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Michael Page International PLC Q3 2010 TRADING UPDATE

Michael Page International PLC Q3 2010 TRADING UPDATE

Financial Summary

Group Q3 gross profit of 112.7m up 37.0% (34.2%*) on Q3 2009, sequentially 1.0m or 0.9% (2.3%*) higher than Q2
EMEA (40% of Group) Q3 gross profit of 44.6m up 25.0% (28.1%*) on Q3 2009, sequentially 2.1m or 4.6% (2.7%*) lower than Q2
UK (29% of Group) Q3 gross profit of 33.0m up 20.9% on Q3 2009, sequentially 0.7m or 2.4% higher than Q2
Asia Pacific (18% of Group) Q3 gross profit of 20.3m up 88.0% (68.7%*) on Q3 2009, sequentially 2.3m or 12.5% (13.7%*) higher than Q2
Americas (13% of Group) Q3 gross profit of 14.8m up 73.7% (57.9%*) on Q3 2009, sequentially 0.1m or 1.0% (3.8%*) higher than Q2
Permanent (78% of Group) Q3 gross profit of 87.8m up by 49.7% (45.9%*) on Q3 2009, sequentially 0.2m or 0.3% lower (1.1%* higher) than Q2
Temporary (22% of Group) Q3 gross profit of 24.9m up by 5.5% (5.1%*) on Q3 2009, sequentially 1.2m or 5.5% (6.9%*) higher than Q2
Group headcount at 30 September 2010 of 4,193, up 333 (8.6%) on 30 June 2010.
3.7m shares (1.1% of share capital) purchased and cancelled in the quarter at a cost of 15.0m
Net cash at 30 September 2010 in the region of 71m (30 June 2010: 65.7m)

* 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 achieved another strong performance in the third quarter, producing gross profit of 112.7m, up 37%, with September being our best month of the year so far. While the growth came largely from the continued improvement in permanent recruitment activity, for the first time this year we also recorded year-on-year growth in temporary recruitment.

"In the UK, Continental Europe and North America, where market conditions continued to stabilise but remained tough, we continued to perform well and will invest where we see opportunities for growth, or to take market share.

"We have achieved very strong growth in Asia, the Middle East and Latin America, where we have market leading positions and we continued to invest in these regions. During the quarter we added significantly to our headcount, opened three new offices and at the beginning of October opened in a new country, Chile, in its capital city of Santiago. These markets provide the Group with numerous opportunities for further organic growth and we will continue to invest by adding headcount, additional offices and new country openings.

"Our performance continues to benefit from our strategy of diversifying our geographical presence however, it is the nature of our business that visibility is short and there remains uncertainty over future levels of business confidence and economic activity."


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