Michael Page International plc has issued its Q3
Michael Page International plc has issued its Q3 2009 trading update.
Group Q3 gross profit of 82.2m a decrease of 41.8% (45.3%*) against Q3 2008, sequentially 1.6m or 1.9% (0.7%*) lower than Q2.
Group Q3 operating profit from trading activities in the region of 5m.
EMEA Q3 gross profit (43% of Group) of 35.7m a decrease of 44.0% (49.0%*) against Q3 2008, sequentially 2.5m or 6.6% (4.7%*) lower than Q2.
UK Q3 gross profit (33% of Group) of 27.3m a decrease of 39.4% against Q3 2008, sequentially 0.8m or 3.0% lower than Q2.
Asia Pacific Q3 gross profit (13% of Group) of 10.8m a decrease of 41.4% (48.5%*) against Q3 2008, sequentially 1.1m or 10.8% (10.0%*) higher than Q2.
Americas Q3 gross profit (10% of Group) of 8.5m a decrease of 40.4% (43.4%*) against Q3 2008, sequentially 0.7m or 9.2% (15.1%*) higher than Q2.
Q3 Permanent gross profit (71% of Group) decreased by 46.2% (49.6%*) against Q3 2008, sequentially 0.8m or 1.3% (2.7%*) higher than Q2.
Q3 Temporary gross profit (29% of Group) decreased by 26.8% (30.5%*) against Q3 2008, sequentially 2.4m or 9.0% (8.1%*) lower than Q2.
Group headcount decreased by 35% against 30 September 2008, sequentially 158 lower (4%) in Q3 to 3,544 at 30 September 2009
Net cash at 30 September 2009 in the region of 138m
* Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes.
Commenting on the third quarter trading, Steve Ingham, Chief Executive said:
"We had anticipated that the seasonally quieter third quarter would be challenging, particularly in Continental Europe, which was generally later into the downturn. However, as the third quarter progressed, market conditions in an increasing number of the countries in which we operate began to show signs of stabilisation and, with our lower cost base, we have recorded an operating profit in the quarter.
"In both the last quarter of 2008 and the first quarter of 2009, gross profit fell sequentially by 23m as every region experienced rapidly declining market conditions. In the second quarter of 2009, the sequential fall was 11m. During the third quarter of 2009, we experienced increasing degrees of stabilisation across our regions resulting in a Group fall of only 1.6m, and indeed the Asia Pacific and Americas regions both recorded sequential growth."