Satisfied Results At Michael Page
Profits Up 10% At Michael Page
Michael Page International PLC has announced its
Q4 2009 AND FULL YEAR TRADING UPDATE
Group Q4 gross profit of 90.6m, sequentially 8.3m or 10.1% (10.0%*) higher than Q3 and a decrease of 23.7% (28.4%*) against Q4 2008
EMEA Q4 gross profit (46% of Group) of 42.2m, sequentially 6.5m or 18.3% (19.7%*) higher than Q3 and a decrease of 29.3% (34.9%*) against Q4 2008
UK Q4 gross profit (31% of Group) of 26.5m, sequentially 0.8m or 2.8% lower than Q3 and a decrease of 26.7% against Q4 2008
Asia Pacific Q4 gross profit (13% of Group) of 12.2m, sequentially 1.4m or 13.4% (13.5%*) higher than Q3 and a decrease of 1.0% (12.9%*) against Q4 2008
Americas Q4 gross profit (10% of Group) of 9.7m, sequentially 1.1m or 13.1% (10.1%*) higher than Q3 and a decrease of 8.3% (15.3%*) against Q4 2008
Q4 Permanent gross profit (74% of Group) sequentially 8.1m or 13.7% (13.8%*) higher than Q3 and a decrease of 22.9% (27.8%*) against Q4 2008
Q4 Temporary gross profit (26% of Group) sequentially 0.3m or 1.2% (0.8%*) higher than Q3 and a decrease of 25.7% (29.9%*) against Q4 2008
Group full year gross profit of 351.7m, a decrease of 36.4% (41.2%*) against 2008
Group full year operating profit from trading activities of around 20m
Group headcount at 31 December 2009 of 3,549, 28% lower than 31 December 2008
Net cash at 31 December 2009 of around 138m
* Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes.
** In local currency.
Commenting on the fourth quarter trading, Steve Ingham, Chief Executive said: "I am delighted with our performance in the fourth quarter, with gross profit up 10% on the third quarter at 91m and almost the same operating profit in the fourth quarter as we produced in the previous nine months of the year. 2009 has been one of the most challenging years in the Group's history, during which we have had to significantly reduce our cost base. However, in doing so we have retained all our key people, maintained our presence in all the markets in which we operate and invested modestly in expanding into new markets. As a result, with the increase in market share which we believe we have gained, with our broader platform and existing available capacity, we are well positioned to benefit from any improvement in economic conditions.
"We have built on the stabilisation we started to experience during the third quarter and in all our main markets, save for the UK, we have delivered sequential gross profit growth in the fourth quarter. While we believe the outlook for the UK remains challenging, we anticipate a continuation of the recovery in our other regions, which now account for 70% of our gross profit. With the benefit of our lower cost base and our operational gearing, we expect a significantly improved performance in 2010."