation
• Access to jobs across entire Group
• Consistent process
Our Purpose
PageGroup 2024 Annual Report & Accounts | 8
Strategic Report Corporate Governance Financial Statements Additional Information
Our strategic framework is
outlined on page 9.
Stakeholder engagement is
outlined on page 67.
GROW
CONNECTIONS
EARN
TRUST
MAKE A
DIFFERENCE
Leads to...
• Repeat business
• Greater exclusivity
• Future candidates
Leads to...
• Rapid career promotion
• Career opportunities
• Reward and recognition
Underpinned by our Values
Our People
Supportive, inclusive culture
where they experience
real opportunities for
development and a long
and rewarding career.
Investors
Seek assurance that their
investment will grow under
responsible stewardship.
Customers
Rely on us to provide world-
class specialist recruitment
services and solutions to
help drive their business and
careers forward.
Communities &
Government
Need businesses that
have a positive impact.
Suppliers
Seek strong and
enduring partnerships
based on fair terms.
Sustainable growth for the
benefit of our Stakeholders
Delivering our
strategic objectives
Leads to...
• Career-long relationships
• Peer recommendations
• Future clients
Organic, high margin,
diversified growth:
With a core focus on organic
growth, our broad-based
capabilities enable us to capitalise
on market opportunities around
the globe, avoiding over-reliance
on one geography or discipline.
Scalable & Flexible
Capacity:
Our brand and scale enable us
to build an unrivalled skillset,
together with the ability to
respond quickly to changing
market conditions.
Talent and Skills
Development:
The recruitment, retention
and development of talent is
fundamental to driving our
meritocratic growth model.
9 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
PageGroup is focused on delivering against three key objectives to achieve its Strategic Vision and
deliver sustainable financial returns. These are to:
Our business model is centred on delivering organic,
targeted and diverse growth. As recruitment is a cyclical
business and impacted by the strength of economies,
diversification and targeted growth are important
components of our Strategy, reducing our reliance
on any individual market or business and focusing on
accelerating growth where we see high potential. Our
objective is to be the leading specialist recruitment
consultancy in each of our chosen markets.
Our Strategy therefore is to continue to expand in
selective markets and reallocate headcount in line with
our Strategy, to ensure that we are well positioned to
take advantage of opportunities and deliver against
our strategic goals when macro-economic conditions
improve. We continue to invest in organic growth by
drawing upon the skills and experiences of our proven
management teams, ensuring we have the best and
most experienced, home-grown talent in each key role.
By focusing on targeted markets within our core
businesses, Michael Page and Page Personnel,
and building out our capabilities in our high growth
businesses, Page Executive and Enterprise Solutions,
the Group is better positioned to face adverse market
conditions.
PageGroup’s historical success across major global
economies has helped us to identify the markets likely
to produce long-term gross profit growth at attractive
conversion rates. This enables us to offer a premium
service that is valued by our clients and attracts the
highest calibre of candidates.
Look for organic, targeted and
diversified growth
Strategic Framework
1
2
Our ability to respond quickly to changes in market
conditions is critical to managing the business
efficiently through economic cycles. Our team-
based structure and profit share business model has
proven highly scalable on a global basis.
The small size of our specialist teams enables us to
grow gross profit quickly with incremental increases
in fee-earner headcount. When market conditions
tighten, this headcount is reduced, mostly via natural
attrition, to ensure a lower cost base in a slowdown.
Having invested years in training and developing our
highly capable management teams, our objective is
to ensure we retain this expertise within the Group.
By following this course of action, we typically
gain market share during downturns and position
our businesses for market-leading growth when
economic conditions improve.
Our global footprint requires high levels of operational
efficiency in order to achieve this strategic objective.
Our focus on shared service centres has delivered
greater economies of scale and efficiencies. It has
driven consistency, increased flexibility and improved
the quality of the service provided to our operational
business. Collectively, our shared service centres
allow us to be more agile, reduce our fixed costs and
remove constraints on how quickly we can react to
market conditions.
Position the business to be
scalable and highly flexible to
react to market conditions
PageGroup 2024 Annual Report & Accounts | 10
Strategic Report Corporate Governance Financial Statements Additional Information
We recognise that our employees are key
to our long-term success. The recruitment,
development and retention of talent is a key
priority for the Group. We recruit from a diverse
set of backgrounds and value our consultants’
experiences greatly.
We have clear and defined career pathways for
consultants through to senior management and
Board level. This helps to ensure that we retain the
best talent and develop our People for leadership
positions. We have a proven track record of internal
promotion and international career moves, and the
newly evolving hybrid working model will provide
greater opportunities in this area.
Our highly experienced management team has the
longest tenure in the industry and is passionate in
developing the next generation of Page leaders.
Many of our management team have international
experience and this has helped with global
knowledge sharing and best practice. It additionally
allows us to capitalise on opportunities and react to
market conditions effectively. Increasingly, we are
promoting within regions, and many of our leaders
have had long-standing careers in those markets,
combined with valuable local expertise.
We introduced our continuous listening strategy in
2020, and the insights from these initiatives have
allowed us to build understanding and drive change
and improvement. We are committed to diversity
and inclusion and have made significant progress
in this area in recent years. Underpinned by our
global diversity and inclusion framework, we have
numerous internal communities to ensure all our
employees have networks to connect, share and
learn.
Nurture and develop
our people, driving our
meritocratic growth model
What we do
PageGroup is a worldwide leader in specialist
recruitment. We have 48 years of recruitment
experience and deliver recruitment services to
clients across 36 countries through our network
of 129 offices.
3
Discipline expertise
We have developed PageGroup’s reputation as
a global recruitment leader through our focus on
specialist areas of the market, replicated across our
international network. Within our four broad discipline
categories, we operate across 14 specialist discipline
teams. We then specialise further within these (e.g.
cyber security and AI within Technology) to ensure we
provide expert recruitment services to our clients.
Perm and Non Perm mix
PageGroup is the international market leader for
permanent recruitment in the majority of the countries
in which we operate. We also have a substantial
and growing non permanent recruitment business in
markets where non permanent placements, including
contracting, for professionally qualified candidates are
culturally accepted.
Geographic reach
Our substantial and well-balanced business reaches
across all regions. Our global model allows us to
source candidates from domestic and international
markets and provide a comprehensive service to both
local and multinational clients.
11 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
PageGroup’s business model has proved itself both through economic cycles and as the business
has expanded into a global enterprise. At its core is a focus on organic growth.
The Group’s Strategy aims to expand and diversify the business organically by professional disciplines,
brands and geographies, with the objective of being the leading specialist recruitment consultancy in
each of our chosen markets.
Our Strategy
A focus on organic growth
Team profit-led
compensation
A focus on team-based performance rather than the
individual promotes positive corporate behaviour and
consistent quality of service for both clients and candidates.
We move experienced managers and directors regularly into
markets where they can add the most value and guide the
business through the challenges of a market cycle, while
allowing us to retain and motivate key senior talent.
Global
management
mobility
Career
development
structure
PageGroup offers its consultants a well-defined and varied
career in recruitment. This includes a clear development
structure with significant opportunities for the most talented.
Agile and
responsive
Recruitment is a fast-paced and dynamic business. Our agility
gives us the confidence to respond quickly to opportunities and
challenges as they appear.
Productivity-
led expansion
Our operational metrics focus on productivity by team, discipline
and geography. This bottom-up approach aligns expansion
criteria throughout the Group, focusing and optimising investment
on key priorities.
Experienced
management
pool
Experience through economic cycles and across geographies
and disciplines reduces our learning curve, maximises
scalability and is crucial for placing resources where they will
add the most value.
PageGroup 2024 Annual Report & Accounts | 12
Strategic Report Corporate Governance Financial Statements Additional Information
Enterprise Solutions
The original PageGroup brand is normally established
as the first business in each new country that we
enter. Michael Page comprises 25 specialisms, each
providing a service to a specialist area of the market,
recruiting permanent, temporary, contract and interim
opportunities, typically at qualified professional and
management level. The businesses we work with range
from SMEs to global blue-chip organisations.
Page Personnel offers specialist recruitment services
to clients requiring permanent, temporary or
contract employees. It provides specialist services to
organisations requiring talent at professional clerical
and support levels.
With typical margins above those of Michael Page
and Page Personnel, our executive search division
of PageGroup provides a range of search, selection
and talent management solutions for organisations
on a permanent and interim basis. Recognised for
our powerful in-house research function, speed and
flexibility of response, and assignment completion rates,
organisations worldwide use Page Executive to secure
their senior talent. The roles on which we focus typically
sit at the sub-board and Board levels.
Our brands
Our Enterprise Solutions team brings together
the full power of PageGroup to support
our largest customers with their complex,
global requirements. We build deep, long-
term partnerships, leveraging our global
scale, insights and technology to deliver for
our customers in a more efficient way, and
allowing them to focus on their core business.
Our flexible offering covers a range of global
managed recruitment solutions through our
Page Outsourcing brand, including Recruitment
Process Outsourcing (RPO) and Managed
Service Provision (MSP), together with a number
of outsourcing consultancy solutions.
Enterprise Solutions represents an opportunity
for the Group to accelerate growth across all
segments of the market.
Enterprise Solutions
13 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Our scale enables PageGroup to commit to
markets through economic cycles, which,
combined with our strong financial standing,
has given clients the confidence to build lasting
relationships with us. Temporary staff also derive
comfort from our financial strength that their
services will be paid for.
The breadth of our client base globally, even in our
new markets, gives us the ability to offer diverse
expertise across a wide range of complementary
specialisms and geographies, enhancing our
offering to the market and the candidate pools we
can access.
Our scale has led to us having an unrivalled skillset
with high levels of experience, which is available
to clients of any size and across all the sectors in
which we operate.
Culture
PageGroup’s culture is unique and sets us apart
from the competition. Our global culture delivers a
consistent approach, both internally and externally,
whilst remaining accepting of each of our market’s
local characteristics.
A diverse team brings different perspectives and
insight to our business. We work closely with our
clients to source and recruit from a diverse talent
pool to provide them with the best candidate.
We have ingrained values of how we do business
ethically and make long-term decisions.
Our purpose and values that are the key to our
success are set out on page 28.
Our true competitive advantage is the combination of the below
four factors and the balance we have achieved in the business
over the past 48 years. We generate funds through fees earned for
placing candidates in permanent, temporary and contract roles.
Scale
Brands
We deliver specialised sector
experience via three key brands:
Page Executive, Michael Page and Page
Personnel, supported by Enterprise Solutions and
supplementary brands throughout our international
locations.
The first class reputation of our brands gives high-
quality candidates assurance to place key decisions
on their future in our hands. Our superior level of
expertise and the knowledge of our consultants
inspires trust and assurance of service quality, for
both clients and candidates, enabling our brands to
outperform other recruitment businesses.
Data and technology
The digital revolution has transformed the
recruitment market. The impact of technology on
the behaviours and expectations of both clients
and candidates continues to grow at pace. Our
innovation approach is focused on how best
to acquire, engage and nurture customers,
both candidates and clients, to build long-term
relationships.
Our internal Business Technology function focuses
on designing, implementing and exploiting scalable
global systems. By improving our processes
and tools, we empower consultants to be more
productive. In our operational business we are
utilising technologies such as our fully integrated
sales and marketing platform, Customer Connect,
to engage with customers throughout their journey.
The use of our global data and insights allows us
to leverage growth in the business and improve our
conversion rate.
Strategic Review
Our Competitive Advantage
PageGroup 2024 Annual Report & Accounts | 14
Strategic Report Corporate Governance Financial Statements Additional Information
The professional recruitment sector has always been highly sensitive to
fluctuating economic conditions and is influenced strongly by client and
candidate confidence. Market liquidity can change rapidly, whether in
terms of candidate confidence or availability of jobs.
Market Dynamics
It can also be localised, by geography or discipline, and differ between non permanent and permanent
placements in the same market.
In a number of geographic regions, such as mainland China or Latin America, our potential markets are very large,
yet relatively immature. This provides not only significant market share opportunities, but also challenges in areas such
as business development. New markets can take time to reach maturity, but the advantages of being an early mover and
being able to build scale can be considerable.
As well as the influence of the general macro economic environment on business activity, there are a number of market-
based drivers that can impact financial performance materially.
These are split into elements which affect market liquidity and those which influence consultant productivity and therefore
gross profit. It is the nature of the professional recruitment market that strong market conditions will see drivers align in both
elements and this can have a dramatic impact on our overall performance.
Market Liquidity
Mainly visible
through
improvement in
gross profit, a
buoyant market
helps to drive
consultant
productivity.
IMPACT
FINANCIAL IMPACT
Candidate availability
Often highly discipline/geography-specific, especially at
midpoints in the cycle as client confidence grows. This is a
key driver of most other elements, as the quality of a recruiter
is most clearly demonstrated through their ability to source
difficult-to-find candidates.
Candidate confidence
A major influence on market liquidity where the macro
environment is sufficiently stable, candidates will look to
progress their careers, which helps to drive job liquidity.
15 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Fees/Rates
Group average typically moves
within a c. 10% range over the
cycle (19.5%-22%), but a much
wider range by geographical
market (c. 15%-35%).
Wage inflation
Reflects level of candidate
shortage and liquidity within
a particular discipline or
geography, plus macro
economic conditions.
Notable influence
on both gross
profit and also
conversion rate.
Productivity,
especially in
permanent
recruitment,
is significantly
enhanced as these
market drivers align
positively.
IMPACT
Gross profit and productivity
Time-to-hire
In usual times, as candidates become scarcer, companies shorten
the decision-making process in order not to lose preferred
candidates. This is particularly noticeable since the introduction of
video interviews.
However, current macro-economic uncertainty has reduced levels of
candidate and client confidence, leading to higher levels of candidate
offer rejections and more risk averse client behaviour. This has slowed
the recruitment process, impacting time-to-hire.
FINANCIAL IMPACT
PageGroup 2024 Annual Report & Accounts | 16
Strategic Report Corporate Governance Financial Statements Additional Information
The Group’s Strategy is to operate a policy of financing the activities and development of the Group (including our
sustainability objectives) from our retained earnings and to maintain a strong balance sheet position. We first use
our cash for our operational and investment requirements, as well as hedging our liabilities under the Group’s
share plans.
Over and above this requirement, we review our liquidity to make returns to Shareholders, primarily by way of
ordinary dividends. Our policy is to grow the ordinary dividend over the course of the economic cycle, in line
with our long-term growth rate. We believe this will enable us to sustain the ordinary dividend payments during a
downturn, as well as increasing it during more prosperous times.
Beyond these two priorities, cash generated will be returned to Shareholders through supplementary returns,
using either special dividends or share buybacks.
As a result of the refreshed Group Strategy and Vision, as previously announced in September 2023 at our Capital
Markets Event, the way that we categorise our markets strategically has been updated. For further details on our
refreshed Strategy and Vision, please refer to pages 17-18.
Capital allocation policy
Market categories
17 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
We launched our refreshed Strategy in September 2023, which takes the Group
through to 2030. We have three strategic goals: delivering operating profit of
£400m, changing one million lives and increasing our net promoter score to over
60. This year we made good progress on our strategic objectives, which will
ensure that we are well placed to take advantage of opportunities when market
conditions improve.
Strategy Update
Operating Profit
Our primary financial goal is to deliver £400m of
Operating Profit by 2030 for our Shareholders
and our People. This is based on targeting
gross profit of just under £2bn, at a conversion
rate in excess of 20%. To achieve this goal, we
will continue to build on our existing strengths
and leverage our global platforms, in order to
maximise performance.
Since we launched the Strategy, trading
conditions in the majority of our markets have
been challenging. We continue to reallocate
resource, in line with our Strategy, into the
areas of the business where we see the most
significant long-term structural opportunities.
As part of this re-positioning, we reviewed
businesses that were less profitable and
transferred consultants to more productive roles.
£400m
Social Impact
Since 2020, we have committed to the goal of
changing one million lives by 2030. Progress
against our Social Impact goal is measured
by the number of people whose lives we have
changed by placing them into decent work as
well as the number of people who access our
social impact programmes, including skills-
sharing volunteering events.
In 2024, we changed 136,816 lives, which brings
us to a total of 645,732 lives changed since we
set this target in 2020. This puts us well on track
to deliver our one million target by 2030.
1m lives
changed
Customer Experience
60+ NPS
We are committed to delivering a best-in-class
Customer experience. As a cross-industry benchmark,
this means exceeding what is classed as ‘excellent’.
This is a critical measure of how we build deeper,
continuous relationships with clients to ensure our long-
term success.
We are proud of the progress we made during the year.
Our net promoter score (NPS) increased to 56 in 2023
from our baseline of 52 in 2022, and in 2024 our score
improved again to 61, exceeding our 2030 target for the
first time. This supports our commitment to providing
excellent service to our customers, further solidifying our
position as a benchmark of quality in our industry.
NPS
60+
EXCE LLENT
GOOD
FAIR
61
in 2024
Source: Bain & Company, an NPS score above 0 is fair,
above 20 is good and above 50 is excellent.
PageGroup 2024 Annual Report & Accounts | 18
Strategic Report Corporate Governance Financial Statements Additional Information
60+
Our Strategic Pillars
Our Strategy prioritises delivering what we are famous for, building on our existing
strengths and leveraging our established global platform. We have a clear focus on what
we do best at a city and country level, growing our business in areas where we see the
greatest future potential.
To achieve our Strategy, we have four pillars of growth: our core business, our technology business, Page Executive and
Enterprise Solutions, which supports our strategic customers with their complex, global requirements.
Core
Technology
Our Core business is the main driver of Group
performance. We define our core business as
Michael Page and Page Personnel, which covers all
disciplines except Technology. We remain focused
on strengthening our market-leading positions and
moving away from less profitable business lines in
certain markets.
Despite the tougher market conditions, we have
made progress with our Strategy. We continue to
review our business operations and we are actively
reallocating resource into areas with more growth
potential in order to maximise future performance.
Our global platform provides multiple opportunities
for accelerated growth as conditions improve.
Technology recruitment is a scale play for Page,
enabling us to build a high-volume, high-value
business. Our goal is to build a £350m gross profit
business by 2030, with a 20% conversion rate.
As has been widely reported, trading conditions in
the technology sector have been very tough globally.
Despite this, several individual markets delivered
growth, such as India, Latin America and the Middle
East and Africa. We saw further diversification into
non-permanent recruitment, which represented 41%
of Technology gross profit in 2024, up from 36% in
2023. Despite the tough short-term conditions, we
continue to believe Technology is a key part of our
Strategy and Vision.
Page Executive
Page Executive is a market gap play. We operate at
salary levels above Michael Page, specialising
in senior leadership search and recruitment,
as well as offering executive advisory services.
Our goal is to generate over £200m of gross
profit by 2030.
We delivered a standout performance in 2024,
with growth of 7%. This was a record performance
for Page Executive globally, as well as in individual
markets such as France, Germany, Italy, Mexico and
Japan. A year into the refreshed Strategy, the market
gap opportunity within Page Executive is greater than
we initially anticipated.
We have a highly experienced and proven team
within Page Executive, with an average tenure of
around 7 years with PageGroup and 14 years within
recruitment and search. We continue to prioritise
business that delivers conversion rates in line with
our Strategy.
Enterprise Solutions
Enterprise Solutions is a partnership play. We
support our largest strategic customers with their
complex, global requirements. We build deep,
long-term partnerships, leveraging our global scale,
insights and technology to deliver for our customers
in a more efficient way, allowing them to focus on
their core business. Our outsourcing offering plays a
significant role in responding to evolving Customer
demands. Our goal by 2030 is to deliver a business
with gross profit of £500m, at a conversion rate
of 20%.
Despite the underperformance of the overall
recruitment outsourcing sector, we saw encouraging
growth in 2024. We increased our geographic
footprint to include more brands, disciplines and
locations, to better serve our largest clients.
In order to deliver on our Strategy, we continue to
focus on expanding this business line by winning
new work with a strong conversion rate.
19 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Artificial Intelligence
Technology and AI have positively impacted our industry in
recent years, as recruitment has become increasingly data-
driven. AI brings extensive possibilities to PageGroup and it is
clear that we can leverage it to improve the recruitment process
for our Customers and our People.
Sourcing the best
candidate and client
opportunities
Informing our business
through providing the most
insightful, accurate and of-
the-moment data
Discovering new growth
opportunities, allowing our
business to operate faster,
better
Empowering our
consultants to do what
they do best, without
having to do the ‘heavy
lifting’
D
E
I
S
In the recruitment space, we are market-leading in our
adoption of AI and automation, with dedicated teams actively
seeking out new technology to help us improve and evolve. AI
is embedded across our business, allowing us to work faster
and more efficiently.
AI does however pose financial, ethical and reputational risks
to the Group. As a business dealing with people’s personal
information, the Group has a responsibility towards our
Customers to safeguard this data. We are committed to the
responsible use of AI and are working with our partners to
ensure that our systems are safe and secure. We regularly
share guidance with our People on how to make the most out
of AI without compromising on data protection.
Whilst technology and AI are powerful tools, we are a
People business, and human interaction is vital to deliver
the most successful recruitment outcomes for both clients
and candidates. We use the latest technology and AI to ‘do
the heavy lifting’ and deliver accurate, real-time data for our
People. This allows our consultants to do what they do best;
build human connections and customer relationships to deliver
exceptional results.
Using AI to work
by our SIDE:
PageGroup 2024 Annual Report & Accounts | 20
Strategic Report Corporate Governance Financial Statements Additional Information
Opportunities
We have been collaborating with Big Tech companies
for several years to develop safe and secure, cutting-edge
technology and AI systems. Our global systems are
used every day by our consultants, delivering fast and
accurate results.
Use: Searching job ad sites and consultant job portfolios, and organising the
results based on likelihood of conversion to revenue.
Benefit: Enhancing effectiveness by eliminating cold calling and optimising sales.
Use: Automatically generating job adverts based on consultant input.
Benefit: Reducing time spent on job ad creation from 20 minutes or more to just
5 minutes, with better quality results.
Use: Running keyword searches and job alerts on websites, improving relevance and
accuracy of job results.
Benefit: Increasing application volumes and assessment for future market rollouts.
Use: Analysing historical CV data to model and understand trends around time in role.
Benefit: Informing lifecycle campaigns, improving availability modelling and ensuring
presentation of most relevant candidates in searches.
We have several teams actively seeking out new
technology to help us improve and evolve. We are
harnessing the potential of AI to improve all stages of the
recruitment process for our People and our Customers.
Below are just some of the uses of AI at Page that are
helping us better source opportunities:
SALES – Job portfolio analysis
JOB ADVERTISEMENT – Job ad generator
CANDIDATE SEARCH – Identification of candidates
CANDIDATE SCREENING – Analysis of CV data
In addition to these tools, we continue to work on a large number of projects in the prototype and evaluation stage
as part of our ongoing investment in AI and technology.
21 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
We use the following key performance indicators to measure our progress against our strategic
objectives:
Key Performance Indicators
How measured: Gross profit growth represents revenue less
cost of sales expressed as the percentage change over the
prior year. It consists principally of placement fees for permanent
candidates and the margin earned on the placement of
temporary candidates.
Why it’s important: This metric shows the income growth of
the business. The indicator is recorded in both constant and
reported currency, as foreign exchange movements in our
international markets can impact it significantly.
How we performed in 2024: Gross profit decreased 12.8% in
constant currencies and 16.3% in reported rates against 2023.
This was due to continued tough trading conditions in 2024,
which impacted client and candidate confidence.
Relevant strategic objective: Organic growth.
Gross profit growth* (%)
* Increase in gross profit in constant currency over
the prior year
2019
2021
2022
2020
2023
2024
Financial
Basic earnings per share (pence)
How measured: Profit for the year attributable to the Group’s
equity shareholders, divided by the weighted average number of
shares in issue during the year.
Why it’s important: This measures the underlying profitability of
the Group and the progress made against the prior year.
How we performed in 2024: The Group saw a 62.7%
decrease in Basic EPS to 9.1p, due to the decline in operating
profit from 2023.
Relevant strategic objective: Sustainable growth.
20.2
-12.8
-28.1
-6.3
49.1
5.0
2019
2021
2022
2020
2023
2024
43.7
-1.8
37.2
32.2
9.1
24.4
PageGroup 2024 Annual Report & Accounts | 22
Strategic Report Corporate Governance Financial Statements Additional Information
Cash (£m)
How measured: Cash and short-term deposits.
Why it’s important: The level of cash reflects our cash
generation and conversion capabilities and our success in
managing our working capital. It determines our ability to
reinvest in the business, to return cash to shareholders and to
ensure we remain financially robust through cycles.
How we performed in 2024: Cash increased to £95.3m (2023:
£90.1m). The year-on-year movement was reflective of good
cash generation from operations, partially due to an unwind of
working capital, offset by dividends, capital expenditure and
share plan hedging.
Relevant strategic objective: Sustainable growth.
Ratio of permanent vs
temporary placements (%)
2019
2021
2022
2020
2023
2024
How measured: Gross profit earned from permanent and
temporary placements, expressed as percentage of the Group’s
total gross profit.
Why it’s important: This ratio reflects both the current stage
of the economic cycle and our geographic spread, as a number
of countries culturally have minimal white collar temporary roles.
It gives a guide as to the operational gearing potential in the
business, which is significantly greater for permanent recruitment.
How we performed in 2024: 72% of our gross profit was
generated from permanent placements, marginally below the 73%
in 2023. Reflecting the uncertain macro-economic conditions,
temporary recruitment (-10.0%) continued to outperform
permanent (-13.9%), as clients sought more flexible options.
Relevant strategic objective: Diversification.
Gross Profit Perm
Temp
75
77
77
72
73
72
25
23
23
28
27
28
2019
2021
2022
2020
2023
2024
131.5
154.0
97.8
95.3
90.1
166.0
23 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Conversion rate (%)
How measured: Operating profit (EBIT) shown as a
percentage of gross profit.
Why it’s important: This reflects how successful the Group
is at managing business-related costs, growing fee-earner
productivity and the level of investment being directed
towards future growth.
How we performed in 2024: The conversion rate for Group
decreased to 6.2% for the year (2023: 11.8%). This was
reflective of the tougher trading conditions during the year,
partly offset by the reduction in fee earner headcount.
Relevant strategic objective: Sustainable growth.
Strategic
Fee earner headcount growth (%)
How measured: Number of fee earners and directors involved
in revenue-generating activities at the year end, expressed as the
percentage change compared to the prior year.
Why it’s important: Growth in fee earners is a guide to our
confidence in the business and macro-economic outlook, as it
reflects our expectations as to the level of future demand for our
services above the existing capacity currently within the business.
How we performed in 2024: Net fee earner headcount
decreased by 481, or 8.2% in the year, resulting in 5,370 fee
earners at the end of the year. We saw reductions across all
regions, as the challenging trading conditions continued in 2024.
Relevant strategic objective: Sustainable growth.
Gross profit per fee earner (£’000)
How measured: Gross profit divided by the average number
of fee-generating staff, calculated on a rolling monthly average
basis.
Why it’s important: This is our indicator of productivity, which
is affected by levels of activity in the market, capacity within the
business and the number of recently hired fee earners who are
not yet at full productivity. Currency movements can also impact
this figure.
How we performed in 2024: Productivity declined 1.7% in
constant currencies to £150.0k (2023: £159.0k). Whilst we
experienced tough trading conditions in 2024, our action on
fee earner headcount through the year, down 8.2%, meant
productivity stayed relatively flat on 2023 and at high levels for
the Group.
Relevant strategic objective: Organic growth.
2019
2021
2022
2020
2023
2024
14.2
-8.2
18.2
-15.7
-14.6
-1.5
2019
2021
2022
2020
2023
2024
159.4
157.2
140.4
150.0
159.0
113.3
2019
2021
2022
2020
2023
2024
18.2
19.2
17.1
6.2
11.8
2.8
PageGroup 2024 Annual Report & Accounts | 24
Strategic Report Corporate Governance Financial Statements Additional Information
People
Employee index
Positive
Engagement
Score
80%
To become Net-
zero across our full
value chain by 2050
Total GHG
emissions –
CO
2
e tonnes
-16%
Intensity values of
GHG emissions
Tonnes of CO
2
e
per employee
-8%
How measured: The GHG Protocol is used to calculate direct and indirect GHG
emissions.
Why it’s important: In the emissions estimates, CO
2
e impact of our value chain
and operations are examined in absolute terms.
How we performed in 2024: Total GHG emissions (Scope 1, 2 and 3) decreased
by 16% to 54,047 tCO
2
e. Operational emissions (Scope 1 and 2 emissions) reduced
by 23% to 1,955 tCO
2
e, due in part to the continued transition of our offices to
renewable energy. Value chain emissions (Scope 3) decreased by 16% to 52,092
tCO
2
e, with reductions across all Scope 3 categories, including purchased goods
and services.
Relevant strategic objective: Sustainable growth.
How measured: A significant output of the Company’s periodically taken employee
surveys.
Why it’s important: When there is a sustainable work environment and motivated
staff in the business, critical talent is retained and productivity is enhanced.
How we performed in 2024: We recorded an 80% positive score for employee
engagement in the latest Employee Engagement Survey in 2024. This compares with
85% in the last equivalent survey performed in 2023. However, our score remains
above the external industry benchmark* of 79%. The 2024 survey was a combination
of questions, including: how valued our people felt; how proud they were to work
for PageGroup; and how they can see their work relates to PageGroup’s purpose of
changing lives.
Relevant strategic objective: Sustainable growth.
*Benchmark defined as the average score for all companies within the Perceptyx database.
How measured: Intensity levels of GHG emissions is measured by total emissions
per 1,000 people. For PageGroup, the most precise metric of activity levels is
headcount, which is not influenced by factors like fluctuations in foreign exchange
rates and business blend.
Why it’s important: It helps to find the areas where emissions reduction efforts have
been successful, as GHG measurements are normalised in context with the Group’s
changing business profile and especially movement in headcount.
How we performed in 2024: Tonnes of CO
2
e per employee decreased by 8% to
7.3 tonnes of CO
2
e per employee. The reduction in overall emissions decreased by a
greater amount than the reduction in headcount.
Relevant strategic objective: Sustainable growth.
Client net
promoter score
How measured: Client net promoter score is a metric used to measure customer
satisfaction and loyalty.
Why it’s important: This score helps the Group gauge the quality of our customer
service, and allows us to benchmark against our competitors.
How we performed in 2024: The Group’s net promoter score improved to 61
(2023: 56), in line with our strategic target. This highlights our commitment to
providing excellent service to our customers, further cementing our position as a
benchmark of quality in our industry.
Relevant strategic objective: Sustainable growth.
Rated as
excellent
61
25 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
What are your thoughts after one year of the
refreshed Strategy?
We launched our refreshed Strategy in September 2023
with three key strategic goals: delivering operating profit of
£400m, changing one million lives and increasing our net
promoter score to over 60.
When we launched our refreshed Strategy, our operating
profit goal of £400m was based on seven years of positive
macro-economic conditions. Since then, clearly trading
conditions in the majority of our markets have deteriorated.
We continue to reallocate resource, in line with our Strategy,
into the areas of the business where we see the most
significant long-term structural opportunities. As part of
this repositioning, we reviewed disciplines that were less
profitable and transferred consultants to more productive
roles.
Despite the challenging conditions, we continue to make
progress on our strategic goals to ensure that the Group
is well placed to take advantage of opportunities when
conditions improve.
Against our social impact goal of changing one million lives,
we performed strongly. In 2024, we changed 136,816 lives,
which brings us to a total of 645,732 lives changed since
we set this target in 2020. This puts us well on track to
deliver our one million target by 2030.
We also made excellent progress on our customer
experience goal of achieving a client net promoter score of
over 60, from our baseline of 52 in 2022. Our NPS score
increased to 56 in 2023, and in 2024 our score improved
again to 61, exceeding our 2030 target for the first time.
This highlights our commitment to providing excellent
service to our customers, further cementing our position as
a benchmark of quality in our industry.
What is your outlook for 2025?
Looking forward, there remains a high level of global
macro economic and political uncertainty in the
majority of our markets. The conversion of interviews
to accepted offers remains the most significant area
of challenge due to subdued candidate and client
confidence.
Despite this, our intention remains to hold fee earners
broadly at existing levels to ensure we are able to
recover quickly as sentiment and confidence improve.
We have a diversified and adaptable business model, a
highly experienced management team, a strong balance
sheet and our cost base is under continuous review.
Given the Group’s fundamental strengths, and despite
the challenging environment, we are confident in our
ability to implement our Strategy, driving the long-term
profitability of the Group.
Q&A with Nick Kirk
Nick joined Michael Page in February 1995 when the Company had
around 400 employees and operated in just six countries.
Starting as a consultant in the newly created Michael Page Sales
business, he relocated three times as the business grew and new
offices were opened around the UK. Continued success led to him
being promoted to Director in 2002. He was promoted again in 2007
to Managing Director of the Michael Page Sales business. Nick then
began to take responsibility for other businesses including, Page
Personnel and Michael Page Finance. In 2013, Nick was promoted
to Regional Managing Director and in 2018 he took full responsibility
for the UK business. Three years later, he added the North American
business to his remit and became a member of Executive Board.
On 1 January 2023, Nick was appointed Chief Executive and,
in conjunction with the Board, led the development of Page’s
refreshed Strategy, setting ambitious future goals for the Group.
Given the Group’s fundamental
strengths and despite the
challenging environment, we
are confident in our ability to
implement our Strategy.
PageGroup 2024 Annual Report & Accounts | 26
Strategic Report Corporate Governance Financial Statements Additional Information
You have paid over £50m in dividends this
year, will this continue?
We operate a highly cash generative business model, with
high levels of cash conversion. We have a clear capital
allocation strategy, with three defined uses of cash. We
first use our cash to satisfy our operational and investment
requirements, and to hedge our liabilities under the Group’s
share plans.
The second use of cash is to make returns to Shareholders
through ordinary dividends. We review our liquidity over
and above our operational and investment requirements
to determine the amount of these returns. Our policy is to
grow this ordinary dividend over the course of the economic
cycle, in line with our long-term growth rate. We believe
this enables us to sustain the level of ordinary dividend
payments during a downturn, as well as increasing it during
more prosperous times. The nature of our business is that
should we experience sustained tough market conditions,
our working capital position unwinds, allowing us to sustain
dividend payments.
Thirdly, any remaining surplus cash will be returned to
Shareholders through supplementary returns, using special
dividends or share buybacks. Since flotation in 2001, we
have returned over £1.3bn to Shareholders, over half of
which has come via supplementary returns.
Clearly there is a heightened degree of macro economic
and political uncertainty in the majority of the markets in
which we operate, but we will continue to monitor our
liquidity in 2025 and will make returns to Shareholders in
line with the above policy.
How are Technology and AI reshaping
recruitment?
Technology and AI continue to impact our industry.
Recruitment has become increasingly data-driven in recent
years, and this offers a host of benefits, including increased
efficiency and automation. However, AI also brings risks and
challenges around data protection. As a business dealing
with people’s personal information, we have a responsibility
to safeguard this data.
We are proud to say that we are at the very forefront of the
industry in our adoption of, and exploration into, AI. As an
early adopter of AI, we have been working with Big Tech
companies for several years to develop safe and secure,
cutting-edge technology and AI systems. Our proprietary
platforms, Page Insights and Customer Connect, alongside
our AI systems, are industry-leading. Our systems are
globally accessible and used every day by our consultants,
delivering fast, consistent and effective results across all
regions and markets.
Whilst technology and AI are powerful tools, we are a
People business, and our consultants remain right at the
centre of what we do. Our long and successful track record
of recruiting skilled experts in specialist positions, as well as
management and leadership roles, tells us that the human
interaction is vital to deliver the most successful recruitment
outcomes for both clients and candidates.
Our consultants provide valuable expertise, market
knowledge and insight to both sets of Customers we
work with, acting as a trusted partner, working with clients
to shape their talent management strategies, and with
candidates to help navigate their career journeys.
Technology and AI play a crucial supporting role to our
consultants, freeing up their time and helping them do
what they do best, build stronger relationships to deliver
exceptional results.
For more details of our approach to AI, please refer to
pages 19-20.
We are at the very forefront of the
industry in our adoption of, and
exploration into, AI.
What are you doing to create a positive work
culture for People at Page?
Inclusion is at the heart of Page and our culture puts our
People first. It is therefore so important that we ask our
employees the right questions, listen to their feedback and
identify focus areas for the coming year.
Our 2024 Have Your Say Global Employee Engagement
Survey, designed to measure employee satisfaction and
engagement, again showed positive results, with over 80%
of our People feeling proud to work at PageGroup. This
feedback is essential, providing valuable insight for our
leadership teams and enabling us to put the right systems
and processes in place to build on our strengths and
improve on the areas where we must do better.
We have worked hard over the years to create an
inclusive culture of trust and compassion, and a working
environment where all our People belong and can thrive.
There is a particular emphasis on inclusion through our
Women@Page, Pride@Page, Families@Page, Ability@Page
and Unity@Page networks, to ensure everyone gets an
equal opportunity.
We also understand that fostering a top down positive
culture is vital for the success of the Group. Our Board
members meet regularly with senior leaders and employees
to ensure our their opinions are heard and understood in
the boardroom. The Board also has a standing agenda item
at all Board Meetings to review and discuss the Employee
Voice.
The ideas and suggestions coming out of these
meetings drive positive change which ultimately makes
Page a great place to work.
27 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
As a people business, our culture is key to our success. It is
shown through our Purpose, actions, behaviours, values and
service delivery. Our focus internally is to promote a strong sense
of belonging, ensuring that all our employees are seen, heard
and understood. For our Customers, we want their experience of
working with us to be one where they feel respected and where
their needs are met. We do this against a backdrop of complying
with local obligations and legal requirements in the markets in
which we operate.
Pages 27-38 provide a summary of People and Culture initiatives
and activities in financial year ended 31 December 2024 in line
with the UK Corporate Governance Code.
Our Culture
In 2024, we took deliberate strides to sharpen our cultural enablers, emphasising
High Performance, Employee Experience, and Inclusivity as cornerstones
of our organisational growth. These pillars reflect our unwavering commitment
to fostering an empowered and diverse workplace that aligns with our strategic
ambitions.
My Talent Hub, our reimagined performance management system, demonstrates
a commitment to aligning individual and organisational goals to successfully
execute our refreshed strategy.
In 2024, we launched our redefined Employee Value Proposition where we
strengthened our promise to current and prospective employees, emphasising
opportunities for growth, inclusivity, and meaningful impact. This bolsters our
ability to attract and retain top talent.
We have integrated our values and behaviours into everyday operations, aiming
to ensure a strong cultural foundation. We want to foster an environment where
integrity, collaborative working, and excellence can thrive.
Our efforts in diversity, equity, and inclusion (DE&I) and social impact programmes
emphasise our commitment to promoting equal opportunities for employment
both within our own organisation and in the communities we serve.
Our People are at the heart of our Strategy. Looking ahead, we will continue to
focus on enriching our culture and engagement as catalysts for high performance,
exceptional employee experiences, and a deeply inclusive environment.
Tessel Naaijkens
Chief People Officer
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Our Customers
Our Purpose articulates the underlying motivation for
our actions and why we are engaged in our business.
Our Purpose
Our values are central to everything we do.
WHY WE DO WHAT WE DO HOW WE WANT TO WORK
EARN TRUST
MAKE A DIFFERENCE
GROW CONNECTIONS
AN INCLUSIVE WORKPLACE
WHERE EVERYONE CAN THRIVE
PageGroup is all about People
Creating opportunities to engage with People through
key life moments; having valuable conversations
–more frequently and with more relevant dialogue.
Inclusive Culture
Ensuring every employee has a sense of belonging
and can be their authentic self.
Growth and Rewards
Clear and challenging career paths, industry-leading
training and fostering a high-trust, high-performance
culture.
Wellbeing and Flexibility
Enabling our People to perform at their best.
Tools and Technology
Providing our People with a competitive edge.
Social Impact
So our People know they are part of something bigger.
Customers are at the centre of ourbusiness
Aiming to be the most customer-centric recruiter and
setting us apart from the competition by delivering
an excellent experience for our Customers.Staying
ahead – leadingour industry to best support our
Customers.
Improving processes and tools tosupport consultant
productivity.
Leveraging technology
Improving our Customer experience.
Innovative approaches
Providing a more effective service.
Building relationships
Going further to build lasting relationships with our
clients, candidates and consultants.
Through a personal, professional service creating the
opportunity forcandidates and clients to reach their
potential.
STAYING AHEAD –
LEADING OUR INDUSTRY
Our Values
Our People
Employee voice Retention Career progression & mobility Talent development
Diversity, Equity & Inclusion Rewards & recognition Health & wellbeing
Engaging our Customers –NPS, Customer satisfaction
Retaining our Customers –repeat business, Preferred Supplier Agreements
Innovation
Our People
Our Customers
Public commitments
Awards
External Recognition
KEEPING US ON TRACK, FOCUSED ON CONTINUOUS IMPROVEMENT
Our Measures
29 | PageGroup 2024 Annual Report & Accounts
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Key activities in 2024:
Behaviours and Employee Value Proposition
ACTIVATION
Developed self-reference materials available in key languages.
Created the behaviours landing site containing resources to support
people managers.
TALENT ACQUISITION
Incorporated new behaviours into our hiring practices and resources,
enabling operations and talent acquisition teams to adopt best practices
in talent selection.
Our People
ONBOARDING
Driving our behaviours from day one by embedding new behaviours
framework into Onboarding material.
TALENT MANAGEMENT
Integrated new behaviours into all talent management touchpoints. This
resulted in clear expectations, more effective performance evaluations,
and enhanced employee development.
LEARNING & DEVELOPMENT
Ensuring that learners at all levels receive training that is tied directly to
the desired behavioural outcomes.
EMPLOYEE EXPERIENCE
Measuring awareness and initial impact of our new behaviours across the
Group, allowing us to take action in any weak areas.
INCLUSION AND SOCIAL IMPACT
Finding opportunities to embed our behaviours into all DE&I campaigns,
demonstrating their importance in an inclusive culture.
In 2023 we set out a refreshed Strategy and Goals
informed by the views of our People, our Customers and
our Investors. Our People are critical to the delivery of this
refreshed Strategy and, therefore, this year we focused on
updating and embedding our behaviours and our Employee
Value Proposition to align with its delivery. This ensures
we are giving our People everything they need to do a
great job, and to maintain the culture that is central to our
organisation and our success.
Behaviours
Our behaviours are aimed at helping us establish a
consistent and reputable brand, building trust with
our internal and external customers, and promoting
collaboration within PageGroup. At an individual level, these
behaviours provide a roadmap for personal and professional
development, creating a sense of purpose and alignment
with our values. In essence, our behaviours are not just
a set of guidelines, they are key to our culture, strategy,
individual and organisational success.
Embedding our behaviours
In 2024, we undertook a series of actions to fully embed
our behaviours across the Employee Journey which are
set out below.
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Employee Value Proposition
Q1 2024
After finalising our Employee Value
Proposition statement and the
definitions of each pillar with their
respective owners, we conducted our
People and Culture global activation,
where we officially presented all this
information to our colleagues.
Q3 2024
We embedded our Employee Value
Proposition in our Listening Strategy.
We asked our employees what areas
they consider most important when
thinking about continuing their career with
PageGroup. They had the opportunity to
share strengths and opportunities related
to these areas.
Q4 2024
We collaborated with the journey owners
to define action plans related to each
pillar using data from our employee
engagement survey.
We also created an activation pack for our
People & Culture teams to drive their local
activations. Additionally, we developed
a resource hub with activation slides for
leaders and managers.
PageGroup gives our People everything
they need to do a great job – an inclusive
culture that rewards great performance,
and the kind of support, training, leadership
and technology that helps us go further.
These tools and resources are only
useful if they’re in the right hands. It’s the
commitment, enthusiasm and ambition of
our People that ignites our vision, powers
our reputation and helps us collectively to
change lives. As a business, our job is to
set our people up for success, so every day
can be a life-changing day. The rest is up to
each individual - “Page makes it possible,
you make it Page.”
Katie Murray
Director,
Global Employee Experience
We know that our People are key to Page’s success. Therefore, a compelling Employee Value Proposition that reflects our
Culture and outlines what we give our People to enable them to do a great job is essential. This year, we redefined our
Employee Value Proposition under the banner “Page makes it possible. You make it Page”.
Six key areas make up our Employee Value Proposition:
Tools & Technology, to
provide our People with a
competitive edge
Social Impact, so our People
know they are part of
something bigger
During 2024 we took steps to ensure that our Employee Value Proposition was communicated, understood and
embedded throughout the organisation, as outlined below.
Inclusive Culture, where
every employee can be
their authentic self
Growth and Rewards, to provide
opportunity and financial
rewards for our People
Wellbeing and Flexibility,
to support our People to
perform at their best
Customer Focus, to encourage
our People to build meaningful
connections and change lives
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Employee voice and experience
Understanding and engaging with our employees is
critical to maintaining our inclusive culture. Our continuous
listening strategy ensures that the voice of our employees
is understood at all levels of our organisation, from the
Boardroom to individual line managers. We have a range
of feedback mechanisms including: onboarding surveys
for new starters, exit surveys for leavers, and an annual
engagement survey.
It’s also important that, when capturing the views of all our
employees, we hear from diverse voices. We have Shadow
Boards in place, including one to our Executive Board,
many regions have DE&I Committees, and we maintain
an active network of Employee Resource Groups (ERGs)
where the voices of our employees can be heard.
In 2024, we conducted our annual employee engagement
survey (‘Have Your Say’), achieving an 85% response
rate—the highest in our history to date and a rate that
is considered to include nearly all respondents, placing
it in the top category (Perceptyx benchmark: 79%). The
response rate has improved by three points compared
to last year and means we have achieved a positive
trend for two consecutive years. This indicates that the
communications plan, prepared in advance and developed
in collaboration with the Internal Communications team, is
effective.
We also provided a lighter experience, reducing the average
number of questions from 41 in the last two surveys to
27. Additionally, we aimed to measure the success of
messaging by gathering perspectives on group-wide
milestones such as our Strategy and new behaviours.
We achieved an 80% positive score for
employee engagement in 2024, a slight
decrease compared to 2023 (85%). However,
we are proud that our engagement remains
above the Perceptyx benchmark (79%). This
trend applies across the majority of categories
we assessed, see breakout to the left.
We communicated the results both globally
and at a local level, and we are working on
creating action plans to address the main
concerns of our employees.
To simplify the process of data analysis, we
have implemented Artificial Intelligence in the
creation of action plans, empowering every
manager with a plan based on the most
important insights from their team’s feedback.
Additionally, we have launched Artificial
Intelligence nudges, these are regular
suggestions based on results, action plans,
and our Company’s strategic goals. We aim
to close the gap between insights and impact,
while helping leaders and line managers build
habits that drive change through small actions
in their workflow.
I am aware of how to report ethical concerns or
observed misconduct (i.e. Speak Up!, HR)
90%
I have a clear understanding of what is expected
of me in my role
89%
My team has a clear understanding of our
customers’ needs
88%
I am proud to work at PageGroup
86%
I am aware of how to apply PageGroup’s new
behaviours in my role
85%
Eight out of nine categories were above the
benchmark, and our top strengths are:
PageGroup 2024 Annual Report & Accounts | 32
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WHERE EVERY EMPLOYEE HAS A SENSE OF BELONGING
AND CAN BE THEIR AUTHENTIC SELF
Inclusive Culture
We firmly believe that for our business to succeed we need to focus on inclusivity in all its forms.
Being inclusive is about truly understanding difference and consciously adapting ourselves so
that everyone feels valued. Every person and voice matters and their ability to thrive is built on a
foundation of openness and psychological safety.
As a talent solutions organisation, our
People are our business and therefore
at the heart of everything we do. It’s
so much more than our employees. It
is every candidate, client and supplier
we interface with too. That’s why
our values are integral: earning trust;
growing connections; and making a
difference. It is these fundamental
foundations that enable us to be
ethical and effective, because we
focus on progress and never the
status quo. Being centred on inclusion
means we remain curious, listen to
feedback and, critically, then act
accordingly to get better and do
better. Our commitment to Diversity,
Equity and Inclusion, means we can
also support our Customers to tap
into wide pools of top talent.
Sheri Hughes
Director, Global DEI &
Social Impact
In today's diverse and interconnected world, being
inclusive is not static, by nature it is constantly evolving
and advancing, which means as an employer you
have to do the same. In the past, we’ve built initiatives
around key pillars focused on a specific dimension of
diversity. Inclusion is a lot more than this though, and it’s
something we want to acknowledge and expand on.
Therefore, we are bringing together all DE&I
dimensions under one umbrella, and we’re widening
the conversation to more topics, encouraging
meaningful conversations on inclusion as a shared
responsibility and value.
Advancing our approach
to inclusion
At PageGroup, I can be my authentic
self at work
83%
Our leaders demonstrate inclusive
behaviour at PageGroup
I would recommend PageGroup as a
great place to work
80%
82%
favourability
favourability
favourability
favourability
33 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Global Inclusion Week
In 2024 we participated in Global Inclusion Week. We
used this week as an opportunity to run a series of
internal communications and workshops to facilitate a
deeper appreciation of belonging – whether externally
with our Customers or internally with our colleagues.
Taking our Customer-Led approach, our programme
of events and webinars included panel discussions
such as “Customer-Centric, Commercially Driven
Conversations, Ready to talk DE&I?”, which included
our Board Members Angela Seymour-Jackson and
Michelle Healy.
We know age is a prominent factor in hiring
discrimination and therefore our Age@Page group took
steps to promote intergenerational diversity. We built a
toolkit based on these actions which helps candidates
maintain their employability throughout their careers
and supports clients as they foster intergenerational
corporate cultures.
Our Employees scored
9/10
when asked if they would
recommend the Inclusion Course to
a colleague.
We continue to work towards 50:50 gender balance in senior management by 2030, while continuing to ensure all
appointments based on merit and objective criteria. In 2024, we continued to advance our gender balance in senior
leadership (Associate Director and above); 46% of this population are female. Additionally, our female representation at the
senior level as defined by the Corporate Governance Code (Executive Board and direct reports) as at 31 December 2024 is
36.4% (36.6%: 2023).
1. The data above reflects those that PageGroup considers to be its senior management. The Companies Act 2006 definition of
senior managers requires the directors of PageGroup’s subsidiaries to be considered senior management and the data calculated in
accordance with that definition is 570 male and 480 female.
Board Directors
2024
50%
(4)
MALE FEMALE
50% (4)
2023
50%
(4)
MALE FEMALE
50% (4)
Senior Management
1
2024
54%
(565)
MALE
FEMALE
46% (477)
2023
55%
(568)
MALE
FEMALE
45% (456)
Other Employees
2024
38%
(2,556)
MALE
FEMALE
62% (4,087)
2023
39%
(2,766)
MALE
FEMALE
61% (4,362)
Our commitment to gender equality
PageGroup 2024 Annual Report & Accounts | 34
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TO PROVIDE OPPORTUNITY AND FINANCIAL REWARDS
FOR OUR PEOPLE
Growth and Rewards
We recognise the importance of providing our People
with opportunities to learn and develop in their roles and
to grow their careers with Page. Page’s success also
means financial reward for our employees and a benefits
package that meets their needs.
In 2024, we conducted a global review of our benefits
offering to ensure we were providing competitive and
comparable benefits to our employees in all locations. We
also prioritised being able to provide appropriate salary
raises and bonuses to our employees this year, despite
challenging macro-economic circumstances.
