4th Oct 2007 07:00
Michael Page International PLC04 October 2007 4 October 2007 Q3 2007 TRADING UPDATE Michael Page International plc, the specialist recruitment consultancy, reportsa record quarterly Group gross profit of £123.4m for the third quarter, anincrease of 38.5% over the £89.1m recorded in the third quarter of 2006. Atconstant exchange rates, the third quarter growth rate was 39.5%. Groupheadcount at 30 September was 4,777. In the UK, third quarter gross profit was £49.0m, an increase of 19.9% over the£40.8m recorded in the third quarter of 2006. The UK business continues toexperience good levels of activity across all disciplines and regions of the UK.Headcount at 30 September was 1,732. In Europe, Middle East and Africa (EMEA), third quarter gross profit was £48.4m,an increase of 59.7% (60.9%*) over the £30.3m recorded in the third quarter of2006. In France, our largest business in the region representing 32% of EMEAgross profits, we benefited from increased headcount with the growth rateincreasing to 41%*. The remaining EMEA countries grew at a combined rate of 72%*. Headcount at 30 September was 1,967. In Asia Pacific, third quarter gross profit was £15.5m, an increase of 27.8%(29.5%*) over the £12.1m recorded in the third quarter of 2006. In Australia,the success of the restructuring is now more evident with the growth in thirdquarter gross profits increasing to 26%*. In Asia, the businesses continued toperform strongly achieving growth in the third quarter of 34%*. Headcount at 30September was 584. In the Americas, third quarter gross profit was £10.6m, an increase of 81.1%(85.5%*) over the £5.9m recorded in the third quarter of 2006. Headcount at 30September was 494. During the third quarter, the Group repurchased and cancelled a further 3.2mshares at a cost of £15.0m, at an average price of 476p. In the year to date theGroup has repurchased and cancelled 11.5m shares at a cost of £59.7m, at anaverage price of 519p. Commenting on the third quarter trading, Steve Ingham, Chief Executive said: "For the second consecutive quarter we have achieved year on year growth ingross profits of some 40%, in constant currencies. "We are particularly pleased with the performance of our French business wherethe growth rate, which has increased throughout the year, was 41%. In total,our EMEA region grew 61%, reflecting both our ongoing investment and thetremendous potential of these markets. "We have further increased our headcount by over 450 (10.5%) during the thirdquarter as we continue our strategy of diversification, becoming more broadlybased both by geography and by discipline. Notwithstanding the recentdevelopments in specific banking sectors, we continue to experience strongdemand for talent around the globe and are confident in the ongoing prospectsfor Michael Page." * Denotes where overseas results denominated in foreign currencies have been translated at constant rates of exchange for constant currency illustrative purposes. The company will host a presentation and conference call for analysts andinvestors at 9.00am today. The presentation can be viewed by following the link: http://w.on24.com/r.htm?e=95269&s=1&k=70600E47E86AE708DD0B75E341A737A1 The dial-in details for the conference call are as follows:Dial-In: +44 (0)20 7162 0025Conference ID: 768115 Please quote 'Michael Page Quarter 3 Trading Update' to gain access to the call. The presentation and recording of the call will be available on the company'swebsite later today at http://investors.michaelpage.co.uk/ir/mpi/ir.jsp?page=presentations The Group will announce its fourth quarter and full year trading update on 8January 2008. Enquiries: Michael Page International plc Steve Ingham Chief Executive 01932 264144Stephen Puckett Finance Director 01932 264144 Financial DynamicsRichard Mountain/Susanne Yule 020 7269 7121 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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