6th Jul 2006 07:00
Michael Page International PLC06 July 2006 6 July 2006 Q2 AND FIRST HALF TRADING UPDATE 2006 RECORD QUARTERLY RESULT Michael Page International plc, the specialist recruitment consultancy, reportsrecord quarterly Group gross profit for the second quarter of £87.4m, despiteEaster falling in the period. This represents an increase of 28% over the£68.2m recorded in the second quarter of 2005 and a sequential increase of 10%over the £79.1m recorded in the first quarter of 2006. Gross profit in thefirst half of 2006 is therefore £166.5m, an increase of 30% over the £128.1mrecorded in the first half of 2005. In the U.K., second quarter gross profit was £39.4m, an increase of 19% over the£33.2m recorded in the second quarter of 2005. First half gross profit istherefore £76.0m, an increase of 21% over the £62.9m recorded in the first halfof 2005. The U.K. saw no evidence of any slowdown and produced excellentperformances from all of the specialist businesses. In Continental Europe, second quarter gross profit was £31.1m, an increase of46% over the £21.4m recorded in the second quarter of 2005. First half grossprofit is therefore £59.2m, an increase of 46% over the £40.7m recorded in thefirst half of 2005. Our business in France continued to strengthen achievinggross profit growth of 25%. Across the remainder of Continental Europe weachieved gross profit growth in excess of 60%. There remain tremendousopportunities for continuing the growth in Continental Europe as we expandexisting offices and specialist businesses, as well as open new offices. In Asia Pacific, second quarter gross profit was £11.7m, an increase of 12% overthe £10.5m recorded in the second quarter of 2005. First half gross profit istherefore £21.6m, an increase of 15% over the £18.8m recorded in the first halfof 2005. While activity levels in Australia were lower than anticipated, therest of the region has performed very strongly, particularly Hong Kong andSingapore. In the Americas, second quarter gross profit was £5.1m, an increase of 59% overthe £3.2m recorded in the second quarter of 2005. First half gross profit istherefore £9.7m, an increase of 70% over the £5.7m recorded in the first half of2005. New offices and specialist businesses have come on stream during thequarter and we opened in Mexico City, thus continuing our strategy of organicgrowth. During the second quarter, the Group repurchased a further 8.5m shares at anaverage price of 357p. In the first half the Group has repurchased 11.35m sharesat an average price of 347p. In the first half 20.4m new shares were issued following the exercise of shareoptions by employees. The Group will announce its interim results on 14th August 2006. Commenting on the second quarter trading, Steve Ingham, Chief Executive said: "In the second quarter we achieved a record result with excellent performancesaround the world. This was particularly pleasing as Easter fell in the secondquarter this year. "There remain tremendous opportunities for continuing our growth as we expandexisting offices and specialist businesses, and open new offices. We are wellplaced to make further good progress in the second half." Enquiries: Michael Page International plcSteve Ingham Chief Executive 01932 264144Stephen Puckett Finance Director 01932 264144 Financial DynamicsRichard Mountain/David Yates 020 7269 7121 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PageGroup