We are proud of our Culture that encourages our
employees to grow their careers with Page and
nurtures ‘home grown’ talent. In 2024, we continued
our investment in talent development and programmes
across all levels that build talent density. We onboard new
colleagues through our Global Onboarding Programme,
which is focused on supporting people to make them
successful more quickly.
We provide ongoing skills development to our colleagues
via our digital learning platform with blended learning
programmes. Our recent investment in a new learning
experience platform provides access to over 10,000
trainings that are tailored to individual learning needs.
Furthermore, we have improved our internal job board
to provide easier user experience to access career
opportunities available across the globe. This enables key
global mobility moves to support business needs and can
help address talent developmental areas.
We invested in 360 reviews for key talents and continued
our global mentoring and reverse mentoring programmes.
Our talent, succession & development programmes
operating across the business assess development
needs and nurture high-potential employees throughout
the various stages of their careers. We seek to ensure
access to career development is fair and our programmes
are representative of our employees. We invested in 45
leaders to build essential leadership skills that are highly
predictive of success. We also delivered a global senior
executive development programme and Main Board
mentoring for senior leaders. As we look ahead, we have
prepared a talent, learning, and leadership development
strategy and have plans to scale our solutions even
deeper into the organisation to strengthen our talent
bench for the future.
In 2024, we redesigned our talent
review process to align with our
refreshed Strategy and cultural
evolution. This supports our
strategic goals and commitment
to inclusivity and objectivity.
Key enhancements include a
new evaluation framework and
integrating our Executive Board
success profile. Our focus on
potential-based development
will strengthen our leadership
pipeline and prepare us for future
challenges, building a resilient,
high-performing organisation.
Estelle Raoul
Director – Global Talent
Management
The Emerging Talent Forum is a dedicated
development platform focused on retaining
and progressing local talent from across
Asia. It aims to give participants the
opportunity to strengthen their skills and
prepare them for future roles.
In the six month programme, participants
are supported to refine their performance
development plan and ensure it aligns with
their strengths. They are allocated a mentor
and also a personalised development
assignment. The programme ends with a
reflection and future planning presentation
to ensure the learnings are embedded and
have an ongoing impact.
APAC Emerging Talent Forum
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TO SUPPORT OUR PEOPLE TO PERFORM AT THEIR BEST
Wellbeing & Flexibility
We appreciate the importance of flexibility to our People -
‘Flexibility at work’ was ranked first by our employees as the
most important factor when considering continuing their careers
at Page, with a satisfaction score of 76.
Flexibility at work refers to having options in how, when, and
where our People work to accommodate personal needs
while ensuring productivity and meeting organisational goals.
We know that flexible ways of working look different to each
of our employees, depending on their roles, responsibilities,
location and personal commitments. As such, we take a tailored
approach, and local teams set out and manage Working From
Home and Flexible Working policies. We believe in a hybrid
working model, recognising that the office is a key place to
collaborate and to learn.
Wellbeing is a personal and ongoing journey. We are committed
to the health and wellbeing of our employees and want to ensure
they feel safe, supported and free from discrimination at work.
Wellbeing spreads across a vast spectrum and we support
our employees in all aspects including: financial wellbeing with
mortgage and pension advice; mental wellbeing with wellness
walks and meditation apps; and broader lifestyle wellbeing with
nutrition advice, health checks and work life integration.
Tools & Technology
TO PROVIDE OUR PEOPLE WITH A COMPETITIVE EDGE
We have a best in class integrated
technology and data platform
which gives our people a seamless
experience and enables them to
put our Customers at the heart
of what they do. It is this blend
of technology and people that
enables us to be successful.
We embrace technology and data, providing our people with
the right tools to enable them to be more productive and
engaged in their roles, and give them the best chance of
success. Our global technology and change team has been
established to ensure technology is embedded effectively
across our operations and that our People are supported to
use our tools and technology.
We also know that Artificial Intelligence will help us do our
jobs more effectively and efficiently, so we can spend more
time on relationship-building. This year, we built out our
Artificial Intelligence programme ‘AI by your SIDE’ deploying
the very best in Artificial Intelligence from leading global
partners, on global platforms, enabled through our global
data set. We use this to help source the best candidate and
client opportunities, inform our business through insightful,
accurate and of-the-moment data, discover new growth
opportunities, and empower our consultants to do what they
do best, without having to do the ‘heavy lifting’. As part of
our programme, we also launched our Artificial Intelligence
driven Job Advert Generator (JADE) across our business.
PageGroup offers a number of
flexible working arrangements
that allow employees to balance
their professional and personal
responsibilities. We are committed
to fostering a workplace where
everyone, regardless of family
status, can flourish, making strides
towards a more equitable future
for all.
Alisha Daley
Legal Manager
Dominic Redmond
Chief Information
Officer
PageGroup 2024 Annual Report & Accounts | 36
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2023:
Patrick Hollard
Chief Customer Officer
TO ENCOURAGE OUR PEOPLE TO BUILD
MEANINGFUL CONNECTIONS AND CHANGE LIVES
Customer Focus
At PageGroup, we are committed to fostering
long-term relationships with our Customers
and this plays a key role in our Strategy. We are
continually looking to improve our Customer
experience and enhance the services we
offer in order to create increased value for our
clients’ businesses and candidates’ careers.
We recognise that the needs of our clients are
unique, whether they are large global brands
or small to medium enterprises, and we look
to work with them in partnership to provide
expertise and insight to help them meet their
business objectives.
In response to the increasingly complex needs
of our large global clients, we have created a
dedicated enterprise team, to deliver bespoke
talent strategies leveraging the full scope of
the PageGroup services. Shifting employee
expectations, disruptive technology and a
global skills shortage has meant organisations
are readdressing their approach to workforce
planning, and we are well positioned to partner
with them to address their evolving needs.
Our global market knowledge and on the
ground expertise across our 36 countries
ensures we fuel our suite of data-led products,
enabling our customers to make informed
talent decisions. Our tools and insights on
topics such as DE&I are differentiators for us
and we continue to build on their strengths.
We understand the life changing impact the
right job can have for an individual, and we
are proud so many candidates’ trust us with
advancing their careers time and time again.
We are committed to providing a seamless
digital journey, but equally understand that
having human interaction throughout the
process is crucial at this pivotal time.
We pride ourselves on being able to
understand our candidate’s specific needs, so
we can deliver personalised experiences both
digitally and in person. We want to know the
long-term motivations and aspirations of our
candidates, to allow our people to look beyond
today and build deep, ongoing partnerships.
Results from our customer
satisfaction survey 2024
83%
satisfied
candidates
93%
satisfied
clients
Client Net Promoter Score
61
2024:
1. This figure has been restated
Our commitment to building and nurturing
long-term relationships with our clients
and candidates is at the forefront of our
Strategy. We set out to deliver a Net
Promoter Score of 60+ by 2030 as one
of the Group’s three strategic goals, and
through our continued Customer-centric
approach we have made accelerated
progress and achieved this milestone
in 2024.
56
1
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Social Impact
SO OUR PEOPLE KNOW THEY ARE PART OF SOMETHING BIGGER
Social Impact is central to everything we do at
PageGroup and a core part of our Employee Value
Proposition. Our employees want to be a part of
something bigger, and work for an organisation that lives
and breathes its Purpose to change lives.
In our Global Employee Engagement Survey, ‘Changing
Lives and being part of something bigger’ was ranked
as one of the most important factors for our Employees
when considering their future career at Page, with a
satisfaction rating of 90.
This is as a direct result of: the impact it has on their
own lives; being able to participate in improving the
lives of others; providing a sense of fulfilment and
pride working for a company with such a meaningful
commitment; team work and collaboration when coming
together for a common goal; the trust and credibility that
comes from being part of a well-respected organisation
Awards and Recognition
and the positive impact that has on customer-centric
relations; and the opportunity for social and community
engagement with those furthest from the workplace, so
that we are using our skills for good and the company’s
investment in resources, training and development is
seen as a significant advantage.
The growth in employee participation extends to our
most senior leaders. Members of our Executive Board,
based in London, collaborated with the national UK
social mobility charity, LTSB to host the charity’s
inaugural ‘Shadow a CEO Day’, which consisted of
young people spending time with our CEO, CFO and
CMO. Social Impact is also one of the strategic goals
for all MD’s.
To read more about our Social Impact programmes and
case studies, see pages 42-43.
Contributors: Anita Borate, Ashish Deora, Gurab Virk, Manasi Shete, Megha Sarkar,
Neha Chopra, Shaloni Dsouza, Shivam Thakur, Souparna Banerjee, Sumit Agrawal
PageGroup 2024 Annual Report & Accounts | 38
Strategic Report Corporate Governance Financial Statements Additional Information
Board sessions, agendas and reporting:
The Board is responsible collectively for the Group’s culture and for workforce engagement. Workforce engagement
activities are shared across all Board members to capture as up-to-date information as possible, and as wide a reach as
possible. Given this is the preferred method for the Board, it adopts the alternative arrangements approach to workforce
engagement permitted by the Corporate Governance Code.
• Twice yearly the Board dedicates sessions to reviewing,
monitoring and assessing culture. This takes place at the
half year and full year and is run by the Chief People Officer
supported by senior members of the People & Culture
team, responsible for inclusion and employee experience,
as appropriate. The format of the sessions typically includes
review and discussion of the measures and trend data as
set out in the culture framework. The Board are provided
with survey data which follows our employee life cycle which
enables insight into, and consideration of, the sentiments of
our people.
• The CEO Report to the Board provides updates on all
material employee and people matters and it is a standing
agenda item at board meetings for Board members to
update on any Employee Voice activity. In addition, at least
annually, a full review on the Speak Up helpline reporting
and actions taken are assessed by the Board.
• The Shadow Board is invited to speak to the Board at the
annual strategy day and this gives valuable insight to our
Directors about what matters most to our people across the
various regions in which we operate.
• All Board members have access to Viva Engage, our
internal communication platform which gives real-time
feedback from our people on news, success and issues as
they arise.
• Board Committees review workforce reward and pay
structures (Remuneration Committee), evaluate talent,
development and succession activities (Nomination
Committee) and have oversight of risk, regulatory matters
and ethical concerns (Audit Committee).
Culture: Board Engagement
Individual Board members:
• In 2024, our London business relocated to
80 Strand and the Board welcomed the
opportunity to undertake an office tour engaging
with employees and hearing from them on their
experience as we continue to champion our support
to flexible, hybrid working.
• PageGroup’s senior development programme
‘Ignite’ paired several Managing Directors in senior
leadership positions with a Board Director to
provide mentorship and support and often included
Directors meeting mentees in person at their base
office, both in and outside of the UK.
• The Non-Executive Directors have unfettered
access to senior management and relationships
are built in formal settings, such as Strategy
Day sessions, but also in informal environments,
including Board dinners to which Executive Board
members are invited and attend during the year.
• Non-Executive Board members support and engage
with the workforce and the business through
their attendance and speaking arrangements at
internal and external run company events. Angela
Seymour-Jackson and Michelle Healy both were
panel members on our internal Global Inclusion
Week discussions and Babak Fouladi has attended
and spoken at our ENABL network that works to
promote Ethnic+ leaders.
Board Decisions:
Below are some examples of Board decision making that impacted Culture:
The Board has
prioritised investing in
appropriate levels of
reward, delivering salary
increases and bonuses
based on what the
Group can afford for the
benefit of our people
and the business in the
future.
The Board has been, and will
continue to be, supportive of
the local approach to office
working, empowering regional
management to work within the
global framework of hybrid and
remote working, recognising
that office collaboration and
learning remains important in a
people-powered organisation.
Learning and development and
having the best tools to facilitate
both, makes a big difference to
our People. For these reasons,
our new learning platform is in
the process of being rolled out
globally and will make training
more efficient and user friendly
on key topics critical to our
employees success.
Anouska Perera
Deputy General Counsel
39 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Our sustainability strategy, spanning Environmental, Social and Governance (ESG) issues, focuses our
attention on the areas of the biggest impact to our business, our people, society, and the planet. Progress
against our sustainability strategy and targets, and details of key activities in each area can be found on
pages 39-48. PageGroup’s TCFD response is on pages 49-54.
Details on our sustainability performance, our GHG emissions assurance statement and our basis of
reporting can be found at www.page.com/sustainability
Strategy
At PageGroup, we want to be the best
in recruitment at driving a sustainable
future for our business and our world.
Our sustainability strategy and targets,
summarised to the right, set out how
we aim to achieve that. Our target
to change one million lives by 2030
is directly linked to our Purpose and
forms a core pillar of our refreshed
Group Strategy. Using our recruitment
expertise to unlock opportunities for
employment, including for those in
traditionally underrepresented groups,
is where we know we can have
the greatest social impact. We also
know that as a large, multinational
organisation we have a responsibility
to operate to the highest standards
of governance and ethics, and to
play our part in combatting climate
change.
In 2024, we conducted a double
materiality assessment to identify
the risks, impacts and opportunities
where we can have the greatest
impact on people, planet and society,
and that are most relevant to our
business. The materiality assessment
considered the views of our
candidates, clients, employees and
investors and identified social impact
and employee-related issues as those
of the highest importance, validating
the focus of our sustainability strategy.
We will continue to review our strategy
and targets to ensure they are
focusing our attention on those topics
and activities that are most material to
the business.
Sustainability
Sustainability Strategy and Governance
Environmental: To support the transition to Net-zero by reducing
our value chain emissions, and recruiting into roles that drive positive
environmental and social outcomes.
Social: To help create an equitable society and change lives
by giving back as a best-in-class recruiter, corporate citizen and
employer.
Governance: To operate as a responsible business, with
transparent sustainability-related disclosures.
Sustainability vision: To be the best in recruitment at driving a
sustainable future for our business and our world.
Targets
To increase gender
diversity within our
senior management
to 50/50 by 2030
To establish a meaningful
global sustainability
business by 2026
To become Net-zero across
our full value chain by 2050
To positively change one
million lives in the ten
years to 2030
Objectives
PageGroup 2024 Annual Report & Accounts | 40
Strategic Report Corporate Governance Financial Statements Additional Information
Sustainability governance
The Board provides oversight and governance over our
sustainability programme. The Board has delegated day-
to-day management and delivery of the programme to the
Sustainability Committee, chaired by Kelvin Stagg (CFO).
Other members of the Sustainability Committee include
Eamon Collins (Chief Marketing and Data Officer), Patrick
Hollard (Chief Customer Officer), Tessel Naaijkens (Chief
People Officer) and Madeleine Karn (Global Sustainability
Director). Samira Touam (Global Communications Director,
People) and May Wah Chan (Regional Director, Vietnam)
also sit on the Sustainability Committee representing the
voice of the Employee.
The Sustainability Committee meets quarterly and is
responsible for the Group’s overall sustainability strategy
and policies, monitoring progress against its targets,
reviewing sustainability-related risks and opportunities
(including climate risk) and monitoring developments in
sustainability-related regulations. In 2024, key discussion
points included reviews of: performance against
sustainability targets, including social impact and science-
based targets (SBTs), and PageGroup’s readiness for
the Corporate Sustainability Reporting Directive (CSRD),
including involvement in the materiality assessment and
climate-related risks.
We cascade our strategy to our local businesses. We have
a range of specialists and passionate individuals within our
recruitment community and all our support functions, such
as HR, Procurement & Facilities, Legal and Finance, that
turn global ambitions into business actions. Mechanisms
are in place to ensure this remains a focus, including:
• Sustainability-related measures form part of the CEO and
CFO’s remuneration plan (ESIP), pages 109-131. In 2024,
targets were also cascaded to our Managing Director
population. Further sustainability-related measures are
included qualitatively within every employee’s performance
review.
• The Main Board, Executive Board, Sustainability
Committee and other relevant leadership groups receive
internal reports on progress vs. targets at least annually.
• We operate an active Employee Viva Engage page to
share performance highlights and create communities
of action.
Sustainability Committee activities in 2024
• Twice annual review of performance vs sustainability targets,
including social impact and SBTs
• ESG ratings performance and improvement areas
• Sustainability strategy review
Impacts, risks and opportunities
• Review of climate-related risks and opportunities
• Group-wide materiality assessment
Oversight of key programmes
• Social impact framework and roadmap
• CSRD
• SBTs
Sustainability strategy & performance
41 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Target Measure 2024
Performance
Progress
vs 2023
Baseline
year
Progress against
baseline
To positively change over
one million lives in the ten
years to 2030
The number of
people we place
into decent work
80,952
1
people
accessed
decent work
-10% 2020 447,605 people
accessed decent
work
The number
of people that
access our
social impact
programmes
55,864 people
accessed our
social impact
programmes
+29% 2020 198,127 people
accessed our
social impact
programmes
Total number of
lives positively
changed
136,816 lives
positively
changed
+2% 2020 645,732 lives
positively
changed
To target an increase in
gender diversity within
our senior management to
50/50 by 2030
The number of
women within
leadership
roles within
our business,
globally
46% female vs
54% males
+1
percentage
point
2020 +18 percentage
points
2
To establish a meaningful
global sustainability
business by 2026
Percentage
growth of
net fees
generated from
sustainability
roles
+2% y-o-y
growth in our
sustainability
net fees
+2% 2019 +426% growth in
our sustainability
net fees
To become Net-zero across
our full value chain by 2050
3
Scope 1 & 2
GHG emissions
1,955 tCO
2
e -23% 2022 -34% decrease
in Scope 1 & 2
Scope 3 GHG
emissions
52,092 tCO
2
e -16% 2022 -16% decrease
in Scope 3
Total Scope 1, 2
& 3 emissions
54,047 tCO
2
e -16% 2022 -16% decrease
in total emissions
Progress vs global targets
1 2024 placements include Page Outsourcing figures for the first time.
2 2020 definition of senior management: Executive Board members and direct reports. 2021, 2022, 2023 and 2024 defintion of senior management:
Associate Directors and above.
3 Our Net-zero commitment has been validated by the Science-based Targets initiative (SBTi). Full details of our near-term and long-term SBTs are listed
below and further details on progress can be found on page 44.
- Near-term targets: 60% reduction in absolute Scope 1 & 2 GHG emissions by 2030 from a 2022 baseline year. 25% reduction in absolute Scope 3
emissions from purchased goods and services and business travel by 2030 from a 2022 baseline year.
- Long-term, Net-zero target: 95% reduction in absolute Scope 1 & 2 GHG emissions by 2050 from a 2022 baseline year. 90% reduction in absolute
Scope 3 emissions by 2050 from a 2022 baseline year.
We remain on track to deliver all our sustainability targets. This year we increased the number of lives changed with
more people than ever attending our social impact events and programmes. After four years of rapid growth, in 2024 our
sustainability business reached a size over five times as large as when we set our target. In addition, our total GHG emissions
have decreased by more than is required by our SBT trajectory.
PageGroup 2024 Annual Report & Accounts | 42
Strategic Report Corporate Governance Financial Statements Additional Information
Our ambition to ‘Change a million lives’ recognises the role we play in driving positive social outcomes
through creating employment opportunities. We also know that our People are our greatest asset, and
employee satisfaction, safety and inclusion are paramount to our business. Our employees and our
Employee Value Proposition (described in People and Culture section) are critical to our success.
Social
Changing Lives
In 2020, we set a target to change one million lives in the
decade to 2030. We change lives in two main ways:
1. Placing people into decent work. This is what
we do day in and day out by placing candidates into
Permanent and Temporary positions.
2. Opening doors to employment, particularly for
those from traditionally underrepresented groups,
through social impact programmes. In our social impact
programmes Page employees share their recruitment
expertise to support people into employment and to
progress their careers. This work is typically conducted
with charity partners, and employees participate in
activities such as mentoring and interview workshops.
We also provide insights that shine a spotlight on social
impact issues, for example our 2024 Global Talent
Trends Survey had a focus on DE&I.
Changing lives is inherent to our culture and is one of
the Group’s three strategic targets, alongside customer
satisfaction and generating operating profit. In 2024, we
integrated a social impact element into every employee’s
performance appraisal, and it forms a part of remuneration
plans for our CEO, CFO and Managing Director population.
This year, we changed 136,816 lives bringing our total to
645,732 lives changed since 2020, giving us confidence we
will achieve our target by 2030. We changed 55,864 lives
through social impact programmes, which is more than
25 percent higher than last year and testament to our focus
on increasing the breadth and depth of our skills sharing
activities. We are proud to have entered into a global
partnership with Generation, a nonprofit organisation that
supports adults to achieve economic mobility by training
them for careers that would otherwise be inaccessible.
Our global partnership with Generation
In 2024 we launched a global partnership with Generation, a
nonprofit organisation that supports adults of all ages to achieve
economic mobility through sustainable employment. When learners
join Generation programmes, 90% are unemployed and the majority
identify with underrepresented communities in their country.
In our first 6 months working together, over 100 PageGroup
employees from our LATAM region, the UK, France and Singapore
volunteered their time to train and coach 600 Generation learners
with employability skills.
In the UK we provided
virtual mock interview
support to 121 previously
unemployed adults
undertaking Generation’s
training for roles in Cloud, IT
Support, and Cyber Security.
In France we have supported
52 people training for
careers in Sales with 1-to-1
mock interview support.
In Singapore we hosted a two-
day career guidance event for
30 learners training for roles
in the Technology sector, with
bespoke CV and cover letter
refinement support alongside
mock interview practice.
With Generation, we have
already made a difference
to the lives of 438 people
through workshops and
mentoring sessions across
LATAM. Page’s employee
volunteers are true “life
changers” and we look
forward to extending our
collaboration so that all
our employees have the
opportunity to improve
the economic mobility of
Generation learners.
Gil van Delft
Managing Partner – Americas,
Page Executive
43 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Corporate Citizenship
At Page, we’re also passionate about supporting our local communities. Our People take part in a range of broader
community engagement and charitable efforts. This can range from volunteering at food banks and reconstructing schools,
through to sporting fundraisers and donations of school supplies and clothing.
Postpartum Resource
Center of NY, USA
Our USA business sponsored the 16th
Annual Sounds of Silence 5k/10k for
the third consecutive year to help break
the silence of postpartum depression,
celebrate courageous parents, and build
sounds of hope for all those families who
may be suffering.
In 2024, USD2,350 was raised from
employee and PageGroup donations.
El Hockey+, Spain
In Bilbao, employees volunteered at the El Hockey+
Championship, a programme promoting sports for individuals
with functional and intellectual disabilities.
Our employees assisted in organising the tournament, ensuring
a successful event that contributed to participants’ personal
development, social inclusion, and self-confidence, while
supporting the programme’s goal of enhancing life skills for
underrepresented groups.
Partnering with YWCA to empower survivors in
North America
The YWCA Skills Training and Empowerment Program is a workforce
development program designed specifically for victims of domestic
violence. Beginning as a small partnership in 2022, our team members
across the US, Canada, and Mexico are now involved in meeting one-
on-one with programme members to provide career coaching sessions,
including resume review and mock interviews.
Breaking down barriers to
work for blind and partially
sighted jobseekers in the UK
In the UK we worked with Thomas
Pocklington Trust (TPT) to support
blind and partially sighted individuals
with our skills and advice to find
meaningful employment. We
contributed to TPT’s Skill Share
events reaching 41 beneficiaries,
with impactful sessions focussed
on ‘Breaking Down Barriers’
and ‘Getting the most from a
Recruitment Consultancy’. Twelve
PageGroup volunteers also ran
interview workshops and provided
one-to-one online mock interviews
for TPT’s ‘Get Set Progress’ interns.
Building confidence of unemployed
young women in Hong Kong
In partnership with St. James’ Settlement on the
Women Futuremakers Employment Programme,
which is funded by Standard Chartered Foundation,
volunteers from our Hong Kong office delivered
employment skills training and conducted
mock interviews for 112 unemployed young women.
Child’s Cancer Foundation, Singapore
In Singapore, we have participated in Hair For Hope (HFH), the
Children’s Cancer Foundation’s signature fundraising campaign,
since 2017.
In June, six members of our staff, including Executive Board
member Anthony Thompson, shaved their heads to raise
awareness and money for the Foundation.
With the support of our People we raised over SGD14,500 in
2024.
PageGroup 2024 Annual Report & Accounts | 44
Strategic Report Corporate Governance Financial Statements Additional Information
Net-zero targets
In 2024, the SBTi verified our near-term and long-term Net-
zero targets outlined to the right. In setting these targets
we are demonstrating our support for the Paris Agreement
goal of pursuing efforts to limit the global average template
to increase to 1.5 degrees. This requires global greenhouse
gas emissions to half this decade and achieve a Net-
zero position by 2050, whereby emissions are reduced to
as close to zero as possible and any residual emissions
balanced by carbon removals.
Near-term targets:
• 60% reduction in absolute Scope 1 & 2 GHG emissions
by 2030 from a 2022 baseline year.
• 25% reduction in absolute Scope 3 emissions from
purchased goods and services and business travel by
2030 from a 2022 baseline year.
Long-term, Net-zero target:
• 95% reduction in absolute Scope 1 & 2 GHG emissions
by 2050 from a 2022 baseline year.
• 90% reduction in absolute Scope 3 emissions by 2050
from a 2022 baseline year.
We care about the risk that climate change poses to people, society and our planet and we want to play
our part in combatting its effects. To do this, we are focused on reducing our impact on the environment
by delivering against our approved science-based targets. We also believe that we are well placed to
support the workforce transformation attached to the Net-zero economy.
Environment
Progress vs near-term SBTs
Target Progress vs
baseline year
Commentary and mitigating actions
60% reduction in
absolute Scope 1 &
2 GHG emissions
by 2030 from a 2022
baseline
-34% reduction
in Scope 1 & 2
emissions vs 2022
Our Scope 1 and 2 emissions have continued to decrease year on
year. This is driven primarily by our focus on efficient and renewable
offices. We have rationalised our office portfolio, meaning overall
consumption of electricity has decreased globally. In addition, this
year we have purchased renewable energy certificates for our larger
offices in APAC, MEA and North America. In line with good practice,
we use renewable energy certificates after efforts have been made
to secure direct green energy contracts with landlords and we also
focus on reducing actual energy consumption.
25% reduction in
absolute Scope
3 emissions from
purchased goods
and services and
business travel from
a 2022 baseline
-16% reduction
in Scope 3
emissions from
purchased goods
and services and
business travel vs
2022
In 2024 we implemented a monitoring programme for business
travel to ensure we are travelling by plane only when there is a clear
business case to do so. As a result, business travel emissions have
decreased by 8% this year. Emissions from our supply chain have
also reduced significantly this year. This is due to a combination of
reduced procurement spend, improved data visibility and a reduction
in EPA emissions factors. In addition, some of our largest suppliers
have reduced their GHG emissions, demonstrating progress towards
their carbon reduction targets.
Looking ahead, we will continue to monitor and engage suppliers to
ensure we are working with those that share our commitments and
are taking tangible actions to deliver against them.
Categories 3, 5 and 7 are not included in our near-term SBT but are included in our long-term Net-zero target. Emissions
from these categories reduced in 2024, in line with a reduction in headcount. Full details on our GHG emissions
performance in 2024 can be found on page 47.
45 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Carbon reduction plan
Our strategy to reduce emissions in line with our Net-zero ambition is focused on six key areas detailed below. We prioritise
activities that have strategic, financial, and environmental benefits.
Renewable, efficient and green offices: We want all our offices to be powered by
renewable energy and are proactively reducing our energy consumption by increasing
energy efficiencies throughout our offices and appropriately sizing our offices for hybrid
working. In 2024 energy consumption from our offices reduced by 9%.
Electric vehicles (EV): We continue to provide a range of electric vehicles within
our company car offering. We are monitoring the adoption of electric vehicles and
exploring options to encourage the uptake where adoption is low and charging
infrastructure is limited.
Reducing business travel: Our aim is to reduce overall travel and increase travel
via public transport. We want to ensure that any air travel is for essential business
purposes only. In 2024, we implemented a monitoring system and produced Executive
Board level reports outlining travel by country and business unit to monitor compliance
against our policy. As a result, travel emissions reduced by 8% this year.
Encouraging low carbon commuting and homeworking: Our commuting survey
helps us to better understand employee commuting habits, and how we can develop
a strategy to support low carbon commuting.
Transitioning to a low-carbon supply chain: Addressing our supply chain emissions
is central to meeting our emissions reductions targets relating to our near-term and long-
term SBTs. This will require collaboration with our suppliers so that we can work together
to reduce emissions from the products and services we purchase.
Carbon offsets
In line with the current SBTi
guidance, Beyond Value Chain
Mitigation using carbon offsets
does not count towards our
own GHG emissions reduction
targets. However, we recognise
the positive role that credible
carbon removals can play in
mitigating against global climate
change and so we continue to
offset a portion of our global
GHG emissions*. The projects we
supported in 2024 were voted
for by our employees and are
detailed opposite.
Raising awareness and changing behaviours: We will engage employees to
encourage positive behaviours around sustainability and to minimise emissions both
inside and outside of work.
* Scope 1, 2 and Scope 3 category 6.
Sabah Rainforest Rehabilitation,
Malaysia
Rehabilitating 25,000 hectares of degraded
rainforest to sequester carbon, conserve
biodiversity, and create sustainable jobs and
training for local communities.
Quintana Roo Restoration,
Mexico
Restore 14,000 hectares of forest to safeguard
habitats, protect endangered wildlife, reduce
emissions, and support communities through
job creation and enhanced income generation
for local populations.
PageGroup 2024 Annual Report & Accounts | 46
Strategic Report Corporate Governance Financial Statements Additional Information
GHG Emissions
In accordance with the Large and Medium-sized
Companies and Group (Accounts and Reports) Regulations
2008 (as amended), and the Streamlined Energy and
Carbon Reporting requirements, PageGroup reports on all
Scope 1 – direct greenhouse gas (GHG) emissions (relating
to the combustion of fuel and the operation of any facility);
and Scope 2 – energy indirect GHG emissions (through the
purchase of electricity, heat, steam or cooling). In addition,
PageGroup reports on all material categories within Scope
3 – other indirect emissions.
Data for our GHG emissions reporting covers the period
1 October 2023 - 30 September 2024. GHG emissions
have been calculated in line with the GHG Protocol
Corporate Reporting Standard using Ecometrica, an
external sustainability software platform. Scope 1 emissions
are calculated using company car mileage reports from
our lease providers. Scope 2 emissions are calculated
using invoiced electricity data from our offices. Any
gaps in electricity data are estimated based on historical
consumption if available and floorspace if not. For Scope
3 category 1 we combine actual supplier GHG emissions
data for our largest suppliers with spend-based intensity
estimates for our remaining supply chain. Scope 3 category
6 uses information on flights and other business travel
provided by our travel agents, with expenses data. Scope
3 category 7 combines homeworking emissions calculated
using Ecometrica’s geographically specific homeworking
model and commuting emissions estimated leveraging an
employee survey.
ERM CVS have provided Independent Limited Assurance
for GHG emissions. Please see the assurance report
provided on page.com/sustainability along with our basis
of reporting document which outlines further detail on our
methodology.
Establishing a meaningful
Sustainability Business
Transitioning to a Net-zero economy will
have a significant impact on the global
workforce. Industries are changing the way
they operate and the products and services
they create to reduce their environmental
impact. For example, in shifting to renewable
energy, improving efficiency or adopting new
technologies such as alternative jet fuels.
Industries are also working to have a positive
impact on people and society.
The Net-zero transition will result in job gains
and increased demand for green skills. We
support a focus on a ‘just transition’ where
the benefits of the green economy are
shared widely and those who stand to lose
economically, including communities and
workers, are supported.
As a recruiter, we believe we have a role to
play in supporting the workforce transformation
attached to the Net-zero economy and set a
target to ‘establish a meaningful sustainability
business by 2026’. We are placing candidates
into sustainability-related roles such as ‘Head of
Sustainability’, ‘ESG Analyst’ and broader green
jobs such as ‘Wind Turbine Engineer’.
After four years of significant annual growth,
our sustainability business in 2024 was similar
in size to 2023 and over five times larger than
our baseline.
47 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
2023 2024
Emissions Source (tCO
2
e) UK and
offshore
Global
(excluding
UK and
offshore)
Global
(including
UK and
offshore)
UK and
offshore
Global
(excluding
UK and
offshore)
Global
(including
UK and
offshore)
% change
in total
emissions (vs
previous year)
Scope
1 Direct GHG Emissions 55 979 1,034 33 795 828* -20%
Natural gas 19 157 176 12 77 89* -49%
Company-owned vehicles
1
36 822 858 21 718 739* -14%
Scope 2 Indirect GHG Emissions
(Market-Based)
71 1,429 1,500 50 1,077 1,127* -25%
Purchased electricity (market based)
2
51 1,425 1,476 42 1,071 1,113* -25%
Company-owned electric vehicles
1
20 4 24 8 6 14* -42%
Total Scope 3 GHG Emissions
(consisting of the below categories)
9,003 52,981 61,984 7,294 44,798 52,092* -16%
Category 1: Purchased goods &
services
3,4
7,434 41,179 48,613 5,480 35,080 40,560* -17%
Category 3: T&D losses and upstream
emissions
118 1,031 1,149 83 906 989* -14%
Category 5: Waste generated in
operations
5
21 101 122 21 99 120* -2%
Category 6: Business travel
6
687 2,162 2,849 709 1,920 2,629* -8%
Category 7: Homeworking
7
&
commuting
743 8,508 9,251 1,001 6,793 7,794* -16%
Total tonnes of CO
2
e 9,129 55,389
8
64,518 7,377 46,670 54,047 -16%
GHG emissions intensity
Number of employees
9
1,245 6,895 8,140 1,006 6,437 7,442 -9%
Tonnes of CO
2
e per employee 7.3 8.0 7.9 7.3 7.3 7.3 -8%
Energy consumption
Scope 1 energy consumption (MWh)
10,11
346 3,915 4,261 150 3,080 3,230 -24%
Scope 2 energy consumption (MWh)
12
1,457 7,769 9,226 1,150 7,202 8,352 -9%
Scope 3 energy consumption (MWh)
13
1,058 17,802 18,860 1,783 14,821 16,604 -12%
Total energy consumption (MWh) 2,861 29,486 32,347 3,083 25,103 28,186 -13%
Absolute Scope 1, 2 and 3 GHG emissions
1. Company car travel for personal use is excluded from emissions. In 2024, we conducted an analysis of client visits in company cars recorded in our
Customer Connect system. Based on this, we revised personal use estimates to 85% in Europe and 75% in LATAM. This change in methodology has
driven reduction in emissions.
2. Gaps in electricity data have been estimated based on historical consumption data. Where historical data is unavailable, floorspace is used to estimate
electricity consumption.
3. Purchased goods and services emissions are calculated using global aggregated figures for procurement spend. Publicly available actual GHG emissions
data (location based) is used for our top 50 suppliers. For all other suppliers, EPA factors are used to estimate emissions based on spend. In 2024,
emissions decreased due to reduced procurement spend, improved data visibility, and a reduction in EPA emissions factors. Figures for the UK have been
estimated by apportioning global emissions to the UK, based on UK FTE as a percentage of global FTE.
4. Purchased goods and services includes emissions from our contractor business, most of which are remote/homeworking IT and HR professionals.
Emissions from our contractor business applies Ecometrica’s homeworking model to the total FTE number of contractors by location.
5. Emissions associated with landfilled waste are estimated using averages based on a series of waste measurement pilots conducted across the business.
6. PageGroup reported global emissions associated with air travel, rail, taxi, bus, accommodation, car rentals and expensed fuel for business travel.
7. Homeworker emissions have been calculated based on Ecometrica’s homeworking model using FTE data.
8. Figure has been restated
9. 2023 FTE is the total headcount for PageGroup as per September 2023. 2024 FTE is the total headcount for PageGroup as per September 2024.
10. Energy 1 MWh = 1,000 kWh.
11. Energy consumption from Scope 1 relates to energy from fuel for company vehicles and natural gas use in offices.
12. Energy consumption from Scope 2 relates to electricity use in offices and electricity for company electric vehicles.
13. Energy consumption from Scope 3 relates to energy from fuel associated with business travel (cars and taxis) and fuel associated with commuting
(employee-owned vehicles).
* This metric is subject to external independent limited assurance by ERM Certification and Verification Services Limited (‘ERM CVS’). For the results of the
assurance, see ERM CVS’s assurance report and PageGroup’s Reporting Criteria on www.page.com/sustainability
PageGroup 2024 Annual Report & Accounts | 48
Strategic Report Corporate Governance Financial Statements Additional Information
It is critical that we apply the principles of good governance to our organisation and maintain a culture of
ethics and compliance. Details on our approach to human rights and responsible procurement is outlined
below. Further information, including that related to data protection, ethics, corruption and tax, can be
found on pages 57-66, pages 73-77, and pages 99-106.
A Responsible Business
Contribution to the UN’s 2030 Agenda for
Sustainable Development
The UN’s 2030 Agenda for Sustainable Development is
guided by 17 Sustainable Development Goals (SDGs). The
SDGs cover targets relating to People, Planet, Prosperity,
Peace and Partnership and were established to stimulate
activation in the areas of critical importance to humanity. At
Page, we support all 17 Goals. Through our core business
and sustainability strategy we believe we can make a
direct and significant contribution to the four ‘primary’
goals: SDG 5: Gender Equality, SDG 8: Decent Work and
Economic Growth, SDG 10: Reduced Inequalities and SDG
13: Climate Action. Our broader activities also contribute
towards a further 10 SDGs (1, 2, 3, 4, 7, 9, 12, 15, 16
and 17).
PageGroup is also a signatory to the United Nations Global
Compact (UNGC). We consider our participation in the
UNGC as an indication of the importance we place on
ethical leadership and good governance through values-
based strategies, policies, operations and relationships
when engaging with all Stakeholders.
Respect for Human Rights
Our Human Rights Policy outlines PageGroup’s
commitment and approach to the respect of the
fundamental rights of people, including our Employees,
Partners, Vendors, Suppliers and Contractors. The Policy
emphasises PageGroup’s commitment to respecting
internationally recognised human rights standards, which
include the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and
Rights at Work, and the OECD Guidelines for Multinational
Enterprises. Page prohibits forced or bonded labour, the
retention of identity papers or deposits, and child labour,
in accordance with local and international laws. These
commitments extend to PageGroup’s value chain.
Responsible Procurement
We are proud of our sustainability commitments and want
to partner with businesses that share our values and with
whom we can work with to achieve common sustainability
goals. As such, we have taken and continue to take
steps to promote responsible business in our value chain
and to integrate sustainability considerations across the
procurement lifecycle.
In 2024, we updated our supplier code of conduct to reflect
our validated SBTs and require onboarded suppliers to
confirm their compliance to this code. New suppliers are
also checked for their sustainability credentials in EcoVadis,
an ESG supplier management tool, and ESG performance
is considered during the tender process for new work.
So far, 30% of our largest suppliers have an EcoVadis
certification allowing us to review their ESG performance
and we conduct research on our largest suppliers’ carbon
performance and reduction plans. Of our suppliers within
EcoVadis, 76% have a rating of Bronze or higher, and
overall our partners are performing 10% better than the
industry average (and 20% better than average companies
rated by EcoVadis). While this gives us confidence over
the level of ESG risk and performance in our supply chain,
we must continue to increase our visibility of suppliers’
performance and focus on engagement and collaboration
to help improve performance and reduce risk where we
find issues.
In 2024,
PageGroup
received a rating
of A- for its CDP
response
As of December 2024,
PageGroup achieved ISS quality
scores for E (1), S (2) and G (3).
In 2024, PageGroup received a rating
of A in the MSCI ESG Ratings
Since 2021, PageGroup
has participated in the
UN Global Compact
corporate responsibility
initiative and is committed
to its principles in the
areas of human rights,
labor, environment, and
anti-corruption.
Accreditations
France Global
49 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
This section outlines PageGroup’s climate-related financial disclosures covering all four pillars and 11
recommended disclosures set out by the Task Force on Climate-related Financial Disclosures (TCFD).
These are consistent with all of the TCFD recommendations pursuant to Listing Rule 6.6.6R(8). Our
disclosures also meet the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations
2022 amended sections 414C, 414CA, and 414CB of the Companies Act 2006.
Task force on climate-related financial disclosures
Governance
The Board provides oversight and governance over
PageGroup, including its Sustainability programme and
strategy. The Board has delegated responsibility for the
identification and management of climate-related risks
to the Sustainability Committee (further details in
Governance B).
During 2024, Sustainability and climate were dedicated
Board agenda items on two occasions. The Board received
an update on PageGroup’s climate-risk assessment and
progress against its science-based targets. The Board
also received and reviewed an update on PageGroup’s
readiness to comply with the EU’s Corporate Sustainability
Reporting Directive (CSRD). Throughout the year dedicated
updates and all minutes of the Sustainability Committee
were made available to the Board.
The Board receives an annual update on the outcome
of the Group’s climate-related risk assessment from the
Sustainability Committee, allowing it to provide views
and feedback on current status. The Audit Committee
considers ESG reporting risk under its ‘Risk and Internal
Control’ agenda as set out on pages 55-56. GHG
emissions data form part of the ongoing internal audit
of risks and controls and were included within the Audit
Committee’s review. There were no material risks arising.
Sustainability-related metrics form part of the CEO and
CFO’s remuneration plan (ESIP) as set out on pages 109-
131. The Remuneration Committee reviews and assesses
progress against ESIP targets annually.
The Board and Committees mentioned above consider
climate-related issues in guiding PageGroup’s overall
Strategy, risk management, business plans and budgets.
For example, in 2024 the Board reviewed and commented
on the outcomes of the 2024 climate risk assessment
and the Group’s materiality assessment, of which climate
change was an issue considered. Costs for climate-related
activities, such as the investment in carbon removals to
offset PageGroup’s GHG emissions, are included in the
annual Group Sustainability Budget.
The Executive Board (see pages 85-86) has day-to-day
management responsibility of PageGroup, including
the Sustainability programme, and ensures focus on
sustainability at a local and regional level.
PageGroup’s principal body for identifying, managing,
and addressing climate-related issues is the Sustainability
Committee and its membership includes our most senior
leaders and Executive Board representation (see page 40).
The Sustainability function, led by the Global Sustainability
Director, is responsible for the identification of climate-
related risks, as well as driving carbon reduction and risk
mitigation strategies through the business. Climate-related
issues are raised to the Sustainability Committee via the
Global Sustainability Director. The Sustainability Committee
meets quarterly to discuss sustainability at PageGroup,
including climate-related risks and opportunities and the
associated climate-related goals and targets.
The Sustainability Committee monitors progress against
climate goals and targets, supports country management
and Group functions on sustainability and climate matters,
and discusses recommendations to be taken to the
Executive Board and Board. In 2024, this included the
outcomes of PageGroup’s materiality assessment, its
progress vs SBTs and the outcomes from the 2024 climate-
related risk assessment.
The Sustainability function also provides internal reports
on sustainability and climate-related metrics, such as air
travel and company car usage, to relevant stakeholders
including Executive Board members and Finance, Facilities
and Procurement leads. Progress against our SBTs and
business travel was discussed at several Executive Board
meetings in 2024. The Sustainability Committee’s activities
are further discussed on page 40.
Governance A): describe the Board’s oversight of climate-related risks and opportunities.
Governance B): describe management’s role in assessing and managing climate-related risks
and opportunities.
PageGroup 2024 Annual Report & Accounts | 50
Strategic Report Corporate Governance Financial Statements Additional Information
Strategy A): describe the climate-related risks and opportunities the organisation has identified over the
short, medium, and long term.
At PageGroup, we define short term as 0-1 year, medium term as 1-5 years, and longer term as 5+ years, as these are
aligned to the business’ Strategy and planning time horizons. A description of the identified risks and opportunities is
included below. Strategy B and Strategy C then outline the impact of the risks, our risk mitigation strategies and the strategic
implications. We believe the overall impact of climate-related risks to be low and we consider that we have strong processes
and strategies in place to mitigate these risks. The risks outlined below have been identified in accordance with the processes
described in Risk Management A.
Strategy
• Acute physical: Reduced revenue due to workforce
disruption during extreme weather events. Extreme
weather events, such as floods, cold extremes, and
heatwaves, have the potential to impact our direct
operations by restricting our employees’ ability to get to
work, or communicate with candidates and clients. This risk
is already being felt in some countries such as Indonesia
and could be exacerbated in the medium to long term. The
likelihood of more extreme hazards materialising generally
increases as warming intensifies towards a >3°C scenario.
• Chronic physical: Increased costs or reduced
revenues from disruption to operations in ‘high risk’
locations. Chronic changes to weather conditions may
have an impact on our physical office locations, or the
locations of our employees in the medium to long term.
The likelihood of rising chronic hazards generally increases
as warming intensifies towards a >3°C scenario.
• Regulation: Increased cost to comply with current
and emerging GHG regulation. In the short term,
PageGroup is already subject to current GHG emissions
and climate risk reporting requirements and regulation.
Going forward, regulation is likely to become more
stringent in many regions where PageGroup operates,
with the greatest likelihood in a Net-zero (1.5°C) scenario.
We will continue to monitor, anticipate and keep pace with
changes to regulation to ensure compliance.
• Market (energy): Increased costs because of higher
energy prices. PageGroup is reliant on several elements
to achieve its carbon reduction plan, including the
procurement of renewable energy. We also voluntarily use
credible carbon offsets to neutralise residual emissions.
There is a risk in the medium term that the availability of
renewable electricity may become limited, or that the cost
will increase. Also, the cost and availability of quality carbon
offsets is uncertain, and costs could increase over time.
Likelihood increases under the Net-zero (1.5°C) scenario,
where higher global costs of carbon are projected.
• Market (client disruption): Reduced revenue from
decreased demand for services from clients in
‘high risk’ sectors. Given the nature of our business,
the impact of climate change can come through our
client base. Market risks and opportunities will arise from
client disruption in sectors and regions which are likely to
be most impacted by climate risk, potentially leading to
reduced demand for recruitment services. For example,
this could include clients in heavy carbon emitting
sectors. This risk could be felt in the medium to long term.
Likelihood increases under the Current Policies (>3°C)
scenario, where more significant unmitigated economic
damages are expected as a result of climate change.
• Reputation: Reduced revenue from decreased
demand for services and negative workforce
impacts, if PageGroup were to fail to meet client,
Shareholder, and employee expectations around
decarbonisation. PageGroup has observed an increasing
interest and focus on its climate performance from its
Stakeholders. Failure to act sufficiently may result in loss
of clients and/or higher employee attrition in the medium
to long term. Likelihood increases under the Net-zero
(1.5°C) scenario, where SBT uptake across client sectors
would be expected to increase, particularly in the medium
to long term.
Physical risks:
Transition risks:
51 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Strategy B): describe the impact of climate-related risks and opportunities on the organisation’s
businesses, Strategy and financial planning.
The risks and opportunities have been assessed to consider their impact on our businesses, Strategy and financial planning.
The size of this impact is described in the table overleaf.
Impact of climate risks on PageGroup’s Strategy:
Driving positive social impact by changing one million lives
in the decade to 2030 is one of PageGroup’s three central
targets in its refreshed Group Strategy, sitting alongside
operating profit and customer satisfaction. This is because,
as a recruitment company, we believe our social impact is
where we can make the biggest positive difference.
We assessed our Strategy against physical and transition
risks identified overleaf on an annual basis. The largest
climate-related risks and opportunities for PageGroup
come through our client portfolio: there are opportunities
to provide human capital services to organisations
transforming their workforces to deliver their Net-zero and
other sustainability objectives; equally, there are risks that
the clients we work with will be disrupted by climate change
and their demand for recruitment services will decrease.
Our clients are also increasingly focused on their supply
chain and wanting to work with partners that share their
commitment to Sustainability.
Therefore, we need a Strategy that enables us to anticipate
and respond to our clients’ human capital and sustainability
needs, that will allow us to capitalise on the growth of green
jobs and that does not heavily expose us to industries that
will be most disrupted by climate change. Our Customers
remain diversified across industry and geography, meaning
PageGroup is not heavily exposed to heavy emitting
industries or those that are likely to be disrupted by
climate change. PageGroup’s sustainability strategy has
also been developed to mitigate against climate risks and
take advantage of the opportunities: notably, our targets
to become Net-zero and to establish a meaningful global
sustainability business.
Impact of climate risks on financial planning: Climate
risks and opportunities are embedded into financial
planning. The PageGroup global sustainability team budget
is reviewed and approved annually and includes costs to
deliver our climate strategy. The allocation of budget for
sustainability and climate-related issues is made on the
basis of project-specific business cases and the overall
plan for the sustainability function. Costs for business
travel, office leasing, supplier management and employee
benefits, such as company car offerings, are managed
via local/functional budgets, which are reviewed and
approved annually.
Strategy C): describe the resilience of the organisation’s strategy, taking into consideration different
climate-related scenarios, including a 2°c or lower.
PageGroup is resilient to the impact of climate-change
under different climate-related scenarios, including a 1.5°C,
a 2°C and a >3°C scenario across the time horizons
considered. Once the effects of the strategies we have in
place to manage key risks and opportunities have been
accounted for, i.e., those that have the highest potential to
impact financial performance and position of the business
(as detailed in Strategy A and B), our residual risk is
deemed to be low.
The determination of strategic resilience is driven by
PageGroup’s SBTs and our Sustainability function that are
in place and have been established to mitigate against
risks. In addition, PageGroup’s business model means
revenues are diversified across industries, geographies and
disciplines, allowing PageGroup to respond to climate-
related disruption and capitalise on opportunities, under any
climate scenario.
The table on pages 52-53 details the impact and resilience
of the business against each risk and opportunity.
• Products & services: Increased revenue from
increased demand for low carbon services. There
will be opportunities in emerging clients, sectors and
roles that are likely to grow quickly during a transition to
a low carbon economy. We believe climate change and
the required business upheaval will create an opportunity
for PageGroup in the medium to long term in the form
of new and changing employment opportunities. This
will also provide an opportunity for our recruitment
consultants to expand their careers and specialisms to
focus on those sectors and roles most profitable under
a low carbon economy. Likelihood increases under
the Net-zero (1.5°C) scenario, where there could be a
greater need for growth in sustainability functions.
• Resource efficiency: Cost saving opportunities may
arise from initiatives that reduce both GHG emissions
and business costs, such as energy efficiency, a
reduction in travel and fewer business class flights.
Transition opportunities:
PageGroup 2024 Annual Report & Accounts | 52
Strategic Report Corporate Governance Financial Statements Additional Information
Physical Risks
Risk Resilience and management response Residual
risk
Acute physical: Reduced
revenue due to workforce
disruption during extreme
weather events.
PageGroup is well mitigated against this risk under all scenarios that have
been assessed. We have virtual working in place globally, and our employees
can work and communicate with clients and candidates from either the office
or home.
Low
Chronic physical: Increased
costs or reduced revenues
from disruption to operations
in ‘high risk’ locations.
The majority of PageGroup’s offices are located in countries where vulnerability
to climate change is relatively low and readiness to improve resilience in the
context of climate change is relatively high. PageGroup is also well mitigated
against this risk as we operate 3-10 year leases, offering flexibility for shifting
office locations. This risk is managed by local Managing Directors and those
making office decisions.
Low
Transition Risks
Risk Resilience and management response Residual
risk
Regulation: Increased cost
to comply with current and
emerging GHG regulation.
PageGroup has a Sustainability and Legal function that monitor emerging
regulatory obligations. PageGroup is currently in compliance with mandatory
regulations and is preparing for upcoming regulations such as the EU
Corporate Sustainability Reporting Directive (CSRD). Management for this risk
sits with the Sustainability function and the Sustainability Committee.
Low
Market (energy): Increased
costs because of higher
energy prices.
