Recruiter PageGroup PLC on Wednesday set out plans to achieve profit growth between now and 2030, and it announced its goal to trim its cost base.
PageGroup is targeting £400 million in operating profit by 2030, so more than double the £196.1 million it achieved in 2022.
Achieving this goal will enable the company to make shareholder distributions of more than £1.5 billion between now and 2030, it said.
‘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,’ PageGroup said.
It will incur a one-off hit of £15 million as part of the cost-cutting plans. Going forward, the cost cuts will generate annualised cost savings of £20 million.
PageGroup shares rose 1.5% to 414.60 pence in London on Wednesday morning.
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