April 12, 2017 / 8:46 AM / a year ago

BUZZ-PageGroup: record Q1 adds to UK recruiter cheer

** Recruitment company PageGroup jumps >7 pct; top riser on FTSE mid cap

** Co posts record Q1 gross profit of 170.3 mln stg, adding it saw growth in markets outside the UK

** PageGroup says UK gross profit fell 0.1 pct at constant currency, but results mark region’s best performance in a year

** Another UK recruiter Robert Walters on Tuesday flagged rise in UK hiring on financial services push

** Reassuring updates from Robert Walters and PageGroup push Hays +5.6 pct over last two days

** “This is an encouraging Q1 (from PageGroup), which was expected to an extent following Robert Walters yesterday, but trading is ahead of expectations and it’s a positive read for Hays (Q3 tomorrow),” says Morgan Stanley’s Toby Reeks

** Despite macro uncertainties, PageGroup’s strong start to the year should support upgrades to FY17 consensus estimates of +5 pct, Liberum analysts say (RM: rahul.b.thomsonreuters.com@reuters.net)

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