PageGroup has a target to reduce its Scope 1 & 2 emissions by 60% by
2030. A key element of this is to reduce energy consumption, thus reducing
PageGroup’s exposure to energy price fluctuations and reliance on carbon
offsets, thereby mitigating against this risk.
Low
Market (client disruption):
Reduced revenue from
decreased demand for
services from clients in ‘high
risk’ sectors.
The financial impact of the gross or unmanaged risk has been assessed as
“Medium” impact in the longer term, however when mitigating actions in
place are taken into account, residual risk is deemed to be “Low”. This is on
the basis that PageGroup has a diverse client base across industry sectors,
professional disciplines, geography, and brands. Therefore, PageGroup is
not exposed heavily to any one sector, geography or individual markets or
businesses. There is also an opportunity for increased demand in recruitment
services – and therefore greater revenues – from clients that will grow and have
strong business performance during the transition to a low carbon economy,
for example those in the renewable energy sector. Overall, PageGroup’s
client portfolio is more aligned to industries expected to grow under a Net-
zero economy. A small proportion (<15%) of PageGroup’s annual gross profit
derives from medium or higher risk sectors based on emissions and other
environmental impacts.
Low
Reputation: Reduced
revenue from decreased
demand for services and
negative workforce impacts,
if PageGroup were to fail to
meet client, shareholder, and
employee expectations around
decarbonisation.
We acknowledge the reputational risk that could arise if we fail to act on
climate change. The impact if left unmanaged could be “High” in the longer
term. However, we believe our response to date as well as our future plans
will effectively mitigate this risk, and therefore our residual risk is “Low”. In
2023, PageGroup updated carbon targets to align to the Science Based
Targets initiative, the ‘gold standard’ for carbon target setting and in line with
the most mature client, Shareholder and employee expectations. PageGroup
is making strong progress in reducing Scope 1, 2 and 3 GHG emissions. The
Sustainability Committee and Sustainability function have overall responsibility
to review carbon targets, GHG reduction plans and performance to ensure
PageGroup is meeting Stakeholder expectations.
Low
53 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Scenario analysis methodology:
Physical:
The physical risk assessment was
undertaken by the third-party supplier,
Ecometrica, and covered a range of
scenarios covering a baseline data set
(1981 – 2010), 1.5°C and 2°C Paris
Aligned Scenarios and a ‘worst case’
scenario of >3°C. The analysis looked at
nine risk indicators across PageGroup’s
operating geographies, covering changes
in frequency and/or duration of floods,
drought, heatwaves, and exposure to risk
from sea level rises across 2030, 2040,
2050 and 2090 timeframes.
Transition:
We updated our transition risk assessment in 2024. The transition
risk assessment utilised climate scenario data from the NGFS
(Network for Greening of the Financial System) covering a low
emissions Paris Aligned scenario (Net-zero 2050), a late action
scenario (Delayed Transition), and a hot house world scenario
(Current Policies). The NGFS variables used in the analysis included
carbon prices and climate-related GDP impacts. The analysis
then integrated company-specific data including GHG emissions,
gross profit, geographical locations and client industries in order to
evaluate the potential financial impacts of risks and opportunities
over different scenarios and time horizons. Where relevant, the
analysis considers the relative impacts of operating across different
markets and sectors.
Risk Management
Risk management A): describe the organisation’s processes for identifying and assessing climate-
related risks.
Climate-related risks are integrated into a multi-disciplinary
Company-wide risk management process (see Risk
Management C) as well as considered in a specific climate-
related risk management process.
A specific climate-related risk assessment is conducted
annually by the Sustainability function. In 2021, Ecometrica,
a climate risk assessment expert, conducted a physical
climate change risk assessment to provide climate risk
resilience solutions for the Group’s sites across the globe.
This assessment was deemed to be valid for 2022, 2023
and 2024 as Page’s geographical footprint did not change
significantly.
Opportunities
Risk Resilience and management response Residual
risk
Products & services:
Increased revenue from
increased demand for low
carbon services.
PageGroup has a target to establish a meaningful sustainability business by
2026 and has made strong progress in growing it year on year. Since 2019,
the business has grown more than five-fold. This opportunity is managed by
local Managing Directors.
Low
Resource efficiency:
Reduced operating costs
through energy efficiency
gains and limited business
travel spend.
PageGroup has committed to near-term and long-term science-based targets.
PageGroup’s existing and future decarbonisation activities will drive some
cost savings (e.g. reduced energy consumption and reduced business travel).
Therefore, PageGroup is already taking advantage of this opportunity. The
Sustainability Committee and Sustainability function have overall responsibility
to review carbon targets and GHG reduction plans.
Low
Key For the purposes of TCFD reporting, impact thresholds are defined as below.
Low <5% of annual gross profit
Medium 5-10% of annual gross profit
High (material) >10% of annual gross profit
PageGroup 2024 Annual Report & Accounts | 54
Strategic Report Corporate Governance Financial Statements Additional Information
Risk management B): describe the organisation’s processes for managing climate-related risks.
Risk management C): describe how processes for identifying, assessing, and managing climate-
related risks are integrated into the organisation’s overall risk management.
Climate-related risks are assessed within the annual cycle of
enterprise risk assessment. Risk is the responsibility of the
Group Financial Controller and risks are owned by functional
units across the organisation. Risk surrounding climate sits
with the Sustainability function.
The status of risk and controls are reported formally twice
annually – and include an assessment of climate and
sustainability-related risks, controls and mitigating
actions – which is conducted by the Sustainability
function. This assessment takes place at a Group level
only and is informed by the process described in Risk
management A.
Climate-related risks are categorised based on
PageGroup’s existing risk impact and likelihood thresholds
and categories (financial, strategic, people, operational).
The scenario analysis described in Strategy C enables a
broad assessment of financial impact. Categorising risks
in this way allows for relative comparison and prioritisation
of climate-related risks, as well as comparison and
prioritisation against broader emerging and principal
business risks as part of the annual cycle of enterprise risk
assessment. Existing and emerging regulatory requirements
relating to climate change – such as mandatory disclosures
on GHG emissions and carbon transition plans – are
included as part of PageGroup’s risk assessment.
The Sustainability Committee is tasked by the Main Board
with leading on the assessment and management of climate
related risks and opportunities. Plans to mitigate, transfer,
accept or control principal and emerging risks identified are
discussed and monitored, and adjusted as required by the
Sustainability function.
The response strategy and management for specific
climate risks is outlined in the table above. A description
of prioritisation and materiality is covered in Risk
Management C.
Metrics and Targets
Metrics and targets A): disclose the metrics used by the organisation to assess climate-related risks
and opportunities in line with its Strategy and risk management process.
Metrics and targets B): disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions and the related risks.
Scope 1, 2 and 3 GHG emissions are disclosed on page 47.
Metrics and targets C): describe the targets used by the organisation to manage climate-related risks
and opportunities and performance against targets.
Performance against our SBTs is found on page 44 and performance against our target to establish a meaningful sustainability
business is found on page 41.
PageGroup uses a range of metrics to assess and manage
climate-related risks & opportunities. Scope 1, 2 and 3
GHG emissions, including emissions from its supply chain,
employee homeworking and commuting, are monitored half
yearly and externally disclosed annually. We also monitor
growth in net fees from Page’s Sustainability recruitment
business to assess its alignment with the opportunity to
provide a low carbon service offering. Current and historic
performance against these metrics can be found on pages
41, 44, and 47. Internally, PageGroup tracks and reports
these metrics at a country level to ensure there is local
action and accountability. An internal price on carbon is not
currently applied.
The transition risk assessment is updated annually using
the latest NGFS scenarios data and most recent internal
data for the reporting year (further details in Strategy C –
Scenario analysis methodology).
The physical and climate risk reviews are combined and
the outcomes of the specific assessment are discussed at
the Sustainability Committee, reported to the Main Board
annually and used to determine the climate-related risks
that are included in the risk register as part of the enterprise
risk management process.
55 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Process
Effective risk management is essential to achieving our
business objectives.
Our management team, at all levels, regularly assesses our
business environment and ensures that we both identify
and manage the risks we face to an acceptable level.
They are supported by a Group-wide process which
consists of local risk registers that capture and assess the
gross risks to our business objectives, the key controls that
mitigate these risks and the resulting level of net risk.
Our Board sets and communicates our business risk
appetite against which these assessments are measured.
Any risks outside of our risk appetite require either
corrective action, or are insured or have been accepted at a
Group level.
To ensure we have a global picture of our business risks,
local registers are consolidated twice per annum, and
combined with top down reviews from senior management.
They are presented to the Executive and Audit Committee
for review on behalf of the Board.
In the intervening periods, the risks associated with
changes in either the external environment or internal
operations are discussed as part of our ongoing business
reviews and are responded to accordingly.
In key risk areas we have also established compliance
teams whose role it is to ensure our key controls are
effective on an ongoing basis. These are in IT security, data
regulation compliance, revenue recognition and project
management teams.
Our Internal Audit programme is aligned to provide
assurance on the controls that mitigate the principal risks
identified from this process.
Our risk management process categorises our principal
risks into Strategic, Financial, People and Operational.
The Board focuses on Strategic, People and Financial risks.
For these, we report KPIs which we use to monitor the risk
impact, and the rewards and incentives we apply to ensure
effective management.
Our operational risks are those that the Board has agreed
can be handled by management on a day-to-day basis.
These are included within our risk registers and are
reviewed by the Board on an exceptions basis.
The risks around cyber security and compliance with
data protection legislation are such exceptions which are
currently reviewed at Board level on an ongoing basis.
Our risk appetite and net risk levels
Recruitment is inherently sensitive to business sentiment
and thus financially dependent on the economic cycle.
PageGroup operates in this environment with a low risk
appetite, seeking to mitigate its strategic risks, maintain a
strong financial position and only take the operational risks it
has the experience and capability to manage.
Our growth model is organic and profit focused, rolling out
the proven disciplines for our brands to a wide geographic
spread. We drive this by ensuring consistency of model and
business culture across the Group.
We continue to focus on the services we provide to
our customers, clients and candidates, ensuring quality
engagements in a manner that meets both their needs
and their expectations, as well as our targets for process
efficiency.
We maintain a strong sales-driven, meritocratic culture
with a commitment to operating in an ethical, legal and
sustainable manner.
We operate a conservative financial position with a strong
balance sheet, reflecting the degree of operational gearing
inherent in the business.
We monitor our net risk position on an ongoing basis
against our Board-approved risk appetite and ensure,
where possible, that management action is focused on risks
which we can appropriately further mitigate.
This measured approach to taking risk ensures we are best
placed for success globally.
Risk Management
Our risk and control framework
Business Reviews/
Internal Control
Checklists
Policies and
Procedures
Compliance Checks
Risk Registers
Group Finance
Audit Reports
Quarterly Updates
Management
Compliance Teams
Risk Management
Group Financial Control
Internal Audit
Controls Functions
Board/
Audit Committee
Executive Board
Review
PageGroup 2024 Annual Report & Accounts | 56
Strategic Report Corporate Governance Financial Statements Additional Information
Net risk movement
Strategic
Shift in business model
Transformation and change
Customer and brands
Global event
Risk categories
People
People attrition, development
and retention
Operational
Information systems
Cyber security
Fiscal and legal compliance
Financial management and control
Data protection regulations
Financial
Macro economic exposure
Foreign exchange translation risk
1. Shift in business model
2. Transformation and change
3. Customer and brands
4. Global event
5. People
6. Information systems
7. Cyber security
8. Fiscal and legal compliance
9. Financial management
and control
10. Data protection regulations
11. Macro economic exposure
12. Foreign exchange translation
LOW HIGHMEDIUMRISK LEVEL
LOW HIGHMEDIUM
PageGroup Risk Appetite
2023
/24
2023
/24
2023
/24
20232024
2023
/24
2023
/24
20232024
2023
/24
2023
/24
2023 2024
2023
/24
2023
/24
57 | PageGroup 2024 Annual Report & Accounts
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Principal Risks and Uncertainties
Principal Risks
Nature of risk
• We fail to take advantage of technology opportunities
to support our drive on productivity, and client and
candidate experience.
• The emergence of new technology platforms and
providers offering HR solutions and consulting may lead
to increased competition and pressure on margins which
may adversely affect the Group’s results if we are unable
to respond effectively.
Significant influencing factors
• Further acceleration of digital, automation and Artificial
Intelligence is creating opportunities to use technology in
new ways, to improve our productivity and address our
Customers’ needs.
• Electronic platforms have become an established feature
of lower level recruitment.
Mitigating actions
• We have established a multi-disciplined Global
transformation team which will enable us to support the
evaluation and implementation of new capabilities in a
more agile and globally consistent way.
• We have trialled and rolled out the use of AI applications,
utilising our global data and infrastructure to enhance our
recruitment capabilities significantly.
• We are reviewing our delivery models including location
strategy and how we develop our shared service centre
capability.
• We continue to partner with our strategic vendors, among
them Microsoft, Accenture, Salesforce and Google,
in continuing forward-looking conversations about
technology.
• We train our consultants in the use of the new
technologies to enable them to resource candidates for
our clients at an overall cost that they cannot match.
• Our Global IT capability is based around standard
applications and processes, and an outsourced service
model with leading edge providers that enables us to
respond effectively to required changes.
• Continued investment in data and business intelligence
processes will support internal decision making and
provide an opportunity to deliver information services to
our Customers.
Shift in business model
The Board’s view of direction of travel of
gross risk:
Global economies in 2024 continued to feel the effects of
macro-economic and political uncertainty. Pressures from
these events have driven governmental fiscal management
to control resulting inflation and have increased national
debts. These have resulted in a series of more negative
economic growth forecasts. The subdued economic growth
is increasing caution from both candidates and clients.
We continue to see demand for high quality, skilled
candidates. 2024 has also seen an acceleration of the
impact of AI on the workplace. These events will invariably
change working practices including those of recruitment.
Through our diversified offer of Perm and Temp,
geographical spread and range of disciplines, as well as
our focus on Customer and societal impact, we are well
positioned to respond to these changes.
Emerging risks
In addition to our principal risks, we also identify any
emerging risks that could have a significant impact on
the Group’s activities. In our 2024 review we continue to
recognise Environmental, Social and Governance risks,
in particular climate change and diversity and inclusion,
as such risks. Having reassessed the potential impact we
continue to incorporate specific elements of these risks
within our current principal risks. We will continue to monitor
this position and to determine current appropriate mitigating
actions. Climate change is currently reflected in macro
economic exposure: People, Fiscal and Legal compliance;
Customer and Brands; Global Event risks; and diversity and
inclusion in People, Legal, Customer and Brand.
NET RISK LEVEL STABLE
1
Strategic
Similar to prior year Lower than prior year
Increased since prior year
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Nature of risk
• Evolving capabilities and business environment mean that
we need to continuously improve the services we deliver
and how we deliver them. In some cases, this requires a
step change in capability. A failure to recognise this need
to change would impact our business.
• Poor management of our global programmes could lead
to excessive costs or poor delivery, impacting service
levels and anticipated benefits.
Significant influencing factors
• Our strategy requires effective activity prioritisation and a
focus on profitability, achieving change and new ways of
working together.
• Programmes will continue to be presented and delivered
by functional management, within a transformation
structure.
Mitigating actions
• We have put in place a multi-disciplinary global
transformation team led by a Global Head of Business
Transformation.
• A global governance process has been established which
will drive how we evaluate, prioritise and deliver business
change.
• The team facilitate business change programmes in
partnership with senior management
• All strategic global change programmes will be managed
through this team.
Nature of risk
• Our focus on Enterprise Solutions, strategic clients and
Page Outsourcing creates demand for a more bespoke
service offering which is more likely to be at the forefront
of technology. We need to be able to satisfy their demand
at a cost that meets our objectives.
• The relevance of the client and candidate engagement we
offer could impact our success in acquiring, engaging and
nurturing new clients and candidates.
• The quality of the services we provide to both clients and
candidates could have a significant impact on how our
brand is viewed.
• We continue to see the reputational impact one-off events
can quickly have with the adoption of social media. Any
event that could cause reputational damage is a risk to
the Group, such as a failure to comply with regulations, or
loss or theft of confidential data anywhere in our operating
environment.
Significant influencing factors
• Our Strategy review recognised the specific opportunities
and needs of our strategic Customers.
• Economic uncertainty and relatively low levels of global
growth have made both clients and candidates more
cautious
• Expectations of business in relation to Environmental,
Social and Governance have accelerated in all three
areas.
Mitigating actions
• We continue to work with our global strategic
partnerships (LinkedIn, Seek, WeChat): to engage
with potential significant new entrants (e.g. Google for
jobs); and monitor developments in technology in other
business segments.
• Diversification of media programmes using data for
targeting on ‘traditional’ digital channels (Google,
Facebook, Yahoo, Bing, Baidu) in conjunction with
establishing a team to review our approach to data
management. We work with the global media agency
Merkel and use a single global ad-tech platform which
supports both effectiveness and efficiency, and enables
innovation in seeking out candidates.
• The use of Salesforce Marketing Suite and tools, such as
Metallia, to enable segmentation and personalised activity
programmes are fully integrated into our Salesforce-based
Customer Connect programme.
• Our teams support the global transformation team in
identifying and assessing innovations that enable the
ongoing development of our proposition from idea
generation and piloting to implementation.
• Policies and training on the most appropriate uses of
social media, both in recruitment processes and in
general use, to meet regulatory requirements and to
adhere to good common practices.
• We have tried and tested crisis management response
processes at Group and regional level. These include
experienced senior personnel from all functions who
can respond quickly and appropriately, incorporating
current media and working with specialist third parties as
required. The availability and use of Microsoft Teams has
further enhanced the process.
• Our Strategy recognises the need for us to drive benefit to
society and contribute to tackling environmental concerns
supported by good governance. We ensure that our
Customers are informed of our activities and that these
activities continue to align with external expectations.
Our Strategy includes a target of changing people’s lives
through placing them in jobs or via our social impact
programmes.
Transformation and change
NET RISK LEVEL STABLE
2
Customers and brands
NET RISK LEVEL STABLE
3
59 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Nature of risk
• An external event occurs that disrupts business and world
economies significantly, requiring a response in excess of
‘normal’ contingency planning.
Significant influencing factors
• Over the past two decades we have experienced the
global financial crisis and the COVID-19 global pandemic,
followed by the war in the Ukraine – major unpredictable
incidents that have had immediate and severe long-lasting
impacts.
• The geopolitical environment continues to be sensitive to
tensions between the West and Russia, US and China
and the activities of North Korea, as well as the conflict in
the Middle East.
• The internet has created a global dependency on
technology for the effective operation of business.
Mitigating actions
• We have a Group-led Crisis Management policy and
process which covers the Group in the occurrence of
unpredictable events. This lays out the processes to be
followed in developing appropriate responses. The Crisis
Management process has been cascaded to all Group
and regional business leaders. A systems breach scenario
was tested in 2024, which showed we have a robust
process.
• We maintain a strong ethical culture which ensures that
whatever situation the business faces, the focus is to
protect our employees, clients and candidates, as well as
ensuring that we fulfil our broader social responsibilities.
• A conservative financial strategy, which maintains a strong
balance sheet and healthy cash balances and facilities.
• Experienced and agile management team and structure,
regionally based and in a good position to liaise with
Group and local management.
• A systems capability that means we are not tied to
facilities either for our People or the services that we
deliver.
• A flexible workforce that can be deployed to focus on any
areas of opportunity and be appropriately scaled.
• Critical suppliers are chosen for their resilience capabilities
and regular checks are conducted to ensure these are
being maintained.
Nature of risk
• We are unable to recruit people with the right potential in
a competitive market for talent.
• Our management practices fail to keep pace with
expectations of society and our people.
• A lack of inclusion and appropriate culture limits our
employer attractiveness.
• Ability to maximise the potential of our people by
providing development opportunities.
• Ability to offer the working practices employees demand
• Ability to retain our high performers due to pressures from
competitors.
• Leavers not managed well, leading to legal and
reputational risk.
• There has been significant levels of change in people’s
responsibilities due to the refreshed strategy. Some of
these changes may not be successful and need to be
carefully managed.
• There are also increased pressures on different ways of
working as we seek to operate more globally.
Significant influencing factors
• Economic activity and outlook continues to be subdued
and uncertain, making candidates more cautious.
• Remuneration pressure caused by higher and sustained
inflation is abating in most regions. We continue to
see increasing expectations around career and pay
transparency.
• The next generation of employees demand ever greater
business involvement and support on current social
issues.
• There continues to be more emphasis and scrutiny
around the conduct of management and leaders.
• The refreshed strategy has impacted our people and
structures. The focus on profitability is changing our
business model and the use and location of resources.
These changes put a greater emphasis on collaboration in
a matrix organisational structure.
• Remote working is still evolving post pandemic, trying to
find a balance between business needs and employee
demands.
Global event
NET RISK LEVEL DECREASED
4
People
People
NET RISK LEVEL STABLE
5
PageGroup 2024 Annual Report & Accounts | 60
Strategic Report Corporate Governance Financial Statements Additional Information
Nature of risk
Change
• The business does not appropriately control programme
and project delivery.
• Strategic Business Technology-led programmes do not
deliver the stated business objective.
• Poorly controlled changes are made or changes are
poorly executed, which impacts on service levels.
Services
• A disruption of service due to a failure of our internal
processes or procedures or due to a failure of, or at, our
third-party service providers.
• Business Continuity and Disaster Recovery is not
sufficient to allow business operations to continue.
Data
• Systems are implemented without the necessary data
protection controls.
Significant influencing factors
• PageGroup has established global standard processes
where possible, using a blend of internal expertise and
experienced, recognised outsourced partners. Systems
are built on a global platform where possible – for
example, Customer Connect.
Mitigating actions
Change
• New requests for programmes and projects are approved
and prioritised through a global demand process before
commencement.
• Strategic programmes’ objectives are agreed with and
reported on to the Executive Board.
• A global project management office process sets out
controls for the delivery of programmes and projects.
• Technical changes to critical systems managed in line with
defined processes to protect the integrity and stability of
these systems.
Services
• Single Points of Failure for critical systems are reviewed
on a regular basis and mitigating actions put in place.
• Appropriate support agreements and service levels are in
place with vendors.
• For issues that occur, incident management will follow a
defined process to minimise disruption to business users.
• We have defined our third-party management policies and
processes with dedicated service managers supported
by the Senior leadership team and a dedicated IT
procurement function.
• Recovery time and recovery point objectives (RTO, RPO)
for critical systems are agreed with the business and
tested.
Data
• Business Technology processes are compliant with data
regulation requirements.
• New systems are designed in compliance with data
regulation legislation.
• Page Executive and Enterprise Solutions will require hiring
in to, as well as internal mobility into these global brands.
Mitigating actions
• Our employee selection and onboarding programmes are
focused on making people successful quicker.
• We provide ongoing training via our digital learning
platform with blended learning programmes to support
this new way of working, regularly updating our learning
programs to reflect employee needs.
• We have developed and applied a flexibility guideline
and a principles-based approach to remote working,
supporting management in implementation at a local level.
• We maintain focus on our diversity and inclusion
programmes globally, to ensure we can recruit and retain
from all groups of society as our workplace is attractive
and inclusive to all. These are supported by Group and
regional Shadow Boards.
• We continue to review our benefits offering to ensure they
are competitive and in line with markets.
• As part of our continuous listening strategy, we conduct
a global ‘Have Your Say’ survey and continue to gain
feedback from our people in structured programs for our
new joiners and exit- surveying our leavers. Based on
these outcomes, we put action plans in place to reinforce
and improve.
• Our performance management process drives clarity and
focus on objectives and behaviours. We take a global
Talent Review approach to ensure a strong talent pipeline
and address any gaps at MD and above. We continue to
invest in leadership development programmes.
• We advertise and promote internal career opportunities to
all our employees.
• The Chief People and Chief Marketing Officers have been
tasked with implementing an extensive communication
and change management plan to support the refreshed
strategy.
• We have developed our People data reporting
capabilitiesforactionable data. This will extract data from
our Global Enterprise Data Management and Hierarchy
Management Tool systems.
Operational
Information systems
NET RISK LEVEL STABLE
6
61 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Nature of risk
Loss of data or systems due to the actions of:
• Malicious outsiders – targeted attack of PageGroup
systems.
• Malicious insiders – assisted or generated attack by a
disgruntled employee or contractor.
• Accidental outsiders – errors caused by our suppliers.
• Accidental insiders – successful phishing, social
engineering, business email compromise.
Significant influencing factors
• The move to using public Cloud services for business-
critical activities, our significant email use, and extensive
use of social media have increased the Group’s exposure
to external threats, as reflected in a high gross risk rating.
• Cyber-attacks continue to increase globally, affecting
many businesses.
• We are affected by impersonation attacks, using
consultant profiles, that target potential candidates.
These attacks link to the creation of false Michael Page
Websites to ‘validate’ the scam. Although our systems
are unaffected and we take these sites down, our brand
could be affected.
• The most common route into an organisation’s network
is via phishing emails (over 90%). As we rely heavily on
the use of email, and it is normal to receive emails from
unknown senders, our exposure to phishing remains high.
• Patching our global systems to mitigate vulnerabilities
is challenging due to the number of systems and the
testing we need to conduct to ensure we can function as
expected.
• We have limited control over vendor maturity in defending
themselves from cyber-related incidents.
Mitigating actions
Our dedicated Information Security Team continues to
mature and identify areas for continued improvement.Our
2022 and 2023 Security Improvement Plans have remained
on track. We have launched several additional defences
that continue to reduce the opportunity of a cyber-attack.
They include:
• Our Cyber Insurance Policy whilst not ‘preventative,’ does
give us access to specialist resources that could help us
recover, faster.
• Warning Banners on all emails to identify potential
phishing attacks, for all users.
• An ‘anti-impersonation’ tool that prevents email
compromise attacks.
• Bespoke and targeted internal Phishing campaigns and
training to educate staff.
• Active Web Monitoring identifies malicious website
registrations attempting to use the PageGroup Brand or
where a website is actively mimicking us to falsely attract
clients and candidates away from our business. The
process now in place allows us have them taken down.
• Updated and enhanced Multi Factor Authentication
methodologies to continue to ensure secure access to
our systems (similar to Banking applications).
• Password Quality Enhancements, ensuring users select
very secure passwords.
• Maturing use of our security and privacy management
tool to identify and manage risks more cohesively across
our global business.
• Better governed vulnerability and patch management
processes, including new reporting dashboards.
• Continued fine-tuning and automation of SOC Alerts, with
updated run-books.
• Continued External Certification to ISO 27001 – the
globally recognised InfoSec Framework and Continued
External Certification to Cyber Essentials Plus –
Government Cyber Standard.
• The Executive simulated a Global systems cyber assault
during FY24 which highlighted robust response processes
with some areas which can be improved.
Cyber security
NET RISK LEVEL DECREASED
7
Nature of risk
• The Group operates in a large number of jurisdictions
that have varying legal, regulatory, tax and compliance
requirements to those placed on a UK Plc.
• The Group’s focus on Page Outsourcing and Enterprise
Solutions and increased “Flex” recruitment models, as
well as evolving Customer service within shared service
centres, means that we are likely to enter more complex
contractual services outside of our business-as-usual
delivery model.
• Global accounts may employ hybrid delivery models for
key clients that involve utilising shared service centres.
• Any breach of the regulatory requirements could have a
significant adverse effect on the reputation of the Group’s
brands or financial results.
Significant influencing factors
• Commercial drive from the Group in non-perm business
and Enterprise Solutions present both new and country-
specific legal requirements, in particular, licensing
requirements, recruitment specific legislation, employment
Fiscal and legal compliance
NET RISK LEVEL STABLE
8
PageGroup 2024 Annual Report & Accounts | 62
Strategic Report Corporate Governance Financial Statements Additional Information
Nature of risk
Failure to maintain adequate financial and
management processes and controls could lead to :
• Poor quality management decisions, resulting in the
Group not achieving its financial targets.
• Errors in the Group’s financial reporting leading to
reputational damage, penalties, fines or legal action.
• Loss or misappropriation of Company assets .
Failure to standardise systems and processes could
lead to:
• Excessive costs within the finance function.
• A lack of ability to adapt to changes in business
requirements.
Significant influencing factors
• Recent governance reviews have resulted in updates to
the Combined Code on Corporate Governance, which
requires a review of controls documentation and testing.
• The efficiency of finance processes, facilitated by our
Global Finance System, Netsuite, to handle changing
volumes of activity efficiently, will have a significant
impact on the Group’s profitability. Further consolidation
of processes and SSCs are strengthening our control
environment.
Mitigating actions
• We maintain strong financial policies and procedures with
clear lines of authority. Group, regional and local finance
teams ensure these policies, as well as local statutory
requirements, are adhered to. The Group Finance function
reviews monthly management account submissions.
• Shared service centres, under a global reporting structure,
have increased resilience and introduced greater levels of
process standardisation and improved controls. Global
process owners oversee the maintenance of our finance
processes
• We have an established global finance system enabling
standardisation on best practice and global visibility of
finance transactions. Access is managed centrally with
predefined rights and a regular review of segregation of
duties conflicts.
• There are compliance teams located in each region
that support local, regional and Group management in
ensuring revenues are appropriately recognised, as well
as a global transactional process risk and controls team
who support management to ensure appropriate controls
are in place.
• The Shared Service Centres have improved opportunities
for career paths for finance professionals, allowing hiring
and retention of higher calibre personnel.
• We have risk and controls registers which are owned
and embedded within the businesses. Risk reporting is
aggregated globally and reviewed every six months by the
Executive, Audit Committee and the Board.
• We have strengthened our local finance business
partnering capability to work with management in support
of commercially sound decision making. This has been
supported by the establishment of a global Financial
Planning and Analysis function and a standard Business
Intelligence reporting capability.
Financial management control
NET RISK LEVEL STABLE
9
law regulations, data protection requirements, anti-
competition laws and cross-border tax requirements.
• New and evolving legislation will continue to impact how
we operate in areas such as ESG, AI and Corporate
Governance.
• Increased desire to use AI for clients, and management
of liability for these third party systems could increase the
Group’s potential risk profile going forward.
• With global accounts there is a greater need to ensure tax
and invoicing structures are compliant.
Mitigating actions
• The Group’s Fiscal requirements aremanaged by Group
and Regional financemanagement to regulatory and
legislation policies, supported by external advisors ineach
country.
• On material legal challenges, Group management support
regional legalteams in ensuring risks are appropriately
mitigated.
• We aredevelopingCSRD reportingprocesses to ensure
we will be able to meet the new reporting requirements
appropriately.
• A review has commenced onthe impact of the new
Corporate Governance requirements on our processes
and reporting.
• As part of the development of our Enterprise Solutions
model we have an established internal legal team,
supported by external legal advice to support adherence
torequirements.
• Group Treasury through a Global Treasury Policy, direct
and support regionalmanagement in addressing banking,
funding and the requirements of economic sanctions.
• Group Tax co-ordinate with regionalmanagement and tax
advisors on the Group’s tax matters.
63 | PageGroup 2024 Annual Report & Accounts
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Nature of risk
• Personal data breaches are committedby our employees
and/or third-partyvendors. (For cyber security risks,
please see page 61).
• Data requests cannot be fulfilled withindeadlines imposed
by regulators.
• Regulator guidance on regulatory action against
companies, including imposition of fines for data
protection breaches, isevolving and may result in more
severepenalties. In the event of an incident, where our
processes and documentation are deemed insufficient,
the scale of any fine may be increased.
• Our interpretation of data protectionlaws may prove to be
incorrect following clarification by the courts and/or data
protection regulators.
• The use of international delivery centres means there are
transfers of data.
Significant influencing factors
• Data Protection regulations in the UK and Europe are now
well established. European data protection regulators
(including the UK regulator) are actively following up on
complaints of breaches of GDPR.
• Robust data protection regulations are being introduced
in other regions including LATAM, the US, and China.
• Increased demand of utilising delivery centres heightens
our data protection responsibilities and increases our
risk profile.
• As more of our systems support hasbeen outsourced,
together with PageOutsourcing’s reliance on using
thirdparties to service their business models, our reliance
on third parties to haveprocesses in place toeffectively
manageour data has increased.
• Recent material fines in closely related sectors.
Mitigating actions
• We maintain a regional approach toensuring legal
requirements are meteffectively with specialist resources
used tosupport internal management.
• We have an ongoing employee dataprotection training
programme, (includingePrivacy) delivered via our
global trainingplatform. Data management training is
compulsory.We have regular data protection awareness
campaigns.
• We have regional teams, including legalsupport, in place
where required whorespond to data requests and data
related queries including from regulators.
• We have in place an external DPO that provides us with
an external view of our data protection compliance.
• Our contracts with third parties ensure that responsibilities
around data managementare clear and understood
and our third partymanagement processes have been
appropriately aligned.
• We also have a Crisis Managementpolicy to address
external data breaches, including informing authorities
and Customers.
• Information Security conduct onsite visits to our Shared
Service Centres and Delivery Centres to confirm that they
are comfortable with the internal controls in place.
• See Cyber security risk for mitigating activities regarding
data protection loss due to system attacks.
Data protection regulations
NET RISK LEVEL INCREASED
10
Nature of risk
• Recruitment activity is driven largely by economic factors
and levels of business confidence. Businesses are less
likely to need permanent new hires and employees are
less likely to move jobs when they do not have confidence
in the economy, leading to reduced recruitment activity.
• Whilst a shallow or short-term reduction in activity may
see a transfer between Perm and Temp placements, a
severe or prolonged economic decline is likely to impact
both permanent and temporary recruitment activity
adversely.
• During periods of rapid economic expansion, increasing
demand for candidates puts pressure on processes and
Financial
Macro economic exposure
NET RISK LEVEL STABLE
11
PageGroup 2024 Annual Report & Accounts | 64
Strategic Report Corporate Governance Financial Statements Additional Information
Nature of risk
• Material changes in the strength of Sterling against the
Group’s main functional currencies affects the Group’s
reported Sterling profits in the financial statements
significantly.
• The main functional currencies in addition to Sterling are
the Euro, US Dollar, Australian Dollar and Japanese Yen.
Significant influencing factors
• The Global environment is stabilising with inflation
starting to reduce but with Geopolitical factors the
situation is still fragile.
• The US Dollar as a safe heaven currencyremains relatively
strong, leaving Sterling at ahistorically relatively low value,
albeit it increased slightly recently. The performance ofthe
UK economy relative to Europe has more of an effect now
that we have leftthe Eurozone.
• The UK has suffered more from inflationary pressures
than most other developed nations. The fiscal
response to increase interest rates has impacted
on the exchange rate.
• As we continue to expand our overseasoperations
successfully, the risk of a strengthening of Sterling
increases our translation exposures, having a negative
impact on our overseas earning consolidation. The
trend continues to show an increase in percentage of
revenue overseas.
Mitigating actions
• Our Group Treasury function reviews our global cash
position on a daily basis.
• Repatriation of funds and conversion back to Sterling
protects against any significant Sterling recovery.
• We do not hedge the translation of our profits.
• Our communications focus on ensuring the market
correctly adjusts for any impact.
• Group Treasury regularly reviews our level of FX
transactional exposure andseeks to hedge those
exposuresthroughthe use of forward foreign exchange
contracts.We continue to drive the business to settle
intercompany trading balances within the reporting
month to minimise any risk.
Foreign exchange
NET RISK LEVEL STABLE
12
resource levels and our ability to fill vacancies. While
with reduced economic activity this risk is likely to abate,
we may see continued issues in ‘pockets’ of the global
economy that represent opportunity for growth.
Significant influencing factors
• Geopolitical factors have continued to be an economic
determinant. Russia’s invasion of Ukraine and subsequent
sanctions continue to impact economies globally. China’s
claim over Taiwan also remains a potential hotspot and
the conflict in the Middle East has added to the level
of risk.
• Fiscal management of high levels of inflation in the post
COVID-19 environment, exacerbated by geopolitical
issues, is the dominant driver of economic performance.
• Some industry sectors, however, continue to be more
resilient and similarly countries are seeing significantly
different levels of economic contraction or growth despite
the forecast for overall global growth slowing.
Mitigating actions
• We use our geographical spread to invest in countries
and regions where growth is highest and manage
resource levels in areas that are not growing.
• Continue to develop our brands to target the needs of
geographies and Customers.
• Further develop our disciplines to take opportunities in
growing sectors and those that recover the quickest.
We are continuing to focus on and drive our technology
across the globe.
• Our Strategy review heightened the focus on profitable
growth opportunities.
• We have maintained and continue to increase the
proportion of our cost structure that is variable so that we
can respond quickly, during both periods of contraction
and of rapid growth – for example, supporting our
consultants with technology, our development of shared
service centres, and moving our IT to a global service-
based model.
• We continue to balance our permanent and temporary/
contracting recruitment mix in line with business levels in
each market. The temporary business tends to be more
resilient in times of economic downturn.
• We protect key resources in the short term so that we can
capitalise when the economies recover.
65 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Going concern
The Board has undertaken a review of the Group’s forecasts
and associated risks and sensitivities, in the period from the
date of approval of the financial statements to March 2026
(review period).
The Board considered a variety of downsides that the
Group might experience, such as a global downturn, a
cyber-attack resulting in significant reputational damage and
loss of clients and candidates, and the Group’s business
model becoming ineffective due to new innovations such as
recruitment using AI and technology. All modelled scenarios
would be expected to impact gross profit and headcount,
impacting conversion.
The Group had £95.3m of cash as at 31 December 2024,
with no debt except for IFRS 16 lease liabilities of £136.8m.
Debt facilities relevant to the review period comprise a
committed £80m RCF maturing December 2027, an
uncommitted UK trade debtor discounting facility (up to
£50m depending on debtor levels) and uncommitted bank
overdraft facilities of £21m. Under these latest forecasts,
the Group is able to operate without the need to draw on
its available facilities. The forecast cash flows indicate that
the Group will comply with all relevant banking covenants
during the review period.
Despite the macroeconomic and political uncertainty that
currently exists, and its inherent risk and impact on the
business, based on the analysis performed there are no
plausible downside scenarios that the Board believes would
cause a liquidity issue.
Given the Group’s fundamental strengths, the level of
cash in the business and the Group’s borrowing facilities,
the geographical and discipline diversification, the limited
customer concentration risk, as well as the ability to
manage the cost base, the Board has concluded that the
Group has adequate resources to continue in operation,
meet its liabilities as they fall due, retain sufficient available
cash and not breach the covenants under the RCF for the
foreseeable future, being a period of at least 12 months
from the date of the approval of the financial statements.
The Board therefore considers it appropriate for the Group
to adopt the going concern basis in preparing its financial
statements.
Viability statement
Assessing the prospects of the Company
Our strategy and the key risks we face are described
on pages 13-16. A full business forecasting process is
performed on a quarterly basis, with a full budget for the
following year created during October and November, being
presented to the Board in December. The Board reviews the
Group’s strategy and approves an annual Group budget.
Performance is then monitored by the Board through the
review of monthly reports showing comparisons of results
against budget, quarterly forecasts and the prior year, with
explanations provided for significant variances. Discussion
around strategy is undertaken by the Board in its normal
course of business, as well as at an annual dedicated
Strategy day.
We also prepare longer term projections which drive our
strategic plan. These are typically three years. Our strategic
plan provides a clear vision for the Group, aligns the Group
to one clear culture, provides clarity on investment priorities,
aligns the brands, belief in achievable goals, and clarity on
the goals for our financial Vision.
The period over which we confirm longer term
viability
Within the context of the above, in accordance with
provision 31 of the UK Corporate Governance Code,
the Board has assessed the viability of the Group.
Given the inherent uncertainty involved, the period
over which the Directors consider it possible to form a
reasonable expectation as to the Group’s longer term
viability is the three-year period to 31 December 2027. This
period has been selected as it is short enough to present
the Board and, therefore, users of the annual report with a
reasonable degree of confidence, whilst still providing an
appropriate longer term outlook. Whilst the Board has no
reason to believe the Group will not be viable over a longer
period, the Board has taken into account the short-term
visibility inherent in a recruitment business with a permanent
recruitment bias.
Stress testing
The forecasting and budgeting process is also supported
by scenarios that encompass a broad range of potential
outcomes. These scenarios are designed to explore
the resilience of the Group to the potential impact of
the significant risks as set out on pages 55-64, or a
combination of those risks. A range of scenarios were
considered, including cyber incidents, disintermediation by
way of innovation, changes in technology, movements in
foreign exchange rates, and a global downturn. For each
individual scenario, we modelled a 10% decline in gross
profit, recovering to be flat in Year 3. We also modelled a
worst-case scenario, where the combination of factors led
to a decline in gross profit similar to the 2008-2009 Global
Financial Crisis for the first two years, and then flat in year
3, compounded by further additional factors as well as a
10% strengthening of Sterling. We have assumed that, as
in the past, as downside risks materialise, our headcount
PageGroup 2024 Annual Report & Accounts | 66
Strategic Report Corporate Governance Financial Statements Additional Information
will flex through natural attrition in line with the drop in gross
profit, such that the impact on operating profit is partially
mitigated.
As seen in the global financial crisis in 2009, as well as
during the pandemic, working capital from both permanent
and temporary recruitment unwinds, providing the Group
with a sizeable cash buffer.
The scenarios were designed to be severe, but plausible,
and were modelled individually and in combination. In each
case, the Group remained viable throughout. However, it
is considered extremely unlikely that this combination of
events would ever occur. Controls are also in place, where
possible, to mitigate the impact of these scenarios and
these are described on pages 55-64.
Various events may also alert the Main and Executive
Boards to a potential threat to viability, including macro
events driving the recruitment industry, or a drop in GDP in
a particular country which could lead to a reduction in gross
profit growth rates.
We consider that this stress testing-based assessment of
the Group’s prospects is reasonable in the circumstances
given the inherent uncertainty involved.
Confirmation of longer term viability
The Directors confirm that their assessment of the principal
risks and uncertainties facing the Group was robust.
Based upon the robust assessment of the principal risks
and uncertainties facing the Group and the stress testing-
based assessment of the Group’s prospects, all of which
are described above, the Directors have a reasonable
expectation that the Group will be able to continue in
operation and meet its liabilities as they fall due over the
period to 31 December 2027. However, we operate in an
environment of limited visibility, dependent upon confidence
in the global marketplace. Further weakness in the macro-
economic outlook may cause us to adapt our strategy
during the three-year period in response, leading to a
re-evaluation of additional risks involved which might impact
the business model.
Compliance with Section 414 of the Companies
Act 2006
We have complied with the requirements under the
provisions of the Companies Act 2006 contained in
Sections 414CA and 414CB of the Companies Act 2006.
Our Non-financial and Sustainability Information Statement
can be found below.
Description Page
Business Model 7-8
Non-financial Key Performance Indicators 23-24
Description and management of principal risk and impact of business activity 57-66
Employees 27-38
Social and community 28-38 and 42-43
Respect for human rights 27-38, 42-43 and 48
Anti-corruption and anti-bribery 93 and 105
Environmental matters 39-40 and 44-54
TCFD-aligned Climate-related Financial Disclosures, meeting the requirements of the
new mandatory climate-related financial disclosure requirements under UK CFD.
49-54
Non-Financial and Sustainability
Information Statement
The following chart details where you can find further information in this Annual Report on each of the key areas of disclosure
that these Sections 414CA and 414CB require.
67 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
This section of the Strategic Report, and the pages
to which it refers, is the Company’s section 172(1)
statement, pursuant to the Companies Act 2006.
Together with statements set out earlier in this report, it
explains how the Directors have regard to the interests
of Stakeholders and the matters set out in section 172(1)
of the Companies Act 2006 when performing their duty
to promote the success of the Company.
The many considerations surrounding our key
Stakeholders, including engagement methods, decision
making, and their importance to the Strategy, are
provided below.
In order to promote and further the interests of all of
the Group’s Stakeholders, in 2024 the Board sought to
ensure that the Company progressed its strategic goals.
The Board remains mindful in all their deliberations
about the long-term impact of their decisions, together
with the importance of the Stakeholders who may be
affected and the potential impact as part of its decision-
making process.
The Board and the Directors consider current or
emerging risks of each Stakeholder group as part of the
overall principal risk assessment which is contained on
pages 57-64.
Stakeholder Engagement
Key Highlights
OUR PEOPLE
86%
“I am proud to work at Page.”
83%
89%
“I have a clear understanding
of what is expected of me in
my role.”
“At PageGroup, I can be my
authentic self at work.”
INVESTORS
8 conferences, 4 roadshows,
and 19 meetings, totalling
96 investors.
Interim Dividend of 5.36p
per ordinary share, totalling
£16.8 million.
Final dividend for the year of
11.75p per ordinary share.
Achieving and
maintaining a global
strategic goal of 60+
Net Promoter Score.
CUSTOMERS
SOCIETY & GOVERNMENT
Conducting a Materiality Assessment for
environmental, social and governance (ESG) topics
that mattered most to our Stakeholders.
23% Decrease from 2023 in operational GHG
emissions (absolute Scope 1 & 2 emissions).
136,816 Lives changed through job
placements and social impact programmes.
SUPPLIERS
Regular reviews with strategic and
business critical Suppliers, driving
collaboration and innovation.
Continued optimisation of our
Cloud estate has resulted in a 37%
reduction in the carbon intensity
of our Cloud storage over the last
12 months.
Enriching our technology
platforms to allow
greater collaboration
and insight with our
Customers.
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Why our Stakeholders are important
to our business model
Our Directors hold a diverse set of skills, experience,
knowledge and understanding which assists them in
making informed decisions and promoting the long-term
success of the Company whilst considering the needs and
benefits of all its Stakeholders.
Strategic Direction and Culture: Effective Stakeholder
engagement activities are fundamental for our Directors to
discharge their duties regarding strategy execution
and understanding our culture. To truly understand the
needs of our Stakeholders, engagement takes place at
all levels within the Group by the Executive Directors
and Non-Executive Directors. This helps the Board to
incorporate Stakeholder views and insights into its decision
making and drives the business to embed a culture of
Stakeholder engagement.
Board Discussion: To discharge their duties and
responsibilities effectively, our Directors consider
the impact of their decisions on relevant Stakeholders.
All Directors constructively contribute and provide challenge
to discussions. Through their diverse skills and experience
they are able to provide insight and direction. The Board
curates an environment where our People prosper;
we strive to deliver best in class customer service; we
create collaborative relationships with our Suppliers; we
generate returns to Investors, and we positively impact the
communities where we live, work and serve.
Board Information and Monitoring: The Board receives
detailed papers and in-person updates from management.
It also engages directly with a cross section of our
Stakeholders who are invited to participate in both internal
and external initiatives. The Board receives updates on the
implementation of the actions and the decisions taken,
which allows them to review, and refine accordingly. It
monitors progress through trend and benchmarking data
and updates from management.
For further information on the Board please see 80-84.
How the Board fulfils its section 172 duties
OUR PEOPLE
Our People remain central to the delivery
of the Group’s strategic goals and the
Board continues to value the high-quality
engagement it has with our People and
how this engagement drives performance
throughout the organisation. Our initiatives
are focused on being an inclusive global
employer that attracts diverse, high-
performing talent with shared values,
so that, collectively, we are working to
change lives.
INVESTORS
The Board is committed
to understanding the
needs and expectations
of its Investors for
the long term. New
and established
investors are key to our
success and long-term
sustainability.
CUSTOMERS
The Board seeks a deep
understanding of our clients’ needs
across all sectors and geographies.
Our Candidates look to us to
help and support them to find
organisations and career paths that
match their values and lifestyle.
The Board’s ongoing commitment
to addressing client and candidate
needs is critical in the delivery of
the Group’s Strategy.
SOCIETY &
GOVERNMENT
SUPPLIERS
One of the Group’s strategic goals is
its commitment to changing lives in the
communities where we live and work.
The Board places great importance on
engagement actions to help to build a
sustainable, inclusive future, and acting
in accordance with the expectations of
governments and regulators.
The Group has a number of strategic
partners that it relies on for our
internal operations and delivery of
our service to our Customers. The
Board recognises how critical these
relationships are in achieving the
Group’s sustainable growth and
wider ambitions.
69 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Who Engages?
• The Board reviews the
findings of surveys to
assess employee sentiment
and measures progress on
addressing feedback.
• Throughout the year
Executive Directors visit
numerous offices both in
and outside of the UK.
• Non-Executive Directors
attend and participate in
Company-led events.
• Board reviews metrics that
track our culture.
OUR PEOPLE
ENGAGEMENT AND OUTCOME
Engagement
• Local and global virtual
events and office visits.
• CEO townhalls with the
Global Leadership Team.
• Local and Executive Shadow
Boards, including reporting
to and attending the Board.
• Key members of the Global
Leadership Team are invited
to Board Meetings.
• All Company
communications via our
networking tool, Viva
Engage.
Performance Information
Provided to Directors
• Group-wide “Have Your Say”
Survey.
• Biannual Culture & Engagement
sessions, including KPI measures
and DE&I review.
• “Speak-Up” policy and reports
review.
• UK Gender pay gap reporting and
monitoring of gender targets.
• Outputs from functional and
regional employee champions
and representatives.
Feedback
A competitive reward package
and commitment to flexible
working remain key for employees’
satisfaction.
Feedback
Career progression is central to
our People. It is important we
demonstrate our commitment to
inclusion and high-performance.
Decision
Despite challenging trading
conditions this year, we maintained
salary increases and annual bonus
payments reflecting performance.
We also continue to retain our
commitment to flexible working.
Link to strategy
As an organisation we strive to be
the employer of choice and invest in
both the well-being and reward of
our People.
Feedback
Mental Health awareness continues
to be important to our People. We
are committed to fostering a culture
where mental health is openly
discussed and supported everyday.
Decision
We continue to embed initiatives
such as encouraging open and
honest conversations, and offering
external employee assistance
programmes and training sessions
to help recognise and support
mental health needs.
Link to strategy
Our People are talented, motivated
and drive high-performance, it is
important to us that we provide
them with an inclusive and
supportive environment, where they
can achieve their potential.
Decision
Our talent review calibration
processes were the most
comprehensive to date going
deeper down the organisation than
ever before.
Link to strategy
Ensuring that we cultivate an
inclusive high-performing talent
pipeline is integral to maintaining the
success and long-term sustainability
of the organisation.
PageGroup 2024 Annual Report & Accounts | 70
Strategic Report Corporate Governance Financial Statements Additional Information
Who Engages?
This continues to be a shared
responsibility for all Directors
of the Board.
INVESTORS
Engagement
• Investor roadshows.
• Investor conferences.
• Individual Investor meetings.
• Engagement calls with proxy
agencies.
• Annual General Meeting.
Performance Information
Provided to Directors
• Investor Relations Reports
including roadshow feedback.
• Proxy ratings and reports (ISS,
Glass Lewis, IVIS and PIRC).
• Investor voting.
The Board maintains its commitment to its Capital Allocation Policy and balancing the returns for its Shareholders
alongside investing in the Group’s sustainability and long-term success. The Board reviewed information on
market expectations including consensus for dividend per share, our competitors’ return rates, details of the
Group’s cash position and other capital allocation options and trading. Following this review, an interim and final
dividend was declared to Shareholders. The interim dividend was 5.36p per share, paid in October 2024, and the
recommendation is to pay a final dividend of 11.75p per share (subject to Shareholder approval at the 2025 Annual
General Meeting).
CASE STUDY
Feedback
Our investor relations programme
includes a range of channels that
allow us to receive feedback and
comments. Our investor base
was supportive of a prudent cash
position in times of marco-economic
uncertainty.
ENGAGEMENT AND OUTCOME
Decision
The Board considered the
feedback together with
the Group’s financials and
determined that an interim
dividend would be declared,
but a special dividend was not
appropriate. For further details,
please see below.
