Profits down but growth in Q4 at Michael Page

Fri, 5 Mar 2010

Multi-sector recruiter Michael Page International has recorded reduced profits but has also seen fourth quarter growth in its results for the year ended 31 December 2009.

The group’s results reveal:

• Revenue down 26% from £972.8m (2008) to £716.7m
• Gross profit reduced from £552.7m (2008) to £351.7m
• Operating profit down 86% from £140.5m (2008) to £20.2m
• Profit before tax £21.1m falling from £140.1m (2008)

Steve Ingham, chief executive of Michael Page, says: “We are encouraged by the 10% sequential growth in group gross profits we recorded in the fourth quarter of 2009, with three of our four regions recording quarter on quarter improvement.

“We are now seeing a recovery in several markets and geographies and whilst the strength of this recovery is uncertain, we believe that, with a strong balance sheet position and spare capacity in the business, we are well positioned to improve significantly our performance in 2010.”