StockMarketWire.com - PageGroup has announced a gross profit of £184.2m in the first quarter of the year, up 2% versus Q1 2020 as the company delivered record results in March in many markets.

Year-on-year results in each of the three months of the first quarter improved sequentially, continuing the monthly trend since May last year. January and February were down 13% and 10% respectively, compared to 2020, with March growing 31%.

Gross profits were down 9.9% versus Q1 2020.

Steve Ingham, CEO of PageGroup, said: 'This noticeable improvement in March was seen throughout the Group and was achieved despite the backdrop of continued and increasing restrictions or lockdowns in many of our markets. We delivered record months in March in markets such as Germany, Italy, Spain and South East Asia.

'At this stage of the recovery, it is not easy to determine whether the improved performance is the result of pent-up supply and demand, or the beginning of a sustainable trend. Our fee earner headcount is currently down 12.6% on the pre-pandemic levels in 2019. As visibility develops, our fee earner headcount will react accordingly.'