LONDON (dpa-AFX) - PageGroup plc. (PAGE.L) reported that its first-quarter gross profit declined 13.0 percent to 181.8 million pounds from last year's 208.9 million pounds, while it was down 11.7% in constant currencies. All of the group's regions were impacted by the emergence of COVID-19.
At the constant currencies, group gross profit declined 3% in the two months to the end of February, when the emergence of COVID-19 had impacted primarily Greater China business. In March, usually one of biggest months for trading, Group gross profit declined by 26%, as the impact of COVID-19 began to spread across the world.
PageGroup is reinforcing its financial position by proactively reducing the cost base by 20-25% in the second-quarter compared to the prior quarter.
The Board has decided to cancel the final dividend of 30.2 million pounds or 9.40 pence per share.
The Group is suspending financial guidance for current and future years.
Copyright RTT News/dpa-AFX
© 2020 AFX News
