Gross profit at international recruiter Michael Page was down 0.4% in the first half of 2012 (H1 2012), although this actually translated to a 2.2% rise when adjusted for fluctuations in currency.
The Asia-Pacific region was the company’s top performer, with chief executive Steven Ingham saying the company’s “margins in Asia are actually higher than anywhere else in the Michael Page world”, due to salary levels and the fact of it being “a largely permanent market” in that region.
This comes after last Friday, 6 July, when fellow recruiter Robert Walters reported at
5% slowdown in its Asia Pacific operation, which accounts for just over half of the group.
Across the group, Ingham said on an investors conference call this morning that given macroeconomic uncertainty, “increasingly challenging market conditions” and currency fluctuations, “I believe we’ve performed well”.
In the UK, the slowdown in the company’s financial services revenues was mitigated to an extent by strength in its engineering, procurement & supply chain, technology and logistics divisions. The Jubilee bank holiday weekend accounted for some slowdown and delaying of client decisions.
Total group headcount, at 5,321, is up by 35 since the start of the year, but still “some 300 below 2008 peak”, Ingham noted.
Financial highlights by geographical region and sector were:
Geographical results breakdown: Region
| Proportion of group | H1 2012 gross profit | Change on previous half | (Change at constant currency) |
| EMEA | 43% | £118m
| -1.9% | 3.4% |
| UK | 22% | £61.7m | -6.6% | n/a |
| Asia-Pacific | 21% | £56.8m | 17.1% | 14.1% |
| Americas | 14% | £37.4m | -7% | -1.2% |
|
|
|
|
|
| Total | 100%
| £273.9m | -0.4%
| 2.2%
|
Sector-by-sector results breakdown
Sectors
|
Proportion of group |
H1 2012 gross profit |
Change on previous half |
(Change at constant currency) |
| Finance & accounting |
42% |
£115.6m
|
-6.6% |
-4.3% |
Legal, technology, HR, secretarial and healthcare
|
20% |
£55m |
6.2% |
9%
|
| Engineering, property & construction, procurement & supply chain |
20% |
£53.5m |
9.8% |
13.3% |
Marketing, sales & retail
|
18% |
£49.8m |
-2% |
0.4% |
| |
|
|
|
|
|
Total |
100% |
£273.9m |
-0.4%
|
2.2%
|
