International recruiter Michael Page International has reaped the rewards of international and discipline diversification with increased profits, according to its Q4 and full year update.

The group’s results reveal:

• Q4 gross profit of £119.8m up 32.2% (31.4%*) on Q4 2009
• 2010 gross profit of £442.1m, an increase of £90.4m or 25.7% (23.8%*) on 2009
• Net cash at 31 December 2010 in the region of £82m (31 December 2009: £137.2m)
• EMEA (44% of Group) Q4 gross profit of £52.8m up 25.0% (29.8%*) on Q4 2009
• UK (26% of Group) Q4 gross profit of £30.7m up 15.7% on Q4 2009
• Asia Pacific (17% of Group) Q4 gross profit of £20.7m up 69.3% (54.0%*) on Q4 2009
• Americas (13% of Group) Q4 gross profit of £15.6m up 61.7% (52.5%*) on Q4 2009
• Permanent (78% of Group) Q4 gross profit of £93.1m up 40.3% (39.0%*) on Q4 2009
• Temporary (22% of Group) Q4 gross profit of £26.7m up 10.0% (10.6%*) on Q4 2009

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

Steve Ingham, chief executive, says: “I am delighted to report another strong quarter of organic growth in year-on-year gross profit, up 32%, with all regions improving. Most of this growth came from permanent recruitment, up 40%, with temporary recruitment growth rates also improving, now up 10%.

“We are clearly benefiting from our geographic and discipline diversification. We have seen steady growth in the UK and strong growth in most of Europe, Australia and North America. However, with more than 40% of our fee earners now operating in our newer markets, including Asia, Latin America and the Middle East, with faster growing economies and limited competition, we are making rapid progress and are ideally placed for this to continue.

“During the fourth quarter, we added significantly to our platform in these faster growing markets, growing headcount organically (up 11%) and opening five new offices, including one new country, Chile. At the beginning of 2011, we are continuing our strategy of organic development with the launch of businesses in three new countries, with offices in Doha, Qatar, in Kuala Lumpur, Malaysia, and in Mumbai and Gurgaon, New Delhi, in India.

“This takes our geographic platform to 32 countries. With the depth of Michael Page management experience that we have placed around the world in established and new markets, combined with the increasing confidence in world economies, I am optimistic about our prospects for 2011.”