Link to strategy
During challenging trading
conditions it is vital that we
continue to listen and respond to
our investors, and preserve long-
term value within the business.
Feedback
Throughout 2024, investors were
interested to hear and understand
progress against the Group’s
Strategy.
Decision
The Board agreed KPIs to track
strategic progress which have
been cascaded to the business
and are updated in real-time. This
monitoring provides confidence in
assessing status of the execution
of the Group’s strategy.
Link to strategy
Ensuring meaningful engagement
with our investors is paramount to
the Company’s long-term success.
71 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Who Engages?
• The Board requires Strategy
sessions to include Customers as a
key component of the discussion.
• Data and information security is a
key responsibility of the Group and
therefore a shared Board matter.
Key metrics regarding performance
are discussed quarterly at Board
meetings.
• Babak Fouladi, a Non-Executive
Director, together with senior
management, led an event on the
empowerment network of Asian
and Black Leaders.
CUSTOMERS
Engagement
• Programme of webinars,
and guidance to support
candidates throughout
their careers.
• Our Chief Customer
Officer, and his direct
reports, meet with key
clients to take feedback
on our service.
• Ongoing client
performance review
meetings, deep-dive
strategy sessions,
webinars and thought-
leadership articles.
Performance Information
Provided to Directors
• Measurement of service
through Net Promoter Scores.
• Real time feedback via Google
review surveys both from
clients and candidates.
• Quarterly Board reports on
Information Security and
Data Protection.
• The Executive Board members
update the Board, in person,
on Customer feedback and
provide an update on the
strategic goals.
Feedback
Page Executive clients and
candidates rely on deep specialist
expertise, and sector knowledge, to
ensure we carefully match the right
candidate to the right client.
Feedback
It is vital that we continuously
listen to and understand Customer
needs, especially during times of
market uncertainty.
ENGAGEMENT AND OUTCOME
Decision
We seek to attract and retain
our most experienced, specialist
consultants, while continuing to
invest in our technology, inclusive
culture programmes, and marketing
programmes to enable us to focus
on reaching a wide and diverse,
executive talent pipeline.
Link to strategy
As a global provider of specialist
recruitment services, it is key that
we offer senior leadership search
and executive advisory services.
Feedback
Our enterprise clients have
complex, multi-country hiring needs
and look to us to support them with
workforce strategies on a global
scale.
Decision
Our continued investments in
our Enterprise Solutions division
enables us to offer the full range
of global solutions and services
through a single point of contact.
Link to strategy
In order to cultivate long-term
strategic partnerships to our clients,
we need to listen to their needs and
provide bespoke solutions to help
solve their challenges in multiple
markets.
Decision
A fundamental strategic goal for
the Group is to achieve a client net
promoter score of over 60.
Link to strategy
Our commitment to providing best
in class service to our Customers
further reinforces our position as a
benchmark of quality in our industry.
PageGroup 2024 Annual Report & Accounts | 72
Strategic Report Corporate Governance Financial Statements Additional Information
Who Engages?
• Engagement, on the
whole, is delegated to
Executive Directors and
senior management, who
provide regular in-person
feedback to the Board.
• The Board has oversight
responsibilities,
discharged via reporting
provided on the
engagement activities.
SOCIETY & GOVERNMENT
Engagement
• Engagement with Shareholders,
proxy advisors and ratings agencies.
• Charity programme engagement
that supports under-represented
communities into employment.
• Specialist third-party advice on
financial, legal, regulatory and risk
matters.
Performance Information
Provided to Directors
• Annual sustainability update on
metrics including feedback from
the Sustainability Committee.
• Update on CSRD readiness.
• Data on progress regarding
Science Based Targets.
• The General Counsel &
Company Secretary updates
on all material litigation and/or
regulatory matters.
ENGAGEMENT AND OUTCOME
Feedback
Given our purpose
and sector, “Social”
measures are viewed as
particularly material to
our Stakeholders.
Decision
In 2024 we focused on increasing the breadth and
depth of our skills-sharing Social Impact activities related
to the world of work. Every employee was encouraged
to take an active role in skills-sharing volunteering
opportunities. For example, we established a Group-
wide partnership with the charity Generation, as detailed
on page 42.
Link to strategy
Achieving our Social
Impact Target to change
1 million lives is one of the
key components of our
Strategy, for the long-
term growth of all our
Stakeholders.
Who Engages?
• Group procurement and vendor
management, together with the internal
Stakeholders who procure the service.
• The Board reviews the output, in
particular, on information security and
modern slavery risks, and approves
large supplier arrangements. The Board
then determines any actions required.
SUPPLIERS
Engagement
• Focused supplier
selection, verification
and onboarding
process.
• Frequent vendor
management review
meetings, including
financial reviews and
service levels.
Performance Information
Provided to Directors
• Review of contractual
performance, service level
metrics and assurance
activities.
• Review and sign off of Modern
Slavery statement and KPIs.
ENGAGEMENT AND OUTCOME
Feedback
Investment in key supplier
partnerships ensures the
Group is at the forefront of
innovation.
Decision
Partner with strategic third party suppliers to
accelerate use of artificial intelligence to automate
administrative tasks such as drafting and posting
Job Ads.
Link to strategy
Working with our strategic
suppliers helps ensure
compliance and helps us
achieve our strategic goals.
73 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Financial summary 2024 2023 Change Change CC*
Revenue £1,738.9m £2,010.3m -13.5% -9.8%
Gross profit £842.6m £1,007.1m -16.3% -12.8%
Operating profit £52.4m £118.8m -55.9% -53.7%**
Profit before tax £49.1m £117.4m -58.2%
Basic earnings per share 9.1p 24.4p -62.7%
Diluted earnings per share 9.0p 24.3p -63.0%
Total dividend per share (excl. special dividend) 17.11p 16.37p
Total dividend per share (incl. special dividend) 17.11p 32.24p
At constant exchange rates, Group revenue decreased
9.8% to £1,738.9m (2023: £2,010.3m), and gross profit
decreased 12.8% to £842.6m (2023: £1,007.1m) for the
year ended 31 December 2024. Gross profit per fee earner
decreased 1.7% in constant currencies to £150.0k (2023:
£159.0k).
The Group’s revenue and gross profit mix between
permanent and temporary placements were 35:65
(2023: 37:63) and 72:28 (2023: 73:27) respectively.
This is reflective of the ongoing challenging market
conditions, particularly within permanent recruitment,
whereas temporary was more resilient. Revenue from
temporary placements comprises the salaries of those
placed, together with the margin charged. This margin on
temporary placements was broadly in line with 2023 at
21.0% (2023: 21.5%). Pricing remained strong across the
Group, as we continued to see candidate shortages in the
majority of our markets.
Total Group headcount decreased by 498 in the year to
7,361. This comprised a net decrease of 481 fee earners
(-8.2%) and 17 operational support staff (-0.9%). At the
end of the year, we were double running c. 65 operational
support staff due to the transition of activities from
our Singapore SSC to Kuala Lumpur. We reduced our
headcount in all four quarters, with reductions in all regions,
in line with the tougher trading conditions seen throughout
2024.
In total, administrative expenses decreased 11.1% to
£790.1m (2023: £888.3m). The Group’s operating profit
from trading activities totalled £52.4m (2023: £118.8m).
Gross profit Reported CC
Year-on-year % of Group 2024 (£m) 2023 (£m) % %
EMEA 55% 462.5 549.5 -15.8% -13.4%
Americas 18% 149.2 173.3 -13.9% -9.9%**
Asia Pacific 15% 126.4 159.6 -20.8% -17.0%
UK 12% 104.5 124.7 -16.2% -16.2%
Total 100% 842.6 1,007.1 -16.3% -12.8%
Permanent 72% 605.9 733.6 -17.4% -13.9%
Temporary 28% 236.7 273.5 -13.4% -10.0%
*At constant currency – all growth rates in constant currency at prior year rates unless otherwise stated
** Excluding impact of hyperinflation in Argentina
Review of the Year
Regional Reviews
** Excluding impact of hyperinflation in Argentina
PageGroup 2024 Annual Report & Accounts | 74
Strategic Report Corporate Governance Financial Statements Additional Information
Americas (£m) Growth rates
(18% of Group in 2024) 2024 2023 Reported CC
Gross profit 149.2 173.3 -13.9% -9.9%**
Operating profit 6.9 17.7 -60.8% -34.2%**
Conversion rate (%) 4.7% 10.2%
Market presence
The Americas accounted for 18% of the Group’s gross
profit in 2024, with North America representing 55% of
the region and Latin America, 45%. The US, where we
have 8 offices, has a well-developed recruitment industry,
but in many disciplines, for example construction, there
is limited national competition of any scale. PageGroup’s
breadth of professional specialisms and geographic reach is
uncommon and provides a real competitive advantage.
Latin America has a highly under-developed recruitment
industry, where PageGroup enjoys the market-leading
position with over 800 employees in seven countries.
There are few international competitors and none with
regional scale. Across the Americas, permanent placements
accounted for 82% of gross profit and temporary
placements 18%.
Performance
In constant currencies and excluding Argentina due to
hyperinflation, revenue decreased 6.3% to £279.8m (2023:
£311.7m) while gross profit declined 9.9% to £149.2m
(2023: £173.3m).
In North America, gross profit decreased 12%, with ongoing
tough market conditions. The US declined 11%, although
we saw growth and an increase in activity levels and trading
towards the end of the year, particularly in Engineering,
Accounting and Financial Services. Over 90% of our gross
profit in the US is permanent recruitment, which was
considerably more challenging than temporary recruitment
in 2024.
In Latin America, excluding Argentina, gross profit declined
7% with mixed performance across the region. Mexico,
our largest country in the region, declined 11%, due to
challenging conditions and its dependency on the US.
Brazil grew 3%. The remaining four countries in the region
declined 11% collectively.
The Americas delivered operating profit of £6.9m (2023:
£17.7m) due to the resilience of our business in Latin
America, offset by tougher trading conditions in the US,
where we have strategically held on to our headcount.
Across the region, headcount decreased by 2 (-0.1%) in
2024 to 1,327 (2023: 1,329).
The Americas
EMEA (£m) Growth rates
(55% of Group in 2024) 2024 2023 Reported CC
Gross profit 462.5 549.5 -15.8% -13.4%
Operating profit 60.9 92.2 -33.9% -31.9%
Conversion rate (%) 13.2% 16.8%
Market presence
EMEA is the Group’s largest region, contributing 55%
of the Group’s gross profit in the year. With operations
in 17 countries, PageGroup has a strong presence in
the majority of EMEA markets and is the clear leader in
specialist permanent recruitment in the two largest, France
and Germany, and many of the others. Across the region,
permanent placements accounted for 66% and temporary
placements 34% of gross profit.
Performance
In constant currencies, revenue declined 13.0% to
£946.8m (2023: £1,117.2m) and gross profit declined
13.4% to £462.5m (2023: £549.5m).
Market conditions worsened throughout the year in EMEA,
due mainly to softer trading in a number of European
countries. France, the Group’s largest market, declined
16%. Temporary recruitment, down 8%, was more resilient
than permanent, down 21%. Germany, our second largest
market, saw particularly challenging market conditions
and declined 17%. We saw tough conditions in all brands,
with a deterioration in client and candidate confidence
impacting both permanent and temporary recruitment,
down 20% and 13%, respectively. Elsewhere in Europe,
market conditions remained challenging in all countries. In
the Middle East and Africa, gross profit grew 3%.
The region delivered operating profit of £60.9m (2023:
£92.2m), with a conversion rate of 13.2% (2023: 16.8%).
This was the highest conversion rate in the Group, despite
the tougher macro-economic conditions as the year
progressed. Headcount across the region decreased by
284 (-7.4%) during the year, to 3,530 at the end of 2024
(2023: 3,814).
Europe, Middle East and Africa (EMEA)
** Excluding impact of hyperinflation in Argentina
75 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
UK (£m) Growth rate
(12% of Group in 2024) 2024 2023
Gross profit 104.5 124.7 -16.2%
Operating loss -7.1 -2.7 >-100%
Conversion rate (%) -6.7% -2.2%
Market presence
The UK represented 12% of the Group’s gross profit in
2024, operating from 21 offices covering all major cities.
We have actively reduced our office footprint, which is now
less than half of our peak number of offices, and 3 of the 21
offices are serviced offices. It is a mature, highly competitive
and sophisticated market with the majority of vacant
positions being outsourced to recruitment firms. PageGroup
has a market-leading presence in permanent recruitment
across the UK and a growing presence in temporary
recruitment. In the UK, permanent placements accounted
for 67% and temporary placements 33% of gross profit.
We drove further efficiencies in the organisation through the
migration of our Page Personnel brand to Michael Page,
which we completed in January 2025. Our focus remains
to ensure a seamless journey for our clients and candidates
through one core brand, Michael Page. Within the Michael
Page brand, the UK business has representation in 13
specialist disciplines. There remain opportunities to increase
the size and breadth of our reach in the UK under the higher
salary-level Page Executive brand, as well as by growing
our contracting/interim business and by building on
our existing strengths within permanent recruitment in
Michael Page.
Performance
In the UK, revenue decreased 5.4% on 2023 to £280.5m
(2023: £296.7m) and gross profit decreased 16.2% from
£124.7m in 2023 to £104.5m. We continued to see clients
deferring hiring decisions and candidates cautious about
accepting offers. Temporary recruitment, down 11%,
outperformed permanent, down 18%, reflective of market
conditions.
The operating result for the year was a loss of £7.1m (2023:
loss of £2.7m). While the UK trading business was profitable
despite the tougher trading conditions, the high proportion
of Group senior management and Group support based in
the UK meant the region had a negative conversion rate of
6.7%. Headcount decreased by 192 (-16.5%) in the year to
972 at the end of December 2024 (2023: 1,164).
United Kingdom
Asia Pacific (£m) Growth rates
(15% of Group in 2024) 2024 2023 Reported CC
Gross profit 126.4 159.6 -20.8% -17.0%
Operating (loss)/profit -8.3 11.6 >-100% >-100%
Conversion rate (%) -6.6% 7.3%
Market presence
Asia Pacific represented 15% of the Group’s gross profit in
2024, with 82% of the region being Asia and 18% Australia.
Other than in the financial centres of Hong Kong, Singapore
and Tokyo, the Asian recruitment industry is generally highly
under-developed and offers attractive opportunities in both
international and domestic markets at good conversion
rates. With a highly experienced management team, just
under 1,000 fee earners and limited competition, the size
of the opportunity in Asia is significant. Across Asia Pacific,
driven by cultural attitudes towards white collar temporary
recruitment, permanent placements accounted for 85% and
temporary placements only 15% of gross profit, well below
the Group average.
Australia is a mature, well-developed and highly competitive
recruitment market. PageGroup has a meaningful presence
in white-collar permanent recruitment in the majority of the
professional disciplines and major cities in Australia.
Performance
In Asia Pacific, in constant currencies, revenue declined
14.9% to £231.8m (2023: £284.8m) and gross profit
declined 17.0% to £126.4m (2023: £159.6m).
We experienced tough market conditions in Asia Pacific
during 2024, particularly within Greater China, where
gross profit declined 23%, with Mainland China and Hong
Kong both down 24%. South East Asia declined 7%, with
Singapore down 7%. India delivered the standout result
and another record year, up 2% on 2023. Japan was down
12% on 2023, albeit against a tough comparator. Australia
declined 32%, with ongoing challenging conditions across
all states.
The region made an operating loss of £8.3m (2023: profit of
£11.6m), with a negative conversion rate of 6.6%. This was
a result of the tougher trading conditions across the region,
as well as the double costs incurred due to the transition
of our SSC from Singapore to Kuala Lumpur. Headcount
across the region decreased by 20 (-1.3%) in the year,
ending the year at 1,532 (2023: 1,552). Our non-operations
headcount increased by 67 in 2024, due to the double
running of c. 65 heads as we transitioned our SSC from
Singapore to Kuala Lumpur.
Asia Pacific
PageGroup 2024 Annual Report & Accounts | 76
Strategic Report Corporate Governance Financial Statements Additional Information
Operating profit and conversion rates
The Group’s organic growth model and profit-based team
bonus ensures cost control remains tight. Approximately
three-quarters of costs were employee related, including
wages, bonuses, share-based long-term incentives, and
training & relocation costs. Depreciation and amortisation
for the year totalled £62.9m (2023: £66.8m).
The Group’s conversion rate for the year decreased
from 11.8% in 2023 to 6.2%. This was due to the more
challenging trading conditions experienced through 2024 in
the majority of our markets, partially offset by the reduction
in fee earner headcount.
As part of this refined strategy and our increased focus on
our conversion rate target, we have already implemented
a number of initiatives to reduce our cost base. These
initiatives focused mainly on: relocating our UK and
Singapore shared service centres, with the transition of
activities to Barcelona, Buenos Aires and Kuala Lumpur.
These initiatives incurred a one-off cost in 2024 of c. £7m.
Additional initiatives to reduce our cost base included small
office closures in China and Luxembourg, and re-sizing our
operational support function to reflect the reduction in fee
earner headcount.
EMEA was the Group’s most profitable region in 2024,
with a conversion rate of 13.2%. This was reflective of
the region experiencing more resilient trading conditions
through the first half of 2024. Asia Pacific had a negative
conversion rate of 6.6% due primarily to the continued
tough conditions in Greater China, our strategic decision
to hold on to our experienced headcount in the region and
the one-off cost relating to the relocation of our SSC from
Singapore to Kuala Lumpur. The Americas’ conversion
rate was 4.7%, with tougher market conditions in the US
during the first three quarters of the year, but Latin America
being more resilient. While the UK trading business was
profitable, despite the tougher trading conditions, the
high proportion of Group senior management and Group
support based in the UK meant the region had a negative
conversion rate of 6.7%.
A net interest charge of £3.3m (2023: £1.4m) was due
primarily to an IFRS 16 interest charge of £4.7m, partially
offset by interest receivable of £2.2m.
Earnings per share and dividends
In 2024, basic and diluted earnings per share decreased to
9.1p and 9.0p respectively (2023: 24.4p basic and 24.3p
diluted), as a result of the decrease in profits due to the
tougher trading conditions.
The Group’s strategy is to operate a policy of financing the
activities and development of the Group from our retained
earnings and to maintain a strong balance sheet position.
The first use of our cash is to satisfy our operational and
investment requirements and to hedge our liabilities under
the Group’s share plans.
The second use of cash is to make returns to Shareholders
through ordinary dividends. We review our liquidity over
and above our operational and investment requirements
to determine the amount of these returns. Our policy
is to grow this ordinary dividend over the course of the
economic cycle, in line with our long-term growth rate. We
believe this will enable us to sustain the level of ordinary
dividend payments during a downturn as well as to
increase it during more prosperous times.
Thirdly, any remaining surplus cash will be returned to
Shareholders through supplementary returns, using special
dividends or share buybacks.
Given the high levels of surplus cash, we paid an interim
dividend of 5.36 pence per share, an increase of 4.5% over
the 2023 interim dividend. This amounted to a cash return
to shareholders of £16.8m, paid out in October 2024.
The Board has proposed a final dividend of 11.75p (2023:
11.24p) per ordinary share. When taken together with
the interim dividend of 5.36p (2023: 5.13p) per ordinary
share, this is an increase in the total dividend for the year
of 4.5%. The proposed final dividend, which amounts to
£36.8m, will be paid on 23 June 2025 to shareholders on
the register as at 16 May 2025, subject to shareholder
approval at the Annual General Meeting on 3 June 2025.
We will continue to monitor our cash position in 2025
and will make returns to shareholders in line with the
above policy.
Cash flow and balance sheet
Cash flow in the year was strong, with £145.9m (2023:
£212.0m) generated from operations. The closing cash
balance was £95.3m at 31 December 2024 (2023:
£90.1m).
On 9 December 2022, PageGroup entered into a five year
£80m committed multi-currency revolving credit facility
agreement with HSBC and BBVA. In addition, PageGroup
maintains an uncommitted Confidential Invoice Facility
with HSBC whereby the Group has the option to discount
receivables in order to advance cash. The Invoice Facility
is for up to £50m depending on debtor levels. Neither of
these facilities were drawn as at 31 December 2024. These
facilities are used on an ad hoc basis to fund any major
Group GBP cash outflows.
Income tax paid in the year was £19.3m (2023: £59.0m)
and net capital expenditure was £15.8m (2023: £30.8m).
Total dividends of £52.0m were paid in 2024 (2023:
£100.1m). Cash receipts from share option exercises in
2024 reflected the share price over that period, with £0.5m
in 2024, compared to £1.9m in 2023. In 2024, £13.2m
(2023: £17.5m) was also spent on the purchase of shares
by the Employee Benefit Trust to satisfy future committed
obligations under our employee share plans.
The most significant item in our balance sheet was trade
receivables, which amounted to £223.3m at 31 December
2024 (2023: £270.5m), comprising permanent fees
invoiced and salaries and fees invoiced in the temporary
placement business, but not yet paid. Day’s sales in
debtors decreased due to temporary recruitment, which
has a shorter collection period, being more resilient in 2024
than permanent recruitment.
77 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Taxation
The tax charge for the year was £20.7m (2023: £40.4m).
This represented an effective tax rate of 42.1% (2023:
34.4%). The rate is higher than the effective UK rate for the
calendar year of 25.0% (2023: 23.5%) principally due to
additional taxes on profits in overseas countries alongside
non-recognition of deferred tax assets in relation tax losses
and other tax attributes. The rate is higher than the prior
year mainly due to the profit mix in the year alongside
reduced overall profitability meaning non-recognition of
deferred tax assets has a proportionally higher percentage
impact in 2024.
In 2024, the tax rate was impacted primarily by additional
taxes and differing overseas tax rates of 6.9%, unrelieved
overseas losses and derecognition of losses and other tax
attributes of 7.8%, other permanent differences of 2.5%
and prior year adjustments of 1.9%, offset against other tax
movements (2.0%).
The tax charge for the year reflects the Group’s tax strategy,
which is aligned to business goals. It is PageGroup’s policy
to pay its fair share of taxes in the countries in which it
operates and deal with its tax affairs in a straightforward,
open and honest manner. The Group’s tax strategy is set
out in detail on our website in the Investor section under
“Responsibilities”.
Share options and share repurchases
At the beginning of 2024 the Group had 11.4m share
options outstanding, of which 6.1m had vested, but had not
been exercised. During the year, options were granted over
2.5m shares under the Group’s share option plans. Options
were exercised over 0.1m shares, generating £0.5m in
cash, and options lapsed over 1.1m shares. At the end of
2024, options remained outstanding over 12.7m shares,
of which 5.3m had vested, but had not been exercised.
During 2024, 2.8m shares were purchased by the Group’s
Employee Benefit Trust, and no shares were cancelled
(2023: 3.9m shares were purchased and no shares were
cancelled).
Approved by the Board on 5 March 2025 and signed on its
behalf by:
Kelvin Stagg
Chief Financial Officer
Dec 2023
Cash
EBITDA Working
Capital
Tax and net
interest
Net
Capex
Lease
payment
EBT share
purchases
Exchange Dec 2024
240
200
160
120
80
40
90.1
119.0
26.8
15.8
13.2
95.3
£m
17.9
(40.1)
52.0
Increase
Decrease
Share options
exercised
0.5
Dividends
40.6
1.6
Cash flow waterfall 2024
PageGroup 2024 Annual Report & Accounts | 78
Strategic Report Corporate Governance Financial Statements Additional Information
Chair’s Introduction to
Corporate Governance
Angela Seymour-Jackson
On behalf of the Board, I am pleased to present the Corporate Governance Report for the financial year
ended 31 December 2024 which highlights the key areas considered by the Board and its Committees
during 2024. While trading conditions have undoubtedly been challenging, the Board remains committed
to its strategy, ensuring that it is well positioned for market recovery.
Board Oversight
We launched our refreshed strategy in 2023, and although
market conditions have been tough, we continue to make
good progress on our strategic goals and are focused on
positioning our business for market recovery.
Our strategy, which prioritises delivering what we are
famous for, building on our existing strengths and leveraging
our global platform, was a key focus in 2024. The Board
worked to embed this across the organisation, while closely
monitoring financial performance, investment decisions and
cost saving measures.
Further details on our performance against our Strategy are
set out on pages 17-18.
Board activities
In 2024, the Board implemented regular reporting and
measurement of key performance indicators aligned to
the Group’s strategic growth pillars of Page Executive,
Enterprise Solutions, Technology and our Core business.
In addition, the Board evaluated investments in people
and systems, and took time to understand the impact of
transferring our APAC shared service centre from Singapore
to Kuala Lumpur and the transfer of finance support
services from the UK to our Shared Service Centres in
Barcelona and Buenos Aires.
Corporate Governance 2024 highlights
The Board’s composition remained stable and unchanged
during 2024.
• Changes to the Corporate Governance Code 2024
were reviewed. In particular, it requested that the Audit
Committee oversee and report back on compliance with
the Code’s new provisions regarding material controls.
• The Board dedicated time to understand the new
regulatory framework for the EU Corporate Sustainability
Reporting Directive and its potential impact on companies
within the Group.
Stakeholder Engagement
How we understand and meet our responsibilities and
duties to our Stakeholders continues to be a critical facet
and focus of our role as a Board. Details of how the
Board engages with our Stakeholders in 2024 is set out
on pages 67-72.
Capital Returns
The Board remains committed to delivering Shareholder
value to investors. In 2024, we considered capital returns
in light of our performance. In total we will have returned
17.11p per share, by way of final and interim dividends,
foregoing a special dividend for the year, given the
uncertainty in market conditions.
Looking forward
Despite a challenging market, we continue to see good
progress across a number of our goals and we ended 2024
having changed 136,816 lives and achieving a client net
promoter score of 61. We have a strong balance sheet, and
a highly experienced and engaged management team. We
firmly believe we are well positioned for future growth for the
benefit of all our Stakeholders.
The Board and I would like to thank our employees globally
for their hard work and steadfast commitment during a
challenging year.
The Board and I will be available at the Annual General
Meeting on 3 June 2025 to respond to any questions
you may have.
Angela Seymour-Jackson
5 March 2025
79 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Our Corporate Governance
Framework
Chief Executive Officer
(CEO)
Key responsibility is to develop
and deliver the Group’s Strategy
within the policies and values
established by the Board.
Chief Financial Officer
(CFO)
Responsible for managing the
financial risks, reporting and
planning of the Group.
PageGroup PLC Board
The Board is responsible for setting the Company’s values, purpose and strategy. Its primary role is to
provide strategic leadership to the Group within a framework of prudent and effective controls which enable
risk to be assessed and managed, at all times having due regard to the Company’s Stakeholders. Further
details are set out on pages 87-93.
Executive Board
The Executive Board is chaired by the CEO and is responsible for driving performance of the Strategy in our
regions and business functions Group-wide.
Details on pages 85-86.
Nomination Committee
Audit Committee
Remuneration Committee
Responsible for monitoring
progress against sustainability
targets, as well as implementing
the Group’s Strategy and
contribution to the environment
and social impact.
Details on pages 39-54.
Sustainability Committee
General Counsel &
Company Secretary
Responsible for ensuring the
Board complies with all legal,
regulatory and governance
requirements.
• Responsible for the review, recommendation and
implementation of the Group’s remuneration strategy,
its framework and cost.
• Sets the remuneration for the Chair and Executive Directors.
• Determines targets, performance metrics and issue of share
and performance-related pay plans.
Details on pages 107-131.
• Assists the Board in monitoring the integrity and effectiveness
of the Company’s financial statements and performance,
ensuring the appropriate internal controls and risk management
systems are in place.
• Monitors and reviews the effectiveness of internal audit and
oversees the Group’s relationship with external auditors.
• Reviews and monitors the Group’s principal and emerging
risks.
Details on pages 99-106.
• Responsible for structure and composition of the Board,
including appointments and reappointments.
• Monitors and oversees succession planning for the Executive
Board, ensuring a diverse talent pipeline.
• Reviews the effectiveness of the Company’s talent and
succession development.
• Monitors Diversity, Equity and Inclusion targets.
See pages 94-98.
PageGroup 2024 Annual Report & Accounts | 80
Strategic Report Corporate Governance Financial Statements Additional Information
Angela Seymour-Jackson
Chair of the Board
Date of Appointment:
Director, October 2017, Chair, May 2022
Past Roles:
Angela has previously held Executive roles with Aegon UK, RAC Motoring Services Limited and Aviva UK
Limited, and was Senior Advisor to Lloyds Banking Group (insurance). Prior to that, Angela held senior
marketing roles with Bluecycle.com Limited, CGU Insurance plc, General Accident plc and the Norwich
Union Insurance Group. Angela has also served as a Non-Executive Director of esure plc and Rentokil
Initial plc. She was Deputy Chair, Senior Independent Director and Chair of the Remuneration Committee of
GoCompare.com Group until February 2021 when GoCompare.com Group was acquired by Future plc.
Other Current Appointments:
Non-Executive Director of Future plc and Janus Henderson Group plc. Non-Executive Director and Senior
Independent Director of Trustpilot Group plc. Angela is also the Deputy Chair of Pikl, a start-up insurance
business.
Board Committees: Nomination (Chair)
Skills and Experience:
• Wealth of experience in service-focused organisations
• Strong understanding of business strategy
• Experienced executive and non-executive in several sectors
• Strong marketing and commercial skills
• Extensive experience of the complexities of businesses with a large geographical footprint
Contribution:
Angela Seymour-Jackson is well positioned to lead the Board given her extensive experience of non-
executive and senior executive positions within a number of industries. Her deep understanding of the
Group’s business enables her to ensure the needs of the business are met across the range of strategic and
governance matters affecting the Company.
Our Board of Directors
81 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Chief Executive Officer, Executive Director
Date of Appointment: January 2023
Nicholas Kirk
Kelvin Stagg
Chief Financial Officer, Executive Director
Date of Appointment: June 2014
Past Roles:
Nick joined Michael Page in February 1995 when the
Company had around 400 employees and operated in just
six countries.
Starting as a consultant in the newly created Michael Page
Sales business, he relocated three times as the business
grew and new offices were opened around the UK.
Continued success led to him being promoted to Director
in 2002. He was promoted again in 2007 to Managing
Director of the Michael Page Sales business. Nick then
began to take responsibility for other businesses including
Page Personnel and Michael Page Finance. In 2013, Nick
was promoted to Regional Managing Director and in 2018
he took full responsibility for the UK business. Three years
later, he added the North American business to his remit
and became a member of Executive Board.
On 1 January 2023, Nick was appointed Chief Executive
and, in conjunction with the Board, led the development
of Page’s new Strategy, setting ambitious future goals for
the Group.
Other Current Appointments: None
Board Committees: None
Skills and Experience:
• 30 years’ service with the Group and in the recruitment
industry
• Significant experience of leading business operations in
key markets
• Strong track record of delivering growth
• Extensive understanding of the Group’s culture, purpose
and values
• Excellent leadership, entrepreneurial and strategic skills
Contribution:
With a proven track record of leading the business in key
markets globally, Nick’s contribution has been critical to the
success of the Group to date. Nick has deep understanding
of the Company and the skills and experience to ensure
the Company continues to deliver on its Strategy to
Shareholders and its wider Stakeholders.
Past Roles:
Kelvin joined PageGroup plc in July 2006 as Group
Financial Controller and Company Secretary. He was
appointed Acting Chief Financial Officer in October 2013.
In June 2014, Kelvin was appointed Chief Financial Officer.
Prior to joining the Group, Kelvin spent six years at Allied
Domecq and four years at Unilever in a variety of finance
functions. He has significant international experience
and has high levels of compliance, change management
and systems implementation experience, across almost
every finance discipline. He is a Chartered Management
Accountant.
Other Current Appointments: None
Board Committees: Sustainability (Chair)
Skills and Experience:
• More than 18 years in the Group with a detailed
knowledge of the Group’s operations
• Extensive experience in finance, audit and risk
management
• Significant international experience including roles in the
UK, Continental Europe and Asia
• Strong network of finance professionals
Contribution:
Kelvin Stagg is integral to the Company’s long-term
success as he manages the financial risks, reporting and
planning of the business, contributes to oversight of the
Company’s Strategy and manages global delivery of all
business technology services to the business, including
implementation of all large-scale projects. He has extensive
experience of managing multi-disciplinary areas and having
been employed for over 18 years at the Company, he
understands the operation of the business at all levels.
PageGroup 2024 Annual Report & Accounts | 82
Strategic Report Corporate Governance Financial Statements Additional Information
Past Roles:
Sylvia was previously the Chief Growth Officer of Sodexo
SA, leading strategy, digital, marketing and sales, and a
member of the Sodexo Group Executive Committee. She
has also held a variety of finance and general management
roles in companies operating in a number of sectors,
including Danone SA, Mattel Inc, Vivendi Universal
Publishing SA, and Houghton Mifflin Harcourt & Co.
Other Current Appointments:
Member of the Supervisory Board and Chair of the Audit
& Compliance Committee of Keolis SAS, the International
Advisory Board of HEC Business School, Paris, the “French
Tech” Advisory Board to the French Government, Non-
Executive Director, Senior Independent Director and Chair
of the Audit and Risk Committee of Animalcare Group
plc, Non-Executive Director and Chair of the Nomination/
Remuneration Committee of Groupe AdP SA, and Non-
Executive Director of Clariane SE.
Board Committees: Audit, Nomination, Remuneration
Skills and Experience:
• Extensive experience and understanding of international
markets, including North America, Europe, China, India,
Latin America and South East Asia
• Extensive experience in business development, financial
management, and general management
• Extensive experience in designing and delivering diversity
programmes
• Leading and delivering change
• Developing high-performance teams
• Strong understanding of Finance, HR, IT, Digital, Sales,
and Marketing functions
• Proven ability for delivering Shareholder value
• Strong strategic understanding
Contribution:
Sylvia Metayer has significant experience working for
international organisations in finance and general management
leadership positions. Her guidance and observations on the
demands and challenges in the various international markets
in which the Company operates supports strongly the
Company’s expansion and its ongoing success. Further, her
financial acumen adds additional strength and depth to the
Company’s strategic decision-making.
Independent Non-Executive Director
Date of Appointment: September 2017
Sylvia Metayer
Past Roles:
Between 1998 and 2013, Karen was the Group HR Director
at The Sage Group plc. Subsequent to this Karen held Group
HR executive positions with Wandisco, Inc based in the US
and with Micro Focus International, the FTSE 100 software
company, as Chief Human Resources Officer, having initially
joined the business as a Non-Executive Director and Chair
of the Remuneration Committee in 2016. Karen was Non-
Executive Director and Chair of the Remuneration Committee
at ASOS plc until December 2022.
Other Current Appointments:
Karen is currently Non-Executive Director and Senior
Independent Director of Mobico plc, and a Non-Executive
Director and Chair of the Remuneration Committee of Sabre
Insurance Group plc.
Board Committees: Audit, Nomination and Remuneration
(Chair)
Skills and Experience:
• Over 20 years of international Human Resources
experience in the technology industry, particularly in
Europe and the US
• Extensive experience of designing, building and leading
HR and Reward functions across a range of listed
international businesses
• Deep understanding of business strategy and operating
models coupled with experience in how to support and
maximise organisations’ potential as they develop and
grow
• Experienced in leading and delivering transformation
initiatives
Contribution:
Karen Geary brings a range of skills to the Board and the
Remuneration Committee. She has a deep understanding
of business strategy and its interaction with people strategy.
With more than 20 years’ experience in executive and non-
executive roles, she has extensive knowledge of HR and
reward within listed international companies, making her
well equipped to be an effective Chair of the Remuneration
Committee.
Independent Non-Executive Director
Date of Appointment: April 2022
Karen Geary
83 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Past Roles:
Ben was previously the Group Finance Director and member
of the Board of British American Tobacco (“BAT”) plc, having
spent 29 years with the company in a variety of finance
and operational roles in the UK and overseas. Prior to that,
he held commercial and finance roles at both Thorn EMI
plc and BET plc. He has also held non-executive director
roles with Trifast plc in the UK and with ITC Ltd in India. He
holds a Bachelor’s degree in Economics from University of
Manchester and MBA from Manchester Business School,
University of Manchester.
Other Current Appointments:
Non-Executive Director and Chair of the Audit Committee
and Transaction Committee of ISS A/S.
Board Committees:
Audit (Chair), Nomination, Remuneration
Skills and Experience:
• CFO of a FTSE 100 public company for over ten years
• Extensive line management experience having been
Director, Europe for BAT and Managing Director of BAT’s
operations in Pakistan and in Russia.
• Extensive experience in financial, audit and risk
management
• Significant international experience through roles in the
UK and overseas
Contribution:
Ben Stevens brings a range of skills to the Board and the
Audit Committee. He has extensive international executive
leadership experience, having led the finance function
of a FTSE 100 business for a number of years. He has
also worked internationally and managed international
businesses throughout his career. This experience makes
him well placed to understand a wide range of business
issues. He has a deep understanding and proven track
record regarding the role and responsibilities of the Audit
Committee in a large listed Group, given his current non-
executive position as Audit Committee Chair at ISS A/S.
Senior Independent Director
Date of Appointment: January 2021
Ben Stevens
Past Roles:
Before joining Kerry Group plc, Michelle was Group
People & Culture Officer for ISS World Services A/S.
Prior to this she has held a number of senior executive
roles including Director, Group Integrated Change
Programme at SABMiller plc and General Manager
UK & Ireland for British American Tobacco plc, having
previously undertaken a number of senior HR roles
within the Group. Michelle’s executive career spans four
global listed companies, and she has lived and worked
in nine countries across Europe and Asia.
Other Current Appointments:
Chief Human Resources Officer, Kerry Group plc
Board Committees:
Audit, Nomination, Remuneration
Skills and Experience:
• Extensive experience in global human resources
leadership
• Extensive experience in leading and delivering
organisational change and transformation
• Breadth and depth of leadership experience in global
listed businesses in service, consumer and business
to business
• Strong and commercial mindset and approach
• Extensive experience in general management
Contribution:
The Company’s long-term success is highly influenced
by ensuring it has a well thought through human capital
strategy. It recognises its people are at the heart of
everything it does, particularly as an organically grown
business. Michelle Healy offers the Board deep insight
into its approach in this respect. She has held a number
of senior HR leadership roles while also having run
businesses at an operational level.
Independent Non-Executive Director
Date of Appointment: October 2016
Michelle Healy
PageGroup 2024 Annual Report & Accounts | 84
Strategic Report Corporate Governance Financial Statements Additional Information
Kaye Maguire
Past Roles:
Kaye started her career in private practice, working for
international law firms, including, Hogan Lovells, Allen &
Overy and Jones Day. She then spent over nine years
at Legal & General where she held a variety of senior
positions, including Head of Legal at Legal & General Group
plc and Chief Resourcing & Legal Officer at Legal & General
Investment Management Limited. She joined PageGroup
in 2018, and was appointed to the Executive Board in
January 2023.
Skills and Experience:
• Over 20 years’ experience in legal and company
secretarial matters for public companies
• Extensive listed company, compliance, litigation and
corporate governance experience
• Experience of building, developing and leading high-
performing legal and company secretarial functions within
international businesses
• International experience working for FTSE businesses
across various sectors and jurisdictions
Contribution:
Kaye brings extensive technical and strategic experience
to the Group. She has deep experience of advising boards
on a range of contentious and non-contentious legal issues
including governance and regulatory matters, international
and multi-jurisdiction contracts, transactions and large-
scale litigation. Attending Board and Board Committee
meetings, her experience serves the Board well in terms
of ensuring legal and governance matters are anticipated,
considered and addressed.
General Counsel & Company Secretary
Date of Appointment: October 2018
Past Roles:
Babak was appointed as a Non-Executive Director on
10 April 2023. He is currently an Executive Vice President
for CloudHQ, one of the world’s largest data centre
developers, and also serves as a senior advisor as part
of the Accenture Luminary program. Until August 2023,
he was Chief Technology & Digital Officer and Member
of the Board of Management at Koninklijke KPN NV, the
telecommunications company based in the Netherlands.
Prior to this he has held a number of senior technology
positions in the telecoms sector, including Chief Technology
Officer at MTN Group plc and Chief Technology Officer
(Romania and then Spain) at Vodafone Group plc.
Skills and Experience:
• Expert in the implementation of highly complex, large-
scale international technology projects
• Extensive experience of leading infrastructure projects,
including digital transformation, data management,
systems development and network deployment across a
range of different markets
• Wide experience of operations and general commercial
management
• Strong strategic understanding of risk management
particularly in respect of transformation and change
Contribution:
Babak’s extensive technology experience ensures the
Board is well equipped to make informed decisions on all
aspects of its technology and innovation programmes. His
international experience in large multinational organisations
brings valuable global knowledge to the strategic issues
facing PageGroup in the various markets in which it
operates around the world.
Independent Non-Executive Director
Date of Appointment: April 2023
Babak Fouladi
85 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
The Executive Board
Nicholas Kirk
Kelvin Stagg
Chief Financial Officer,
Executive Director
See biography on page 81.
Kaye Maguire
General Counsel &
Company Secretary
See biography on page 84.
Chief Executive Officer,
Executive Director
See biography on page 81.
Anthony Thompson
Chief Executive Officer
Page Executive
Originating from South Australia, Anthony commenced
his Page career in Hong Kong in 2001. He led and
established multiple businesses and brands across Hong
Kong and Mainland China and was promoted to Managing
Director in 2006. In 2012, he was promoted to Regional
Managing Director, Greater China, with multiple offices
across Mainland China, Hong Kong, and Taiwan. In 2015,
Anthony moved to Singapore with additional responsibility
for our six countries in South-East Asia, and subsequently
India, Japan and Australia, and in 2018 he was appointed
to the Executive Board. In 2023, in line with our strategic
growth plans for Page Executive worldwide, Anthony was
appointed as its Chief Executive Officer.
Eamon Collins
Chief Marketing and
Data Officer
Eamon joined the Group in 2007 as UK Marketing
Director, having previously held senior marketing and
communication roles at Samsung and Hitachi.
Eamon became the Group Marketing Director in 2012
and was responsible for the Group’s global brand,
communications, and digital channels. During his time
in this role, he oversaw significant changes both to the
platforms that PageGroup uses in reaching Customers
and to the marketing teams worldwide that work on them.
Eamon’s remits include responsibility for marketing
strategy, including digital presence, the Customer value
proposition, and our data programme covering insights,
data enablement and applications of Artificial Intelligence.
Eamon is a member of the Sustainability Committee.
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Strategic Report Corporate Governance Financial Statements Additional Information
Isabelle Bastide
Chief Operating Officer
France, Southern Europe, North America,
Latin America, Middle East and Africa
Isabelle began her career in banking, then quickly
moved into the recruitment sector where she
managed a portfolio of large national accounts. She
joined Page Personnel France in 1999 as a consultant
in Finance and was quickly promoted to Director. In
the 2000s she grew a number of disciplines resulting
in a strong market position for the French business.
Isabelle was appointed as Managing Director in 2007,
and in 2014 she launched Page Outsourcing. She
is a member of the Executive Board, and, in 2023,
Isabelle was promoted to Chief Operating Officer,
leading commercial operations in France, Southern
Europe, North America, Latin America, Middle East
and Africa. She is a board member at Prism’Emploi,
the French staffing association, collaborating closely
with non-profit organisations to drive positive societal
impact. She is also a Non-Executive Director at
Creadev, a sustainable investment company. Isabelle’s
contribution to the industry was recognised in 2023
when she was included in the SIA’s 2023 Global
Power 150 Women in Staffing.
Tessel Naaijkens
Chief People Officer
Tessel began her career in HR in the
Netherlands and has worked in a wide range of
sectors and markets, holding senior positions in
Philip Morris, L’Oréal, Getronics and Oriflame.
Her international experience includes prior roles in
Corporate Recruitment in Paris, country HR director
in Mexico, and as Vice President Global HR in
Sweden.
In 2018, Tessel joined PageGroup as HR Director
for Continental Europe. She was promoted to
Global People Director in January 2024, and Chief
People Officer in October 2024. Tessel is a member
of the Sustainability Committee.
Nicolas Béchu
Chief Operating Officer
Northern & Central Europe, UK,
and Asia Pacific
Nicolas joined Michael Page in France (Paris) as a
Consultant in the Finance practice in 1995, and was
promoted to Director in 2000. In 2002, he launched
the newly established business in Belgium and was
promoted to Managing Director in 2003. In 2007,
Nicolas moved to Milan to manage the PageGroup
operations in Italy. In 2010, he transferred to the
Netherlands and became responsible for Northern
Europe. In 2021, he joined the Executive Board. In
2023, Nicolas was promoted to Chief Operating
Officer, leading commercial operations in Northern &
Central Europe, UK, and Asia Pacific.
Patrick Hollard
Chief Customer Officer
Patrick started his career with Peat Marwick/
KPMG in Europe. Patrick joined Michael Page,
France, in 1996. He was promoted to Director and
founded operations in Brazil in 2000, Mexico in
2005, Argentina in 2007, Chile in 2010, Colombia in
2012, Peru in 2014 and Panama in 2018.
Patrick has been on the Executive Board since
2010 and led operations in Latin America, Middle
East and Africa until earlier this year. In 2023,
Patrick took over responsibility for strategic
customers including our outsourcing operations
and advisory solutions. He is a member of the
Group of Counselors of Foreign Trade of France,
Administrator of the French Lycée in São Paulo,
and an active member of the Young Presidents
Organisation. Patrick is a member of the
Sustainability Committee.
87 | PageGroup 2024 Annual Report & Accounts
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Composition of the Board
As at 31 December 2024, the Board comprised the Chair,
the Chief Executive Officer, the Chief Financial Officer and
five independent Non-Executive Directors. The biography
of each of the Directors and their contribution to the Board
can be found on pages 80-84.
As Chair, Angela Seymour-Jackson has overall
responsibility for the leadership of the Board and ensuring
its effectiveness. The composition of the Board is kept
under regular review to ensure it has the necessary skills
and experience to lead the Group. The Board has a range
of experience, skills and backgrounds which allows it
to engage in constructive challenge, provide strategic
guidance and to offer up specialist advice.
The Board monitors the independence of the Directors,
engages in constructive debate with management and sets
the Group’s Strategy. All current Non-Executive Directors
are independent, in line with the Corporate Governance
Code, and the Chair was independent on her appointment
to the Board.
There is clear division of the role and responsibilities
between the leadership of the Board and that of the
Executive Directors (for further details please refer to the
Corporate Governance Framework on page 79). While
the Board is responsible collectively for the success of the
Company, the Chair manages the Board to ensure that
the Company has appropriate objectives and an effective
strategy. The Chair ensures that the Chief Executive Officer
has a team to implement the approved Strategy and
that there are procedures in place to inform the Board of
performance against objectives. The Chair also ensures that
the Company operates in accordance with the principles of
good corporate governance. The Chair’s other significant
commitments are set out on page 80. The Board considers
that these are not a constraint on the Chair’s agreed time
and commitment to the Company.
As Senior Independent Director, Ben Stevens acts as an
alternative channel of communication for Shareholders. He
is also a sounding board for the Chair and serves as an
intermediary for other Directors.
The Chief Executive Officer has the overall responsibility
for day-to-day management on matters affecting the
operation and performance of the Group, and the delivery
of the Board’s strategy. The Chief Executive Officer chairs
the Executive Committee (known within the Group as the
“Executive Board”) and delegates aspects of authority to
the Executive Board as permitted under the Corporate
Governance framework. The Executive Board is responsible
collectively for executing the delivery of the annual
operating plans. The Chief Executive Officer also leads the
programme of communication with Shareholders.
Executive and Non-Executive Directors are equal members
of the Board and have collective responsibility for Board
decisions. The Non-Executive Directors bring a diverse
wealth of skills and experience to the Board and its
Committees.
The Board has a formal schedule of matters reserved which
include the matters below. The Board reviews the schedule
annually to ensure it remains fit for purpose and updates are
made as appropriate:
• Group Strategy and corporate objectives;
• determining the nature and extent of the Board’s risk
appetite;
• determining major changes to the nature, scope or scale
of the business of the Group;
• corporate governance matters;
• approval of Nomination Committee recommendations
on the appointment and removal of Directors and
succession planning;
• changes to the Group’s capital structure and approval of
any business plan prior to a new entity being established
in a new territory;
• significant changes to the Group’s corporate structure
and management control structure;
• financial reporting, audit and tax matters;
• material contracts and transactions not in the ordinary
course of business;
• material capital expenditure projects;
• approval of the annual budget;
• obtaining major finance; and
• communications with Shareholders and complying with
regulatory requirements.
The Board and its operation
The Board of PageGroup plc is the body collectively responsible for the overall management and conduct
of the Group’s business, and approving and overseeing implementation of its Strategy. It has the powers
and duties set out in relevant laws of England and Wales and in its Articles of Association.
The Board plays an active role in establishing the Group’s purpose, values and Strategy. Its role is to
provide strategic leadership to the Group within a framework of prudent and effective controls which
enables risk to be anticipated, assessed and managed. The Board is responsible collectively for
promoting and leading on the long-term success of the Group, generating value for all its Stakeholders
and changing lives to benefit wider society.
Corporate Governance Report
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Strategic Report Corporate Governance Financial Statements Additional Information
Induction, training and information
A suite of relevant training, advice and information is
provided to Directors to enable the Board to function
effectively. This is achieved through a variety of means
including internal and external presentations from senior
executives within the business, advisors and tailored
guidance briefings circulated to Board members. As
and when new Directors join the Board, the Chair of the
Board and the General Counsel & Company Secretary are
responsible for their induction.
There have not been any new Directors appointed to
the Board in FY2024. However, when new Directors are
appointed to the Board, each Director discusses with the
Chair and the General Counsel & Company Secretary
the extent of training required. The training programme
would typically consist of individual meetings with senior
executives, office visits, attending senior management
meetings, and work shadowing to understand the day-
to-day activities of the business. For Non-Executive
Directors, this is supported by a detailed induction pack
and programme focusing on the Group’s culture, values,
Stakeholders, operations, Strategy and governance and
financial performance, in addition to personalised training
from the Group’s corporate legal advisers.
Directors update and refresh their knowledge and familiarity
with the Group through participation at meetings with,
and receiving presentations from, senior management.
This enables them to stay close to the challenges and
opportunities arising within the business. The Board also
receives regularly updated KPIs to enable it to track the
Group’s strategic growth pillars.
All Directors have access to the advice and services of
the General Counsel & Company Secretary. The General
Counsel & Company Secretary is present at all Board
meetings and is responsible to the Board for ensuring that
Board procedures are complied with as well as advising the
Board on legal matters, including forthcoming legislation
and corporate governance matters. Where necessary,
external advisors will also attend meetings to provide
updates and to answer any questions that are concerning
the Board.
The Board, Committees and Directors are also able to
access independent professional advice at the Group’s
expense if the Directors deem it necessary in order for them
to carry out their duties and responsibilities.
The Board operates an annual cycle of matters for its
consideration, supplemented with strategic topics and
governance matters. The frequency of meetings and the
Board agendas are also kept under regular review to ensure
any matter that requires discussion at, or escalation to,
the Board can be accommodated. For each Board and
Committee meeting, Directors receive a pack of relevant
papers and information on the matters to be discussed.
The Board uses a third party board platform to distribute
information quickly and securely. At Board meetings, the
Chief Executive Officer presents a comprehensive update
on all key business issues across the Group and the Chief
Financial Officer presents a detailed analysis of the Group’s
financial performance. The Board also receives at each
Board Meeting an Investor Relations Report, including
any feedback from investors and Investor Roadshows.
