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PageGroup Report Robust Quarter

PageGroup Report Robust Quarter

 

Q2 AND FIRST HALF 2013 TRADING UPDATE

Q2 GROSS PROFIT ANALYSIS

 

Reported

Constant

Year-on-year gross profit

% of Group Q2

Q2 2013

Q2 2012

%

%

EMEA

41%

&pound55.1m

&pound57.6m

-4.4%

-8.2%

UK

23%

&pound31.2m

&pound31.1m

0.3%

0.3%

Asia Pacific

21%

&pound28.2m

&pound30.6m

-7.7%

-8.0%

Americas

15%

&pound20.7m

&pound18.7m

10.7%

9.8%

Total

100%

&pound135.2m

&pound138.0m

-2.0%

-3.8%

 

 

 

Permanent

78%

&pound105.2m

&pound109.2m

-3.7%

-5.3%

Temporary

22%

&pound30.0m

&pound28.8m

4.2%

1.9%

H1 GROSS PROFIT ANALYSIS

 

Reported

Constant

Year-on-year gross profit

% of Group H1

H1 2013

H1 2012

%

%

EMEA

41%

&pound107.2m

&pound117.9m

-9.1%

-11.7%

UK

23%

&pound61.4m

&pound61.7m

-0.4%

-0.4%

Asia Pacific

21%

&pound54.3m

&pound56.9m

-4.5%

-4.4%

Americas

15%

&pound39.1m

&pound37.4m

4.6%

5.9%

Total

100%

&pound262.0m

&pound273.9m

-4.3%

-5.2%

 

 

 

Permanent

78%

&pound203.1m

&pound215.7m

-5.9%

-6.6%

Temporary

22%

&pound58.9m

&pound58.2m

1.3%

-0.1%

Commenting, Steve Ingham, Chief Executive Officer said: "Overall PageGroup delivered a robust performance throughout the second quarter, against a backdrop of challenging market conditions across most of our regions, reporting gross profit of &pound135.2m, up 6.6% on the first quarter, and down only 2.0% year-on-year.

"We have made excellent progress on our key objectives following the management changes last year:

- continued investment in all of our 5 high potential markets: China, South East Asia, Germany, Latin America and the United States

- increased focus on consistency and efficiency in our operational support teams and

- turning around our United States business, where, as a result, we are up 30% in gross profit this year.

"During the quarter we saw good performances in a number of regions, most notably in North America. Our offices in Japan, Mexico, Spain and the Middle East also performed particularly well, as did some smaller and newer businesses in Europe, Latin America and Asia. In Australia, our business experienced a challenging quarter.

"Activity levels remained strong throughout the quarter, but with difficult conditions likely to continue in several markets, we expect Q3 will be another challenging quarter.

"As we indicated earlier in the year we continue to actively manage our cost base, both to take account of market conditions as well as to improve the Group's operating performance. As a result, headcount has reduced by 144 since the start of the year, primarily in operational support staff.

"Our focus remains fixed on our long-term growth and profit objectives. We will continue to invest in our key, high-potential markets, to manage our fee earner headcount actively reflecting market conditions and to seek out efficiencies to drive down the costs of operational support. Combined, these initiatives will deliver long-term profitable growth for our shareholders."

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