Michael Page Results
Michael Page International plc
Full Year Results for the year ended 31 December 2008
Michael Page International plc the specialist professional recruitment company, announces its full year results for the year ended 31 December 2008.
Profit before tax
Record levels of revenue and gross profit
Gross profit from permanent placements grew 14%
Gross profit from temporary placements grew 20%
Temporary placements gross margin maintained at 24.2%
68% of gross profit generated from outside the UK
EMEA, the Group's largest region, grew gross profit by 32%
51% of gross profit generated from non-Finance and Accounting disciplines
Cash generated from operations up 25% to 185.2m (2007: 148.7m)
Net cash at the year end of 94.3m (2007: 10.3m)
Further deterioration in market conditions
Gross profit down 30% (down 38% at constant currency) in first two months
Continuous actions to reduce costs
Group headcount at end of February 4,491, down by 452 since start of year and 961 since end September 2008
Steve Ingham, Chief Executive of Michael Page, said:
"Looking at 2008 as a whole, Michael Page delivered a good set of results. However, it was a year of two halves with a strong first half being followed by a progressively weaker second half as the economic environment deteriorated.
"Given the current uncertainty over the economic outlook, it is extremely difficult to predict the performance of our business in the short term. Whilst, as in previous downturns, we will aim to maintain our market presence, we also recognise the need to manage our cost base to reflect current trading. Our strategy of diversifying by both specialist discipline and geography has increased our resilience and our balance sheet has never been stronger. We believe the Group is well positioned to benefit when market conditions improve and we remain confident in the longer term prospects of the Group."