Members of the Executive Board, Regional Managing
Directors and other senior managers may also attend
relevant parts of Board meetings and the Board Strategy
Day in order to make presentations on their areas of
responsibility. All of the above gives a comprehensive view
on the issues facing the business and enables robust review
of the current and future performance of the Group.
Committees
The Board Committees are the Audit Committee,
Nomination Committee and Remuneration Committee.
Additionally, the Board has delegated responsibility for
sustainability matters to the Sustainability Committee and
receives regular updates and reporting on the work of this
Committee. For further details please see pages 39-54.
The Audit and Remuneration Committees are comprised
solely of independent Non-Executive Directors. The
Nomination Committee comprises Non-Executive Directors
and is chaired by the Chair of the Board, who was
independent on appointment. Details of the composition
and activities of the Committees can be found in the Audit
Committee Report on pages 99-106; the Nomination
Committee Report on pages 94-98; and the Directors’
Remuneration Report on pages 107-131. Their terms of
reference are reviewed annually, copies of which can be
found on the Company’s website at
www.page.com.
Each of the Committees mentioned above reviews its
effectiveness and makes recommendations to the Board
about any changes necessary. The Chair of the Board
and the Chairs of each of its Committees will be available
to answer Shareholders’ questions at the Company’s
forthcoming Annual General Meeting on 3 June 2025.
The General Counsel & Company Secretary, or their
nominee, acts as secretary to each of these Committees
and minutes of meetings are circulated to all Committee
members and to all members of the Board unless it would
be inappropriate to do so.
The Sustainability Committee, which oversees the Group’s
Sustainability strategy, is chaired by the Chief Financial
Officer and reports to the Board. Details of the membership
and activities of the Sustainability Committee can be found
on pages 39-40.
The Group also has an Executive Committee, known as the
Executive Board, which is chaired by the Chief Executive
Officer. Biographies for Executive Board members can
be found on page 85-86. The Executive Board meets
regularly and is responsible for assisting the Chief Executive
Officer in the performance of his duties. These include the
development and implementation of strategy, operational
plans, policies, procedures and budgets.
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Board activities
During the year, the Board held eight meetings, together with a separate dedicated Strategy Day. The Board’s strategy
sessions consisted of deep-dive sessions on Page Executive, the recruitment sector, the core business, and technology as a
recruitment discipline. A non-exhaustive list of the of key activities considered, reviewed and monitored by the Board are set
out below.
Pages 67-72 provide full details of how the Board has taken into account Stakeholder interests in accordance with section
172 of the Companies Act. The key above provides an additional snapshot of where Stakeholder groups have been
considered as part of the Board’s work and decision-making.
• Group’s financial results throughout the
year
• Analysis of the Group’s cash position,
headcount, productivity and costs
• The annual budget and quarterly forecasts
• Capital returns policy
• KPI dashboard monitoring business
performance
Financial Performance Strategy
• Focus on high potential growth Pillars
• Sustainability strategy
• Deep-dive sessions in key markets
• Shared Service Centre strategy
• AI and Innovation reviews
• Page Executive and Enterprise Solutions
– Deep Dives
• Investor feedback
• Corporate Governance updates
• Schedule of matters reserved
• Board and Committee evaluation
• Modern slavery update and KPIs
• Information Security and Data Protection
monitoring and reporting
• ESG commitments and target
monitoring
Compliance and
Regulations
Culture and
Engagement
• Culture Framework measures and data.
Please see page 28 for further details
• Diversity, Equity & Inclusion initiatives
update
• Employee voice activities: engaging with
our People and reviewing outputs from
surveys
• Office visits
• Non-Executive Director mentoring of a
number of Ignite participants
• Speak-Up helpline review
Investors
Communities and
Government
Suppliers
Our
People
Customers
KEY
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Strategic Report Corporate Governance Financial Statements Additional Information
Principles
Compliance with the UK Corporate Governance Code 2018
During the year ended 31 December 2024, the Company has applied the principles and complied with all of the provisions
of the Code. The Code is publicly available on the FRC website (www.frc.org.uk). Please see below for details regarding the
application of the principles of the Code. The Group will be reporting its compliance with the UK Corporate Governance Code
2024 in FY2025.
AI and Technology
In 2024, the Board spent time understanding
how AI and technology could add value to
our business. Two examples of how we have
harnessed the power of AI and the work of our
data team include Job Ad Generator and our
Senior Leadership Dashboard.
Job Ad Generator is an AI tool deployed
globally, enabling consultants to produce and
post tailored market and skills-specific job
adverts, 75% faster than before.
Senior Leadership Dashboard derives from a
data model, in-house built, providing real-time,
end-to-end KPIs giving valuable insight into
business performance. The Board frequently
reviews these KPIs which are cascaded to our
senior leaders, giving us better insight and a
more comprehensive understanding of our
business than ever before.
Composition, succession and evaluation (J-L)
Pages 94-98 and 80-84 (Nomination Committee Report and Directors’ Biographies)
Audit, risk and internal control (M-O)
Pages 87-93, 99-106 and 57-66 (Corporate Governance Report, Audit Committee Report, Principal Risks, Going
Concern and Viability Statement)
Board leadership and Company Purpose (A-E)
(Risk – pages 55-66, Culture & Engagement – pages 27-38 and Stakeholder Engagement – pages 67-72)
Division of responsibilities (F-I)
Pages 78-79 and 87-93 (Corporate Governance Report)
Remuneration (P-R)
Pages 107-131 (Directors’ Remuneration Report)
91 | PageGroup 2024 Annual Report & Accounts
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Board and Committee attendance
The table below sets out the number of meetings of the
Board held during the year and individual attendance by the
Directors at these meetings, demonstrating commitment
to their role as Directors of the Company. Attendance by
the relevant members of each Committee can be found
on page 100 (Audit Committee), page 94 (Nomination
Committee) and page 111 (Remuneration Committee).
The Board met 8 times during the year. During the year
under review the Non-Executive Directors met on several
occasions without the Executive Directors being present.
The Senior Independent Director reviewed the performance
of the Chair and Directors had the opportunity to meet
without the Chair present.
Director No. of meetings attended
Angela Seymour-Jackson 8 out of 8
Karen Geary 8 out of 8
Michelle Healy 7 out of 8
Nicholas Kirk 8 out of 8
Babak Fouladi 8 out of 8
Sylvia Metayer 8 out of 8
Kelvin Stagg 8 out of 8
Ben Stevens 8 out of 8
1. Michelle Healy did not attend a Board meeting due to an unforeseen commitment.
Succession planning
Ensuring the necessary skills and experience are
represented on the Board, now and in the future, is an
important responsibility overseen by the Board. Senior
management development and succession planning
discussions are held annually. These discussions focus
on the development and succession of the Executive
Directors, Executive Board members and other senior
managers in the Group over the short, medium and
longer term. The Group operates Talent, Succession &
Development programmes across the business targeting
high-potential employees at different stages in their career.
We seek to ensure access to career development is fair and
our programmes are representative of our employees.
Through the work of the Nomination Committee, the Board
considers the breadth and depth of experience of the Non-
Executive Directors and regularly evaluates, as it did in the
year under review, succession planning for the Board as a
whole. Further details on which, and the Board’s policy on
diversity and inclusion, both at Board level and the Group,
can be found in the Nomination Committee Report on
pages 97-98 and the Strategic Report on pages 27-38.
Talent, Development and Succession also form part of the
Chief Executive Officer’s responsibilities and are assessed
through his annual objectives.
Performance evaluation
The Board is committed to effective evaluation of its
performance and that of its Committees and Directors in
accordance with the Code.
An externally facilitated Board evaluation was undertaken in
2023, and was carried out by Constal, a third party Board
effectiveness advisor with no connection to the Company or
individual Directors. A key outcome from 2023’s evaluation
was to ensure agreed KPIs monitoring the Group’s new
strategy were agreed and regularly provided to the Board;
this was developed and implemented in 2024. Please see
page 89 for further details.
In 2024 an internal evaluation of the Board and its
Committees was undertaken. The evaluation focussed
on key topics such as board composition, stakeholder
oversight, meeting management, board dynamics, board
support, strategic oversight, and board priorities. The roles
and impact of the Chair, Committee Chairs, the Senior
Independent Director, and individual Board members were
included in the evaluation.
The review involved anonymous Board and Committee
evaluation surveys being circulated and distributed to Board
members and the General Counsel & Company Secretary.
The surveys provided scope to rate the areas described
above together with functionality to provide free text
commentary.
Feedback was discussed between the Chair and
the General Counsel & Company Secretary and a
comprehensive report was presented to the Board for
discussion. A summary of the themes and proposals arising
out of the review are set out below.
Evaluation Outcome and Proposals for 2025
Overall the Board’s performance was rated highly, with
the overwhelming majority of responses rating the
Board as good or excellent. Board composition, skills
and experience, together with access to, and flow of,
information, were highlighted as areas of particular strength.
The annual cycle of work was considered well managed
and Board dynamics allowed for collaboration and
challenge as necessary. Understanding of the recruitment
sector and the Group’s stakeholders was also rated highly.
Employee voice activities were sufficiently incorporated
into the Board’s work, albeit that the Group’s diverse
geographical footprint was noted as requiring the continued
use of a variety of channels to ensure the Board remains
close to the Employee Voice.
Board members reported that ongoing focus on strategy
execution and performance against plans, and keeping
abreast of developments in AI and technology, were
priorities for throughout 2025. Accordingly, these areas will
be front and centre of the Board’s work in 2025.
The Chair provides feedback to individual Directors
throughout the year and is responsible for reviewing
individual Directors’ contribution to the Board, which
formed part of the Board evaluation. Ben Stevens, the
Senior Independent Director, conducted a review of
the Chair. Feedback on individual Directors and Chair
performance was positive and revealed no issues requiring
to be addressed in 2025.
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Re-election of Directors
The Code requires all Directors to stand for election or
re-election at each Annual General Meeting. In accordance
with the Company’s Articles of Association, the Directors
will be required to stand for re-election at the Company’s
upcoming Annual General Meeting to renew their
appointment.
Internal control and risk management
The Board retains responsibility for the Group’s overall risk
appetite and for the effectiveness of its risk management
and internal control systems. The procedures established
by the Board have been designed to meet the requirements
of the Group and the risks to which it is exposed and these
are reviewed on a regular basis.
These procedures also provide an ongoing process for
identifying, evaluating and managing principal and emerging
risks. The system of internal control includes financial,
compliance and operational controls, which are designed to
meet the Group’s needs. These controls aim to safeguard
Group assets, ensure that proper accounting records are
maintained, and that financial information used within the
business and for publication is reliable and supports the
successful delivery of the Group’s Strategy. Any system
of internal control can only provide reasonable, but not
absolute, assurance against material misstatement or
loss. In practice, the Board delegates the day-to-day
implementation of the Board’s policy on risks and control
to executive management and this is monitored by the
Group’s Internal Audit function which reports back to the
Board through the Audit Committee.
The key elements of our system of internal control are as
follows:
Group Organisation – The Board of Directors meets at
least eight times a year and holds extra meetings where this
is considered necessary. The Board meetings focus both on
strategic issues and operational and financial performance.
There is also a defined policy on matters reserved strictly
for the Board which is reviewed on an annual basis. The
Regional Managing Director, supported by a Regional
Finance Director, of each of our regions is accountable
for establishing and monitoring internal controls within our
respective regions.
Annual Business Plan – The Board reviews the Group’s
Strategy and business plan. Performance is then monitored
by the Board through the review of monthly reports showing
comparisons of results against budget or modelling, and
the prior year, with explanations provided for significant
variances.
Policies and Procedures – Policies and procedures
are documented over both financial controls and non-
quantifiable areas such as the Group’s whistleblowing policy
and its policy relating to anti-bribery and corruption and gifts
and hospitality.
Risk Management – The Board has established a
framework for identifying current and emerging risks,
and processes, and controls for managing risk, both at
a strategic and operational level. As a minimum, this is
reviewed on an annual basis. In 2024, this was conducted
at the half year and full year.
Internal Audit – The Group’s Internal Audit function
examines business process controls throughout the Group
on a risk basis and reports the findings to the Executive
Board and Audit Committee. Agreed actions are monitored
and reported to the Audit Committee, who in turn report to
the Board.
Confirmations from Executive Management – The
Managing Director and Finance Director of our operations
in each country formally certify twice a year whether the
business has adhered to the system of internal control
during the period, including compliance with Group policies.
The statement also requires the reporting of any significant
control issues that have emerged, including suspected
or reported, so that areas of concern can be identified
and investigated as required. These confirmations and
supporting controls self-assessment questionnaires are
reviewed by the Internal Audit function and a summary of
findings is provided to the Audit Committee for review.
In accordance with the requirements of the Code and the
recommendations of the FRC’s Corporate Governance
Code 2024 Guidance, the Board has reviewed and agreed
its approach to risk and its risk appetite when considering
its Strategy and the management of its risks. It has also
considered its longer term viability. Details on the Board’s
risk appetite and its assessment of its longer term viability
can be found in the Strategic Report on pages 57-66. The
Board, with the assistance of the Audit Committee, has
carried out a review of the effectiveness of the Group’s
risk management and internal control systems, including
a review of the Internal Audit activities and the financial,
operational and compliance controls for the period from
1 January 2024 to the date of this Annual Report.
This review covered strategic, operational and principal
risks and the effectiveness of the control environment
applied to those principal risks across the business. The
Board discusses and formally confirms its understanding
of the key risks affecting the Group and its risk appetite.
This follows deep dive risk review sessions at the Audit
Committee. These reviews are guided by an annual audit
plan, and adjusted during the year.
No significant failings or weaknesses were identified.
A confirmation of any necessary actions is, therefore, not
provided. However, had there been any such failings or
weaknesses the Board confirms that necessary actions
would have been taken to remedy them.
Culture
The Board is committed to the oversight and monitoring of
the Company’s culture. Full details of the Board’s approach
to its duties regarding the Group’s Culture can be found on
page 38.
The Board understands that a well run and trusted
whistleblowing policy and helpline is a key tool for strong
and effective corporate governance, compliance and risk
management. The Company operates an external global
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confidential ‘Speak-Up’ helpline supported by a Speak-Up
policy available on each country’s website and translated
into all local languages. The Board reviews all reports to
the helpline including the Company’s response. In 2024,
six instances to the Speak-Up helpline were recorded.
Reports related to customer service or local HR matters. All
instances raised via the Speak-Up helpline were discussed
at the Board and it was satisfied with the Company’s
approach to each report.
Directors’ confirmation
The Directors are responsible for preparing the Annual
Report in accordance with applicable law and regulations.
Having taken advice from the Audit Committee, the Board
considers the Annual Report and Accounts, taken as a
whole, as fair, balanced and understandable and that it
provides the information necessary for Shareholders to
assess the Company’s position, performance, business
model and strategy. Neither the Company nor the Directors
accept any liability to any person in relation to the Annual
Report except to the extent that such liability could arise
under English law.
Understanding the views of Shareholders and active
engagement with our Shareholders is always considered
a key priority for the Board. The Chief Executive Officer
and the Chief Financial Officer, supported by the Investor
Relations team, make themselves available, wherever
possible, to meet with Shareholders and analysts at their
request. In 2024, four investor roadshows were held and
eight investor relations conferences were attended. There
were also 19 individual meetings, telephone or video calls.
The meetings were held either in person or virtually. This
regular engagement was supplemented with presentations
to analysts after our quarterly, interim and full-year results.
The Annual Report and Accounts are available to all
Shareholders either in hard copy or via the Company’s
website www.page.com. The website contains up-to-
date information on the Group’s activities, published
financial results and the presentations used for briefings
and investor meetings held during the year. These are
available to download. The Annual General Meeting is an
additional opportunity for Board members to meet with
Shareholders and investors and give them the opportunity
to ask questions. Final voting results are published through
a Regulatory Information Service and on the Company’s
website following the meeting. The Board looks forward to
the Annual General Meeting on 3 June 2025 and engaging
with Shareholders.
Conflict of interest
The Company has implemented robust procedures in line
with the Companies Act 2006, requiring Directors to seek
appropriate authorisation from the Board prior to entering
into any outside business interests which have, or could
have, a direct or indirect interest that conflicts, or may
conflict, with the Group’s interests. These procedures have
operated effectively throughout the year under review. The
Nomination Committee is responsible for reviewing possible
conflicts of interest. It makes recommendations to the
Board as to whether a conflict should be authorised and
the terms and conditions on which any such authorisation
should be given by the Board. Please see page 94 of the
Nomination Committee report which provides further details
about how the Board considered conflicts in respect of
Directors’ additional appointments.
Only Directors without an interest in the matter being
considered will be involved in any decision involving a
potential conflict and each Director must act in a way they
consider, in good faith, will promote the success of the
Group. All Directors are aware of their continuing obligation
to report any new interests, or changes in existing interests,
that might amount to a possible conflict of interest in order
that these may be considered by the Board and appropriate
authorisation given.
Angela Seymour-Jackson
Chair
5 March 2025
PageGroup 2024 Annual Report & Accounts | 94
Strategic Report Corporate Governance Financial Statements Additional Information
Nomination Committee
Report
Angela Seymour-Jackson
Committee Chair
This section of the Annual Report and Accounts sets out the Nomination Committee Report for 2024. The
work of the Committee shapes the culture of the business, given its responsibility for talent development
and succession. The Committee’s focus in 2024 included targeted development for senior leaders,
seeking to maximise a diverse talent pipeline for now and for the future, and understanding succession
planning across the Group’s senior leadership.
Purpose
The Committee is an important component of the
Company’s governance framework and the Group’s
Strategy. It is responsible for ensuring that the Company
has a strongly performing Board and senior leadership
team. It reviews and challenges where it identifies gaps in
succession plans for key senior roles and seeks to ensure
that talented individuals reach their potential.
The Committee reviews the skills and composition of the
Board, its Committees and the Executive Board to ensure
these are fit for purpose and able to execute upon the
Company’s strategy and business plans. The Committee
seeks to ensure that the Company provides an inclusive
environment. It is an important focus of the Committee’s
work to ensure a diverse range of skills and backgrounds
are represented on the Committee and across the
organisation’s leadership.
In 2024, the Committee determined that the experience
required for the Group was present on the Committee
and Board, including in respect of Non-Executive versus
Executive experience and overall diversity of thought.
The Committee was also satisfied that the Board and its
Committees contain the appropriate mix of technical skills,
experience and knowledge. For further details, please see
the table opposite.
Membership
During the year under review the members of the
Committee were myself, as Chair of the Committee,
Babak Fouladi, Ben Stevens, Karen Geary, Michelle Healy
and Sylvia Metayer.
Board and Committee appointments are for three-year
periods (see page 123 for further details). No Director
is entitled to vote in respect of their own continuing
appointment. The Chief Executive Officer is regularly invited
to Committee meetings. The General Counsel & Company
Secretary attends meetings and other individuals such
as the Chief People Officer and external advisers may
attend meetings by invitation only, when this is considered
appropriate and valuable. Members view this arrangement
as fostering appropriate challenge and debate regarding
the recommendations made by the Committee to the
Board.
Additional commitments
Details of Committee members’ other significant
commitments can be found on pages 80-84. All additional
commitments are considered by the Committee and
approved prior to commencement.
In 2024, Sylvia Metayer was appointed as a Non-Executive
Director of Clariane SA. The appointment was considered
neither to interfere nor conflict with her duties to the
Company.
Angela Seymour-Jackson was considered as independent
at the time of appointment as Chair of the Board.
Board Skills / Competencies
Skill/Competency Strength
Finance
Audit & Risk
Public Company Governance
Legal and Regulatory
1
Sales & Distribution
Technology
Data Management/Data Privacy/Information
Security
HR/Talent Management/(DE&I)
ESG/Sustainability
Business Transformation & Change
Key: Not represented Strong experience
1. The General Counsel & Company Secretary attends all Board and
Committee meetings.
95 | PageGroup 2024 Annual Report & Accounts
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Responsibilities
The key responsibilities of the Committee are to:
• oversee and manage Non-Executive, CFO and CEO
appointments to the Board;
• maintain the right mix of character, skills and experience
on the Board and its Committees;
• make recommendations to the Board on development
and succession plans for members of the Board and
senior management;
• assess and nominate members to the Board
in accordance with fair processes and diversity
considerations;
• approve job descriptions and written terms of
appointment for Directors;
• review the independence of Non-Executive Directors,
taking into account their other directorships; and
• set diversity-related targets and consider inclusion
objectives in terms of the Group’s talent pipeline and new
senior appointments.
Succession planning
The Committee monitors length of tenure for the Board
and Committee members to ensure ongoing independence
and considers succession plans with a view to emergency,
short-term and long-term succession. This approach is
taken for key roles on the Board and those that require
specific skills or experience, such as the Chairs of the Audit
and Remuneration Committees. In addition, the Committee
pays close attention to talent development programmes
and the progress being made throughout the year in
respect of these programmes.
There were no changes to the Committee in 2024.
However, when the Committee does consider an
appointment it follows a formal and transparent procedure.
It is generally assisted in its search for new Non-Executive
Directors by an independent executive search company.
Depending on the search brief, the Committee would select
the executive search company which it considers the most
appropriate and relevant for the assignment.
With each assignment a detailed candidate profile is
compiled, circulated and discussed by the Committee,
taking into account the balance of skills and experience
of existing Board members and the requirements of the
Company at that time and in the future.
With any appointment, diversity in all its forms are
considered as important factor. Candidates are identified
and selected against objective criteria including their
skills and experience and individual qualities. Shortlisted
candidates are assessed and interviewed by members
of the Committee and the Board. Thereafter, a
recommendation of appointment is made to the Board.
Committee members are also appraised on skills and
experience represented on the Executive Board and take
counsel from the Chief Executive Officer on suitability of
appointments. In 2024, Tessel Naaijkens, Chief People
Officer, was appointed to the Executive Board. Tessel’s
bio is set out on page 86. Throughout 2024, a number
of Committee members were paired with a mentee from
the Company’s Ignite Development programme, giving
both participants and mentors opportunities to learn from
one another and develop. For further details on the Ignite
programme please see page 96.
Attendance during the year
During 2024, the Committee met on three occasions.
Details of the members’ attendance at meetings of the
Committee are set out in the following table.
Director No. of meetings attended
Babak Fouladi 3 out of 3
Karen Geary 3 out of 3
Michelle Healy
1
2 out of 3
Sylvia Metayer 3 out of 3
Angela Seymour-Jackson 3 out of 3
Ben Stevens 3 out of 3
1. Michelle Healy was unable to attend a Committee meeting due to
an unforeseen commitment.
Committee’s focus during 2024
Activities and areas of focus for the Committee in 2024 were as set out below.
Succession Management
Development Programmes
Talent Review Process
Diversity, Equity and Inclusion targets
PageGroup 2024 Annual Report & Accounts | 96
Strategic Report Corporate Governance Financial Statements Additional Information
Spotlight on Talent, Development and Succession – Ignite!
Objective
Maintain Board and Committee membership to be at
least 40% female.
Status
Board and each Board Committee currently has at
least 50% female representation, which exceeds the
40% objective.
Partnering with CLL, the leadership development consultancy, our Learning and Leadership team designed the Ignite
Executive Development Programme to address development and growth areas for a selected group of leaders. The
programme focussed on:
• Enterprise Leadership & Global Mindset
• Change, Influence and Transformational Leadership
• Inclusive Leadership and Allyship
• Corporate Governance
Feedback from the participants has been resoundingly positive in terms of being able to apply the skills learned
to impact the Group’s success. The Committee oversaw the programme through a combination of several Committee
members mentoring a number of participants and receiving updates on the programme’s progress.
MET
Objective
Meet the Parker Review recommendation of one
Director from a minority ethnic background.
Status
Babak Fouladi was appointed due to his extensive
technology experience. He was appointed in April
2023.
MET
Objective
Ensure at least one of the senior Board positions
(Chair, Chief Executive Officer, Senior Independent
Director or Chief Financial Officer) is a woman.
Status
Angela Seymour-Jackson is the Chair of the
Company.
Objective
Female representation of at least 40% within senior
management and their direct reports as defined by
the Corporate Governance Code (the “Code”).
Status
As at 31 December 2024, 36.4% of senior
management as defined by the Code and their
direct reports were female.
ONGOINGMET
1 Appointments are made based on merit and objective criteria.
Objective
50:50 gender split for management grades across the global organisation.
1
Status
As at 31 December 2024, there were 46% women and 54% men holding
positions of Associate Director (and equivalent) and above.
ONGOING
97 | PageGroup 2024 Annual Report & Accounts
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Committee evaluation
In accordance with the Code the Committee assesses
its performance annually. In 2022 and 2023 an externally
facilitated review was undertaken by Constal Limited. In
2024 the Committee determined it was appropriate to
undertake the review using in-house internal resources. The
review process was as set out below:
Stage 1: Questions were agreed with the Committee Chair
covering areas such as overall performance, oversight
of succession plans for the Board, Committees and the
Executive Board and the Committee’s effectiveness in
respect of managing talent and development oversight.
Stage 2: A survey tool allowing anonymised responses was
set up and circulated to Committee members. The survey
allowed for free text comments.
Stage 3: The Committee Chair and General Counsel
& Company Secretary reviewed survey and free text
responses and discussed the results together and agreed
on key themes emerging from the feedback and a summary
report was produced.
Stage 4: The outcome of the evaluation and the summary
report was discussed with the Committee and actions
agreed arising out of the performance evaluation.
Evaluation Outcome
Overall the Committee’s performance was rated highly. All
ratings were excellent or good. In summary, feedback from
Committee members highlighted the following reasons for
awarding the ratings:
• there had been continued investment in respect of senior
management and succession planning; and
• open discussions take place on succession for key roles.
Themes from the evaluation regarding improving the
Committee’s effectiveness included building upon current
opportunities for interaction between key talent and
Committee members, which was deemed particularly
important given the organic growth model of the Company.
This will be addressed through actions such as ensuring
formal presentations by key talent to the Board and/or its
Committees throughout the course of 2025.
Details of the Board evaluation can be found on page 91.
Diversity
As a recruitment company, we are committed to promoting
inclusion in the workplace both internally and externally.
Our Company Purpose is to change lives. Inclusion is
therefore central to our Culture and the services we provide
our Customers.
The Parker Review recommendations request companies
set a target for ethnic minority representation in senior
management. As reported last year, the Committee set a
minimum target of 10% of the Executive Board and their
direct reports identifying as being from an ethnic minority
background by 2027. The Group has currently 13% of
this population identifying as from an ethnic minority
background. Other actions undertaken to promote ethnic
diversity include ensuring our Shadow Boards comprise
diverse talent and running reverse mentoring programmes
as well as campaigns to promote our Unity@Page network.
Committee member, Babak Fouladi, plays a meaningful
role in supporting ENABL, a PageGroup external network
established to help promote Asian and Black leadership.
The Board and its Committees’ diversity and inclusion
policy is reviewed annually and is available on the
Company’s website at www.page.com.
The Nomination Committee implements the diversity and
inclusion policy and a summary of key objectives regarding
diversity and inclusion are set out below:
• to ensure Board and Committee membership is diverse
in all its forms;
• requirement for diverse shortlists for non-executive
positions; and
• maintain Board and Committee membership to be at
least 40% female.
The Committee recognises that while progress is being
made in achieving its gender diversity targets, it must retain
focus and continue to drive forward towards achievement
of the Group’s goals.
A summary of the actions that we have implemented are
below:
• a programme is in place where Executive Board and plc
Directors mentor high potential talent;
• Managing Directors and above have diversity objectives
where appropriate;
• Dedicated panel sessions around key events such as
International Women’s Day designed to raise awareness
of inclusion in the workplace with particular emphasis on
gender; and
• there are regular tracking reports charting progress
against gender targets.
Men
63.6%
Women
36.4%
Gender representation in senior management and direct reports – 31 December 2024
As determined in accordance with the definition contained in the Corporate Governance Code.
PageGroup 2024 Annual Report & Accounts | 98
Strategic Report Corporate Governance Financial Statements Additional Information
For additional information, as at 31 December 2024, gender composition of the Audit and Remuneration Committees was
40% male: 60% female. The Nomination Committee was 33.3% male: 66.7% female.
As at 31 December 2024, the Company met all three of the diversity targets set out in the FCA’s UK Listing Rules. As noted
above, the Board has 50% female representation, one of the four senior positions on the Board is held by a woman, and the
Board composition included a Director from an ethnic minority background.
Plan for 2025
The Committee plans to continue its focus on understanding talent pipeline below Executive Board level, it will continue to
monitor progress in areas of diversity where goals have been set, both internally and externally, and it will retain focus on
Board skills and competencies to ensure it has the talent required for the Company’s long term success.
Angela Seymour-Jackson,
Nomination Committee Chair
5 March 2025
Number
of Board
members
Percentage
of the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage
of executive
management
Men
4 50% 3 6 66.7%
Women
4 50% 1 3 33.3%
Not specified/prefer not to say
- - - - -
Number
of Board
members
Percentage
of the Board
Number of senior
positions on the Board
(CEO, CFO, SID and Chair)
Number in
executive
management
Percentage
of executive
management
White British or other White
(including minority-white groups)
7 87.5% 4 9 100%
Mixed/Multiple Ethnic Groups
- - - - -
Asian/Asian British
- - - - -
Black/African/Caribbean/Black
British
- - - - -
Other Ethnic group
1 12.5% 0 0 0%
Not specified/prefer not to say
- - - - -
Ethnicity representation in Board and senior management – 31 December 2024
As determined in accordance with the definition contained in the FCA’s UK Listing Rules. Information in relation to the Board and senior
management is collected by asking each relevant individual to complete a questionnaire aligned to the requirements and definitions in the
FCA’s Listing Rules on a confidential and voluntary basis through which they self-report the requested data.
Gender representation in Board and senior management – 31 December 2024
As determined in accordance with the definition contained in the FCA’s UK Listing Rules.
99 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Purpose
The Audit Committee is a fundamental part of the Group’s
governance framework, safeguarding the integrity of the
Company’s financial statements and external reporting of
Company performance, and monitoring that the internal
controls and risk management systems of the Company are
operating effectively.
Membership
In 2024, the Committee’s members were Ben Stevens
Committee Chair, Michelle Healy, Sylvia Metayer, Karen
Geary and Babak Fouladi. There have been no changes in
Committee membership during the year.
The Committee’s membership contains members with
recent and relevant financial and corporate governance
experience derived from a range of sectors, providing
the members with the skill set to perform the work of the
Committee. The quality of the Committee’s work is further
enhanced by training, which takes place on an ongoing
basis through updates provided by the Company’s External
Auditor and/or internal finance team, on areas relevant
to the Committee, such as developments in corporate
reporting. The General Counsel & Company Secretary also
advises the Committee on legislative or regulatory changes
or areas of relevance or interest to the Group.
Only members of the Committee are entitled to attend
meetings. Other individuals, such as the Chair of the Board,
the Chief Executive Officer, the Chief Financial Officer, the
General Counsel & Company Secretary, the Director of
Internal Audit and the external Audit Partner, are regularly
invited to attend meetings as necessary. The Committee
can invite others to attend as appropriate.
The Board assesses the competence of those sitting on
the Committee annually. In 2024, it was satisfied that Ben
Stevens had recent and relevant financial experience as
required by the Corporate Governance Code (the “Code”)
and competence in accounting as required by the Financial
Conduct Authority’s Disclosure Guidance and Transparency
Rules. This assessment was based on his prior experience
as a FTSE 100 Chief Financial Officer and his Audit
Committee Chair experience in other large organisations.
The Board also noted that Sylvia Metayer possessed the
relevant financial and accounting experience, and the other
members of the Committee had a sufficiently wide range of
business experience and expertise. As a result, the Board
was satisfied the Committee had competence relevant to
the sector in which the Company operates.
For further details, the relevant qualifications and
experience of the Committee members are shown in their
biographies on pages 80-84. In 2024, the performance and
effectiveness of the Committee was internally evaluated.
Full details can be found on pages 91 and 112.
The Committee met with the Director of Internal Audit and
the External Auditor during the year without the presence
of management in order to provide an opportunity for
confidential discussion. The Director of Internal Audit and
the External Auditor also met with, and have direct access
on an ongoing basis to, the Chair of the Committee.
Below is the Audit Committee report for the financial year ended 2024. A key area of focus for the
Committee is to ensure financial reporting is accurate and informative. The Company experienced
strong economic headwinds in 2024 and financial performance suffered as a result. The Committee’s
work has therefore concentrated on the Company’s financial reporting, and ensuring that the
Company’s internal controls continue to be fit for purpose, while monitoring the current and emerging
risks facing the business.
Audit Committee Report
Ben Stevens
Committee Chair
PageGroup 2024 Annual Report & Accounts | 100
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Committee’s focus during 2024
The Committee is focussed on maintaining and monitoring
the quality and integrity of financial reporting, as well as
assessing the Company’s risk management systems and
internal control environment. In 2024, in preparation for
upcoming corporate governance reforms and to further
enhance the Company’s risk management and internal
control reporting, the decision was made to restructure
the risk and internal audit function. Please see “Corporate
Governance reforms” section for further details.
Macro-economic conditions have led to the Company
experiencing challenging market conditions throughout
the year. Over this period, the Committee has sought to
ensure the accuracy of financial reporting and standard of
disclosures, as well as monitoring risks and emerging risks
associated with the business.
Set out in the table on page 102 is a summary of the main
activities of the Committee during 2024.
The Committee received regular updates to monitor the
Company’s preparedness in anticipation of proposed
corporate governance and audit reforms. Deep-dive
sessions were also held on data protection and privacy and
controls in respect of payroll vendors.
In line with previous years, the tax strategy and treasury
policy were reviewed by the Committee and recommended
for approval by the Board.
The Committee met on seven occasions. Committee
meetings are set to coincide with key dates in the financial
reporting calendar and the audit cycle. The Committee is
provided with sufficient resources to undertake its duties.
Details of the members’ attendance at the meetings of the
Committee are as follows:
Director No. of meetings attended
Sylvia Metayer 7 out of 7
Michelle Healy
1
6 out of 7
Ben Stevens 7 out of 7
Karen Geary 7 out of 7
Babak Fouladi 7 out of 7
1. Michelle Healy could not attend a meeting due to an unforeseen
commitment.
Corporate Governance reforms
In January 2024, the FRC published changes to the UK
Corporate Governance Code (the “Code”). The Group
complies with the existing Code and the Committee is
considering management’s recommendations in relation
to risk management and internal control as set out in
provision 29 in the 2024 version of the Code. In anticipation
of the corporate governance reforms, a working group has
been established, and the internal risk function, previously
combined with internal audit, has been restructured to
better prepare for the reforms. Throughout the year the
Committee has received regular updates and is working
closely with the internal risk function to address the
requirements of provision 29 which apply to the Company
from 1 January 2026.
Financial reporting
In its financial reporting to Shareholders and other
Stakeholders, the Board seeks to ensure that it presents
a fair, balanced and understandable assessment of the
Group’s position and long-term sustainability, providing
necessary information for Shareholders to assess the
Company’s position, performance, business model and
strategy.
The Company has an established process for reviewing
the Annual Report and Accounts to ensure that it is
fair, balanced and understandable. The process was
followed this year and included: ensuring compliance with
the regulatory requirements for the Annual Report and
Accounts; a thorough review of going concern analysis;
a process to determine the accuracy, consistency and
clarity of the data and language; and a detailed review
by all appropriate parties including external advisers. To
document the process, a checklist of all the elements of
the process was completed and cascaded. Sign-off was
implemented through the Group’s management structure
to provide assurance to the Committee that the appropriate
procedures had been undertaken by all Group companies.
The Committee has reviewed the Company’s 2024 Annual
Report and Accounts. It provided comments that were
incorporated into the Annual Report and Accounts and
has advised the Board that, in its opinion, the Annual
Report and Accounts taken as a whole is fair, balanced and
understandable and provides the information necessary
to assess the Company’s position, performance, business
model and strategy.
101 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
How the Committee addressed the issue
Context:
Revenue recognition for permanent and temporary placements,
with particular focus on Period-end cut off and appropriate
accounting treatment in accordance with IFRS and Group
accounting policies.
Revenue from permanent placements is derived from both
retained assignments (income recognised on completion of
defined stages of work) and non-retained assignments (income
recognised at the date an offer is accepted by a candidate and
where a start date has been determined). There is a risk that a
candidate reverses their decision to take up a placement before
the start date and as such the revenue recognised would be
reversed. A provision is made by management, based on past
historical experience, for the proportion of those placements
where this is expected to occur. Revenue from temporary
placements, which represents amounts billed for the services
of temporary staff, including the salary cost of these staff, is
recognised when the service has been provided.
Significant issue –
Revenue Recognition
Significant accounting issues and areas of judgement
The Committee focuses particularly on key accounting
policies and practices adopted by the Group and any
significant areas of judgement that may impact materially
reported results, as well as the clarity of disclosures,
compliance with financial reporting standards and the
relevant requirements around financial and governance
reporting. Details on accounting policies can be found on
pages 148-153.
Out of the accounting issues and areas of judgement
reviewed by the Committee during the year one was
considered significant, which was addressed as follows:
Actions taken:
As in previous years, the Committee assessed the Group’s
revenue recognition policies relative to IFRS and the sector to
ensure that they are appropriate, and challenged management
on the internal control and compliance processes over revenue
recognition, taking into account the views of Internal Audit
and the External Auditor. The External Auditor explained to
the Committee the procedures they performed and the areas
of challenge addressed to management in respect of revenue
recognition, in particular, Period-end cut-off. On the basis
of their audit work, the External Auditor concluded that the
revenue recognised in 2024 is materially in accordance with the
Group’s revenue recognition policy and IFRS, and the provision
for expected revenue reversals is materially appropriate.
Conclusions and rationale:
The Committee concluded that the approach to revenue
recognition was consistent with the policies and the judgements
made were appropriate.
PageGroup 2024 Annual Report & Accounts | 102
Strategic Report Corporate Governance Financial Statements Additional Information
Main activities of the Audit Committee during 2024
The Committee has an agreed rolling programme of agenda items which the Committee Chair and General Counsel
& Company Secretary keep under regular review to ensure that all key financial reporting and risk matters are properly
considered. The list below summarises the key items considered by the Committee during the year.
January
Review of Financial
Statements
Quarter 4 Results and Full Year
Trading Update
March
Review of Financial
Statements
• Judgemental and Accounting
issues
• External Auditor’s year-end
report
• Fair, balanced and
understandable review
Going Concern Analysis
• Viability statement
• Confirmation of external
auditor’s independence
• Draft preliminary results
announcement and FY2023
Annual Report and Accounts
• Management letter of
representation
Risk and Internal Control
• Internal Audit report
• Review of cyber security
Compliance
• Review of litigation register
• Meeting between External
Auditor without Executive
Directors
• Meeting between Head of
Internal Audit without Executive
Directors
External Auditor
• External Auditor effectiveness
and rigour survey
April
Review of Financial Statements
• Quarter 1 trading update
Compliance
• Global Transactional Finance
presentation
August
Review of Financial Statements
• Draft interim results announcement
• Judgemental and accounting
Issues
• Going concern analysis
Risk and Internal Control
• Internal audit update
• Risk review and confirmation of
principal and emerging risks
• Review of Group insurance
renewal
• Review of data privacy
External Auditor
• External Auditor’s interim review
• Interim review of management
letter of representation
• Scope of the full year audit
• Non-audit fees review
• External Audit FY24 Planning
Report
Compliance
• Review of litigation register
• Corporate Governance Code –
audit changes
• Meeting between Head of Internal
Audit and External Auditors
without Executive Directors
July
Review of Financial Statements
• Quarter 2 trading update
October
Review of Financial Statements
• Quarter 3 trading update
Compliance
• Update on payroll vendors
December
Review of Financial
Statements
• Review of 2024 Annual Report
and Accounts process
• Judgemental and accounting
Issues
Risk and Internal Control
• Internal Audit update
• Approval of Internal Audit plan
for 2025
• Risk review and confirmation of
principal and emerging risks
• Annual review of anti-bribery
compliance
External Auditor
• Audit progress update report
• Review and approval of audit fee
Compliance
• Year-end legislative and
procedural matters
• Terms of reference review
• Annual Committee evaluation
• UK Corporate Governance Code
compliance
• Review of Internal Audit
• Group pension scheme update
Tax and Treasury
• Review of Tax strategy
• Review of Treasury matters and
Treasury policy
103 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
External Auditor’s independence
and effectiveness
The Committee monitors the objectivity, independence
and effectiveness of the External Auditor, Ernst & Young
LLP (“EY”). The Committee seeks to meet best practice
and comply with audit legislation with regard to audit firm
rotation and the provision of non-audit services including:
the FRC’s Audit Committees and the External Audit:
Minimum Standard (“Minimum Standard”); the provisions of
the Code; and the Competition and Market Authority Audit
Order 2014.
EY was first appointed as the Company’s External Auditor
in 2011. The Company last held a competitive tender of
external audit services in 2020, and following a rigorous
process, EY was successful. In accordance with applicable
law and regulation, the Company will re-tender the external
audit at least every ten years and will change the External
Auditor at least every 20 years.
The Committee reviews regularly the objectivity and
independence of the External Auditor and has concluded
this is achieved by:
• obtaining assurances, subject to safeguards, from the
External Auditor that adequate policies and procedures
exist within its firm to ensure that the firm and staff are
independent of the Group by reason of family, finance,
employment, investment and business relationship (other
than in the normal course of business);
• meeting with the External Auditor without management
being present;
• enforcing a policy of reviewing all cases where it is
proposed that a former employee of the External Auditor
be employed by the Group in a senior management
position or at Board level;
• monitoring the External Auditor’s compliance with
applicable UK ethical guidance on the rotation of audit
partners;
• approving non-audit services undertaken by the External
Auditor;
• the rotation of the lead Audit Partner after five years. Joe
Yglesia is currently the lead Audit Partner, having taken on
that role following the completion of the 2020 Audit; and
• the quality, performance and effectiveness of the External
Auditor is reviewed annually by the Committee. This
covers the quality of robust challenge provided by the
audit team and of key components of the audit and the
level of expertise and resources applied to the audit. It
also provides assurance that there are no issues which
could adversely affect the external auditor’s independence
and objectivity.
The Committee reviews the following:
• robustness of the External Auditor’s plan and its
identification of key risks and whether the plan has been
met;
• approach to and execution of the agreed plan;
• robustness (including the audit team’s ability to challenge
management) and perceptiveness of the External
Auditor in handling key accounting and audit judgements
including demonstrating professional scepticism and
independence;
• quality and content of reports provided to the Committee
by the External Auditor including reporting on internal
controls;
• feedback from management which is ascertained from
staff surveys completed by employees involved in the
audit process;
• the External Auditor’s management letter to assess the
External Auditor’s understanding of the Company and its
business and whether recommendations have been acted
on; and
• communications in and outside of meetings between the
External Auditor and the Committee.
Audit Fees
The Committee reviewed all non-audit services
to ensure the non-audit services are closely
linked to the audit itself or required by law or
regulation, having regard to the provisions of the
FRC’s Ethical Standard for Auditors.
In accordance with the FRC’s Minimum
Standard, the Committee has a policy
safeguarding the independence of the external
auditor providing non-audit services. The policy
specifies permitted non-audit work and places
caps on the amount of non-audit work that can
be undertaken. The CFO must authorise all non-
audit work and the Audit Committee Chair is
notified of all the non-audit work undertaken.
The audit fees and non-audit fees are set out in
the table opposite.
2024 2023
£000 % £000 %
Audit of PageGroup plc and its
subsidiaries.
1,791 95.5 1,825 96.6
Interim review procedures
1
74 3.9 56 3
Non-audit services
2
11 0.6 9 0.5
Total fees 1,876 1,890
1. Interim review procedures were carried out on in respect of the half-year results
2. The 2024 non-audit fees relate to local filing requirements; certifying revenue and
expenses in France, certifying revenue in the Netherlands, and certifying tax records in
Italy. The 2023 non-audit fees relate to certifying revenue in the Netherlands for local
filing requirements and factual reporting on revenue and payroll expenses required for the
French business.
PageGroup 2024 Annual Report & Accounts | 104
Strategic Report Corporate Governance Financial Statements Additional Information
In light of the above review, the Committee concluded that
the quality and effectiveness of EY’s external audit for 2024
was of sufficiently high standard.
The Committee considers the planned scope of assurance
provided across the Group on an annual basis to consider
whether changes are required to continue to obtain the
necessary level of assurance.
Internal control and risk management
The Board’s responsibilities for, and their report on, risk
management and the systems of internal control and their
effectiveness are set out in the Corporate Governance
Report on page 92.
On behalf of the Board, the Audit Committee undertakes
a robust assessment of principal and emerging risks.
This involves reviewing the Group’s risk assessment
procedures and risk registers and its longer term viability.
The risk assessment takes account of all top down and
aggregate risk and presents the effectiveness of the
controls to mitigate the principal risks of the business,
including environmental, social and governance matters,
inherent in the strategy of the business and its plan. The
risk assessments consider the level of gross risk to the
business, the effectiveness of controls in mitigating those
risks and the resulting net risk level. If the net risk level is
above the Group’s risk appetite, management develop
further remedial action plans.
There are processes across the Group to consider
emerging risks. Within our Group operational risk
assessment and reporting process cycle, twice per
annum, management are formally required to consider and
disclose any emerging risks. These are reviewed at a Group
level together with a top down perspective gained from
discussion with senior management. In addition, our internal
audit programme reviews the basis of risk submissions
with local management for principal risks, including any
emerging risks. The principal risk reports are independently
reviewed with the External Auditor to identify the potential
risks that the Group should be considering and anticipating.
With regard to principal risks around global economic
growth, over the course of the year political uncertainty in
the US and Europe, and low global growth forecasts, have
meant trading conditions have been difficult. The Group’s
experience of cyclical markets, and its global footprint,
mitigates this risk to the extent currently possible.
In 2024, the Company assessed and monitored the use
and development of Artificial Intelligence (AI) and its impact
on the business. Initial concerns over AI have abated and
AI applications have begun to be implemented across the
business.
Transformation and change has been identified as a risk
area for the Group. In 2023, a Transformation function was
established to lead and manage large scale projects and a
number of these projects have been completed over 2024.
The Committee remains vigilant with regard to data
protection and cyber security risks, cognisant that this is an
area that requires an ongoing programme of investment,
monitoring and improvements in order to stay up to date
and keep systems and data secure and compliant. During
the period under review, no material information security
breaches or third party breaches were reported and
the Committee held a deep-dive review session on the
Company’s compliance with data protection regulations.
Full and further details of the Group’s principal and
emerging risks and the areas of mitigation can be found on
pages 57-64.
The Company’s risk review procedures include, at a
minimum, half-year and full-year reports to the Committee
from the Director of Internal Audit on the performance of
the system of internal controls and on its effectiveness in
managing material and emerging risks and identifying any
control failings or weaknesses.
The Committee reviews the Group’s risk management
process annually, with the outcome being reported to the
Board. This, together with regular updates to the Board on
material risks, allows the Board to make the assessment on
the system of internal controls and the residual risks for the
purpose of making its public statement. The risk process,
together with the key risks and their indicators, have
been identified and mitigating actions are described in the
Strategic Report on pages 57-64.
Where weaknesses have been identified in the system of
internal controls for the mitigation of risks to an acceptable
level, plans to strengthen the control system are put in
place. Action plans in this respect are regularly monitored
until complete. During the period under review there were
no control failings or weaknesses that resulted in material
losses for the Group.
An update on the Committees preparedness for corporate
governance reforms can be found on page 100.
Internal audit activities
The Group’s Internal Audit function comprises a Director of
Internal Audit and a team of internal auditors and we have
a co-source agreement in place with a third party internal
audit provider. The Director of Internal Audit reports to
the Audit Committee and works with the CFO and CEO
to determine priorities. He also has direct access to the
Committee and the Board. This ensures there is opportunity
for frank and open dialogue. The Director of Internal Audit’s
remuneration is determined by the Chair of the Committee
in consultation with the CFO to ensure independence.
The scope of work for the Internal Audit function is
agreed with the Committee annually with the findings
from internal audits being reported to the Executive Board
and the Audit Committee. Businesses are audited on a
rotational risk-based approach to assess the effectiveness
of controls to mitigate risks to an acceptable level. All
major risks are addressed in this process, including Group
functions and change programmes, as are those around
governance, environmental and social related matters.
Actions to maintain and improve the effectiveness of the
control environment are agreed with Management and are
monitored and reported to the Committee. Risks are also
105 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
reviewed regularly and required changes are made to the
risk profile, and where necessary, to the activity of Internal
Audit. All changes to the Internal Audit plan are agreed with
the Chair of the Committee and the Committee.
Committee evaluation
In accordance with the Code, the Committee annually
assesses its performance. In 2022 and 2023, an externally
facilitated review was undertaken by Constal Limited.
The 2023 review highlighted that the Committee should
schedule and monitor any potential risks associated with
the Group’s strategy. As the Committee has prepared for
provision 29 of the Code, there has been regular in-depth
discussions about risk and deep dive sessions into specific
risks such as cyber and privacy.
In 2024 the Committee determined it was appropriate to
undertake the evaluation of the Committee internally.
The review covered the Committee’s remit and overall
performance, including assessing the Committee’s abilities
in identifying, monitoring and managing risks.
The outcome of the review was that the Committee is
working well and effectively. Themes from the feedback
included:
• continuing to monitor the financial statements and
Company resilience over periods of economic downturn;
and
• focusing on ensuring it discharges its responsibilities
in respect of the internal control requirements of the
2024 Governance Code and other upcoming regulatory
changes.
Further details of the process and outcome of the Board
and Committee evaluation process can be found in the
Corporate Governance Report on page 91.
Fraud
The Committee reviews the procedures for the prevention
and detection of fraud in the Group. Suspected cases of
fraud must be reported to the CFO and the Director of
Internal Audit and investigated by operational management
and Internal Audit. The outcome of any investigation is
reported to the Committee. A register of all suspected
fraudulent activity and the outcome of any investigation is
kept and is circulated to the Committee on a regular basis.
During the year in question, no frauds of a significant or
material nature were reported.
Anti-bribery and corruption and business
ethics
The Company has a Code of Conduct which can be
found on its website www.page.com. This sets out the
standards of behaviour by which all employees of the Group
are bound and is based on the Company’s commitment to
acting professionally, fairly and with integrity.
The Group maintains a zero tolerance approach against
corruption. It has an established anti-bribery and corruption
policy, which includes guidance on the giving and receiving
of gifts and hospitality. This policy applies throughout the
Group and is complemented by anti-bribery and corruption
training. In order to capture any concerns that employees
or external parties may have in relation to bribery and
corruption, the policy highlights internal contacts who can
assist in any queries surrounding gifts and hospitality or
concerns around bribery and corruption. There is a process
whereby senior management (as defined by the Corporate
Governance Code) and their direct reports minus two levels
are required to sign a statement disclosing any conflicts of
interest. Compliance with the anti-bribery and corruption
policy is reviewed annually by the Internal Audit function and
reported to the Committee. The latest review showed there
was a good understanding of the issues and no breaches
were reported. Additionally, the Company operates a global
“Speak-Up” helpline and actively promotes its use for any
ethical matters. All matters raised on the helpline were
investigated and referred to the relevant HR teams. For
further details see pages 92-93.
Compliance with Statutory Audit
Services Order
The Company confirms that it has complied with the
provisions of the CMA’s Statutory Audit Services for
Large Companies Market Investigation (Mandatory Use
of Competitive Tender Processes and Audit Committee
Responsibilities) Order 2014 for the financial year
under review.
