Profits are up at Michael Page International driven by permanent placements, according to a Q1 interim management statement from the professional recruiter.

The statement reveals:

· Group Q1 gross profit of £127.3m up 30.0% (29.3%*) on the £97.9m in Q1 2010

· EMEA (44% of Group) Q1 gross profit of £56.2m up 26.1% (28.2%*) against the £44.6m in Q1 2010

· UK (25% of Group) Q1 gross profit of £31.7m up 9.4% against £28.9m in Q1 2010

· Asia Pacific (17% of Group) Q1 gross profit of £21.4m up 62.6% (+54.0%*) against the £13.2m in Q1 2010

· Americas (14% of Group) Q1 gross profit of £18.0m up 60.7% (+56.0%*) against the £11.2m in Q1 2010

· Q1 Permanent gross profit (79% of Group) of £101.1m up 34.9% (+33.9%*) against the £75.0m in Q1 2010

· Q1 Temporary gross profit (21% of Group) of £26.2m up 14.3% (+14.2%*) against the £22.9m in Q1 2010

· Group headcount at 31 March 2011 of 4,852 up 354 (7.9%) on 31 December 2010

· Net cash at 31 March 2011 in the region of £75m (£80.5m at 31 December 2010)

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

Michael Page chief executive, Steve Ingham, says: “We are pleased with our performance in the first quarter of 2011, with gross profit increasing by 30%. The growth continued to be largely driven by permanent placements, where gross profits were up by 35%, and we also noted a pick-up in gross profits from temporary placements, growing by 14%.

“As a result of our success and as we continue to invest in developing our business, our cost base is increasing. We have added to our business platform with new discipline rollouts and start-ups, as well as opening new businesses in Qatar, Malaysia and India. Group headcount increased by 354 (7.9%) to 4,852 and we would expect this number to increase further during the second quarter.”