Michael Page International: Profits up and 'stronger than expected' in UK

Profits are up at Michael Page International with a “stronger than expected” performance in the UK, according to an interim management statement for Q1 2010.

The financial and multi-sector executive recruiter results reveal:

  • Group Q1 gross profit of £97.8m, sequentially +£7.2m or +7.9% (+7.9%*) on Q4 2009 and +2.9% (+1.9%*) on £95m in Q1 2009
  • UK (30% of group) Q1 gross profit of £28.9m, sequentially +£2.4m or +9.2% on Q4 2009 and flat on £28.9m in Q1 2009
  • Q1 permanent gross profit (77% of group) sequentially +£8.5m or +12.9% (+12.8%*) on Q4 2009 and +13% (+11.8%*) on the £66.3m in Q1 2009
  • Q1 temporary gross profit (23% of group) sequentially -£1.3m or -5.7% (-5.6%*) on Q4 2009 and -20.3% (-20.9%*) on the £28.7m in Q1 2009
  • EMEA (46% of group) Q1 gross profit of £44.6m, sequentially +£2.4m or +5.6% (+7.6%*) on Q4 2009 and -6.5% (-4.6%*) on the £47.7m in Q1 2009
  • Asia Pacific (13% of group) Q1 gross profit of £13.2m, sequentially +£1m or +7.5% (+3.2%*) on Q4 2009 and +39.3% (+26.2%*) on the £9.4m in Q1 2009
  • Americas (11% of group) Q1 gross profit of £11.1m, sequentially +£1.5m or +15.3% (+11.9%*) on Q4 2009 and +23.9% (+17.4%*) on the £9m in Q1 2009

* Denotes where overseas results denominated in foreign currencies have been converted at constant rates of exchange for constant currency illustrative purposes.

Steve Ingham, chief executive, says: “Our performance in the first quarter was encouraging, with gross profit up 8% sequentially on the fourth quarter of 2009 at £98m and all four of our geographic regions now reporting sequential growth. The improvement in our performance has been driven largely by greater permanent recruitment activity, as confidence levels have increased leading to a higher rate of job churn, and a stronger than expected performance in the UK.”

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