PageGroup 2024 Annual Report & Accounts | 106
Strategic Report Corporate Governance Financial Statements Additional Information
Ben Stevens
Audit Committee Chair
5 March 2025
Audit committees and the external audit: minimum
standard compliance statement
The Company and the Audit Committee considered and applied
the Financial Reporting Council’s (FRC) “Audit Committees and the
External Audit: Minimum Standard” published in May 2023. The Audit
Committee Report discusses how the Company has complied with
the Minimum Standard, (in particular the requirements of paragraph
24) during the financial year. There were no regulatory inspections in
relation to the Company’s audit for financial year ended 31 December
2024, and no requests made by Shareholders in connection with the
Company’s audit.
In accordance with its terms of reference, the Committee oversaw the
relationship with the external auditor. This included an assessment of
the external auditor’s overall effectiveness, including by reference to a
number of the factors set out in paragraph 16 of the Minimum Standard
assessing the auditor’s expertise, qualifications, independence,
objectivity, and overall effectiveness over the external audit.
The Committee continued to understand the risks to audit quality and
to maintaining high quality audits over the course of the year while
receiving an efficient service from the external auditor. The Committee
receives an annual report of audit results which includes the details
of any quality issues or concerns reported during the audit. The
Committee meets regularly with the External Auditor, with or without the
presence of management, and are able to raise any concerns about
audit quality on an ongoing basis.
The Committee monitors the effectiveness of the external auditor
through an annual effectiveness survey distributed to management.
In FY2024, EY continued to receive positive feedback.
The Committee noted the findings of the Financial Reporting Council’s
latest inspection of audit quality of EY released in July 2024.
In accordance with paragraph 24 of the Minimum Standard, details on
the Company’s accounting policies can be found on pages 148-153.
Following its assessment of audit quality, the Committee is satisfied that
EY have demonstrated their effectiveness as an auditor and produced
sufficiently high quality audits over the course of the year under review.
The Committee concluded that the external auditor and audit process
were effective, and a recommendation was made to the Board on the
reappointment of EY as the auditor for the year ending 31 December
2025 at the forthcoming AGM.
107 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Implementation of ESIP during 2024
We introduced the Executive Single Incentive Plan (ESIP) in
2017. Over the past eight years this has been used to align
pay and performance through cyclical economic conditions,
driving the alignment of Executives with the shareholder
experience through their shareholding in the business. The
ESIP is designed to:
• align reward with Company performance through delivery
against predominantly financial targets;
• recognise the highly cyclical nature of the industry in
which PageGroup operates;
• reduce undue volatility to drive performance and retention
of Executives through all stages of the economic cycle;
and
• foster development of shareholding by Executives to align
with the wider Shareholder experience.
The structure takes a long-term approach to reward, using
performance achieved to make awards (partly in cash and
mostly in shares) and for these shares to be subject to
further holding periods, determined with reference to the
shareholding levels of each Executive at the point of vesting.
It can result in time periods of up to eight years between
the start of performance assessment and access to value
by the Executive: three years of business performance,
followed by up to three years for vesting to occur and
then a further two-year mandatory holding period if the
shareholding of the Executive falls below the shareholding
requirement in place.
This long-term view is important as we consider awards
made in respect of the performance period ending 31
December 2024, where we saw challenging market
conditions towards the end of this three-year period, and in
particular during 2024 itself, through a prolonged period of
macro-economic and geopolitical uncertainty.
2024 ESIP Performance Outcomes
The ESIP is assessed through the combination of both
annual and longer term three-year metrics.
The economic climate was challenging during 2024,
and the final profit before tax (PBT) outcome of £49.1m
fell below the threshold level of the range set by the
Committee. We saw excellent delivery in respect of the key
pillars of our Strategy and against longer term social goals
previously communicated by the business. As a Committee
we value the importance of this progress in the delivery
of our refreshed strategy, which positions the business
to benefit from more favourable trading conditions in the
future.
The outcome under the EPS metric reflected the depressed
economic conditions seen during a large part of the three-
year assessment period. Our EPS growth fell short of the
threshold level of the range set in early 2022, resulting in
a nil outcome under this metric. By contrast, we delivered
strong Gross Profit growth compared to our sector peer
group, with PageGroup achieving an upper quartile position
and therefore maximum outcome under the relative Gross
Profit metric.
Overall, this resulted in an award of 44.6% of maximum.
The Committee was comfortable that this was a fair
outcome taking into account the underlying business
performance in a challenging environment over the
respective performance period and in comparison to peers
in the sector. The outcome is a substantial decrease from
Below is the Directors’ Remuneration Report for the financial year ended 31 December 2024.
2024 has been a tough trading environment for the recruitment sector globally, with macro-economic
uncertainty affecting client and candidate confidence, with particular impact on permanent recruitment.
As a Committee, we have continued to look at the way we implement our agreed Remuneration Policy,
and the corresponding alignment between business performance and reward outcomes for participants.
Directors’
Remuneration Report
Karen Geary
Committee Chair
Section 1 – Chair’s introduction
PageGroup 2024 Annual Report & Accounts | 108
Strategic Report Corporate Governance Financial Statements Additional Information
the outcome of 79% of maximum under the 2023 ESIP
and as a result the single figure values disclosed in this
report are materially lower than the prior year. Overall, the
Committee was satisfied that the ESIP continues to align
pay and performance and therefore did not apply any
discretion to adjust the formulaic outcome.
Target setting and implementation
of reward for 2025
We will use the same key metrics within the operation of the
ESIP for 2025. We have made the decision to increase the
weighting placed on PBT performance (from 30% to 35%)
for the year ahead. This reflects our desire to place further
emphasis on maximising opportunities through signs of
recovery in our markets.
Profit targets are commercially sensitive and will be
disclosed in our next annual report. They are determined
reflecting the prevailing economic conditions, consensus
forecasts and our plans for the coming year. They recognise
the sector and economic uncertainty, yet incentivise leaders
to drive the business in pursuit of growth.
We remain committed to the external commitments we
have made around changing lives and driving gender
diversity within the workplace, which will be reflected within
the strategic goals. The three-year metrics (for the three-
year period ending 31 December 2025) will remain the
same: an absolute metric based on EPS performance and
a relative metric linked to our performance vs a comparator
group. We have set a forward looking EPS growth range
for 2025 to 2027 of 5% to 15% per annum growth from our
2024 baseline in respect of future operation of our incentive
plans, consistent with the range set a year ago.
Executive Directors will receive a pay increase for the year
in line with the core award for the wider workforce (1.5%)
having last received an increase effective 1 January 2023.
Wider workforce
The Committee regularly reviewed the way reward is
delivered across the organisation. This includes the use of
incentives to drive performance, and the way that benefits
are provided as part of a wider employment offer.
For other Executive Committee members (known internally
as the Executive Board) we determined reward outcomes
for 2024 and the level of vesting of longer-term incentives
linked to company performance and individual contribution.
Strategic performance metrics based on those used for
the Executive Directors are used to assess part of these
awards, and these themes are cascaded through the wider
organisation.
Driving effective governance
The Committee undertook an internally facilitated
effectiveness review during the year, which found the
operation and activity of the Committee to be strong. We
continue to monitor changes in the Corporate Governance
Code and any changes in expectations offered by key
Shareholders. We reviewed our existing provisions around
malus and clawback during the year and confirmed that
they already meet the expectations of the proposed
changes within the Corporate Code. These apply to
PageGroup from 1 January 2025. We actively monitor
the wider landscape, so we have confidence that our
approach is right for the business while meeting shareholder
expectations around remuneration and corporate
governance.
We have started to discuss the way we will review our
Policy ahead of presenting a new Policy to shareholders at
the AGM in 2026. We will have further discussions during
2025 and engage with our shareholder base to seek their
views ahead of tabling a new Policy in line with the usual
three-year cycle. It continues to be challenging to set
forward looking targets for the business through periods of
extended economic uncertainty and we have identified that
we want to take an objective review of the existing ESIP and
whether alternative approaches should be considered. Key
to our assessment will be the ability to translate business
performance into reward outcomes, while ensuring that our
structure is competitive and can attract and retain the talent
needed to advance our strategy.
Conclusion
I hope the attached report provides insight into our
working as a Committee during 2024, and the way we
have implemented the agreed Policy during the year.
I look forward to effective ongoing dialogue with
Shareholders on reward and for your support for our
Committee activities at the forthcoming AGM.
Karen Geary
Remuneration Committee Chair
5 March 2025
109 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
ESIP Outcomes – Aligning Pay with Performance
Actual
£49.1m
Weighting 30%
• Overall award 44.6% of maximum for CEO and 44.6% of maximum for CFO.
• 40% of award delivered in cash, remainder in deferred shares released on 2nd and 3rd anniversary of award.
Group PBT 2024
ESIP 2024 Outturn
Threshold
£80m
Stretch
Actual EPS was 9.1p and below the EPS achieved
for 2021, and therefore below the threshold of the
set range.
Weighting 25%
Earnings per Share (EPS) 2022-24
Threshold
5% growth
Stretch
15% growth
Actual
Upper quartile
Weighting 30%
Relative Gross Profit Growth
Threshold
Median
Stretch
Upper quartile
Weighting 15%
Strategic Progress (inc. ESG)
Excellent progress has been made in 2024 against
targets set for DE&I, 1 Million Lives, Strategic execution
and Client Experience (see page 115).
0
10
20
30
40
50
60
70
80
90
2019
2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
ESIP % Maximum
Share price – 31 December each year
ESIP Award:
(% Maximum)
Share Price
as at
31 December
each year (£)
History of ESIP Outcomes
Single Figure ESIP outcome (% maximum)
2024 2023 2024 2023
CEO – Nicholas Kirk £1,669k £2,442k 44.6% 79%
CFO – Kelvin Stagg £1,159k £1,689k 44.6% 79%
Section 2 – at a glance
£110m
Threshold Stretch
Actual
PageGroup 2024 Annual Report & Accounts | 110
Strategic Report Corporate Governance Financial Statements Additional Information
2024 Outcomes (£k) vs Policy Scenarios (CEO)
Outcome
600 67 1,002
Maximum
600 67 2,250
Target
600 67 1,125
Fixed
600 67
1,669
2,917
1,792
667
Salary Benefits (including pension) ESIP
Policy Implementation for 2025
Fixed Pay
Attract, retain and reward high
calibre Executive Directors
Salary CEO: Increase
to £609k
(+1.5%) aligned
to wider UK
increase.
CFO: Increase
to £420.2k
(+1.5%)
Pension 7% of salary, aligned to the
prevailing rate of the UK
workforce
Benefits Range of benefits including car
allowance, private health care,
permanent health insurance and
life assurance.
Executive Single Incentive Plan
(ESIP)
Rewards both short- and long-term performance.
Aligns interests of Executive Directors with
shareholders.
Opportunity: 375% of salary
Assessment: 50% of assessment to 2025 (annual)
performance, 50% to 2023-25 (3-year) achievement
Delivery: 40% of award delivered in cash, remainder in
deferred shares released on 2nd and 3rd anniversary of
award.
Protection: Awards subject to malus and clawback
Metrics Weighting
2025 PBT 35%
2025 Strategic including ESG 15%
2023-25 EPS growth 20%
2023-25 Relative Gross Profit growth 30%
Shareholding Guideline
To align Executives to company performance
through meaningful levels of mandatory
shareholding.
Post-cessation Policy to align executives beyond
termination of employment.
In Role: Requirement of 200% of base salary,
achieved through application of two-year post vest
holding periods (net of tax) from awards the ESIP.
Post Cessation: Holding of 2x salary (or actual
shareholding if lower) for one year post cessation,
reducing to 1x salary for subsequent 12 months.
Malus and Clawback
Malus and Clawback provisions apply to cash and
deferred portions, for misstatement, substantial
failure of risk control and gross misconduct
Application: Clawback period applies up to the 3rd
anniversary of payment for cash payments, and the
second anniversary of the normal vesting date for share
awards.
111 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
This part of the report has been prepared in accordance
with Part 3 of the Large and Medium-sized Companies and
Groups (Accounts and Reports) (Amendment) Regulations
2013. The information on pages 112-115 has been audited
where required under the Regulations. The elements of the
Directors’ Annual Remuneration Report subject to audit
are the:
(a) single total figure for remuneration and the
accompanying notes;
(b) details of the performance against metrics for variable
awards included in the single total figure table;
(c) details of the ESIP award made in 2024;
(d) section on outstanding share awards;
(e) payments to past Directors; and
(f) payment for loss of office.
During the year under review the members of the
Committee were Karen Geary, Michelle Healy, Sylvia
Metayer, Ben Stevens and Babak Fouladi. Details of
the members’ attendance at meetings of the Committee
are below:
Director No. of meetings attended
Karen Geary 7 out of 7
Michelle Healy
1
6 out of 7
Sylvia Metayer 7 out of 7
Ben Stevens 7 out of 7
Babak Fouladi 7 out of 7
1. Michelle Healy was unable to attend a Committee meeting due to an
unforeseen commitment.
Only members of the Committee are entitled to attend
meetings. Other individuals, such as the Chair of the Board,
the Chief Executive Officer, the Chief Financial Officer, the
Chief People Officer, the General Counsel & Company
Secretary and external advisers, may attend meetings by
invitation when appropriate.
No Director takes part in discussions relating to their
own remuneration. The Committee last conducted
a review of its Remuneration Advisers in 2018 and,
following a comprehensive tender process, appointed
PricewaterhouseCoopers (“PwC”) as the advisers to the
Committee. PwC is one of the founding members of the
Remuneration Consultants Group and as such adheres to
the code of conduct in relation to executive remuneration
consulting in the UK.
PwC’s appointment commenced in November 2018
and the Committee is satisfied the advice received is
objective and independent. The annual fees paid to PwC
totalled £80k plus VAT. PwC provide unrelated tax and HR
consultancy advice during the year through separate teams.
The Committee is satisfied that these activities did not
compromise the independence or objectivity of the advice it
received from PwC. PwC’s core services are provided on a
fixed fee arrangement, with additional items provided on a
time and materials basis.
During 2024, the Committee met seven times and
considered the following topics:
Section 3 – Annual report on remuneration
February 2024
• Outcomes of reward for ESIP 2023
• Vesting of share awards from previous ESIP
awards
• Drafting of remuneration report for 2023 Annual
Report
March 2024
• Gender pay gap disclosure in the UK and
activities taken globally to look at fairness of pay
• Target setting for operation of ESIP 2024,
including determination of annual targets
(strategic and financial)
• Finalisation of Directors’ Remuneration Report
• Forward-looking target-setting for EPS (for period
2024 to 2026)
April 2024
• Finalisation of PBT target for 2024
June 2024
• Executive Board Reward
July 2024
• Feedback from shareholders and shareholder
bodies following from 2023 AGM
• Update on market trends from external reward
advisers
• Performance update and forecast outcomes for
2024 ESIP
October 2024
• Process for evaluation of strategic performance
for 2024 and target setting for 2025
December 2024
• Committee effectiveness evaluation
• Executive Board performance assessment for
2024
• Target setting for 2025, including reward structure
across Executive Board
• Forecast outcomes under financial metrics for
2024
PageGroup 2024 Annual Report & Accounts | 112
Strategic Report Corporate Governance Financial Statements Additional Information
Committee Evaluation
Directors’ remuneration as a single figure (audited)
The tables below report a single figure for total remuneration for each Executive Director for the years ended 31 December
2024 and 31 December 2023.
Salary
£’000
Benefits
£’000
Pensions
£’000
Subtotal
for Fixed
Pay
£’000
ESIP -
Cash
£’000
ESIP -
Deferred
Shares
£'000
Subtotal
for
variable
pay
£’000
Total
£’000
Note 1 Note 2 Note 3 Note 4 Note 4
Nicholas Kirk
2024 600 25 42 667 401 601 1,002 1,669
2023 600 25 42 667 710 1,065 1,775 2,442
Kelvin Stagg
2024 414 25 29 468 277 415 692 1,160
2023 414 25 29 468 488 733 1,221 1,689
Notes:
1. Salary and fees represent the salary and fees paid in cash in respect of the financial year.
2. Benefits represent the taxable value of the benefits provided in the year and comprise a Company car or cash equivalent; fuel; permanent health
insurance; medical insurance; and life insurance.
3. Pension includes the cash value of Company contributions to defined contribution pension plans and cash payments in lieu of pension contributions. In
line with our Remuneration Policy, contributions for both Kelvin Stagg and Nick Kirk align to the rates for the UK wider workforce.
4. The ESIP payment is determined using a balanced scorecard of short-term and long-term performance measures. Under the Policy, 40% of the award is
expected to be delivered in cash and is shown in the “ESIP – Cash” column. The remaining 60% of the ESIP is delivered in deferred shares which vest in
future tranches, as shown in the “ESIP – Deferred Shares” column.
Non-Executive Directors’ remuneration as a single figure
The tables below report a single figure for total remuneration for each Non-Executive Director for the years ended
31 December 2024 and 31 December 2023.
Year Fees £’000s
Michelle Healy
2024 60
2023 60
Sylvia Metayer
2024 60
2023 60
Karen Geary
2024 74
2023 74
Angela Seymour-Jackson
2024 232
2023 232
Ben Stevens
2024 84
2023 80
Babak Fouladi
1
2024 60
2023 43
1.Babak Fouladi joined the business on 10 April 2023.
There were no payments to past Directors or any payments for loss of office during 2024.
The annual performance evaluation of the Committee was undertaken internally in 2024, having been externally facilitated
in both 2022 and 2023. The evaluation comprised of questionnaires, with responses being collated on an anonymous
basis. The assessment covered all key aspects of the Committee’s work and its overall effectiveness. There was also
scope for feedback in free text format from all the Committee members. The outcome of the evaluation was compiled into
a detailed report and provided to, and discussed at, the Committee. The Committee’s performance was rated highly, and
the Remuneration Committee was considered to be performing strongly. Feedback highlighted the openness and quality of
discussions, and that appropriate time was devoted to full and proper consideration of reward matters.
113 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Linkage of Company performance into ESIP outcomes
PBT: The Group’s PBT for 2024 in constant currencies
was £49.1m. The business experienced tough trading
conditions during 2024, consistent with the wider sector.
The outcome was below the threshold performance level
set and no award was made under this metric.
Strategic Performance: Strong progress was made
against the quantitative strategic targets set for the
year, ensuring the business is well placed to respond to
future upturns in economic conditions. Full details of the
strategic objectives set for each Executive Director and
the associated performance against them is shown on
page 115.
EPS: The EPS growth range set at the start of 2022 for
the period 2022 to 2024 required 5% annualised growth at
threshold through to 15% at stretch, calculated on a point-
to-point basis. The final EPS for 2024 of 9.1p is below the
threshold level of growth from the 2021 outcome, and no
award was therefore made under this metric.
Relative Gross Profit: The Committee determined awards
under this metric using all publicly available data as at
7 February 2025 (the date of the respective Remuneration
Committee meeting). The peer group contains organisations
with different year ends and with different timings of
scheduled public announcements. This was the approach
adopted by the Committee when the ESIP structure (and
use of this metric) was decided in 2017, and has been
applied consistently since the ESIP has been in operation.
This meant that full data was publicly available for all of the
peer group other than two companies (where data through
to Q3 2024 was used). PageGroup delivered upper quartile
relative gross profit performance against the peer group,
resulting in an award of 100% of maximum for this metric.
Formulaic breakdown of 2024 ESIP (audited)
Performance Metrics Weighting Target and Outcome Achievement (% of max)
CEO CFO
Annual Performance Metrics – 2024
Profit Before Tax 30% Threshold (25% award) = £80m
Stretch (100% award) = £110m or above
Actual PBT in constant currency was £49.1m
Award Level = 0%
Strategic Goals
(including ESG)
15% See breakdown in table 97% 97%
3-year Performance Metrics (Jan 2022 to Dec 2024)
Cumulative EPS 25% Annual Growth in EPS over a 3-year period in constant
currency, measured on a point-to-point basis
Threshold = 5% growth (25% vesting)
Stretch = 15% growth (100% vesting)
Actual EPS for 2024 was 9.1p which is a reduction of
the EPS from the base year of 37.2p
Award Level = 0%
Relative Gross Profit
Growth
30% Based on average growth over the 3-year period
compared to peer group.
Median = 25% vesting through to Upper quartile
= Full vesting
PageGroup Actual = 0.4% growth. Median was -0.1%,
Upper Quartile 0.4%
Award Level = 100%
Overall Formulaic Outcome (% maximum) 44.6% 44.6%
PageGroup 2024 Annual Report & Accounts | 114
Strategic Report Corporate Governance Financial Statements Additional Information
Discretion applied by Committee
The Committee did not exercise any discretion to the formulaic outcomes calculated under the ESIP and were satisfied that
the formulaic outcomes were a fair reflection of overall performance over the assessment period.
Additionally, the business has extensive provisions linked to malus and clawback in place, which were not utilised for the
implementation of the agreed Remuneration Policy in 2024.
Final award calculation and delivery (audited)
Calculation CEO (Nick Kirk) CFO (Kelvin Stagg)
Maximum Opportunity (% salary) 375% 375%
Final Award (% of maximum) 44.6% 44.6%
Final Award (% of salary) 167% 167%
Salary used for ESIP calculation £600,000 £414,000
Final Award Value £1,002,375 £691,639
Delivery CEO CFO
Cash Award (March 2025) (40% of the total award) £400,950 £276,656
Share Award in March 2025 of shares to value shown in table
(representing 60% of the award)
Vesting to occur in March 2027 and March 2028 and subject to
further holding period in the event shareholding guidelines are not
met at point of vest
£601,425 £414,983
115 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Strategic Goals (including ESG): targets and outcomes within 2024 ESIP
(audited)
Theme Weighting Objective Measure Key Achievements
Achievement
(% of max)
Total
CEO = 97%
CFO = 97%
Positively
Changing lives
2.5% Achieving
1 million lives
changed by
2030.
• Achievements
in 2024, both
numbers of
people placed
into work and
the number of
social impact
programmes that
have enabled us
to share our skills
back with society
in a meaningful
way.
• Continue to track ahead of the 1 million
lives changed by 2030 target: currently
over c.645k lives at year end 2024.
• Increases in both numbers of people
accessing programmes, coupled with
enhancements to the programme content.
• Employee feedback shows social purpose
is understood: 83% of employees
responded favourably to the statement,
“I can see how my work relates to the
purpose of changing lives”.
100%
Talent
development,
Succession
and Diversity
1
5% Gender diversity
to 50/50 by
2030.
Build strong
pipeline of talent
across all key
functions with
clear focus on
diversity of all
kinds.
• % females
and wider
diverse talent
identified through
succession
activity.
• Gender balance
of promotions
and external
appointments.
• Further improvement in female
representation within senior management
and on track to deliver 50/50 balance by
2030 (currently 46%).
• Over 50% of external recruits at
leadership levels were women in 2024.
• Continued programme of mentorship from
Executive Board members including to
high potential females and/or individuals
from minority groups.
100%
Executing our
strategic plans
– building out
the new pillars
of growth
5% Utilising our
four pillars to
create a path
to superior
Operating Profit
delivery.
Creating traction
and accelerated
performance in
our key growth
areas.
• Business plans for
each growth area,
including resource
and investment
decisions. Strong
delivery and
execution of
plans.
• KPI dashboard developed and embedded
into business activity and used with
Board, and rolled out to senior leadership
through Q4 2024.
• Positive feedback from shareholders on
access to management throughout the
year and in respect of articulation and
logic of the refreshed strategy.
• Clear alignment of employees to the new
strategy as measured through employee
engagement survey (“Have Your Say”).
• External recognition of the continued
focus on strategic planning and
development through tough trading
conditions to position the business for
future recovery.
90%
Deliver
market-
leading client
experience
(NPS)
2.5% On track to
achieve NPS of
at least 60 by
2030.
• NPS Score during
year.
• Creation of robust
trusted processes
for measurement
and insightful
analysis and
reporting of key
drivers.
• Significant increase in NPS score from
2023 levels.
• Robust automated survey processes
now established across all markets with
significant increase in survey completions
year on year.
• Survey insight leading to actionable
insights, with notifications to consultants’
line managers to enable appropriate follow
up, and visibility of satisfaction KPI’s.
100%
CEO – Nicholas Kirk / CFO – Kelvin Stagg
1 Appointments are made based on merit and objective criteria.
PageGroup 2024 Annual Report & Accounts | 116
Strategic Report Corporate Governance Financial Statements Additional Information
Change in
Salary / Fees
Change in
Benefits
3
Change in
Annual Cash Incentive
2024
vs
2023
2023
vs
2022
2022
vs
2021
2021
vs
2020
2
2020
vs
2019
2024
vs
2023
2023
vs
2022
2022
vs
2021
2021
vs
2020
2020
vs
2019
2024
vs
2023
2023
vs
2022
2022
vs
2021
2021 vs
2020
2020
vs
2019
Nicholas Kirk
1
0% n/a n/a n/a n/a 0% n/a n/a n/a n/a (44%) n/a n/a n/a n/a
Kelvin Stagg
0% 8% 3% 6% (5%) 0% 0% 4% 0% 0% (43%) 65% (17%)
Not
calculable
(100%)
Michelle Healy
0% 3% 3% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Sylvia Metayer
0% 3% 3% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Angela Seymour-
Jackson
6
0% 33% 148% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Ben Stevens
5
5% 11% 18% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Babak Fouladi
8
0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Karen Geary
7
0% 40% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Wider
PageGroup
Employees
4
1% 5% 3% 6% (5%) 0% 0% 0% 0% 0% 0% 0% 0%
Not
calculable
9
(100%)
Change in board’s remuneration compared to other employees
The following table shows the percentage change in the annual remuneration of Directors from 2019 onwards as well as
a comparator number showing the average percentage change for employees (excluding Directors) of the listed parent
company on a full-time equivalent basis.
1. Nick Kirk joined the Board as CEO on 1 January 2023.
2. Wider PageGroup employees represents average UK increase. The increases for the Executive Directors between 2020 and 2021 reflect the voluntary
waiver of 20% of salary during Q2 2020. The increase in contractual salary levels from 2020 to 2021 was 1.5% for each Executive.
3. Excludes pensions. As outlined in previous remuneration disclosures, the value of pension contributions payable to each Executive was set at a fixed level
(based on that received in 2019) before moving to a level equivalent to the wider workforce from the end of 2022.
4. This shows the contrast of changes of reward elements between 2019 and 2024. The wider PageGroup employees reflects all employees of Michael
Page International Recruitment Limited as at 31 December 2024. Calculations have been derived on a full-time equivalent (FTE) basis to enable effective
comparison.
5. The change in fee for Ben Stevens reflects the fact that he was Chair of the Audit Committee for all of 2022 and only part of 2021. The fee change from
2022 to 2023 reflects his appointment as Senior Independent Director effective 1 June 2023.
6. The 2021 vs 2022 and 2022 vs 2023 changes for Angela Seymour-Jackson reflect her appointment as Chair effective 1 May 2022.
7. Karen Geary joined the Board on 1 April 2022.
8. Babak Fouladi joined the Board on 10 April 2023.
9. It is not possible to calculate the percentage change for 2021 following nil bonus awards in 2020.
117 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Policy implementation for 2025
Executive Directors
Policy Area 2025 Implementation
Base Salaries
Key Features:
Attract, retain and reward high
calibre Executive Directors
The Base salaries of the CEO and CFO will be increased in line with the wider core
increase for the UK population effective 1 January 2025 (1.5%). The revised CEO salary
will be £609,000 and the CFO Salary £420,200.
Benefits
Key Features:
Competitive benefits including
car allowance, private medical
insurance for the individual
and family, permanent health
insurance and life assurance
No changes to benefits provided compared to 2024.
Pensions
Key Features:
Executive Directors may receive
a defined contribution pension
benefit or cash supplement
Allowances for each executive will be in the form of a cash supplement, based on the
levels equivalent to the wider UK workforce of the company (currently 7%).
Incentives
Key Features:
Rewards both short- and
long-term performance. Aligns
interests of Executive Directors
with Shareholders
Overall opportunity for both Executive Directors will be 375% of salary. Awards will
be determined following year end with 40% of the award delivered in cash and the
remainder in deferred shares which vest equally on the second and third anniversary of
award, subject to continued employment. These are then subject to a further holding
period depending on the overall shareholding level at the point of release.
We have increased the weighting placed on PBT performance within the assessment
of the ESIP for 2025 (from 30% to 35%) to place further emphasis on maximising
opportunities through signs of recovery in our markets.
Time frame Detail
PBT
(35%)
Annual -
2025
Targets for the year will be disclosed on a retrospective
basis. Targets are determined considering budgets, analyst
expectations and market conditions.
Strategic
(including
ESG)
(15%)
Strategic metrics have been set for each Executive Director
for the year ahead and will be disclosed retrospectively. They
represent key activities or goals consistent with our refreshed
Strategy announced during 2023.
EPS
(20%)
3-year
2023-2025
Measured on a point-to point basis over the 3-year period from
the 2022 baseline. Threshold annual growth of 3% (25% award)
through to maximum awards for annual growth of 12% or above.
Measurement in constant currency.
Relative
Gross
Profit
Growth
(30%)
Assessed against comparator group: Current list of
companies: SThree, Robert Half, Randstad, Robert Walters,
Adecco, Hays, Manpower.
Performance range: Below median = no award. Median =
25% of award through to 100% of award for upper quartile
performance.
In the event of material change of one of the companies within
the comparator group (e.g. due to M&A activity) the Committee
retains flexibility to adjust the peer group with a stated desire to
capture organic growth only.
Measurement in constant currency.
PageGroup 2024 Annual Report & Accounts | 118
Strategic Report Corporate Governance Financial Statements Additional Information
2025 2026 2027 2028 2029 2030
Measures, Weightings
and Time Period
PBT
(35%)
Strategic &
ESG (15%)
40% of
award
in cash
60% of
award
in deferred
shares
Cash
paid
Dividends
Under the single plan, dividend equivalents will
accrue in respect of any shares deferred but not
yet released. Dividend equivalents are paid, in
accordance with the rules, at the time of vesting.
Half of
shares vest
Half of
shares vest
* Holding Period
Vested shares have to be held for a further two years if
the shareholding guidelines have not been met at point of
release (except for sales to meet a resulting tax liability).
deferred
deferred
holding period*
holding period*
2023
Assessment
Delivery
ESIP operation for 2025
ESIP 2025 – Operation
EPS (2023
to 2025) (20%)
Relative Profit (2023
to 2025) (30%)
Non Executive Directors
Policy Area 2025 Implementation
Fees
Key features
• Attract, retain and
fairly reward high
calibre individuals.
Year ending
31 December 2024
Effective from
1 January 2025
Chair £232,000 £236,000
Non-Executive basic fee £60,000 £61,000
Additional fees payable
Senior Independent Director £10,000 £10,000
Chair of the Audit Committee £14,000 £14,000
Chair of the Remuneration Committee £14,000 £14,000
Fees for Non-Executive Directors will be increased by 1.5% effective 1 January 2025. The Non-Executive core fee will
increase to £61,000. The Chair fee will also increase by a similar level to £236,000.
119 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
EPS target for Jan 2025 – Dec 2027
Consistent with the recent operation of the ESIP, we will measure EPS over the forthcoming three-year period (2025-2027)
on a “point-to-point” basis and are disclosing the target set by the Committee at the start of the respective performance
period. We will compare the EPS achieved in 2027 against that delivered in 2024 to derive the equivalent annual growth
achieved over the three-year period.
We have set an EPS growth range for the period 2025 to 2027 of 5% per annum growth (with 25% award for threshold
performance) through to maximum awards at 15% per annum growth or above, consistent with the growth range set
last year.
Conditional awards of deferred shares were made in March 2024 in respect of the operation of the 2023 ESIP.
Number of shares awarded Face value at date of award Vesting
Nicholas Kirk 236,489 £1,065,150
Shares vest in two tranches equally
on the second and third anniversary
of award, subject to continued
employment.
Kelvin Stagg 162,660 £732,625
Shares awarded in 2024 (audited)
Awards were made on 12 March 2024. The share price used to make awards was 450.4p, being the middle market
quotation price on 11 March 2024. The Committee was comfortable that the price used to make awards was appropriate,
calculated in line with the ESIP structure and Plan rules, and represents awards against delivery of performance already
achieved by the Executives.
The share price at the start of the year was 481p and was 343.6p on 31 December 2024. The low and high share prices
during the year were 333.2p and 498.4p respectively.
History of EPS targets: approach and application
We look to set EPS targets at the start of the respective three-year performance period. Outlined below are all the EPS
targets that have been set by the Committee for the ongoing operation of the ESIP.
ESIP
Scheme* EPS Period
Annual growth range
(constant currency)
ESIP 2025 January 2023 - December 2025 3% - 12%
ESIP 2026 January 2024 - December 2026 5%-15%
ESIP 2027 January 2025 - December 2027 5% - 15%
* As disclosed in previous Directors’ Remuneration Report disclosures, the EPS calculation for the operation of the ESIP for 2022 and beyond (assessments
of EPS beginning on 1 January 2020 onwards) will be determined on a constant currency basis.
PageGroup 2024 Annual Report & Accounts | 120
Strategic Report Corporate Governance Financial Statements Additional Information
DIRECTORS’ REMUNERATION REPORT
For illustration, we have shown below the impact that changes to the share price would have on overall shareholding levels
for each Executive.
Calculated shareholding
level (as % of salary)
if share price were to
decrease by 10%
Shareholding as a percentage
of salary as at 31 December
2024 (based on a share price of
343.6p)
Calculated Shareholding
level (as % of salary)
if share price were to
increase by 10%
Nicholas
Kirk
Shareholding
(As % of salary)
125% 139% (£0.8m) 153%
Change in
indicative value
Decrease of £83k Increase of £83k
Kelvin Stagg
Shareholding
(As % of salary)
497% 552% (£2.3m) 608%
Change in
indicative value
Decrease of £228k Increase of £228k
Details of all outstanding share awards are provided later in the report. We have shown all ordinary shares held by each
Executive. Additionally, and consistent with our approach in previous years, we have included any shares awarded under the
ESIP that have not yet vested (which are not subject to any further Company performance conditions). Also included are any
unvested shares (not subject to Company performance conditions) awarded to Nick Kirk under incentive plans prior to his
appointment as CEO, shown on a net of tax basis. It is forecast that Nick will achieve the required shareholding requirement
in advance of the five years from appointment, as required under our Policy.
Executive shareholding and alignment to the organisation
Ordinary shares
Other unvested incentives (net)
ESIP shares (net)
0
100% 200% 400%
Nicholas Kirk
(CEO)
48%
139%
Shareholding Requirement
= 200% of salary
500%
412% 140% 552%
Kelvin Stagg
(CFO)
600%
Shareholding as percentage of salary
Executive Directors – as at 31 December 2024
72%
300%
19%
121 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Nicholas Kirk
Management Incentive Plan (MIP)
Nick holds shares awarded under the Management Incentive Plan (MIP) which were awards made under senior leadership
incentive plans prior to his appointment as CEO as shown below.
Grant Date
Shares with future vesting
subject to Company
performance conditions
as at 31 December 2023
1
Shares with
vesting subject
to continued
employment as at
31 December 2023
2
Vesting
in year
Lapsed
in year
Outstanding
number of
shares at 31
December 2024
Scheduled
Vesting Date
15 March 2021 - 76,635 (76,635) - - 15 March 2024
15 March 2022 - 63,295 - - 63,295 15 March 2025
Total - 139,930 (76,635) 63,295
1. Shows shares within the total number awarded that have vesting linked to Company performance conditions as at 31 December 2023.
2. Shows shares that will vest subject to continued employment with no further Company performance conditions.
Executive Single Incentive Plan (ESIP)
Grant Date
Number of
shares at
1 January 2024
Granted
during
the year
Vested
during
the year
Lapsed
during
the year
Number of
shares at
31 December 2024 Vesting
12 March 2024 - 118,244 Nil - 118,244 12 March 2026
12 March 2024 - 118,245 Nil - 118,245 12 March 2027
Total - 236,489 Nil Nil 236,489
Outstanding share awards
This section sets out the share interests of the incumbent Executive Directors as at 31 December 2024 under the Executive
Single Incentive Plan.
Kelvin Stagg – ESIP
Executive Single Incentive Plan (ESIP)
Grant Date
Number of
shares at
1 January 2024
Granted
during
the year
Vested
during
the year
Lapsed
during
the year
Number of
shares at
31 December 2024 Vesting
15 March 2021 20,408 - (20,408)
1
- - 15 March 2024
15 March 2022 54,552 - (54,552)
2
- - 15 March 2024
15 March 2022 54,552 - - - 54,552 15 March 2025
16 March 2023 50,591 - - - 50,591 16 March 2025
16 March 2023 50,591 - - - 50,591 16 March 2026
12 March 2024 - 81,330 - - 81,330 12 March 2026
12 March 2024 - 81,330 - - 81,330 12 March 2027
Total 230,694 162,660 (74,960) 318,394
1. A sufficient number of shares were sold to cover applicable taxes with the balance of 10,816 shares held as ordinary shares.
2. A sufficient number of shares were sold to cover applicable taxes with the balance of 28,912 shares held as ordinary shares.
PageGroup 2024 Annual Report & Accounts | 122
Strategic Report Corporate Governance Financial Statements Additional Information
Statement of Directors’ shareholdings (audited)
It is the Company’s policy that Executive Directors are required to build and hold a direct beneficial holding in the Company’s
ordinary shares of an amount equal to two times their base salary. The beneficial interests of the Directors who served during
2024, and their connected persons, in the ordinary shares of the Company are shown in the table below. The table does not
include interests in shares which are subject to ongoing company performance conditions but does include shares awarded
but not yet vested under the ESIP (on a net of tax basis).
Ordinary
shares held
as at 31 Dec
2024
Unvested Share
Award (ESIP) as
at 31 Dec 2024
Unvested shares
held under previous
awards prior to
appointment to
Executive Director
1
% of salary
held
2
Shareholding
guideline
Ordinary
shares held
as at 31
Dec 2023
Executives
Nicholas Kirk 84,049 236,489 63,295 139% 200% 43,433
Kelvin Stagg 496,947 318,394 n/a 552% 200% 457,219
Non-Executives
Michelle Healy - n/a n/a n/a n/a -
Sylvia Metayer - n/a n/a n/a n/a -
Angela Seymour-
Jackson
3,150 n/a n/a n/a n/a 3,150
Ben Stevens 5,748 n/a n/a n/a n/a 5,748
Karen Geary 3,250 n/a n/a n/a n/a -
Babak Fouladi - n/a n/a n/a n/a -
Notes:
1. This includes unvested shares which are not subject to company performance conditions as at 31 December 2024 awarded to Nick Kirk prior to
his appointment as CEO.
2. This uses the closing share price on 31 December 2024 of 343.6p per share and includes unvested shares awarded under the ESIP calculated on a
post-tax basis. The highest and lowest share prices during the year were 498.4p and 333.2p respectively.
There were no changes in the Directors’ interests between 31 December 2024 and the date of this report.
Relative importance of spend on pay
The graph below shows details of the Company’s retained profit after tax, distributions by way of dividend, shares purchased
by the Michael Page Employee Benefit Trust, overall spend on pay to all employees (see Note 4) in the financial statements on
page 157, overall spend on Directors’ pay as included in the single figure table on page 112 and the tax paid in the financial
year. The percentage change to the prior year is also shown.
Profit after
tax (£m)
Dividends
paid (£m)
Shares
purchased by
the EBT (£m)
Tax paid
(£m)
Overall spend
on pay (£m)
Overall spend
on Directors’
pay (£m)
0
100
200
300
400
500
600
700
2024
2023
13.2
£m
77.1
100.1
17.5
3.4
59.0
19.3
28.4
52.0
613.2
4.7
-63%
-48%
-10%
-25%
-27%
-67%
681.9
123 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Executive Director Service Contract Date Unexpired Term Notice Period
Nicholas Kirk 18 October 2022 No specific term 12 months
Kelvin Stagg 27 July 2014 No specific term 12 months
Non-Executive Directors
Letter of Appointment/
Reappointment Date
Unexpired Term as at
31 December 2024
Michelle Healy 30 August 2022 9 months
Sylvia Metayer 1 September 2023 20 months
Angela Seymour-Jackson
1
20 December 2021 4 months
Ben Stevens 4 December 2023 24 months
Karen Geary 10 March 2022 3 months
Babak Fouladi 22 December 2022 15 months
1. Angela Seymour-Jackson’s appointment letter is dated 20 December 2021. Her appointment as Chair of the Board commenced on 1 May 2022 with a
3-year term.
Service contracts and letters of appointment
All Executive Directors’ service contracts contain a twelve-
month notice period. The service contracts also contain
restrictive covenants preventing the Executive Directors from
competing with the Group for at least six months following
the termination of their employment and preventing the
Executive Directors from soliciting key employees, clients
and candidates of the employing Company and Group
companies for twelve months following termination of
employment. The Remuneration Committee has the right to
exercise mitigation in the event of termination.
Non-Executive Directors, including the Chair of the Board,
are engaged under letters of appointment and do not have
service contracts with the Company. They are appointed
for a fixed term of three years, during which period the
appointment may be terminated by either party upon
giving one month’s written notice or in accordance with the
provisions of the Articles of Association of the Company.
There are no provisions on payment for early termination in
the letters of appointment. After the initial three-year term,
Directors may be reappointed for a further term of three
years, subject to annual re-election at each year’s Annual
General Meeting.
Where any Director’s letter of appointment was renewed
during the year, they were not entitled to vote on their own
appointment. Copies of the service contracts and letters
of appointment are available for inspection during normal
business hours at the Company’s registered office.
Statement of voting at the Annual General Meeting
At the Company’s Annual General Meeting held on 1 June 2023, Shareholders approved the existing Remuneration Policy.
The table below shows the results of the binding voting on the Remuneration Policy and the most recent advisory vote on the
Directors’ Remuneration Report put to Shareholders at the AGM in June 2024. Each resolution required a simple majority of
the votes cast to be in favour in order for each of the resolutions to be passed.
Resolutions AGM Date Votes For % Votes Against % Votes Withheld
Remuneration Policy 1 June 2023 251,088,739 88.72 31,916,890 11.28 1,687
Directors’ Remuneration Report 3 June 2024 258,679,373 87.19 37,992,418 12.81 1,327,988
PageGroup 2024 Annual Report & Accounts | 124
Strategic Report Corporate Governance Financial Statements Additional Information
Total Shareholder Return
The performance graph below shows the movement in the value of £100 invested in the shares of the Company compared
to an investment in the FTSE 250 index and the FTSE Support Services index over the period 31 December 2014 to
31 December 2024. The graph shows the Total Shareholder Return generated by the movement in the share price and
the reinvestment of dividends.
The FTSE 250 index and the FTSE Support Services index have been selected as the Company was a member of each
index throughout the period. The table below shows the total remuneration of the Chief Executive Officer over the same
ten-year period.
CEO 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Incumbent Steve Ingham Nicholas Kirk
Single remuneration
total
£2,074k £2,089k £3,660k £4,340k £3,769k £1,171k £2,606k £2,323k £2,442k £1,669k
Short-term
incentives (% of
maximum) (note 1)
68% 60% n/a n/a n/a n/a n/a n/a n/a n/a
Long-term
incentives (% of
maximum)
n/a 60% 55.4% 96.1% 96% n/a n/a n/a n/a n/a
Executive Single
Incentive Plan
(% of maximum)
n/a n/a 91% 87.7% 75.4% 16.5% 74.4% 60.1% 78.9% 44.6%
0
50
100
150
200
250
31 Dec 2014
31 Dec 2015
31 Dec 2016
31 Dec 2017 31 Dec 2018 31 Dec 2019
PageGroup FTSE 250 FTSE SS
100.0
111.17
124,00
107.86
118.58
115.06
121.15
139.66
133.37
104.90
149.04
163.73
156.15
161.41
169.71
140.06
193.64
31 Dec 2020
133.13
122.60
132.08
31 Dec 2021
174.22
208.29
31 Dec 2022
177.47
167.41
143.92
31 Dec 2023
190.17
155.48
31 Dec 2024
168.14
139.24
197.45
226.55
External Directorships
No Executive Directors earned any fees from external directorships during the year ending 31 December 2024.
125 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Section 4 – Remuneration for Employees
Below the Board
Our remuneration philosophy is cascaded through
the organisation and we focus on rewarding collective
achievement and team-based success. At senior levels, we
use a combination of shares and cash to achieve this and
drive alignment with the business. At more junior levels,
variable reward is delivered through cash only.
Overall reward is benchmarked on a regular basis to the
respective local market and is linked to skill and experience
in role. We offer a wider range of benefits that evolves over
time. This includes Company-provided benefits, but also
extends to a range of policies to support work-life balance
and wellbeing.
The Company does not consult formally with employees
on remuneration matters in relation to executive pay or
Remuneration Policy design, but does review information
on employee satisfaction with reward throughout the
organisation, including feedback provided by employees
and results from our “Have Your Say” employee
engagement questionnaire, and to pulse surveys to new
joiners to the business and from exit surveys.
Reward across the PageGroup
business
We operate within a broad reward framework across the
organisation, designed to enable effective progression of
talent and grow our own pipeline of talent for the future.
We focus on how we drive team-based behaviours to
create better Customer relationships to support our strategy
of organic growth. Employees typically receive salary and a
range of benefits driven by local market norms and practice.
Most of our employees also have access to variable pay
schemes linked to the success they help create.
Our regular activities to engage with employees (see page
34) give us valuable insight into our reward offer and areas
of reward that are working, along with opportunities for
change. We discuss our overall approach as a Board
and the way that reward may be expected to change as
someone progresses through the organisation.
Base Salary
Salaries are set with reference to the skills and experience of the individual and reflect the local market ranges.
The career journey of the fee earning population enables regular pay reviews on achievement of performance-based
targets which will contribute to the success of the team. For others, salaries are usually reviewed annually and
adjusted in consideration of business affordability, individual performance and local market rates of pay.
Benefits
We operate across a range of countries where we see very different practices in terms of benefit provision.
Our benefits typically include items such as pension provision, life insurance and medical cover. The levels of
contribution or investment in benefits will be driven by local market factors rather than a single global approach.
Variable pay
The variable pay of the consultant population is primarily driven by team-based incentives, designed to drive people
to work collectively. These deliver cash awards, which reflect both the performance of the team and the respective
performance of the individual consultant. A small number of consultants work on an individual commission basis
linked to the specific nature of the role they perform.
At a leadership level we also offer deferred cash incentives to drive retention of talent, in addition to the bonus
structures available. At senior leadership levels we provide access to share-based incentives, designed to enable
individuals to build up a holding in Company shares and fully align them to the Shareholder experience.
PageGroup 2024 Annual Report & Accounts | 126
Strategic Report Corporate Governance Financial Statements Additional Information
Committee insight and focus
The Committee receives an annual overview of the reward structure in place across the organisation including any changes that have taken
place. Subsequent discussion included the following themes and responses:
Theme Findings
Linkage of reward with
performance assessment
• All colleagues participate in performance management processes which give
clarity over both what someone is expected to accomplish and how this should be
achieved
• It is achieved through the combination of:
Goals: expected outputs over the review period
KPIs: actions and metrics expected in pursuit of the goals
Behaviours: that should be demonstrated in pursuit of the above
• Specific behaviours are based around defined criteria linked to seniority of role
• Overall attainment is directly linked to awards under variable plans and any future
salary adjustments
Provision of benefits across a
global organisation
• Regular assessments are made regarding the market competitiveness of benefits
within our key markets, using external benchmark data
• Benefits do vary between countries reflecting different market norms
• Activities to understand benefit provision globally highlight opportunities to drive
standardisation or enable more cost-effective benefit provision, or routes to enhance
the benefits offer in an affordable way
• Proposed changes to benefits are done through engagement with the regional HR
and finance leaders, with proposals reviewed centrally depending on the level of
cost investment
Way that awards under variable
pay plans are governed through
the business
• Funding of bonus pools is managed by finance teams with central oversight
• Country leaders make proposals on allocation of bonuses which are reviewed by
their respective managers
• All proposals are collated centrally to review levels of spend and affordability
• Centrally-led processes to understand local variation in bonus design and drive
future standardisation of design have taken place during 2024
Alignment to culture and
linkage to diversity and
inclusion
• There is a demonstrable cascade of key objectives through the organisation. As an
example, Managing Directors have designated diversity and inclusion targets where
appropriate
Ways that the organisation
gains insight into employee
satisfaction with reward
• Questions are included within the “Have Your Say” engagement survey linked to
benefits and trends tracked over time
• Pulse surveys and use of internal technology (e.g. Viva Engage) monitors responses
to key questions and tracks changes
• Engagement sessions with staff members, including those attended by Non-
Executive Directors
• Feedback from employees who choose to leave us (gained through exit surveys)
127 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
CEO Pay Ratio
This is the sixth year that we have disclosed the ratio of CEO remuneration to that of our employees in the UK.
CEO Pay Ratio
Incumbent Calculation Method 25th Percentile Median 75th Percentile
2024
Nicholas Kirk
Option A 49:1 32:1 21:1
2023 Option A 75:1 50:1 32:1
2022
Steve Ingham
Option A 75:1 49:1 31:1
2021 Option A 88:1 57:1 37:1
2020 Option A 43:1 27:1 17:1
2019 Option A 160:1 105:1 64:1
We believe that the median ratio is consistent with the Company’s wider policies on employee reward, pay and progression.
Commentary on the ratio
The volatility in the CEO pay ratio since 2019 reflects the changeable market conditions and derived business
performance, and the greater leverage of reward towards variable pay for more senior people within the organisation,
including Executive Directors.
0
20
40
60
80
100
120
140
160
180
200
2018
2019 2020 2021
2022 2023 2024
143
95:1
144
15
168
194
117
49
105:1
27:1
57:1
49:1
50:1
32:1
CEO Pay Ratio
to Median
Employee in UK
Group PBT £mCEO pay ratio
PageGroup 2024 Annual Report & Accounts | 128
Strategic Report Corporate Governance Financial Statements Additional Information
Approach and calculation
We have elected to use Option A to calculate the ratio as we believe this gives the most accurate insight into employee pay
and benefits, and closest comparison to the CEO single figure value. The reward structure for our CEO is weighted far more
towards variable reward than most of our employees within the UK. Therefore, we expect future changes to this ratio to be
linked to changes in variable award levels under the ESIP and future share price movement.
We also recognise that the earnings profile across our UK employees means that both the mean and median can be useful
measures. We have provided two supplementary ratios for illustration as follows:
Scenario
Resulting CEO Single
Figure
Resulting CEO Pay to
Median Ratio
CEO “On-Target” Remuneration compared to 2024 UK Median
FTE Reward
£1,792k
1
35:1
CEO single figure (actual) compared to UK mean FTE earnings £1,669k (as disclosed) 32:1
1. This value is the target CEO value provided within our Directors’ Remuneration Policy agreed by Shareholders at the June 2023 AGM.
The employee figures for our UK workforce to calculate the ratios are as follows:
Scenario 25th Percentile Median 75th Percentile
Total pay and benefits – 2024 £34,340 £51,890 £78,380
Change on 2023 +6% +6% +2%
Total salary 2024 £30,150 £43,040 £63,560
Change on 2023 +6% +9% +6%
These values are calculated on a full-time equivalent basis as required under the regulations, based on our UK workforce as at 31 December 2024
Single Figure
disclosed 2023
Single Figure
disclosed 2024
3,000
2,500
2,000
1,500
1,000
500
0
1,669
£k
2,442
-773
Decrease in
value of ESIP
Change in CEO Single Figure 2023 to 2024 (£k)
The single figure for the CEO has decreased by 32% since 2023. This is the impact of the change in award level under the
ESIP from 44.6% of maximum compared to 78.9% in 2023.
