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Michael Page International has released its Q4 and full year 2010 trading update

Michael Page International has released its Q4 and full year 2010 trading update


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
Continued organic investment in headcount, new offices and country openings
Group headcount at 31 December 2010 of 4,498, up 949 (26.7%) on 31 December 2009
2010 operating profit from trading activities is expected to be marginally ahead of the current Reuters consensus of 70.1m (2009 operating profit: 20.2m)
18.7m shares (5.8% of share capital) purchased during the year at a cost of 76.8m. 15m shares placed into the Employee Benefit Trust and 3.7m cancelled
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.

Commenting on the fourth quarter trading, Steve Ingham, Chief Executive said:

"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."


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