Connecting to LinkedIn...




Financial Summary

&middot Group Q3 gross profit of &pound142.7m up 26.5% (21.8%*) on the &pound112.8m in Q3 2010

&middot EMEA (41% of Group) Q3 gross profit of &pound58.3m up 30.8% (23.2%*) against the &pound44.6m in Q3 2010

&middot UK (23% of Group) Q3 gross profit of &pound33.1m up 0.3% against &pound33.0m in Q3 2010

&middot Asia Pacific (21% of Group) Q3 gross profit of &pound29.2m up 44.0% (35.2%*) against the &pound20.3m in Q3 2010

&middot Americas (15% of Group) Q3 gross profit of &pound22.1m up 48.3% (46.9%*) against the &pound14.9m in Q3 2010

&middot Q3 Permanent gross profit (79% of Group) of &pound112.6m up 28.4% (23.7%*) against the &pound87.7m in Q3 2010

&middot Q3 Temporary gross profit (21% of Group) of &pound30.1m up 20.0% (15.0%*) against the &pound25.1m in Q3 2010

&middot Group headcount at 30 September 2011 of 5,350 up 229 (4.5%) on 30 June 2011

&middot Net cash at 30 September 2011 in the region of &pound45m (&pound23.6m at 30 June 2011)

* 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 are pleased with our third quarter performance, with gross profit increasing by 26.5% against a backdrop of increasing levels of macroeconomic uncertainty. As expected, our gross profit growth rates, whilst strong, have slowed as markets have become more challenging.

"In Continental Europe, whilst gross profit growth rates were strong, they weakened in the third quarter. In the UK, with challenging market conditions and a restrained public sector, gross profits were flat. Gross profit from Latin America grew 60%* and in North America gross profit grew 24%*. Gross profit grew 42%* in Asia, with a particularly strong performance from our business in China. In Australasia gross profit grew 28%* with strength in the commodities sector.

"Finance and Accounting grew 17.5%* in the third quarter, within which are our Banking businesses that account for approximately 10% of the Group's gross profit, and operate primarily in London, New York, Tokyo, Hong Kong and Singapore, and which grew 10%*, against a growth rate of 28%* achieved in Q2.

"We continued to invest selectively in developing our business, opening an office in San Francisco, a third office in India in Bandra, Mumbai and three Page Personnel offices in Geneva, Mexico City and Campinas, Brazil. Group headcount increased by 229 (4.5%) to 5,350, with the additions mainly into Asia and our graduate intake in the UK. This takes our investment in new countries and offices this year to 3 and 15, respectively.

"The Group is in a strong position, both financially and as a result of our successful strategy of diversification, both by geography and business discipline. Markets have weakened and become more uncertain reducing our short term visibility. However, while mindful of the uncertainty in so many of the world's economies, we continue to invest where there are opportunities for longer term growth."

Michael Page International plc Directorate Change

Michael Page International plc ("Michael Page"), the specialist recruitment consultancy, announces that Sir Adrian Montague will retire as Chairman of the Board on 31 December 2011 following the completion of a planned succession process, and Robin Buchanan, who joined the Board as an independent Non-Executive Director in August, will succeed him as Chairman.

Sir Adrian joined the Board of Michael Page in February 2001 as a Non-Executive Director and was appointed Chairman in May 2002. Sir Adrian remains Chairman of the private equity firm 3i, Anglian Water Group Limited, Hurricane Exploration plc, an oil and gas exploration company and of CellMark AB, the international forest products marketing group based in Gothenburg. He is also Chairman of the Advisory Board of the Green Investment Bank.

Robin Buchanan is a Senior Adviser to Bain & Company Inc ("Bain"), having been the Managing Partner and then the Senior Partner of Bain in the UK between 1990 and 2007. He is also a Non-Executive Director of Schroders plc, the global asset management company and LyondellBasell NV, the NYSE global petro-chemicals company. He is a member of the Trilateral Commission and of the International Advisory Council of Recipco. He is also an advisor to Coller Capital Ltd.

He served previously as Dean and then President of the London Business School, as non-executive director of Liberty International plc and also of Shire plc.

Steve Ingham, Chief Executive Officer said:

"Sir Adrian's ten year Chairmanship has overseen the development of the Group into a global business, now operating in thirty two countries. I would like to thank Sir Adrian for his advice, guidance and support as Chairman and I know he will be missed by his colleagues in the Group.

"We are delighted that Robin has agreed to Chair the Board. He has broad-ranging and extensive international experience and his entrepreneurial, team-orientated approach fits well with the Michael Page culture."

Robin Buchanan said:

"Michael Page has many great strengths, including a highly respected global brand, impressive competitive positioning in the world's growth markets, a strong balance sheet and a 'make it happen' culture. It is a privilege to be asked to serve as Chairman of Michael Page and to work with the Board and management team who have helped make the company so successful."


Articles similar to

Articles similar to