129 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Summary of the Executive Single Incentive Plan (ESIP)
We introduced the ESIP in 2017 as the way we deliver
variable reward to our Executive Directors. It was introduced
to align with the PageGroup business model. It provides a
structure that:
• aligns pay firmly with performance;
• recognises the cyclical nature of the industry;
• reduces undue volatility to drive performance and
retention of Executives throughout all stages of the
economic cycle; and
• ensures that Executives build up meaningful
shareholdings to align with Shareholders.
The ESIP structure rewards Executives for the appropriate
delivery of our strategy and value to Shareholders. The
Committee believes this model is an appropriate fit for
PageGroup’s business – ultimately our key responsibility
in considering reward. The ESIP recognises the cyclical
nature of the recruitment sector and, as a way of motivating
leaders, drives superior business outcomes and acts as a
retention mechanism through the economic cycle.
The ESIP is motivational, trusted by our Executives, and its
key features have subsequently been cascaded to lower
levels of leaders within the business to drive alignment and
consistency in the way we operate reward.
It allows us to implement a pay for performance philosophy
without undue volatility, drives higher levels of shareholding
in the business and ensures alignment of Executives with
the experience of Shareholders. The phased nature of share
vesting further supports alignment and management of
reward volatility.
We heard strong support for the ESIP structure from our
Shareholders through the consultation process. They cited
that they were comfortable with the structure and saw it as
an effective way of aligning performance and reward.
Our Remuneration Policy aligns with Provision 40 of the UK Corporate Governance Code 2018 as
explained below:
Clarity
We engage actively with
Shareholders and demonstrate
how their views and
perspectives are considered in
the development of our Policy.
Simplicity
We look to describe the structure of reward clearly
to both participants and Shareholders through
effective disclosures. Target documents are
issued to Executives each year to ensure clear
understanding of the way reward will be delivered
and assessed.
Alignment to culture
The Policy aligns to our
business model and reflects
alignment to our strategy.
Measures used to determine
awards link to our strategic
priorities.
Predictability
Examples of the range of
outcomes under the Policy
are shown within the scenario
graphs.
This demonstrates the way that
different performance levels
change reward outcomes for
individuals and the associated
impact of changes in the
Company’s share price.
Proportionality
A significant proportion of the total reward
opportunity is performance driven, with clear linkage
between business metrics and variable reward
outcomes.
Metrics for variable awards are KPI measures for
the business and align to delivery of strategy and
performance against goals set.
A significant proportion of variable awards are
delivered in shares and Executives are required to
develop and maintain a material shareholding in the
business to fully align to the Shareholder experience.
Risk
The Committee retains ultimate
discretion to vary outcomes
from formulaic results if they
do not judge this to reflect
accurately underlying business
performance.
Malus and Clawback provisions
apply to all awards and we
operate post-cessation
shareholding requirements.
Our current Remuneration Policy was approved by Shareholders at the 2023 AGM. The full policy can be found at
www.page.com. We have provided an overview of the key features of the Policy below and the way this aligns to
Provision 40 of the UK Corporate Governance Code.
Section 5 – our remuneration policy
Alignment with provision 40
PageGroup 2024 Annual Report & Accounts | 130
Strategic Report Corporate Governance Financial Statements Additional Information
Executive Directors’ Policy table
Base Salary Benefits Pension Incentives Shareholding
Purpose
Attract, retain
and reward
high calibre
Executive
Directors.
Attract, retain
and reward
high calibre
Executive
Directors.
Attract,
retain and
reward
high calibre
Executive
Directors.
Rewards both short- and long-term
performance. Aligns interests of
Executive Directors with shareholders.
To align Executives
to company
performance
through meaningful
levels of mandatory
shareholding.
Post-cessation Policy
to align executives
beyond termination
of employment.
Operation
Salary
levels (and
subsequent
increases)
are set after
reviewing
various factors,
including
individual and
Company
performance,
role and
responsibility,
internal
relativities such
as the increases
awarded
to other
employees
and prevailing
market levels
for Executive
Directors at
companies of
comparable
status and
market value,
considering
the total
remuneration
package.
Salaries are
normally
reviewed
annually. Salary
is paid monthly,
and increases
are generally
effective from
1 January.
Aim for market
competitive
salaries.
Competitive
benefits
including car
allowance
or company
car (including
running
costs), private
medical
insurance for
the individual
and family,
permanent
health
insurance and
four times
salary life
assurance.
Provision of
relocation
assistance and
any associated
costs or
benefits
(including but
not limited
to housing
benefits,
personal
tax advice
and school
fees) upon
appointment
if/when
applicable.
The Company
may also
provide tax
equalisation
arrangements.
Executive
Directors
may receive
a defined
contribution
pension
benefit
or cash
supplement.
Awards are paid in cash (40%)
and deferred shares (60%) vesting
at defined future dates subject to
continued employment.
The plan consists of metrics linked to
annual performance only, and other
metrics that consider performance over
a three-year period. At least 50% of
any award will depend on assessment
against longer-term metrics.
Performance will be measured against
a balanced scorecard, to support the
Company’s strategy. Performance
targets will be a mix of financial and
strategic targets which may comprise,
but are not limited to, the following:
PBT; key strategic projects; people
development; cost management;
relative Gross Profit vs a comparator
group; and EPS. A maximum of
25% vesting will apply for threshold
performance. A minimum of 80% of
the possible award will normally be
linked to financial metrics.
A post-vesting holding period applies.
Directors who have not reached the
shareholding requirement of 200% of
base salary will be required to hold
vested shares from each tranche
of the ESIP for a further two years
post-vesting, except for sales for the
purposes of meeting tax liabilities on
vesting and exercise.
Dividend equivalents accrue during
the vesting period but are only
released to the extent awards vest.
Malus and clawback provisions will
apply to the total award, including
cash and deferred portions, for
misstatement of performance,
substantial failure of risk control, and
gross misconduct.
Shareholding
requirements are
operated to align
Executive Directors’
interests with those of
shareholders.
The current
requirement is
200% of base
salary. This will be
achieved through
the application of
two-year post-vest
holding periods
(net of tax), and
is expected to be
reached within
five years from
appointment.
A post-cessation
shareholding policy
will require leavers
to hold 2x salary for
the first 12 months
post cessation and
1x salary for the
subsequent
12 months.
Summary of our Agreed Policy
Below is a summary of the Remuneration Policy approved by shareholders at the 2023 AGM.
131 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Base Salary Benefits Pension Incentives Shareholding
Maximum
Salaries will not normally
increase by more than RPI
+5%, except that increases in
excess of this may be awarded
in the case of new Executive
Directors where it is appropriate
to offer a below market salary
initially on appointment and
a series of staged increases,
subject to performance and
experience in role, to bring to a
market competitive salary.
Competitive
benefits in
line with
market
practice.
New appointments at
the Executive Director
level will receive a cash
allowance in line with
the wider UK workforce.
Pension contribution
levels for incumbent
Executive Directors will
align to the prevailing
rate of the wider UK
workforce.
Maximum
awards for
participants –
375% of salary.
Executive Directors’ Policy table (continued)
Non-Executive Directors’ Policy table
Element Purpose and Link to Strategy Operation Maximum Opportunity
Fees Attract, retain and fairly reward
high calibre individuals.
Reviewed by the Board after recommendation
by the Chair of the Board and Chief Executive
(and by the Committee in the case of the Chair)
considering individual responsibilities, such as
Committee Chairship, time commitment, general
employee pay increases, and prevailing market
levels at companies of comparable status and
market value.
Fee increases are normally reviewed annually and
are generally effective from 1 January.
Non-Executive Directors also receive
reimbursement of reasonable expenses incurred
in connection with Company business, and the
Company may settle any tax incurred in relation
to these.
The maximum
aggregate fees for all
Directors allowed by the
Company’s Articles of
Association is £1m.
Current fee levels are
set out in the Directors’
Annual Remuneration
Report.
I look forward to continued discussions with Shareholders over the coming year and for your support for our Committee
activities at the AGM.
The Directors’ Remuneration Report has been approved and signed on behalf of the Board of Directors.
Karen Geary
Remuneration Committee Chair
5 March 2025
PageGroup 2024 Annual Report & Accounts | 132
Strategic Report Corporate Governance Financial Statements Additional Information
Our approach and structure
The composition of the Board at the date of this report can
be found on pages 80-84. The Directors who served during
the year were Angela Seymour-Jackson, Karen Geary,
Michelle Healy, Sylvia Metayer, Ben Stevens, Babak Fouladi,
Nicholas Kirk and Kelvin Stagg. During the year there were
no changes in the composition of the Board.
In accordance with the Company’s Articles of Association,
Directors are required to stand for re-election at the
Company’s Annual General Meeting to renew their
appointment.
Results and dividends
The results for the year are set out in the Consolidated
Income Statement on page 143.
An analysis of revenue, profit and net assets by region is
shown in Note 2 on pages 154-156.
A final dividend for 2023 of 11.24p per ordinary share was
paid on 21 June 2024; an interim dividend for 2024 of 5.36p
per ordinary share was paid on 11 October 2024. The
Directors recommend the payment of a final dividend for the
year ended 31 December 2024 of 11.75p per ordinary share
on 23 June 2025 to Shareholders on the register of members
on 16 May 2025.
If approved by Shareholders at the Annual General Meeting,
this will result in a total ordinary dividend for the year of
17.11p per ordinary share (2023: 16.37p). This gives a total
dividend for the year of 17.11p (2023: 32.24p
1
).
Share capital
As at 31 December 2024, the Company’s issued capital
comprised a single class of 328,618,774 ordinary shares
of 1p each, totalling £3,286,187.74. At the Annual General
Meeting held on 3 June 2024, the Shareholders authorised
the Company to purchase up to a maximum of 10% of
the issued share capital in the market. No shares were
repurchased during the year. Shareholders also authorised
the Directors to allot shares up to an aggregate nominal
Directors’ Report
Kaye Maguire
General Counsel & Company
Secretary
1. The total dividend for 2023 of 32.24p comprises an interim dividend of 5.13p per share paid on 13 October 2023; a special dividend of 15.87p per share
paid on 13 October 2023; and a final dividend of 11.24p per share paid on 21 June 2024.
Likely future developments 4
Policy on disability 133
Employee engagement
and Stakeholder
consideration 27-35 and 67-72
Greenhouse gas emissions and
energy consumption 46-47
Directors’ interests 119-122
Share capital and acquisition
of own shares 132
Directors’ disclosure of information
to the auditor in respect of the audit 135
Directors’ Responsibility Statement 135
Going concern 65
Viability Statement 65
Powers of Directors 134
Share capital and Shareholder
rights – Details of employee
share schemes 172-175
Subsidiary and associated
undertakings and branches 164-169
133 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
value of £1,095,395.91. Further resolutions in respect of
these matters will be put to Shareholders at the forthcoming
Annual General Meeting. The Directors are not aware of any
agreements between holders of securities that are known to
the Company and may result in restrictions on the transfer
of securities or on voting rights.
Stakeholders and employment policy and
employee involvement
Pages 67-72 of the Strategic Report and the pages to
which it refers comprise the Company’s section 172(1)
statement, together with the statements as to how the
Directors have engaged with employees and had regard
to their interests and how the Directors have had regard
to the Company’s business relationships with Customers,
suppliers and other external Stakeholders.
The Group is committed to creating a working environment
that is truly inclusive and promotes diversity, and seeks to
ensure that training, career development and promotion
is fair in all circumstances. Full, fair and transparent
consideration is given to applications for employment
made by those with disabilities, and the Group will ensure
continued employment of those who may become disabled
during their employment.
The Group is committed to employee involvement
throughout the business. Directors engage with employees
and take their considerations into account when making
decisions. Employees are kept well informed of the
performance and strategy of the Group through personal
video briefings, regular online interactive townhall meetings,
Viva Engage (the Group’s internal social collaboration site),
emails and other communications from the Chief Executive
Officer and members of the Executive Board. Further details
of employment policies and employee involvement can be
found in the Strategic Report on pages 27-35.
Directors’ indemnities
The Company purchased and maintained Directors’ and
Officers’ Liability Insurance throughout the period under
review, which gives appropriate cover for legal actions
brought against the Directors. The Company granted
separate indemnities to the Directors to cover liabilities
arising from third parties. The extent of the indemnities
provided is as permitted under law.
Financial instruments and financial
risk management
Details of the Group’s use of financial instruments, including
financial risk management objectives and policies of the
Group, and exposure of the Group to certain financial risks,
can be found in Note 22 on pages 175-178.
Significant agreements containing
change of control provisions
The Group has an invoice discounting facility that
terminates on a change of control, with prepaid amounts
being repayable. The Group also has available to it an £80m
revolving credit facility with HSBC and BBVA which includes
a provision entitling lenders to cancel the facility in the event
of a change of control such that loan amounts would be
repayable. This facility is nil drawn at the balance sheet
date. Directors’ and employees’ contracts do not normally
provide for payment for loss of office or employment as
a result of a change of control. However, the Company
operates several share and share option schemes for the
benefit of its Executive Directors and employees, the rules
of which contain provisions which may cause options and
share awards granted to vest on a change of control.
Political contributions
No political donations, expenditure or contributions were
made during the year. The Company has a policy of not
making political donations to political organisations or
independent election candidates anywhere in the world as
defined by the Political Parties, Election and Referendums
Act 2000.
Post balance sheet events
There have been no significant post balance sheet events
since 31 December 2024.
Listing Rule UKLR 6.6.1
There is no information required to be disclosed under
Listing Rule UKLR 6.6.1.
Annual General Meeting
The Annual General Meeting of the Company will be held on
3 June 2025.The notice of meeting will be made available
on the Company’s website www.page.com and posted
separately to Shareholders that have requested this.
Substantial Shareholders
At 31 December 2024, the Company had been notified,
in accordance with the FCA Disclosure Guidance and
Transparency Rules, of the undermentioned noted interests
in its ordinary share capital. The percentage of voting rights
shown below are as at the date of notification.
Shareholder
No. of
voting
rights
% of
voting
rights
Liontrust Investment Partners LLP 32,145,738 9.78%
Apex Group Fiduciary Services Ltd
as Trustee of the Michael Page
Employees’ Benefit Trust
16,759,327 5.10%
Marathon Asset Management Limited 16,622,412 5.06%
Heronbridge Investment Management
LLP
16,303,888 4.96%
Franklin Templeton Institutional LLC 16,104,930 4.93%
The Capital Group Companies, Inc 14,647,804 4.46%
The Company received no notifications between 1 January
2025 and the date of this report. Since the date of disclosure,
the above shareholdings may have changed.
PageGroup 2024 Annual Report & Accounts | 134
Strategic Report Corporate Governance Financial Statements Additional Information
The following summarises certain provisions of the
Company’s Articles of Association (as adopted on 3 June
2021) and applicable English Law (including the Companies
Act 2006 (the “Act”), as amended) as required by applicable
law and regulation.
Share capital and rights attaching to shares
The Company has one class of share in issue being
328,618,774 ordinary shares with a nominal value of one
pence each. No shares are held in treasury and there are no
persons holding shares that carry special rights with regard
to the control of the Company.
The Articles of Association provide that subject to any rights
or restrictions attached to any shares, on a show of hands
every member and every duly appointed proxy present
shall have one vote. Every corporate representative present
who has been duly authorised by a corporation has the
same voting rights as the corporation would be entitled to.
On a poll, every member present in person or by a duly
appointed proxy or corporate representative shall have one
vote for every share of which they are a holder or in respect
of which their proxy or corporate representative has been
made. No member shall be entitled to vote in respect of any
share held by them if any call or other sum payable by them
to the Company remains unpaid.
Any form of proxy sent by the Shareholders to the Company
in relation to any general meeting must be delivered to the
Company (via its registrars), whether in written or electronic
form, not less than 48 hours before the time appointed for
holding the meeting or adjourned meeting at which the
person named in the appointment proposes to vote.
Holders of the Company’s ordinary shares may by ordinary
resolution declare dividends, but no such dividend shall
exceed the amount recommended by the Directors. If, in
the opinion of the Directors, the profits of the Company
available for distribution justify such payments, the Directors
may, from time to time, pay interim dividends on the shares
of such amounts and on such dates and in respect of
such periods as they think fit. The profits of the Company
available for distribution and resolved to be distributed shall
be apportioned and paid proportionately to the amounts
paid up on the shares during any portion of the period in
respect of which the dividend is paid. The Shareholders
may, at a general meeting of the Company declaring a
dividend upon the recommendation of the Directors, direct
that it shall be satisfied wholly or partly by the distribution of
specific assets.
If the Company is wound up, the liquidator can, with the
sanction of a special resolution passed by the Shareholders
and any other sanction required by law, divide among the
Shareholders all or any part of the assets of the Company
and he/she can value assets and determine how the
division shall be carried out as between the Shareholders or
different classes of Shareholders. The liquidator can also,
with the same sanction, transfer the whole or any part of
the assets to trustees upon such trusts for the benefit of the
Shareholders. No Shareholder will be compelled to accept
assets which are subject to a liability.
Limitations on the transfer of shares
Any member may transfer all or any of his shares in
certificated form by instrument of transfer in the usual
common form or in any other form which the Directors
may approve.
Where any class of shares is for the time being a
participating security, title to shares of that class which
are recorded as being held in uncertificated form, may
be transferred (to not more than four transferees) by the
relevant system concerned.
The Directors may in their absolute discretion refuse to
register any transfer of shares (being shares which are not
fully paid or on which the Company has a lien), provided
that if the share is listed on the Official List of the Financial
Conduct Authority such refusal does not prevent dealings in
the shares from taking place on an open and proper basis.
The Directors may also refuse to register a transfer of shares
(whether fully paid or not) unless the transfer instrument:
(a) is lodged at the registered office, or such other place as
the Directors may appoint, accompanied by the relevant
share certificate(s);
(b) is in respect of only one class of share; and
(c) is in favour of not more than four transferees.
The Directors of the Company may refuse to register
the transfer of a share in uncertificated form to a person
who is to hold it thereafter in certificated form in any case
where the Company is entitled to refuse (or is excepted
from the requirements) under the Uncertificated Securities
Regulations 2001 to register the transfer.
English law treats those persons who hold the shares and
are neither UK residents nor nationals in the same way as
UK residents or nationals. They are free to own, vote on and
transfer any shares they hold.
Powers of the Directors
Directors may exercise all the powers of the Company,
subject to the provisions of the Articles of Association,
statutory restrictions and any authorisation or directions
given by resolution, including powers relating to the issue
and/or buying back of shares by the Company.
Director’s appointment, retirement
and removal
Subject to the provisions of the Articles of Association,
a Director may be appointed by ordinary resolution.
In addition, the Directors may appoint a person who is
willing to act as a Director, and is permitted by law to
do so, to be a Director, either to fill a vacancy or as an
additional Director. A Director so appointed shall retire at
the next Annual General Meeting, notice of which is first
given after their appointment and shall then be eligible for
reappointment.
Articles of Association Summary
135 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
The Directors are responsible for preparing the Annual
Report and the Group financial statements in accordance
with applicable law and regulations. Detailed below are
statements made by the Directors in relation to their
responsibilities, disclosure of information to the Company’s
auditor and going concern.
1. Financial Statements and accounting records
Company law of England and Wales requires the Directors
to prepare financial statements for each financial year.
Under that law the Directors have elected to prepare
the Group and Parent Company financial statements in
accordance with UK-adopted international accounting
standards (“IFRS”). Under company law the Directors must
not approve the Group financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and the Company and of the profit or
loss of the Group and the Company for that period.
In preparing these financial statements the Directors are
required to:
• select suitable accounting policies in accordance with IAS
8 Accounting Policies, Changes in Accounting Estimates
and Errors, and then apply them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
• provide additional disclosures when compliance with
the specific requirements in IFRS is insufficient to enable
users to understand the impact of particular transactions,
other events and conditions on the Group’s financial
position and financial performance;
• in respect of the Group financial statements, state
whether UK-adopted international accounting standards
have been followed, subject to any material departures
disclosed and explained in the financial statements;
• in respect of the Parent Company financial statements,
state whether UK-adopted international accounting
standards have been followed, subject to any material
departures disclosed and explained in the financial
statements; and
• prepare the financial statements on the going concern
basis unless it is appropriate to presume that the
Company and/or the Group will not continue in business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s and Group’s transactions and disclose with
reasonable accuracy at any time the financial position of the
Company and the Group and enable them to ensure that
the Company and the Group financial statements comply
with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Group and Parent Company
and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are
also responsible for preparing a Strategic Report, Directors’
Report, Directors’ Remuneration Report and Corporate
Governance Report that comply with that law and those
regulations.
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the Company’s website.
2. Directors’ Responsibility Statement
The Directors confirm, to the best of their knowledge:
• that the consolidated financial statements, prepared in
accordance with UK-adopted international accounting
standards, give a true and fair view of the assets,
liabilities, financial position and profit of the Parent
Company and undertakings included in the consolidation
taken as a whole; and
• that the Annual Report, including the Strategic
Report, includes a fair review of the development and
performance of the business and the position of the
Company and undertakings included in the consolidation
taken as a whole, together with a description of the
principal risks and uncertainties that they face.
3. Disclosure of information to the Auditor
Having made the requisite enquiries, so far as the Directors
are aware as at the date of this Statement, there is no
relevant audit information (as defined by section 418(3) of
the Companies Act 2006) of which the Company’s auditor
is unaware and the Directors have taken all the steps they
ought to have taken as a Director to make themselves
aware of any relevant audit information and to establish that
the Company’s auditor is aware of that information.
Kelvin Stagg
Chief Financial Officer
5 March 2025
Directors’ Statements of Responsibility
At each Annual General Meeting all Directors at the time
the notice of that Annual General Meeting is given shall
retire from office and be subject to re-election by the
Shareholders.
In addition to any power of removal under the Act, the
Company may, by special resolution, remove a Director
before the expiration of their period of office.
A Director shall cease to hold office in certain circumstances
specified in the Company’s Articles of Association.
Amendments to the Articles of Association
Subject to the Act, the Articles of Association of the
Company can be altered by special resolution of the
members.
By order of the Board
Kaye Maguire
General Counsel & Company Secretary
5 March 2025
PageGroup 2024 Annual Report & Accounts | 136
Strategic Report Corporate Governance Financial Statements Additional Information
Opinion
In our opinion:
• PageGroup plc’s group financial statements and parent company financial statements (the “financial statements”) give
a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2024 and of the
group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with UK adopted international accounting
standards;
• the parent company financial statements have been properly prepared in accordance with UK adopted international
accounting standards as applied in accordance with section 408 of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of PageGroup plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the
year ended 31 December 2024 which comprise:
Group Parent Company
Consolidated income statement for the year then ended Balance sheet as at 31 December 2024
Consolidated statement of comprehensive income for the year
then ended
Statement of changes in equity for the year then ended
Consolidated balance sheet as at 31 December 2024 Statement of cash flows for the year then ended
Consolidated statement of changes in equity for the year then
ended
Related notes 1 to 25 to the financial statements
including material accounting policy information
Consolidated statement of cash flows for the year then ended
Related notes 1 to 25 to the financial statements, material
accounting policy information
Independent Auditor’s Report to the Members
of PageGroup plc
The financial reporting framework that has been applied
in their preparation is applicable law and UK adopted
international accounting standards and as regards the
parent company financial statements, as applied in
accordance with section 408 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the group and parent in accordance
with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC’s
Ethical Standard as applied to listed public interest entities,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the group or the parent
company and we remain independent of the group and the
parent company in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the group
and parent company’s ability to continue to adopt the going
concern basis of accounting included
• Confirming our understanding of the directors’ going
concern assessment process, performing our own
related risk assessment, and engaging with management
early to ensure all key factors were considered in their
assessment.
• Assessing the appropriateness of the duration of the
going concern assessment period to 31 March 2026
and considering the existence of any significant events or
conditions beyond this period based on our knowledge
arising from other areas of the audit.
• Reviewing borrowing facilities to confirm both their
availability to the Group, alongside the consideration of
the key covenants on such facilities.
• Testing the assessment for clerical accuracy.
• Assessing whether assumptions made were reasonable,
including testing key assumptions in the forecasts
by reference to historical trends, independent sector
forecasts and other information where available.
137 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Key assumptions include those over revenue, gross profit
and cash.
• Considering the appropriateness of management’s
base case and downside scenarios, to understand how
severe conditions would have to be to breach liquidity
and whether the reduction in profitability required has no
more than a remote possibility of occurring. Management
considered a downside scenario to be a reduction in
gross profit of 25% against FY24 actuals and a further
10% in 2026.
• Performing independent sensitivity analysis on
management’s assumptions including applying
incremental adverse cashflow sensitivities such as a
reverse stress test which would breach liquidity. These
sensitivities included the impact of certain severe but
plausible scenarios, evaluated as part of management’s
work on the Group’s long term viability, materialising within
the going concern period; and
• Reviewing the appropriateness of the Group’s going
concern disclosures included in the Annual Report.
Based on the work we have performed, we have not
identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast
significant doubt on the group and parent company’s ability
to continue as a going concern for a period to 31 March
2026.
In relation to the group and parent company’s reporting
on how they have applied the UK Corporate Governance
Code, we have nothing material to add or draw attention
to in relation to the directors’ statement in the financial
statements about whether the directors considered
it appropriate to adopt the going concern basis of
accounting.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report. However, because not all future
events or conditions can be predicted, this statement is not
a guarantee as to the group’s ability to continue as a going
concern.
An overview of the scope of the parent
company and group audits
In the current year our audit scoping has been updated
to reflect the new requirements of ISA (UK) 600 (Revised).
We have followed a risk-based approach when developing
our audit approach to obtain sufficient appropriate audit
evidence on which to base our audit opinion. We performed
risk assessment procedures, with input from our component
auditors, to identify and assess risks of material misstatement
of the Group financial statements and identified significant
accounts and disclosures. When identifying components at
which audit work needed to be performed to respond to the
identified risks of material misstatement of the Group financial
statements, we considered our understanding of the Group
and its business environment, the potential impact of climate
change, the applicable financial framework, the group’s
system of internal control at the entity level, and the existence
of centralised processes and applications.
Individually relevant components
We identified 4 components as individually relevant to the
Group due to materiality or financial size of the component
relative to the group.
For those individually relevant components, we identified
the significant accounts where audit work needed to be
performed at these components by applying professional
judgement, having considered the group significant
accounts on which centralised procedures will be
performed, the reasons for identifying the financial reporting
component as an individually relevant component and the
size of the component’s account balance relative to the
group significant financial statement account balance.
Additionally relevant components
We then considered whether the remaining group significant
account balances not yet subject to audit procedures, in
aggregate, could give rise to a risk of material misstatement
of the group financial statements. We selected 13 additionally
relevant components of the group to include in our audit
scope to address these risks.
Overview of our audit approach
Audit scope • We performed an audit of the complete financial information of 6 components and audit procedures
on specific balances for a further 11 components which included certain centralised procedures on
Permanent and Temporary revenue, Property, plant and equipment, Intangible assets, Right-of-use
assets, Cash and cash equivalents, Trade receivables, Bad debt provision, Accrued Income (net of
revenue reversals) and Prepayments.
• Inclusive of our central procedures, the components where we performed full or specific audit
procedures accounted for 92% of Profit Before Tax, 86% of Revenue and 87% of Total assets.
Key audit matters
• Revenue recognition for permanent and temporary placements
Materiality
• Overall group materiality of £6m which represents 5% of Profit Before Tax normalised over a 3-year
period.
PageGroup 2024 Annual Report & Accounts | 138
Strategic Report Corporate Governance Financial Statements Additional Information
Involvement with component teams
In establishing our overall approach to the Group audit, we
determined the type of work that needed to be undertaken
at each of the components by us, as the Group audit
engagement team, or by component auditors operating
under our instruction.
The Group audit team continued to follow a programme of
planned visits that has been designed to ensure that the
Senior Statutory Auditor and delegates visit the full and
specific scope components on a rotational basis. During
the current year’s audit cycle, visits were undertaken by
the primary audit team to the component teams in France,
Germany, Italy and Spain, as well as visiting the shared
service centres in Spain and Argentina. These visits involved
discussing the audit approach with the component team
and any issues arising from their work, meeting with local
management, and reviewing relevant audit working papers
on risk areas. For the UK and US components, there were
regular face to face interactions between the primary team
and component team due to the Senior Statutory Auditor
being located in the same location as the UK and US
component team. The Group audit team interacted regularly
with the component teams where appropriate during various
stages of the audit, reviewed relevant working papers and
were responsible for the scope and direction of the audit
process. Where relevant, the section on key audit matters
details the level of involvement we had with component
auditors to enable us to determine that sufficient audit
evidence had been obtained as a basis for our opinion on the
Group as a whole.
This, together with the additional procedures performed at
Group level, gave us appropriate evidence for our opinion on
the Group financial statements.
Climate change
Stakeholders are increasingly interested in how climate
change will impact PageGroup plc.
Given the nature of the business in a non-carbon intensive
industry, where remote working has become typical,
management do not consider there to be a material impact.
The Group has determined that the most significant future
impacts from climate change on their operations will
be from severe weather events impacting office-based
locations, however, with a predominately leased property
footprint the Group considers there to little risk of significant
business disruption or significant financial impacts from
climate change. Furthermore, the transition risks are not
considered by management to be material. Whilst the risks
from climate change are not considered material, the most
significant future impacts are explained on pages 49-54
in the required Task Force On Climate Related Financial
Disclosures and on pages 60-66 in the principal risks
and uncertainties. They have also explained their climate
commitments on pages 44-47. All of these disclosures
form part of the “Other information,” rather than the audited
financial statements. Our procedures on these unaudited
disclosures therefore consisted solely of considering
whether they are materially inconsistent with the financial
statements or our knowledge obtained in the course of the
audit or otherwise appear to be materially misstated, in line
with our responsibilities on “Other information”.
In planning and performing our audit we assessed the
potential impacts of climate change on the Group’s
business and any consequential material impact on its
financial statements.
The Group has explained in its Material Accounting Policies
disclosures how they have reflected the impact of climate
change in their financial statements including how this
aligns with their commitment to the aspirations of the
Paris Agreement to achieve net zero emissions by 2050.
Significant judgements and estimates relating to climate
change are included in note 1.
Our audit effort in considering the impact of climate change
on the financial statements was focused on evaluating
management’s assessment of the impact of climate risk,
physical and transition, their climate commitments, the
Having identified the components for which work will be
performed, we determined the scope to assign to each
component.
Scoping
Of the 17 components selected, we designed and
performed audit procedures on the entire financial
information of 6 components (“full scope components”),
which comprised 4 individually relevant components and
2 additionally relevant components. For the remaining 11
components, we designed and performed audit procedures
on specific significant financial statement account balances
or disclosures of the financial information of the component
(“specific scope components”).
Our scoping to address the risk of material misstatement
for each key audit matter is set out in the key audit matters
section of our report.
Procedures performed centrally
We also determined that centralised audit procedures could be performed on 7 of the 17 components in the following audit areas:
Key audit area on which procedures were performed centrally Component subject to central procedures
Revenue recognition for permanent and temporary placements Germany, Belgium, Switzerland, Singapore, Japan,
Colombia, Brazil
Trade receivables Germany, Belgium, Switzerland, Singapore, Japan,
Colombia, Brazil
Accrued income (net of revenue reversals) Germany, Belgium, Switzerland, Singapore, Japan,
Colombia, Brazil
139 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
effects of material climate risks disclosed on pages 50-54
and the significant judgements and estimates disclosed in
note 1 and whether these have been appropriately reflected
in the financial statements. As part of this evaluation, we
performed our own risk assessment to determine the risks
of material misstatement in the financial statements from
climate change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and
viability and associated disclosures. Where considerations
of climate change were relevant to our assessment of going
concern, these are described above.
Based on our work we have not identified the impact of
climate change on the financial statements to be a key audit
matter or to impact a key audit matter.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period and include the
most significant assessed risks of material misstatement
(whether or not due to fraud) that we identified. These
matters included those which had the greatest effect on:
the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit
of the financial statements as a whole, and in our opinion
thereon, and we do not provide a separate opinion on these
matters.
Risk Our response to the risk
Re
venue recognition
Revenue recognition for permanent
and temporary placements - Refer to
the Audit Committee Report (page
101); Accounting policies (page
148); and Note 2 of the Consolidated
Financial Statements (page 154).
The Group has reported permanent
placement revenue of £610.9 million
(2023: £738.6 million) and temporary
placement revenue of £1,128.0 million
(2023: £1,271.7 million).
For permanent placements there is
a risk around the timing of revenue
recognition as revenue is recognised
when customer and candidate
agreement is achieved, which may be
several months in advance of the start
of employment. Consequently, there is
a risk that:
• recognition occurs before revenue
recognition criteria have been met;
• period end cut-off is performed
incorrectly.
Temporary placement revenue is
recognised when the customer
has approved the timesheet.
Consequently, there is a risk that:
• revenue is recognised before an
approved timesheet has been
submitted; or
• that period end cut-off is performed
incorrectly.
Procedures designed to address risk of cut-off:
We performed the following full and specific scope audit procedures over this
risk area at 16 components, which covered 86% of the revenue balance:
• for permanent and temporary revenue streams, we identified and assessed
the process and design of key controls to validate that revenue recognition
was appropriate and applied in accordance with the Group’s accounting
policies.
• for all 16 components, we used data analytics covering all revenue
transactions in the year to test the correlation between revenue, accounts
receivable and cash. This included analysing revenue and gross profit trends.
• performed period-end cut off testing for a sample of revenue transactions
to assess whether all revenue recognition criteria for the permanent and
temporary placements had been met and that revenue had been recognised
in the correct period.
• performed testing of cash collections made post year-end for a sample of
balances to validate the existence of accrued revenue and trade receivable
balances. For those transactions not collected in cash we verified documents
to check all revenue recognition criteria had been met.
Other audit procedures performed in respect of revenue recognition:
• to address the risk of management override, we performed journal entry
testing over revenue, focusing on management-initiated entries and top-side
adjustments specifically around year end.
• compared the level of permanent placement revenue reversals over the
last 12 months, which occur as a result of non-completion of contractual
placements, to the provision recorded against accrued income to determine
if the assumptions used to calculate the provision were appropriate. We also
re-performed the provision calculation to confirm its accuracy.
For all other components which represent 14% of the revenue balance:
We performed audit procedures centrally on a country-by-country basis
to address the risk of an undetected material error occurring in all other
components representing 14% of the Group’s revenue. These comprised
analytical review of revenue and gross profit, and ratio analysis of key
performance indicators including revenue and gross profit per fee earner.
Key observations communicated to the Audit Committee
We concluded that revenue recognised for permanent and temporary placements is correctly recorded in accordance with
the Group’s revenue recognition criteria and UK adopted international accounting standards.
PageGroup 2024 Annual Report & Accounts | 140
Strategic Report Corporate Governance Financial Statements Additional Information
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit
opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the users
of the financial statements. Materiality provides a basis for
determining the nature and extent of our audit procedures.
We determined materiality for the Group to be £6.0 million
(2023: £6.4 million), which is 5% (2023: 5%) of Profit Before
tax, normalised over the 3-year period of FY22 to FY24. We
believe that normalised Profit Before Tax provides us
an appropriate basis for determining materiality and is the
most relevant performance measure to the stakeholders
of the entity.
We determined materiality for the Parent Company to be
£9.5 million (2023: £8.5 million), which is 0.5% (2023: 0.5%)
of total assets. We believe that total assets is an appropriate
basis to determine materiality given the nature of the Parent
company as the holding company of the Group. The
materiality was capped at the Group allocated materiality of
£1.3 million (2023: £1.5million) due to the Parent Company
being a full scope component.
During the course of our audit, we reassessed initial
materiality using actual results in the determination of our
final materiality. The underlying basis of materiality was not
changed compared with the planning stage when using
actual results.
Performance materiality
The application of materiality at the individual account
or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate
of uncorrected and undetected misstatements exceeds
materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment,
our judgement was that performance materiality was 75%
(2023: 75%) of our planning materiality, namely £4.5m
(2023: £4.8m). We have set performance materiality at this
percentage due to lower likelihood of misstatements based
on prior periods’ experience.
Audit work was undertaken at component locations
for the purpose of responding to the assessed risks of
material misstatement of the group financial statements.
The performance materiality set for each component is
based on the relative scale and risk of the component to
the Group as a whole and our assessment of the risk of
misstatement at that component. In the current year, the
range of performance materiality allocated to components
was £0.9m to £1.7m (2023: £0.9m to £2.1m).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit Committee that we would report
to them all uncorrected audit differences in excess of
£0.30m (2023: £0.32m), which is set at 5% of planning
materiality, as well as differences below that threshold that,
in our view, warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both
the quantitative measures of materiality discussed above
and in light of other relevant qualitative considerations in
forming our opinion.
Other information
The other information comprises the information included
in the annual report set out on pages, including within the
Strategic Report and Corporate Governance set out on
pages 13-135, other than the financial statements and our
auditor’s report thereon. The directors are responsible for
the other information contained within the annual report.
Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in this report, we do not express any form
of assurance conclusion thereon.
Our responsibility is to read the other information and,
in doing so, consider whether the other information
is materially inconsistent with the financial statements
or our knowledge obtained in the course of the audit
or otherwise appears to be materially misstated. If
we identify such material inconsistencies or apparent
material misstatements, we are required to determine
whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of the other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, based on the work undertaken in the course
of the audit:
• the information given in the strategic report and the
directors’ report for the financial year for which the
financial statements are prepared is consistent with
the financial statements and those reports have
been prepared in accordance with applicable legal
requirements;
• the information about internal control and risk
management systems in relation to financial reporting
processes and about share capital structures, given in
compliance with rules 7.2.5 and 7.2.6 in the Disclosure
Rules and Transparency Rules sourcebook made by the
Financial Conduct Authority (the FCA Rules), is consistent
with the financial statements and has been prepared in
accordance with applicable legal requirements; and
141 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
• information about the company’s corporate governance
statement and practices and about its administrative,
management and supervisory bodies and their
committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of
the FCA Rules.
Matters on which we are required to report
by exception
In the light of the knowledge and understanding of the
group and the parent company and its environment
obtained in the course of the audit, we have not identified
material misstatements in:
• the strategic report or the directors’ report; or
• the information about internal control and risk
management systems in relation to financial reporting
processes and about share capital structures, given in
compliance with rules 7.2.5 and 7.2.6 of the FCA Rules
We have nothing to report in respect of the following
matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
• the parent company financial statements and the part of
the Directors’ Remuneration Report to be audited are not
in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by
law are not made; or
• we have not received all the information and explanations
we require for our audit
• a Corporate Governance Statement has not been
prepared by the company
Corporate Governance Statement
We have reviewed the directors’ statement in relation to
going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the group
and company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review by the
UK Listing Rules.
Based on the work undertaken as part of our audit, we
have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent
with the financial statements or our knowledge obtained
during the audit:
• Directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and
any material uncertainties identified set out on page 65;
• Directors’ explanation as to its assessment of the Group’s
prospects, the period this assessment covers and why
the period is appropriate set out on page 65;
• Directors’ statement on whether it has a reasonable
expectation that the group will be able to continue in
operation and meets its liabilities set out on page 65;
• Directors’ statement on fair, balanced and understandable
set out on page 93;
• Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 92;
• The section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on page 92; and
• The section describing the work of the audit committee
set out on page 99-102.
Responsibilities of directors
As explained more fully in the directors’ responsibilities
statement set out on page 135, the directors are
responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine is
necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the group and parent company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless the directors
either intend to liquidate the group or the parent company
or to cease operations, or have no realistic alternative but to
do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.
Explanation as to what extent the audit was
considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above,
to detect irregularities, including fraud. The risk of not
detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as
fraud may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable
of detecting irregularities, including fraud is detailed below.
PageGroup 2024 Annual Report & Accounts | 142
Strategic Report Corporate Governance Financial Statements Additional Information
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with
governance of the company and management.
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the group and
determined that the most significant are those that relate
to the reporting framework (UK adopted international
accounting standards, the Companies Act 2006 and
UK Corporate Governance Code) and the relevant tax
compliance regulations in the jurisdictions in which the
Group operates and the EU General Data Protection
Regulation (GDPR). There are no significant, industry
specific laws or regulations that we considered in
determining our approach.
• We understood how PageGroup plc is complying with
those frameworks by making enquiries of management,
internal audit, those responsible for legal and compliance
procedures and the company secretary. We corroborated
our enquiries through our review of board minutes and
papers provided to the Audit Committee, correspondence
received from regulatory bodies and attendance at
meetings of the Audit Committee, as well as consideration
of the results of our audit procedures across the
Group. Our assessment included: incorporating data
analytics across our audit approach, journal entry
testing with a focus on manual consolidation journals
and journals meeting our defined risk criteria based
on our understanding of the business; enquiries of the
legal counsel, Group management, internal audit and
all full and specific scope management; review of Board
and Audit Committee reporting; and focused testing as
referred to in the key audit matters section above.
• We assessed the susceptibility of the group’s financial
statements to material misstatement, including how
fraud might occur by meeting with management from
various parts of the business including management and
finance teams of the local markets where appropriate,
Head Office, the Audit Committee, the internal audit
function, the Group legal function and individuals in
the Risk management function to understand where
it considered there was susceptibility to fraud; and
assessing whistleblowing incidences for those with a
potential financial reporting impact. We also considered
performance targets and their propensity to influence
management to manage earnings.
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws
and regulations. Our procedures included journal
entry testing, with a focus on manual journal entries,
consolidation journals and journal entries indicating
large or unusual transactions using data analytics. We
based this testing on our understanding of the business,
enquiries of management, including internal audit, legal
and other advisors, the company secretary and reading
relevant reports. We performed specific searches derived
from forensic investigations experience and leveraged our
data analytics platform in performing our testing. We have
also reviewed the whistleblowing reports issued during
the year. Any instances of non-compliance with laws
and regulations identified that might have an impact on
components were communicated to the component audit
teams and considered in our audit approach.
A further description of our responsibilities for the audit of
the financial statements is located on the
Financial Reporting Council’s website at https://www.frc.
org.uk/auditorsresponsibilities. This description forms part
of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit Committee,
we were appointed by the company in June 2021 to audit
the financial statements for the year ending 31 December
2021 and subsequent financial periods.
The period of total uninterrupted engagement including
previous renewals and reappointments is 14 years,
covering the years ending 31 December 2011 to
31 December 2024.
• The audit opinion is consistent with the additional report
to the Audit Committee.
Use of our report
This report is made solely to the company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken
so that we might state to the company’s members those
matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company’s
members as a body, for our audit work, for this report, or for
the opinions we have formed.
Jose Yglesia (Senior statutory auditor)
for and on behalf of Ernst & Young LLP,
Statutory Auditor
London
5 March 2025
143 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Consolidated Income Statement
For the year ended 31 December 2024
| 2024 | 2023 | ||
| Note | £’000 | £’000 | |
Revenue | 2 | ||
Cost of sales | ( | ( | |
Gross profit | 2 | ||
Administrative expenses | ( | ( | |
Operating profit | 2 | ||
Financial income | 5 | ||
Financial expenses | 5 | ( | ( |
Profit before tax | 2 | ||
Income tax expense | 6 | ( | ( |
Profit for the year | 3 | ||
| Attributable to: | |||
Owners of the parent | |||
| Earnings per share | |||
Basic earnings per share (pence) | 9 | ||
Diluted earnings per share (pence) | 9 |
The above results relate to continuing operations.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
| 2024 | 2023 | ||
| Note | £’000 | £’000 | |
Profit for the year | |||
| Other comprehensive (loss)/income for the year | |||
| Items that may subsequently be reclassified to profit and loss: | |||
Currency translation differences net of tax | ( | ( | |
Actuarial loss on retirement benefits | 15 | ( | ( |
Deferred tax from actuarial loss on retirement benefits | |||
Total comprehensive income for the year | |||
| Attributed to: | |||
Owners of the parent |
PageGroup 2024 Annual Report & Accounts | 144
Strategic Report Corporate Governance Financial Statements Additional Information
Consolidated and Parent Company Balance Sheets
As at 31 December 2024
Group | Company | |||||
| 2024 | 2023 | 2024 | 2023 | |||
| Note | £’000 | £’000 | £’000 | £’000 | ||
| Non-current assets | ||||||
Property, plant and equipment | 10 | – | – | |||
Right-of-use assets | 11 | – | – | |||
Intangible assets | - Goodwill and other intangibles | 12 | – | – | ||
| - Computer software (including assets held | ||||||
under construction) | 12 | – | – | |||
Investments | 13 | 555,796 | 553,276 | |||
Deferred tax assets | 18 | – | – | |||
Other receivables | 14 | 1,336,349 | 1,157,419 | |||
1,892,145 | 1,710,695 | |||||
| Current assets | ||||||
Trade and other receivables | 14 | – | – | |||
Current tax receivable | 7 | – | – | |||
Cash and cash equivalents | 21 | – | – | |||
– | – | |||||
Total assets | 2 | 1,892,145 | 1,710,695 | |||
| Current liabilities | ||||||
Trade and other payables | 15 | ( | ( | (1,485,600) | (1,393,028) | |
Provisions | 16 | ( | ( | – | – | |
Lease liabilities | 11 | ( | ( | – | – | |
Current tax payable | 7 | ( | ( | – | – | |
( | ( | (1,485,600) | (1,393,028) | |||
Net current assets/(liabilities) | (1,485,600) | (1,393,028) | ||||
| Non-current liabilities | ||||||
Other payables | 15 | ( | ( | – | – | |
Lease liabilities | 11 | ( | ( | – | – | |
Deferred tax liabilities | 18 | ( | ( | – | – | |
Provisions | 16 | ( | ( | – | – | |
( | ( | – | – | |||
Total liabilities | 2 | ( | ( | (1,485,600) | (1,393,028) | |
Net assets | 406,545 | 317,667 | ||||
| Capital and reserves | ||||||
Called-up share capital | 19 | 3,286 | 3,286 | |||
Share premium | 20 | 99,564 | 99,564 | |||
Capital redemption reserve | 20 | 932 | 932 | |||
Reserve for shares held in the employee benefit trust | 20 | ( | ( | – | – | |
Currency translation reserve | 20 | – | – | |||
Retained earnings | 302,763 | 213,885 | ||||
Total equity | 406,545 | 317,667 |
The financial statements of PageGroup plc (Company Number 3310225) set out on pages 143-180 were approved by the Board of
Directors and authorised for issue on 5 March 2025. The Company’s profit for the financial year amounted to £138.4m (2023: £98.0m).
145 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
| Reserve | ||||||||
| for shares | ||||||||
| Called- | Capital | held in the | Currency | |||||
| up share | Share | redemption | employee | translation | Retained | Total | ||
| capital | premium | reserve | benefit trust | reserve | earnings | equity | ||
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance at 1 January 2023 | ( | |||||||
| Currency translation differences net | ||||||||
of tax | ( | ( | ||||||
| Actuarial loss on retirement | ||||||||
benefits net of tax | ( | ( | ||||||
| Net expense recognised directly | ||||||||
in OCI | ( | ( | ( | |||||
Profit for the year | ||||||||
| Total comprehensive (expense)/ | ||||||||
income for the year | ( | |||||||
Purchase of shares held in the employee benefit trust | ( | ( | ||||||
Exercise of share plans | ||||||||
| Transfer from reserve for shares | ||||||||
held in the employee benefit trust | ( | |||||||
Credit in respect of share schemes | ||||||||
| Credit in respect of tax on share | ||||||||
schemes | ||||||||
| Dividends | 8 | ( | ( | |||||
( | ( | ( | ||||||
| Balance at 31 December 2023 | ||||||||
and 1 January 2024 | ( | |||||||
| Currency translation differences net | ||||||||
of tax | ( | ( | ||||||
| Actuarial loss on retirement | ||||||||
benefits net of tax | ( | ( | ||||||
| Net expense recognised directly | ||||||||
in OCI | ( | ( | ||||||
Profit for the year | ||||||||
| Total comprehensive (expense)/ | ||||||||
income for the year | ( | |||||||
Purchase of shares held in the employee benefit trust | ( | ( | ||||||
Exercise of share plans | ||||||||
| Transfer from reserve for shares | ||||||||
held in the employee benefit trust | ( | |||||||
Credit in respect of share schemes | ||||||||
| Debit in respect of tax on share | ||||||||
schemes | ( | ( | ||||||
| Dividends | 8 | ( | ( | |||||
( | ( | ( | ||||||
Balance at 31 December 2024 | ( |
PageGroup 2024 Annual Report & Accounts | 146
Strategic Report Corporate Governance Financial Statements Additional Information
Statement of Changes in Equity – Parent Company
For the year ended 31 December 2024
Note
Called-up
share capital
£’000
Share premium
£’000
Capital
redemption
reserve
£’000
Retained
earnings
£’000
Total equity
£’000
Balance at 1 January 2023 3,286 99,564 932 210,547 314,329
Profit for the year
– – – 97,963 97,963
Total comprehensive income for
the year
– – – 97,963 97,963
Credit in respect of share schemes
– – – 5,439 5,439
Dividends
8 – – – (100,064) (100,064)
– – – (94,625) (94,625)
Balance at 31 December 2023 and
1 January 2024 3,286 99,564 932 213,885 317,667
Profit for the year – – – 138,362 138,362
Total comprehensive income for
the year – – – 138,362 138,362
Credit in respect of share schemes – – – 2,520 2,520
Dividends
8
– – – (52,004) (52,004)
– – – (49,484) (49,484)
Balance at 31 December 2024 3,286 99,564 932 302,763 406,545
147 | PageGroup 2024 Annual Report & Accounts
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Consolidated and Parent Company Cash Flow Statements
For the year ended 31 December 2024
Group | Company | ||||
| 2024 | 2023 | 2024 | 2023 | ||
| Note | £’000 | £’000 | £’000 | £’000 | |
Profit before tax | 6 | 138,362 | 97,963 | ||
Depreciation and amortisation charges | 10/11/12 | – | – | ||
Impairment of receivables | 27,842 | – | |||
Loss on sale of property, plant and equipment, and computer software | – | – | |||
Share scheme charges | – | – | |||
Net finance cost | – | – | |||
Operating cash flow before changes in working capital | 166,204 | 97,963 | |||
Decrease/(Increase) in receivables | (258,776) | (121,967) | |||
(Decrease)/Increase in payables | ( | ( | 92,572 | 24,004 | |
Cash generated from operations | – | – | |||
Income tax paid | ( | ( | – | – | |
Net cash from operating activities | – | – | |||
| Cash flows from investing activities | |||||
Purchases of property, plant and equipment | 10 | ( | ( | – | – |
Purchases of intangibles | 12 | ( | ( | – | – |
Proceeds from the sale of property, plant and equipment, and computer software | – | – | |||
Interest received | – | – | |||
Net cash used in investing activities | ( | ( | – | – | |
| Cash flows from financing activities | |||||
Funds from Treasury Company | 52,004 | 100,064 | |||
Dividends paid | ( | ( | (52,004) | (100,064) | |
Interest paid | ( | ( | – | – | |
Lease liability principal and interest repayment | ( | ( | – | – | |
Issue of own shares for the exercise of options | – | – | |||
| Purchase of shares held in the employee benefit | |||||
trust | ( | ( | – | – | |
Net cash used in financing activities | ( | ( | – | – | |
| Net increase/(decrease) in cash and cash | |||||
equivalents | ( | – | – | ||
Cash and cash equivalents at the beginning of the year | – | – | |||
Exchange loss on cash and cash equivalents | ( | ( | – | – | |
Cash and cash equivalents at the end of the year | 21 | – | – |
PageGroup 2024 Annual Report & Accounts | 148
Strategic Report Corporate Governance Financial Statements Additional Information
For the year ended 31 December 2024.
