MICHAEL PAGE INTERNATIONAL PLC Announce Full Year Results
MICHAEL PAGE INTERNATIONAL PLC
Full Year Results for the Year Ended 31 December 2010
Michael Page International plc ("Michael Page"), the specialist professional recruitment company, announces its full year results for the year ended 31 December 2010.
Operating profit before NRI
Profit before tax before NRI
Basic earnings per share before NRI
Diluted earnings per share before NRI
Profit before tax
Basic earnings per share
Diluted earnings per share
Dividend per share
*Constant Exchange Rates Non-recurring Items (see note 4)
2010 operating and financial highlights
Strong results benefiting from geographic and discipline diversification
Improved productivity and utilisation of spare capacity driving profit growth
All regions growing sequentially in 2010
72% of gross profits generated from outside the UK
53% of gross profit generated from non Finance and Accounting disciplines
Gross profit from permanent placements growing at 38% (35%*)
Share repurchases of 76.8m during 2010
Strong balance sheet with net cash of 80.5m (2009: 137.2m)
Total dividend increased to 9.0p
Commenting, Steve Ingham, Chief Executive of Michael Page, said:
"The Group was well positioned to benefit from the economic recovery during 2010 and our profitability has improved significantly. We have maintained a strong balance sheet and, while increasing the returns to shareholders, we have also continued to take a long-term approach by making significant investments in the future of the business, opening in Chile, India, Malaysia and Qatar.
"Since the start of 2011 we have seen strong growth in our EMEA region, Australia and North America and steady growth in our UK business where market conditions remain tough but stable. We continue to achieve our highest rates of growth in our Asian and Latin American regions where we have market leading positions.
"We are well positioned to continue our growth in 2011 and to pursue opportunities to invest in the development of our business over the long-term".