1. Material Accounting Policies
Notes to the Financial Statements
149 | PageGroup 2024 Annual Report & Accounts
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PageGroup 2024 Annual Report & Accounts | 150
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151 | PageGroup 2024 Annual Report & Accounts
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PageGroup 2024 Annual Report & Accounts | 152
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153 | PageGroup 2024 Annual Report & Accounts
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PageGroup 2024 Annual Report & Accounts | 154
Strategic Report Corporate Governance Financial Statements Additional Information
2. Segment reporting
All revenues disclosed are derived from external customers.
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note
1. Segment operating profit represents the profit earned by each segment including allocation of central administration
costs. This is the measure reported to the Group’s Board, the chief operating decision maker, for the purpose of resource
allocation and assessment of segment performance. Segments are aggregated in accordance with management ownership,
determined by the possession of similar characteristics such as geography, market maturity and economic environment. No
judgements were applied to identify the reportable segments.
| Gross | Operating | ||
| Revenue | profit | profit | |
| 2024 | £’000 | £’000 | £’000 |
EMEA | 946,755 | 462,450 | 60,895 |
Asia Pacific | 231,842 | 126,455 | (8,345) |
Americas | 279,825 | 149,181 | 6,949 |
United Kingdom | 280,515 | 104,500 | (7,050) |
Operating profit | – | – | 52,449 |
Net financial expense | – | – | (3,322) |
1,738,937 | 842,586 | 49,127 |
| Gross | Operating | ||
| Revenue | profit | profit | |
| 2023 | £’000 | £’000 | £’000 |
EMEA | 1,117,150 | 549,511 | 92,176 |
Asia Pacific | 284,821 | 159,636 | 11,613 |
Americas | 311,653 | 173,312 | 17,749 |
United Kingdom | 296,679 | 124,673 | (2,723) |
Operating profit | – | – | 118,815 |
Net financial expense | – | – | (1,379) |
2,010,303 | 1,007,132 | 117,436 |
155 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
Total assets | Total liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 287,233 | 322,635 | 216,982 | 250,651 |
Asia Pacific | 77,088 | 99,919 | 52,470 | 58,548 |
Americas | 96,260 | 98,697 | 49,330 | 50,333 |
United Kingdom | 171,491 | 159,939 | 65,715 | 32,596 |
Segment assets/liabilities | 632,072 | 681,190 | 384,497 | 392,128 |
Income tax | 18,023 | 23,384 | 3,189 | 5,958 |
650,095 | 704,574 | 387,686 | 398,086 |
Property, plant and equipment | Intangible assets | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 16,607 | 16,101 | 1,889 | 2,044 |
Asia Pacific | 4,295 | 5,269 | 13 | 37 |
Americas | 6,710 | 5,947 | 9 | 3 |
United Kingdom | 18,199 | 20,135 | 21,743 | 30,014 |
45,811 | 47,452 | 23,654 | 32,098 |
Right-of-use assets | Lease liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 74,027 | 70,907 | 78,025 | 76,867 |
Asia Pacific | 9,980 | 12,486 | 16,728 | 16,854 |
Americas | 11,538 | 7,989 | 13,269 | 10,257 |
United Kingdom | 25,166 | 7,004 | 28,768 | 6,955 |
120,711 | 98,386 | 136,790 | 110,933 |
PageGroup 2024 Annual Report & Accounts | 156
Strategic Report Corporate Governance Financial Statements Additional Information
Revenue | Gross profit | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
Permanent | 610,889 | 738,563 | 605,865 | 733,657 |
Temporary | 1,128,048 | 1,271,740 | 236,721 | 273,475 |
1,738,937 | 2,010,303 | 842,586 | 1,007,132 |
Permanent | Temporary | |||
| Year ended | Year ended | Year ended | Year ended | |
| 31 December | 31 December | 31 December | 31 December | |
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 310,496 | 369,582 | 636,259 | 747,568 |
Asia Pacific | 107,768 | 135,462 | 124,074 | 149,359 |
Americas | 121,903 | 146,916 | 157,922 | 164,737 |
United Kingdom | 70,722 | 86,603 | 209,793 | 210,076 |
610,889 | 738,563 | 1,128,048 | 1,271,740 |
Revenue | Gross profit | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
Accounting and Financial Services | 656,048 | 720,927 | 280,564 | 332,282 |
Technology | 278,896 | 360,392 | 107,152 | 138,069 |
Legal, HR, Secretarial and Other Engineering, Property & Construction, | 267,805 | 315,811 | 135,858 | 163,308 |
Procurement & Supply Chain | 379,407 | 427,850 | 208,932 | 242,897 |
Marketing, Sales and Retail | 156,781 | 185,323 | 110,080 | 130,576 |
1,738,937 | 2,010,303 | 842,586 | 1,007,132 |
157 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
| 2024 | 2023 | |
| £’000 | £’000 | |
| Profit for the year is stated after charging: | ||
Employment costs (Note 4) | 613,161 | 681,927 |
Net exchange losses | 1,826 | 4,114 |
Depreciation of property, plant and equipment – owned (Note 10) | 12,635 | 13,475 |
Amortisation of intangibles (Note 12) | 10,785 | 11,879 |
Expected credit losses (Note 22) | 33,425 | 35,114 |
Expected credit losses recovered / reversed (Note 22) | (30,540) | (33,652) |
Depreciation of right-of-use assets (Note 11) | 39,504 | 41,427 |
Loss on sale of property, plant and equipment and computer software | 1,053 | 819 |
Restructuring costs | 6,935 | 10,615 |
| Fees payable to the Company’s auditor: | ||
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts | 901 | 927 |
| Fees payable to the Company’s auditor and associates for other services: | ||
– The audit of the Company’s subsidiaries pursuant to legislation | 890 | 898 |
Total audit fees | 1,791 | 1,825 |
– Audit related assurance services | 74 | 56 |
– Other non-audit services | 11 | 9 |
Total non-audit fees | 85 | 65 |
Total fees | 1,876 | 1,890 |
4. Employee information
The average number of employees (including Executive Directors) during the year and total number of employees (including
Executive Directors) at 31 December 2024 were as follows:
| 2024 | 2023 | At 31 Dec | At 31 Dec | |
| Average | Average | 2024 | 2023 | |
| No. | No. | No. | No. | |
| Management | 421 | 439 | 426 | 426 |
| Client services | 5,193 | 5,895 | 4,944 | 5,425 |
| Administration | 1,990 | 2,121 | 1,991 | 2,008 |
7,604 | 8,455 | 7,361 | 7,859 |
Employment costs (including Directors’ emoluments) comprised:
| 2024 | 2023 | |
| £’000 | £’000 | |
Wages and salaries | 512,977 | 575,486 |
Social security costs | 65,406 | 68,900 |
Pension costs – defined contribution plans | 26,521 | 25,769 |
Share-based payments and deferred cash plan | 8,257 | 11,772 |
613,161 | 681,927 |
No staff are employed by the Parent Company (2023: none) hence no remuneration has been disclosed for the Company.
Remuneration for Directors for their services on behalf of the Parent Company are included in the Directors’ Remuneration
Report on pages 107-131.
PageGroup 2024 Annual Report & Accounts | 158
Strategic Report Corporate Governance Financial Statements Additional Information
| 2024 | 2023 | |
| £’000 | £’000 | |
| Financial income | ||
Interest receivable | 2,170 | 2,236 |
2,170 | 2,236 | |
| Financial expenses | ||
Interest payable | (834) | (1,072) |
Interest on lease liabilities | (4,658) | (2,543) |
(5,492) | (3,615) |
| 2024 | 2023 | |
| Analysis of charge in the year | £’000 | £’000 |
UK income tax at 25.00% (2023: 23.50%) for year | 1,191 | 5,163 |
Overseas income tax | 19,984 | 32,571 |
Adjustments in respect of prior years | (644) | 1,965 |
20,531 | 39,699 | |
| Deferred tax | ||
Adjustment in respect of prior years | 1,583 | (1,641) |
Origination and reversal of temporary differences | (5,537) | (372) |
Derecognition of losses and other tax attributes | 4,107 | 2,673 |
Impact of tax rate changes | – | 9 |
Deferred tax income | 153 | 669 |
Total tax expense in the income statement | 20,684 | 40,368 |
| 2024 | 2023 | |||
| Reconciliation of effective tax rate | £’000 | % | £’000 | % |
Profit before taxation | 49,127 | 117,436 | ||
| Profit before tax multiplied by the standard rate of corporation | ||||
tax in the UK | 12,282 | 25.0 | 27,597 | 23.5 |
| Effects of: | ||||
Disallowable items and other permanent differences | 1,235 | 2.5 | 2,851 | 2.4 |
Unrelieved overseas losses | 1,082 | 2.2 | 2,797 | 2.4 |
Derecognition/(recognition) of overseas losses and other tax attributes | 2,744 | 5.6 | (124) | (0.1) |
Other tax movements | (971) | (2.0) | 38 | 0.0 |
Higher tax rates on overseas earnings | (1,634) | (3.3) | 356 | 0.3 |
Other tax overseas | 5,006 | 10.2 | 6,518 | 5.6 |
Movement of rate difference | – | – | 10 | 0.0 |
Adjustment to tax charge in respect of prior periods | 940 | 1.9 | 325 | 0.3 |
Tax expense and effective rate for the year | 20,684 | 42.1 | 40,368 | 34.4 |
159 | PageGroup 2024 Annual Report & Accounts
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| 2024 | 2023 | |
| Tax recognised directly in other comprehensive income | £’000 | £’000 |
Currency translation difference | 700 | – |
Remeasurement of retirement benefit obligations | 88 | 435 |
| 2024 | 2023 | |
| Tax recognised directly in equity | £’000 | £’000 |
Relating to settled transactions | (45) | 1,016 |
| 2024 | 2023 | |
| £’000 | £’000 | |
| Amounts recognised as distributions to equity holders in the year: | ||
| Final dividend for the year ended 31 December 2023 of 11.24p per ordinary share | ||
| (2022: 10.76p) | 35,211 | 33,889 |
| Interim dividend for the year ended 31 December 2024 of 5.36p per ordinary share | ||
| (2023: 5.13p) | 16,793 | 16,166 |
| Special dividend for the year ended 31 December 2024 of 0p per ordinary share | ||
| (2023: 15.87p) | – | 50,009 |
52,004 | 100,064 | |
| Amounts proposed as distributions to equity holders in the year: | ||
| Proposed final dividend for the year ended 31 December 2024 of 11.75p per ordinary | ||
| share (2023: 11.24p) | 36,803 | 35,449 |
PageGroup 2024 Annual Report & Accounts | 160
Strategic Report Corporate Governance Financial Statements Additional Information
9. Earnings per Ordinary share
The calculation of the basic and diluted earnings per share is based on the following data:
| 2024 | 2023 | |
| £’000 | £’000 | |
| Earnings | ||
Earnings for basic and diluted earnings per share (£’000) | 28,443 | 77,068 |
Number of shares | number | number |
Weighted average number of shares used for basic earnings per share (‘000) | 314,038 | 315,784 |
Dilutive effect of share plans (‘000) | 1,068 | 1,311 |
Diluted weighted average number of shares used for diluted earnings per share (‘000) | 315,106 | 317,095 |
pence | pence | |
Basic earnings per share | 9.1 | 24.4 |
Diluted earnings per share | 9.0 | 24.3 |
The above results relate to continuing operations.
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, excluding unallocated ordinary shares purchased by the
Employee Benefit Trust and held in the reserve.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. This calculation determines the number of shares that could have been
acquired at fair value (determined as the average market price of the Company’s shares) based on the monetary value of the
subscription rights attached to the outstanding share options. The number of shares calculated in the basic earnings per
share is then adjusted to reflect the number of shares deemed to be issued for nil consideration as a result of the potential
exercise of existing share options. The remaining share options that are currently not dilutive and hence excluded from the
dilutive earnings per share calculation remain potentially dilutive until they are either exercised or they lapse.
161 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
10. Property, plant and equipment
Group
| Furniture, | ||||
| Leasehold | fixtures and | Motor | ||
| improvements | equipment | vehicles | Total | |
| 2024 | £’000 | £’000 | £’000 | £’000 |
| Cost | ||||
| At 1 January | 55,323 | 51,873 | 5,927 | 113,123 |
| Additions | 9,540 | 3,816 | 2,306 | 15,662 |
| Disposals | (6,844) | (3,350) | (1,503) | (11,697) |
| Effect of movements in foreign exchange | (1,985) | (2,286) | (90) | (4,361) |
| At 31 December | 56,034 | 50,053 | 6,640 | 112,727 |
| Depreciation | ||||
| At 1 January | 30,797 | 33,223 | 1,651 | 65,671 |
| Charge for the year | 5,560 | 5,583 | 1,492 | 12,635 |
| Disposals | (5,195) | (2,486) | (760) | (8,441) |
| Effect of movements in foreign exchange | (1,393) | (1,512) | (44) | (2,949) |
| At 31 December | 29,769 | 34,808 | 2,339 | 66,916 |
| Net book value | ||||
| At 31 December | 26,265 | 15,245 | 4,301 | 45,811 |
| Furniture, | ||||
| Leasehold | fixtures and | Motor | ||
| improvements | equipment | vehicles | Total | |
| 2023 | £’000 | £’000 | £’000 | £’000 |
| Cost | ||||
| At 1 January | 48,501 | 48,168 | 3,851 | 100,520 |
| Additions | 16,872 | 7,352 | 3,124 | 27,348 |
| Disposals | (8,324) | (2,331) | (737) | (11,392) |
| Effect of movements in foreign exchange | (1,726) | (1,316) | (311) | (3,353) |
| At 31 December | 55,323 | 51,873 | 5,927 | 113,123 |
| Depreciation | ||||
| At 1 January | 34,873 | 28,520 | 1,004 | 64,397 |
| Charge for the year | 4,876 | 7,422 | 1,177 | 13,475 |
| Disposals | (7,643) | (2,034) | (323) | (10,000) |
| Effect of movements in foreign exchange | (1,309) | (685) | (207) | (2,201) |
| At 31 December | 30,797 | 33,223 | 1,651 | 65,671 |
| Net book value | ||||
| At 31 December | 24,526 | 18,650 | 4,276 | 47,452 |
PageGroup 2024 Annual Report & Accounts | 162
Strategic Report Corporate Governance Financial Statements Additional Information
| Motor | ||||
| Property | Vehicles | Other assets | Total | |
| Group | £’000 | £’000 | £’000 | £’000 |
| Right-of-use assets | ||||
| At 1 January 2023 | 89,172 | 10,724 | 1,100 | 100,996 |
| Additions | 29,752 | 11,463 | 96 | 41,311 |
| Disposals | (973) | – | – | (973) |
| Depreciation expense | (31,175) | (9,690) | (562) | (41,427) |
| Effect of movements in foreign exchange | (2,823) | 1,302 | – | (1,521) |
| At 31 December 2023 and 1 January 2024 | 83,953 | 13,799 | 634 | 98,386 |
| Additions | 71,678 | 9,793 | 172 | 81,643 |
| Disposals | (16,598) | – | – | (16,598) |
| Impairment | (1,452) | – | – | (1,452) |
| Depreciation expense | (26,800) | (12,159) | (545) | (39,504) |
| Effect of movements in foreign exchange | (3,615) | 1,851 | – | (1,764) |
| At 31 December 2024 | 107,166 | 13,284 | 261 | 120,711 |
| 2024 | 2023 | |
| Lease liabilities | £’000 | £’000 |
| As at 1 January | (110,933) | (109,832) |
| Additions | (81,643) | (40,397) |
| Disposals | 16,598 | 58 |
| Interest expense | (4,658) | (2,543) |
| Payments | 41,631 | 39,995 |
| Effect of movements in foreign exchange | 2,215 | 1,786 |
| As at 31 December | (136,790) | (110,933) |
| 2024 | 2023 | |
| £’000 | £’000 | |
| Less than a year | 35,706 | 33,983 |
| Between 1 and 2 years | 30,132 | 25,421 |
| Between 2 and 5 years | 51,315 | 39,362 |
| Over 5 years | 36,108 | 19,858 |
153,261 | 118,624 |
163 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
| Computer | |||||||
| software, | |||||||
| Computer | assets under | ||||||
| software | construction | Subtotal | Goodwill | Trademark | Subtotal | Total | |
| 2024 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
| Cost | |||||||
| At 1 January | 80,674 | 2,025 | 82,699 | 1,539 | 1,699 | 3,238 | 85,937 |
| Additions | 2,508 | - | 2,508 | - | 99 | 99 | 2,607 |
| Disposals | (29) | (162) | (191) | - | - | - | (191) |
| Transfers | 1,807 | (1,807) | - | - | - | - | - |
Effect of movements in foreign exchange | (251) | - | (251) | - | (99) | (99) | (350) |
| At 31 December | 84,709 | 56 | 84,765 | 1,539 | 1,699 | 3,238 | 88,003 |
| Amortisation | |||||||
| At 1 January | 52,460 | - | 52,460 | - | 1,379 | 1,379 | 53,839 |
| Charge for the year | 10,663 | - | 10,663 | - | 122 | 122 | 10,785 |
| Disposals | (30) | - | (30) | - | - | - | (30) |
Effect of movements in foreign exchange | (244) | - | (244) | - | (1) | (1) | (245) |
| At 31 December | 62,849 | - | 62,849 | - | 1,500 | 1,500 | 64,349 |
| Net book value | |||||||
| At 31 December | 21,860 | 56 | 21,916 | 1,539 | 199 | 1,738 | 23,654 |
| Computer | |||||||
| software, | |||||||
| Computer | assets under | Total | |||||
| software | construction | Subtotal | Goodwill | Trademark | Subtotal | ||
| 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £000 |
| Cost | |||||||
| At 1 January | 78,543 | 1,153 | 79,696 | 1,539 | 1,691 | 3,230 | 82,926 |
| Additions | 3,065 | 872 | 3,937 | - | 96 | 96 | 4,033 |
| Disposals | (784) | - | (784) | - | (54) | (54) | (838) |
| Transfer | - | - | - | - | - | - | - |
Effect of movements in foreign exchange | (150) | - | (150) | - | (34) | (34) | (184) |
| At 31 December | 80,674 | 2,025 | 82,699 | 1,539 | 1,699 | 3,238 | 85,937 |
| Amortisation | |||||||
| At 1 January | 41,651 | - | 41,651 | - | 1,275 | 1,275 | 42,926 |
| Charge for the year | 11,730 | - | 11,730 | - | 149 | 149 | 11,879 |
| Disposals | (784) | - | (784) | - | (54) | (54) | (838) |
Effect of movements in foreign exchange | (137) | - | (137) | - | 9 | 9 | (128) |
| At 31 December | 52,460 | - | 52,460 | - | 1,379 | 1,379 | 53,839 |
| Net book value | |||||||
| At 31 December | 28,214 | 2,025 | 30,239 | 1,539 | 320 | 1,859 | 32,098 |
PageGroup 2024 Annual Report & Accounts | 164
Strategic Report Corporate Governance Financial Statements Additional Information
| 2024 | 2023 | |
| £’000 | £’000 | |
| UK | 1,274 | 1,274 |
| USA | 214 | 214 |
| Singapore | 51 | 51 |
1,539 | 1,539 |
| Subsidiary undertakings | |
| Company | £’000 |
| Cost at 1 January 2024 | 553,276 |
| Transactions relating to share plans for subsidiaries’ employees | 2,520 |
Cost at 31 December 2024 | 555,796 |
| Country of | Principal | ||
| Name of undertaking | incorporation | activity | Registered office |
| Michael Page International | Argentina | Recruitment | Cordoba 111, Piso 14 Ciudad de Buenos Aires, |
| Argentina SA | Consultancy | C1054AAH, Argentina | |
| Page Personnel Argentina | Argentina | Recruitment | Cordoba 111, Piso 14 Ciudad de Buenos Aires, |
| Servicios Eventuales SA | Consultancy | C1054AAH, Argentina | |
| Michael Page International | Australia | Recruitment | Level 21, 9 Castlereagh Street, Sydney, NSW 2000, |
| (Australia) Pty Limited | Consultancy | Australia | |
| Michael Page International | Austria | Recruitment | Fleischmarkt 1-5/2 (1. OG), 1010 Wien, Austria |
| Austria GmbH | Consultancy | ||
| Michael Page International | Belgium | Recruitment | Place du Champ de Mars 5 , 1050 Brussels, Belgium |
| (Belgium) NV/SA | Consultancy | ||
Page Interim (Belgium) NV/SA | Belgium | Recruitment | Place du Champ de Mars 5 , 1050 Brussels, Belgium |
| Consultancy | |||
| Michael Page International | Brazil | Recruitment | Rua Olimpíadas nº 205, sala: 111, 112, 113 e 114 - 11º |
| Do Brasil - Recrutamento | Consultancy | andar, Vila Olímpia, São Paulo, 04551-000 - SP, Brasil | |
| Especializado Ltda | |||
| Page Interim Do Brasil - | Brazil | Recruitment | Rua Olimpíadas nº 205, sala: 111, 112, 113 e 114 - 11º |
| Recrutamento Especializado Ltda | Consultancy | andar, Vila Olímpia, São Paulo, 04551-000 - SP, Brasil |
165 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
| Country of | Principal | |||||
| Name of undertaking | incorporation | activity | Registered office | |||
| Page Personnel do Brasil - | Brazil | Recruitment | Rua Olimpíadas nº 205, sala: 111, 112, 113 e 114 - 11º | |||
| Recrutamento Especializado e | Consultancy | andar, Vila Olímpia, São Paulo, 04551-000 - SP, Brasil | ||||
| servicos corporativos Ltda | ||||||
| Michael Page International Canada | Canada | Recruitment | Suite 515, Bay Adelaide Centre, 333 Bay St., Toronto, | |||
| Limited | Consultancy | ON, M5H 2R2, Canada | ||||
| Michael Page International Chile | Chile | Recruitment | Magdelana 181, Piso 1, Depto. 1601, Las Condes, | |||
| Ltda | Consultancy | Santiago 7550055, | Chile | |||
| Page Personnel International Chile | Chile | Recruitment | Magdelana 181, Piso 1, Depto 1601, Las Condes, | |||
| Ltda | Consultancy | Santiago 7550055, | Chile | |||
Page Consulting Chile Ltda | Chile | Recruitment | Av. El Bosque Norte 0177, Office 602, Santiago, 755- | |||
| Consultancy | 0100, | Chile | ||||
| Empresa de Servicios Transitorios | Chile | Recruitment | Magdelana181, Piso 1, Depto 1601, Las Condes, | |||
| Page Interim Chile Limitada | Consultancy | Santiago 7550055, | Chile | |||
| Michael Page (Beijing) Recruitment | China | Recruitment | 1012, | Room 1009 | 10/F, West Tower, World Financial | |
| Co., Ltd | Consultancy | Centre, No.1 East 3rd Ring Middle Road, Chaoyang | ||||
| District, Beijing, China 100020 | ||||||
| Michael Page (Shanghai) | China | Recruitment | 18/F, HKRI Centre Two, 288 Shimen Road (No.1), | |||
| Recruitment Co., Ltd | Consultancy | Shanghai, China 200041 | ||||
| Page Contracting (Shanghai) Co. | China | Recruitment | 18/F, HKRI Centre Two, 288 Shimen Road (No.1), | |||
| Ltd | Consultancy | Shanghai, China 200041 | ||||
| Michael Page International | Colombia | Recruitment | Nº11 – 08 Piso 11, Bogotá, D.C., Colombia | Calle 81 | ||
| Colombia SAS | Consultancy | |||||
Page Interim Colombia SAS | Colombia | Non-trading | Nº11 – 08 Piso 11, Bogotá, D.C., Colombia | Calle 81 | ||
| Michael Page Czech Republic s.r.o Czech | Recruitment | Pobřežní 249/46, Karlín, Praha 8, 186 00, Czech | ||||
| Republic | Consultancy | Republic | ||||
Michael Page Partnership Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
| Michael Page Employment | England and | Recruitment | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Services Limited | Wales | Consultancy | Addlestone, Surrey KT15 2NX, UK | |||
| LPM (Professional Recruitment) | England and | Holding | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Limited | Wales | company | Addlestone, Surrey KT15 2NX, UK | |||
Accountancy Additions Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
Slamway Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
Assessment Centre Limited (The) | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
LPM (Group Services) Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
Page Partnership Limited (The) | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Wales | Addlestone, Surrey KT15 2NX, UK | |||||
| Sales Recruitment Specialists | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, | ||
| Limited | Wales | Addlestone, Surrey KT15 2NX, UK | ||||
PageGroup 2024 Annual Report & Accounts | 166
Strategic Report Corporate Governance Financial Statements Additional Information
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
| Michael Page International | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Limited | Wales | Addlestone, Surrey KT15 2NX, UK | ||
| Michael Page International 1982 | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Limited | Wales | Addlestone, Surrey KT15 2NX, UK | ||
| Michael Page International | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Investment Limited | Wales | Addlestone, Surrey KT15 2NX, UK | ||
| Michael Page International | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Finance Limited | Wales | Addlestone, Surrey KT15 2NX, UK | ||
Page Personnel (UK) Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Wales | Addlestone, Surrey KT15 2NX, UK | |||
Michael Page Holdings Limited | England and | Support | 200 | Dashwood Lang Road, Bourne Business Park, |
| Wales | services | Addlestone, Surrey KT15 2NX, UK | ||
| Michael Page International | England and | Holding | 200 | Dashwood Lang Road, Bourne Business Park, |
| Holdings Limited | Wales | company | Addlestone, Surrey KT15 2NX, UK | |
| Michael Page International | England and | Recruitment | 200 | Dashwood Lang Road, Bourne Business Park, |
| Recruitment Limited* | Wales | Consultancy | Addlestone, Surrey KT15 2NX, UK | |
Michael Page Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Wales | Addlestone, Surrey KT15 2NX, UK | |||
| Michael Page International | England and | Holding | 200 | Dashwood Lang Road, Bourne Business Park, |
| Southern Europe Limited* | Wales | company | Addlestone, Surrey KT15 2NX, UK | |
Michael Page UK Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business Park, |
| Wales | Addlestone, Surrey KT15 2NX, UK | |||
| Michael Page Recruitment Group | England and | Holding | 200 | Dashwood Lang Road, Bourne Business Park, |
| Limited | Wales | company | Addlestone, Surrey KT15 2NX, UK | |
Page Outsourcing UK Limited | England and | Recruitment | 200 | Dashwood Lang Road, Bourne Business Park, |
| Wales | Consultancy | Addlestone, Surrey KT15 2NX, UK | ||
| Michael Page International | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| France SAS | Consultancy | Paris, France | ||
| MP Financial Services | France | Support | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| France SAS | services | Paris, France | ||
Page Personnel SAS | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Consultancy | Paris, France | |||
| Michael Page Business Services | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| SARL | Consultancy | Paris, France | ||
| Michael Page Ingénieurs et | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Informatique SARL | Consultancy | Paris, France | ||
Michael Page Tertiaire SARL | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Consultancy | Paris, France | |||
Michael Page Nord SARL | France | Recruitment | 14 place du Général de Gaulle – 59800 LILLE | |
| Consultancy | ||||
Michael Page Sud SARL | France | Recruitment | 9 Rue des Cuirassiers, 69003 LYON, France | |
| Consultancy | ||||
167 | PageGroup 2024 Annual Report & Accounts
Strategic Report Corporate Governance Financial Statements Additional Information
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
MP Advertising SAS | France | Support | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Services | Paris, France | |||
Page Consulting SARL | France | Recruitment | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Consultancy | Paris, France | |||
MP EDP SARL | France | Support | 164 | Avenue Achille Peretti, 92200 Neuilly-sur-Seine, |
| Services | Paris, France | |||
| Michael Page International | Germany | Recruitment | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| (Deutschland) GmbH | Consultancy | |||
Page Personnel Services GmbH | Germany | Recruitment | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| Consultancy | ||||
| Page Personnel (Deutschland) | Germany | Recruitment | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| GmbH | Consultancy | |||
Page Contracting GmbH | Germany | Recruitment | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| Consultancy | ||||
| Michael Page International | Hong Kong | Recruitment | Suite 1701, | 17F Central Tower, 28 Queen’s Road |
| (Hong Kong) Limited | Consultancy | Central, Central Hong Kong | ||
| Michael Page International | India | Recruitment | 5th Floor, 2 North Avenue, Maker Maxity, Bandra-Kurla | |
| Recruitment Pvt Ltd | Consultancy | Complex, Bandra (E), Mumbai 400051, India | ||
| PT Michael Page Internasional | Indonesia | Recruitment | One Pacific Place, Suites B-F, Level 12, Sudirman | |
| Indonesia | Consultancy | Central Business District, Jl. Jend. Sudirman Kav 52-53, | ||
| Jakarta 12190, Indonesia | ||||
| Michael Page International | Ireland | Recruitment | 6th Floor, Southbank House, Barrow Street, Dublin 4, | |
| (Ireland) Limited | Consultancy | Ireland | ||
| Michael Page International | Italy | Recruitment | Galleria Passarella, 2, Milan, 20122, Italy | |
| Italia Srl | Consultancy | |||
| Michael Page International | Japan | Recruitment | 6F Hulic Kamiyacho Building, 4-3-13 Toranomon, | |
| (Japan) K.K. | Consultancy | Minato-ku, Tokyo 105-0001, Japan | ||
Michael Page Limited | Kingdom of | Recruitment | 8210 | Khalid bin Al-Walid St - Al-Rawda neighborhood, |
| Saudi Arabia | Consultancy | Riyadh 13211 – 4844, Kingdom of Saudi Arabia | ||
| Agensi Pekerjaan Michael Page | Malaysia | Recruitment | Level 27, Integra Tower, The intermark, 348 Jalan Tun | |
| International (Malaysia) SDN BHD | Consultancy | Razak, Kuala Lumpur, 50400, Malaysia | ||
| Page Contracting (Malaysia) | Malaysia | Contracting/ | Suite Teal PV, 16F The Pavillion Tower, Jalan Raja | |
| Sdn Bhd | Temporary | Chulan, Kuala Lumpur, Malaysia | ||
| placements | ||||
| Page Group Corporate Solutions | Malaysia | Support | Level 13A-6 Menara Milenium, Jalan Damanlela, Pusat | |
| Sdn Bhd | services | Bandar Damansara 50490 Kuala Lumpur W.P. Kuala | ||
| Lumpur, Malaysia | ||||
| Michael Page International | Mauritius | Recruitment | 5th Floor Atchia Building, Cnr of Suffren and Eugene | |
| (Mauritius) Limited | Consultancy | Laurent Streets, Port Louis, Republic of Mauritius | ||
| Michael Page International | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| Mexico Reclutamiento | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| Especializado, S.A. de C.V. | de México, CDMX | |||
| Michael Page International Mexico | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| Servicios Corporativos SA de CV | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
PageGroup 2024 Annual Report & Accounts | 168
Strategic Report Corporate Governance Financial Statements Additional Information
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
| Page Interim Mexico Servicios | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| SA de CV | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
| Page México Operaciones | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| PG S.A. DE C.V. | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
| Page Consulting México S.A. | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| DE C.V. | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
| Page Resourcing Process S.A. | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| DE C.V. | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
| Page Internacional ADM S.A. | Mexico | Recruitment | Av. Paseo de la Reforma 115-Piso 10, Lomas - Virreyes, | |
| DE C.V. | Consultancy | Lomas de Chapultepec, Miguel Hidalgo, 11000 Ciudad | ||
| de México, CDMX | ||||
| Michael Page International Maroc | Morocco | Recruitment | 93 - 93A Capital Tower B76, Angle Abdelkrim Bencherif | |
| SARL AU | Consultancy | et Main Street, Casablanca, Morocco | ||
| Michael Page International | Netherlands | Recruitment | Strawinskylaan 959, 1077XX Amsterdam, Netherlands | |
| (Nederland) B.V. | Consultancy | |||
Page Interim B.V. | Netherlands | Recruitment | Strawinskylaan 959, 1077XX Amsterdam, Netherlands | |
| Consultancy | ||||
| Michael Page International | Panama | Recruitment | Punta Pacifica, Blvrd Pacifica Oceania Business Plaza, | |
| Panama S.A. | Consultancy | Torre 2000, | Piso 43, Panama | |
| Michael Page International Peru | Peru | Recruitment | Calle Las Orquídeas 675 esq. Andrés Reyes - Piso 5, | |
| S.R.L | Consultancy | Oficina 501, San Isidro 15046, Peru | ||
| Page Personnel Servicios | Peru | Recruitment | Calle Las Orquídeas 675 esq. Andrés Reyes - Piso 5, | |
| Temporales Peru S.R.L | Consultancy | Oficina 501, San Isidro 15046, Peru | ||
| Michael Page International | Philippines | Recruitment | 21/F Units 4-5 Zuellig Building, Makarti Avenue, Cnr | |
| Recruitment (Philippines) Inc. | Consultancy | Paseo de Roxas and Sta Potencia Street, Makarti City, | ||
| Metro Manila, Philippines | ||||
| PageGroup Corporate Services | Philippines | Support | 24th Floor, Philam Life Tower, 8767 Paseo De Roxas | |
| (Philippines) Inc. | services | Avenue, Bel-Air, Makati City 1226, Philippines | ||
Michael Page International (Poland) Poland | Recruitment | Chmielna 69, 00-801 Warsaw, Poland | ||
Sp.z.o.o | Consultancy | |||
| Michael Page International | Portugal | Recruitment | Av. Liberdade nº 180 A, 3º andar, Lisboa, 1250-146, | |
| Portugal - Empressa de Trabalho | Consultancy | Portugal | ||
| Temporario e Servicos de | ||||
| Consultadoria Lda | ||||
MICPAGE Services Lda | Portugal | Recruitment | Av. Liberdade nº 180 A, 3º andar, Lisboa, 1250-146, | |
| Consultancy | Portugal | |||
| PageGroup International | Romania | Recruitment | 169A | Calea Floreasca, Building A, Floor 4, Office 2007, |
| Recruitment S.R.L. | Consultancy | Register 02, Sector 1, Bucharest, Romania | ||
| Michael Page International Pte | Singapore | Recruitment | One Raffles Place, #09-61 Office Tower Two, | |
| Limited* | Consultancy | Singapore 048616 | ||
| Page Personnel Recruitment Pte | Singapore | Recruitment | One Raffles Place, #09-61 Office Tower Two, | |
| Ltd | Consultancy | Singapore 048616 | ||
| Michael Page International (SA) | South Africa | Recruitment | 2 Maude Street, The Forum, 5th Floor, Sandton City, | |
| (Pty) Limited | Consultancy | Johannesburg, 2196, South Africa | ||
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| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
Michael Page Holding España SL | Spain | Holding | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| company | Spain | |||
| PageGroup Technology | Spain | IT consultancy | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| Services SL | services | Spain | ||
Page Group Europe SL | Spain | Support | Plaza Europa 21-23 P. 5, 08908 L’Hospitalet de | |
| Services | Llobregat, 08908, Spain | |||
| Page Group Spain Recursos | Spain | Recruitment | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| Humanos ETT SA | Consultancy | Spain | ||
| Michael Page International | Sweden | Recruitment | Mäster Samuelsgatan 42, Stockholm 111 57, Sweden | |
| (Sweden) AB | Consultancy | |||
| Michael Page International | Switzerland | Recruitment | 12, Quai de la Poste, Geneva, 1204, Switzerland | |
| Switzerland SA | Consultancy | |||
| Michael Page International | Taiwan | Recruitment | 8F-1 Shin Kong Xin Yi Financial Building, 36-1 Songren | |
| Company Limited | Consultancy | Road Xin-Yi District, Taipei City, Taiwan 110 | ||
Michael Page Limited | Thailand | Holding | 689 | Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108- |
| company | 4109, | Sukhumvit Road, North Klongtong, Vadhana, | ||
Bangkok, 10110, | Thailand | |||
| Michael Page International | Thailand | Recruitment | 689 | Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108- |
| Recruitment (Thailand) Limited | Consultancy | 4109, | Sukhumvit Road, North Klongtong, Vadhana, | |
Bangkok, 10110, | Thailand | |||
| Michael Page International Nem | Turkey | Recruitment | Büyükdere Cad. Kanyon Ofis Binası No: 185 K: 21 | |
| Istihdam Danışmanlığı Limited | Consultancy | Levent, Istanbul, 34394, Turkey | ||
| Şirketi | ||||
| Michael Page International | United Arab | Recruitment | Level 2, Currency House - Building 1, Dubai International | |
| (UAE) Limited | Emirates | Consultancy | Financial Centre, Dubai, 506702, United Arab Emirates | |
Michael Page International Inc.* | United States | Recruitment | 622 | Third Avenue, 29th Floor, New York, NY10017, USA |
| Consultancy | ||||
Page Outsourcing Inc. | United States | Recruitment | 251 | Little Falls Drive, Wilmington, New Castle County, |
| Consultancy | Delaware 19801, USA | |||
| Michael Page International | Vietnam | Recruitment | The Hallmark, L20.01 Level 20 Tower A, Functional Area | |
| (Vietnam) Co. Limited | Consultancy | No,1-No.15, Tran Bach Dang Street, Thu Thiem Ward, | ||
| Thu Duc City. Ho Chi Minh City Vietnam | ||||
Company name | Companies House registration number |
LPM (Professional Recruitment) Limited | 01529437 |
Michael Page Holdings Limited | 01823297 |
Michael Page International Holdings Limited | 02327465 |
Michael Page International Southern Europe Limited | 04125211 |
Michael Page Partnership Limited | 01757874 |
Michael Page Recruitment Group Limited | 02245324 |
Page Outsourcing UK Limited | 13701685 |
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Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current | ||||
| Trade receivables | 234,948 | 281,652 | – | – |
| Less allowance for expected credit losses | (11,660) | (11,144) | – | – |
| Net trade receivables | 223,288 | 270,508 | – | – |
| Other receivables | 8,404 | 10,187 | – | – |
| Accrued Income (net of revenue reversals) | 68,716 | 83,426 | – | – |
| Prepayments | 14,849 | 16,122 | – | – |
315,257 | 380,243 | – | – | |
| Non-current | ||||
Amounts due from Group companies | – | – | 1,336,349 | 1,157,419 |
Other receivables | 13,164 | 13,017 | – | – |
13,164 | 13,017 | 1,336,349 | 1,157,419 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current | ||||
| Trade payables | 15,110 | 8,383 | – | – |
| Amounts owed to Group companies | – | – | 1,485,461 | 1,392,889 |
| Other tax and social security | 47,555 | 61,557 | – | – |
| Other payables | 37,111 | 33,595 | – | – |
Accruals | 129,684 | 156,321 | 139 | 139 |
229,460 | 259,856 | 1,485,600 | 1,393,028 | |
| Non-current | ||||
Other tax and social security | 1,196 | 1,045 | – | – |
Accruals and other payables | 9,230 | 9,111 | – | – |
10,426 | 10,156 | – | – |
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Dilapidations | NI on Share Schemes | Other | Total | |
At 1 January 2023 | 7,128 | 844 | 1,483 | 9,455 |
Foreign exchange | (1,019) | - | (133) | (1,152) |
Provided | 1,351 | 736 | 617 | 2,704 |
Utilised | (310) | (347) | 1,013 | 356 |
Released | (622) | - | (1,900) | (2,522) |
| At 31 December 2023 and 1 January 2024 | 6,528 | 1,233 | 1,080 | 8,841 |
Foreign exchange | 517 | - | (1,016) | (499) |
Provided | 687 | - | 70 | 757 |
Utilised | (563) | (483) | 124 | (922) |
Released | (894) | (22) | (49) | (965) |
At 31 December 2024 | 6,275 | 728 | 209 | 7,212 |
| 2024 | 2023 | |
| (£’000) | (£’000) | |
| Current | 2,653 | 4,298 |
| Non-current | 4,559 | 4,543 |
| Total provisions | 7,212 | 8,841 |
| 2024 | 2023 | |
| £’000 | £’000 | |
| Deferred tax assets | 18,127 | 19,856 |
Deferred tax liabilities | (609) | (2,342) |
17,518 | 17,514 |
PageGroup 2024 Annual Report & Accounts | 172
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2024 | 2023 | |||
| Number of | Number of | |||
| £’000 | shares | £’000 | shares | |
| Allotted, called-up and fully paid ordinary shares | ||||
of 1p each At 1 January | 3,286 | 328,618,774 | 3,286 | 328,618,774 |
Shares issued | – | – | – | – |
At 31 December | 3,286 | 328,618,774 | 3,286 | 328,618,774 |
| Share-based | Related party | |||||
| payments | Tax losses | Provisions | transactions | Other | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At 1 January 2024 | 1,352 | 7,295 | 7,325 | 1,655 | (113) | 17,514 |
| Recognised in OCI/equity for the year | (45) | 700 | – | – | 88 | 743 |
| Recognised in profit or loss for the year | 706 | (3,434) | 2,708 | (254) | 121 | (153) |
| Exchange differences | 4 | (215) | (391) | (130) | 146 | (586) |
| At 31 December 2024 | 2,017 | 4,346 | 9,642 | 1,271 | 242 | 17,518 |
| At 1 January 2023 | 1,064 | 881 | 9,945 | 4,677 | 729 | 17,296 |
| Recognised in OCI/equity for the year | 950 | – | – | – | 435 | 1,385 |
| Recognised in profit or loss for the year | (669) | 6,384 | (2,200) | (3,007) | (1,177) | (669) |
| Exchange differences | 7 | 30 | (420) | (15) | (100) | (498) |
| At 31 December 2023 | 1,352 | 7,295 | 7,325 | 1,655 | (113) | 17,514 |
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No. of | ||||||||
options out- | ||||||||
| Balance at | standing at | Base | ||||||
| 1 January | Granted | Exercised | Lapsed | 31 December | EPS/OP | Exercise price | ||
| Year of grant | 2024 | in year | in year | in year 2024 | range † | per share | Exercise period | |
2014 (Note 1)* | 373,333 | – | – | (373,333) | – | OP range | 484.0p | March 2017 – March 2024 |
2015 (Note 1)* | 295,000 | – | – | (40,000) | 255,000 | OP range | 526.0p-534.0p | March 2018 – March 2025 |
2016 (Note 1)* | 145,000 | – | – | – | 145,000 | OP range | 406.0p-427.0p | March 2019 – March 2026 |
2017 (Note 1)* | 155,000 | – | – | – | 155,000 | OP range | 435.44p | March 2020 – March 2027 |
2018 (Note 1)* | 1,294,865 | – | – | (85,000) | 1,209,865 | OP range | 529.0p | March 2021 – March 2028 |
2019 (Note 1) | 1,513,673 | – | (38,355) | (82,645) | 1,392,673 | OP range | 458.2p-473.80p | March 2022 – March 2029 |
2020 (Note 1) | 1,243,911 | – | (88,300) | (34,600) | 1,121,011 | OP range | 332.0p-387.47p | March 2023 – March 2030 |
2021 (Note 1) | 1,786,525 | – | – | (150,500) | 1,636,025 | OP range | 480.1p | March 2024 – March 2031 |
2022 (Note 1) | 2,080,000 | – | – | (129,862) | 1,950,138 | OP range | 492.8p-509p | March 2025 – March 2032 |
2023 (Note 1) | 2,521,500 | – | – | (190,195) | 2,331,305 | OP range | 439.6p | March 2026 – March 2033 |
2024 (Note 1) | – | 2,545,000 | – | (71,528) | 2,473,472 | OP range | 450.4p | March 2027 – March 2034 |
Total 2024 | 11,408,807 | 2,545,000 | (126,655) | (1,157,663) | 12,669,489 | |||
| Weighted | ||||||||
| average | ||||||||
| exercise price | ||||||||
2024 (£) | 4.61 | 4.50 | 3.70 | 4.73 | 4.58 | |||
Total 2023 | 9,830,571 | 2,601,500 | (615,299) | (407,965) | 11,408,807 | |||
| Weighted | ||||||||
| average | ||||||||
| exercise price | ||||||||
2023 (£) | 4.61 | 4.40 | 3.69 | 4.74 | 4.61 | |||
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ESIP | MIP | |
| As at 1 January 2024 | 690,540 | 2,433,631 |
| Granted | 399,149 | 948,542 |
| Lapsed | – | (483,824) |
| Exercised | (223,934) | (676,141) |
| As at 31 December 2024 | 865,755 | 2,222,208 |
Share Option Plans | Management Incentive Plan | |||
2024 | 2023 | 2024 | 2023 | |
| Share price (£) | 4.50 | 4.40 | 4.50 | 4.40 |
| Average exercise price (£) | 4.50 | 4.40 | Nil | Nil |
| Weighted average fair value (£) | 0.69 | 0.92 | 3.63 | 3.58 |
| Expected volatility | 31.64% | 38.31% | 31.64% | 38.31% |
| Expected life | 5 years | 5 years | 3 years | 3 years |
| Risk free rate | 3.92% | 4.69% | 3.92% | 4.69% |
Expected dividend yield | 7.17% | 6.87% | 7.17% | 6.87% |
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Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
Cash at bank and in hand | 95,348 | 90,138 | – | – |
Short-term deposits | – | – | – | – |
Cash and cash equivalents | 95,348 | 90,138 | – | – |
Cash and cash equivalents in the statement of cash flows | 95,348 | 90,138 | – | – |
Net funds | 95,348 | 90,138 | – | – |
22. Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
(i) credit risk
(ii) liquidity risk
(iii) market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and
processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are
included throughout these consolidated financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management
standards and procedures, aims to develop a disciplined and constructive control environment in which all employees
understand their roles and obligations.
PageGroup 2024 Annual Report & Accounts | 176
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The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and
procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The
Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews
of risk management controls and procedures, the results of which are reported to the Audit Committee.
2024 | 2023 | |||||
| Gross trade | Net trade | Gross trade | Net trade | |||
| receivables | Provision | receivables | receivables | Provision | receivables | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Not past due | 140,168 | (908) | 139,260 | 165,572 | (1,066) | 164,506 |
| Past due 0-30 days | 51,156 | (332) | 50,824 | 62,744 | (405) | 62,339 |
| Past due 31-150 days | 31,025 | (1) | 31,024 | 41,406 | (29) | 41,377 |
| More than 150 days | 12,599 | (10,419) | 2,180 | 11,930 | (9,644) | 2,286 |
| 234,948 | (11,660) | 223,288 | 281,652 | (11,144) | 270,508 |
| 2024 | 2023 | |
| £’000 | £’000 | |
| Balance at beginning of the year | 11,144 | 12,960 |
| Expected credit losses recognised on receivables | 33,425 | 35,114 |
| Amounts written off as uncollectable | (2,369) | (3,278) |
| Amounts recovered/reversed during the year | (30,540) | (33,652) |
| Balance at end of the year | 11,660 | 11,144 |
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| Net trade receivables | ||
| 2024 | 2023 | |
| £’000 | £’000 | |
EMEA | 140,732 | 171,473 |
United Kingdom | 31,063 | 36,521 |
Asia Pacific | 21,969 | 27,903 |
Americas | 29,564 | 34,611 |
223,288 | 270,508 |
| Less than | 1-3 | 3-12 | More than | |
| 1 month | months | months | 12 months | |
| 2024 | £’000 | £’000 | £’000 | £’000 |
Lease liabilities | 2,824 | 4,895 | 24,961 | 104,110 |
Trade payables | 13,988 | 1,066 | 56 | - |
Accruals and other payables | 113,574 | 20,686 | 32,535 | 9,230 |
| Less than | 1-3 | 3-12 | More than | |
| 1 month | months | months | 12 months | |
| 2023 | £’000 | £’000 | £’000 | £’000 |
Lease liabilities | 2,832 | 5,664 | 25,487 | 84,641 |
Trade payables | 6,915 | 1,451 | 16 | - |
Accruals and other payables | 124,431 | 29,368 | 36,116 | 9,111 |
PageGroup 2024 Annual Report & Accounts | 178
Strategic Report Corporate Governance Financial Statements Additional Information
| Derivatives at fair value | ||
| 2024 | 2023 | |
| £m | £m | |
Derivative assets | 0.3 | 1.3 |
Derivative liabilities | (0.5) | (0.3) |
Net derivative (liabilities) / assets | (0.2) | 1.0 |
Equity | Profit before tax | |||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Euro | (7,870) | (9,521) | 1,048 | 1,524 |
| Australian Dollar | (698) | (1,143) | 429 | 735 |
| Swiss Franc | (323) | (411) | 58 | 154 |
| Chinese Renminbi | (546) | (768) | 340 | 194 |
| Hong Kong Dollar | (523) | (490) | (25) | 168 |
| Singapore Dollar | (1,561) | (1,566) | (36) | (58) |
| United States Dollar | (1,260) | (1,847) | 550 | (483) |
| Other | (3,106) | (2,759) | (363) | 185 |
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24. Events after the balance sheet date
There have been no material events after the balance sheet date that require disclosure.
| 2024 | 2023 | |
| £’000 | £’000 | |
Wages and salaries | 6,240 | 7,878 |
Social security costs | 711 | 894 |
Short-term benefits | 444 | 422 |
Pension costs – defined contribution plans | 71 | 71 |
Share-based payments | 1,914 | 4,194 |
9,380 | 13,459 |
| Amounts owed | Amounts owed | |||||
| Dividends received | by related parties | to related parties | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Transactions | 166,204 | 97,936 | 1,336,349 | 1,157,419 | 1,485,461 | 1,392,889 |
PageGroup 2024 Annual Report & Accounts | 180
Strategic Report Corporate Governance Financial Statements Additional Information
Five-year summary
2020
£’000
2021
£’000
2022
£’000
2023
£’000
2024
£’000
Revenue 1,304,791 1,643,740 1,990,287 2,010,303 1,738,937
Gross profit 610,249 877,720 1,076,294 1,007,132 842,586
Operating profit 17,028 168,510 196,079 118,815 52,449
Profit before tax 15,544 166,645 194,366 117,436 49,127
Profit attributable to equity holders (5,742) 118,356 139,012 77,068 28,443
Conversion
†
2.8% 19.2% 18.2% 11.8% 6.2%
Basic earnings per share (pence) (1.8) 37.2 43.7 24.4 9.1
† Operating profit as a percentage of gross profit.
181 | PageGroup 2024 Annual Report & Accounts
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Annual General Meeting
To be held on 3 June 2025 at 9.30am at 200 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2NX.
Final dividend for the year ended 31 December 2024
To be paid (if approved) on 23 June 2025 to Shareholders on the register of members on 16 May 2025.
General Counsel & Company Secretary
Kaye Maguire
Company number
3310225
Registered office, domicile and legal form
The Company is a limited liability company incorporated and domiciled within the United Kingdom .
The address of its registered office is:
Auditor
Ernst & Young LLP
1 More London Place
London SE1 2AF
Solicitor
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London EC2A 2EG
Banker
HSBC Bank plc
60 Queen Victoria Street
London EC4N 4TR
Joint corporate brokers
Citigroup
33 Canada Square
Canary Wharf
London E14 5LB
HSBC Bank plc
8 Canada Square
Canary Wharf
London E14 5HQ
Registrar
MUFC Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
Financial PR
FTI Consultancy
200 Aldersgate
Aldersgate Street
London EC1A 4HD
Shareholder Information
and Advisers
PageGroup 2024 Annual Report & Accounts | 182
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Notes
183 | PageGroup 2024 Annual Report & Accounts
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Notes
PageGroup 2024 Annual Report & Accounts | 184
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Notes
